Union Budget 2023-24 Analysis | Key Highlights for UPSC

Context

The Union Budget for the financial year 2023-24 will be presented by the Finance Minister Nirmala Sitharaman on 1st February 2023. 

Probable Question

How is a Union Budget prepared? What are the forces that shape it? (250 words, 15 marks) 

Key Highlights of the Union Budget 2023-24

Finance Minister Nirmala Sitharaman Listed seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and financial sector.

Priority 1 Inclusive Development

Agriculture Budget 2023

• Agriculture Accelerator Fund to be set up to encourage agri-startups by young entrepreneurs in rural areas.
• ₹20 lakh crore agricultural credit targeted at animal husbandry, dairy, and fisheries
• A new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of ₹6,000 crores to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies and expand the market.
• Digital public infrastructure for agriculture to be built as an open source, open standard, and interoperable public good to enable inclusive farmer-centric solutions and support for the growth of the agri-tech industry and start-ups.
• Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ₹2,516 crore initiated.
• Provision of a higher limit of Rs. 2 lakh per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).
• Massive decentralized storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times.
• Atmanirbhar Clean Plant Program with an outlay of ₹2200 crore to be launched to boost the availability of disease-free, quality planting material for high-value horticultural crops.

Skill Development

• A unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
• iGOT Karmayogi, an integrated online training platform, was launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate a people-centric approach.
• Sector-specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’ initiative.

Education Budget 2023

• Development of District Institutes of Education and Training as vibrant institutes of excellence for Teachers’ Training.
• A National Digital Library for Children and Adolescents to be set up for facilitating the availability of quality books across geographies, languages, genres, and levels, and device-agnostic accessibility.
• 30 Skill India International Centres to be set up across different States to skill the youth for international opportunities.
• Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
• 157 new nursing colleges to be established in co-location with the existing 157 medical colleges established since 2014.
• To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research, and technologies at the international level.
• Cash transfer of ₹2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.
• SEBI to be empowered to develop, regulate, maintain, and enforce norms and standards for education in the National Institute of Securities Markets and to recognize awards of degrees, diplomas, and certificates.

Healthcare

• “PM Programme for Restoration, Awareness, Nourishment, and Amelioration of Mother Earth” (PM-PRANAM) to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
• Sickle Cell Anaemia elimination mission to be launched by 2047.

Priority 2 Reaching the Last Mile

Schedule Tribe

Rs. 15,000 crores for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for the Scheduled Tribes.

Aspirational Blocks Programme:

The program covers 500 blocks launched for the saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.

Housing

Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crores.

Priority 3 Infrastructure and Investment

Capital Expenditure

• Capital expenditure is the money that is spent on building productive assets such as roads and bridges and ports. This has a greater return on the economy.
• The capital expenditure is about Rs 7.3 lakh crore which is more than the amount allocated for 2020-21 (Rs 4.39 lakh crore).
• The entire 50-year interest-free loan to states to be spent on capital expenditure within 2023-24. Part of the loan is conditional on States increasing actual capital expenditure and parts of the outlay will be linked to States undertaking specific loans.
• Effective Capital Expenditure’ of Centre to be Rs. 13.7 lakh crore.

Railway Budget 2023-24

• Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.

Transport infrastructure projects

 Investment of Rs. 75,000 crores, including Rs. 15,000 crores from private sources, for one hundred critical transport infrastructure projects, for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.

Urban Planning

• Urban Infrastructure Development Fund (UIDF) will be established through the use of Priority Sector Lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
• Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’.

Public Capital Investment

Capital investment increased by 33% to 10 lakh crore, 3.3% of GDP.

Priority 4 Unleashing the Potential

Ease Of Doing Business

For this more than 39,000 compliances were reduced and more than 3,400 legal provisions were decriminalized. 

Jan Vishwas Bill

The bill amends 42 Central Acts.

Digitization

• ‘Bharat Shared Repository of Inscriptions’ to be set up in a digital epigraphy museum, with the digitization of one lakh ancient inscriptions in the first stage.
• PAN will be used as the common identifier for all digital systems of specified government agencies to bring Ease of Doing Business.
• One-stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.
•  Phase 3 of the E-Courts project is to be launched with an outlay of Rs. 7,000 crores for the efficient administration of justice.
• Setting up 100 labs for 5G services-based application development to realize a new range of opportunities, business models, and employment potential. 
• Three centers of excellence for Artificial Intelligence to be set up in top educational institutions to realize the vision of “Make AI in India and Make AI work for India”.

Research and Development:

• Joint public and Private Medical research to be encouraged via select ICMR labs for encouraging collaborative research and innovation.
• New Programme to promote research in Pharmaceuticals to be launched.
• R & D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.

Priority 5 Green Growth

Energy Transition and Climate Action:

• Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities, and income generation for local communities.
• Green Credit Programme to be notified under the Environment (Protection) Act.
• Rs. 5,300 crores to be given as central assistance to the Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
• Battery energy storage systems to be promoted to steer the economy on the sustainable development path.
• 20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
• 500 new ‘waste to wealth’ plants under the GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting a circular economy at a total investment of Rs 10,000 crore. 
• 5% compressed biogas mandate to be introduced for all organizations marketing natural and biogas.
• Annual production of 5 MMT under the Green Hydrogen Mission to be targeted by 2030 for low carbon intrinsic economy and to reduce dependence on fossil fuel imports.
• Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI), to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund, and other sources.
• 10,000 Bio-Input Resource Centres are to be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network, to facilitate one crore farmers to adopt natural farming.
• ₹35000 crore outlay for energy security, energy transition, and net zero objectives.

Priority 6 Youth Power 

Employment:

• Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years.
• National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
• States are to be encouraged to set up a Unity Mall for the promotion and sale of their own and also all other states’ ODOPs (One District, One Product), GI products, and handicrafts.
• Pradhan Mantri Kaushal Vikas Yojana 4.0 to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.

Tourism

• At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.
• Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.

Priority 7 Financial Sector

MSME

• Entity DigiLocker to be set up for use by MSMEs, large businesses, and charitable trusts to store and share documents online securely.
• Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023, this would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1%.
• 95% of the forfeited amount relating to bid or performance security, will be returned to MSMEs by government and government undertakings in cases the MSMEs failed to execute contracts during the Covid period.
• Deduction for expenditure incurred on payments made to MSMEs to be allowed only when payment is actually made in order to support MSMEs in timely receipt of payments.

Setting up of National Financial Information Registry

To facilitate the efficient flow of credit, promoting, and fostering financial stability. A new legislative framework is to be designed in consultation with RBI to govern this credit public infrastructure.

Setting up of Central Processing Centre 

For faster handling of various forms filed with field offices under the Companies Act.

Mahila Samman Savings Certificate

A one-time new small savings scheme for the tenure of 2 years (up to March 2025) at a fixed interest rate of 7.5% with a partial withdrawal option and a deposit facility up to Rs 2 lakh for women or girls.

Benefits for Senior Citizens

• Enhanced maximum deposit limit for Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh.
• The maximum deposit limit for Monthly Income Account Scheme is to be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.

Gift IFSC

To enhance business activities in GIFT IFSC, the following measures are to be taken:

• Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
• Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI, and IRDAI.
• Permitting acquisition financing by IFSC Banking Units of foreign banks.
• Establishing a subsidiary of EXIM Bank for trade refinancing.
• Amending IFSCA Act for statutory provisions for arbitration, and ancillary services, and avoiding dual regulation under SEZ Act.
• Recognizing offshore derivative instruments as valid contracts.
• Countries looking for digital continuity solutions would be facilitated for setting up their Data Embassies in GIFT IFSC.

Bank

• Amendments proposed to the Banking Regulation Act, the Banking Companies Act, and the Reserve of India Act to improve bank governance and enhance investors’ protection.

Fiscal Management

• 50-year interest-free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions.
• Fiscal Deficit of 3.5% of GSDP allowed for States of which 0.5% is tied to Power sector reforms.
• The fiscal deficit for 2022-23 is 6.4% of GDP and is estimated to be 5.9% of GDP in 2023-24 and targeted to be below 4.5% by 2025-26.

Budget Estimates 2023-24

• Total receipts other than borrowings are estimated at Rs 27.2 lakh crores.
• Total expenditure is estimated at Rs 45 lakh crore.
• The net tax receipts are estimated at Rs 23.3 lakh crore.
• The gross market borrowings are estimated at Rs 15.4 lakh crore.

DIRECT TAXES

Changes in Personal Income tax

• No Income tax to persons with income up to Rs. 7 lakhs (the amount Rs. 7 lakhs is increased from the current Rs 5 lakhs in the new tax regime) in the new tax regime.
• Reduction of the highest surcharge rate to reduce from 37% to 25% in the new tax regime. This to further result in a reduction of the maximum personal income tax rate to 39%.
• Reduction of existing six income slabs to five and increase in the tax exemption limit to Rs. 3 lakhs.
• Standard deduction of Rs. 50,000 to salaried individuals, and deduction from family pensions up to Rs. 15,000, in the new tax regime.
• Tax exemption limit on leave encashment on the retirement of non-government salaried employees increased to Rs. 25 lakhs.
• All the new income tax regimes are the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.

New Tax Rates

Micro Enterprises

• Enhanced limits for micro-enterprises and certain professionals for availing the benefit of presumptive taxation proposed. 
• Increased limit to apply only if the amount or aggregate of the amounts received during the year, in cash, does not exceed 5% of the total gross receipts/turnover.

Sugar Co-operatives

They can claim payments made to sugarcane farmers prior to the assessment year 2016-17 as an expenditure. This is expected to provide them relief of almost Rs. 10,000 crores.

Co-operative Societies

They will get a higher limit of Rs. 3 crores for TDS on cash withdrawal.

Residential House

Deduction from capital gains on investment in residential houses under sections 54 and 54F is to be capped at Rs. 10 crores for better targeting of tax concessions and exemptions.

Proceeds of Insurance Policies

• Proposal to limit income tax exemption from proceeds of insurance policies issued on or after 1st April 2023 is above Rs. 5 lakhs. Policies with aggregate premiums up to Rs. 5 lakhs shall be exempt. 

Exemption from Income Tax

Income of authorities, boards, and commissions set up by the Union or State statutes for housing, development of cities, towns, and villages, and regulating, or regulating and developing an activity or matter.

 Tax Deducted at Source (TDS)

• Minimum threshold of Rs. 10,000/- for TDS to be removed and taxability relating to online gaming to be clarified. 
• Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.
• TDS rate to be reduced from 30% to 20% on the taxable portion of EPF withdrawal in non-PAN cases.

Capital Gain

Conversion of gold into the electronic gold receipt and vice versa is not to be treated as a capital gain.

Addition in Taxable Income

• Income from Market Linked Debentures to be taxed.

Deployment of Joint Commissioners

Deployment of about 100 Joint Commissioners for disposal of small appeals in order to reduce the pendency of appeals at the Commissioner level.

Extension

Period of tax benefits to funds relocating to IFSC, GIFT City extended till 31.03.2025.

Decriminalized

Certain acts of omission of liquidators under section 276A of the Income Tax Act are to be decriminalized with effect from 1st April 2023.

Losses

• Carry forward losses on strategic disinvestment including that of IDBI Bank to be allowed. 

Agniveer Corpus Fund

• Agniveer Fund to be provided EEE status. 
• The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. 
• Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.

Incentives for Start-ups

• Date of incorporation for income tax benefits to start-ups to be extended from 31.03.23 to 31.3.24.
• Proposal to provide the benefit of carrying forward losses on change of shareholding of start-ups from seven years of incorporation to ten years.
• New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 15%, as presently available to new manufacturing companies.

Also Read: What are Green Debt Swaps and How Do They Work?

INDIRECT TAXES

Exempted from Custom Duty 

• Customs duty exempted on vehicles, specified automobile parts/components, sub-systems, and tyres when imported by notified testing agencies, for the purpose of testing and/ or certification, subject to conditions.
• Denatured ethyl alcohol used in the chemical industry is exempted from basic customs duty.
• Basic Customs Duty exemption on raw materials for the manufacture of CRGO Steel, ferrous scrap, and nickel cathode continued.

Reduced Custom Duty

• The number of basic customs duty rates on goods, other than textiles and agriculture, was reduced to 13 from 21.
• Minor changes in the basic customs duties, cesses, and surcharges on some items including toys, bicycles, automobiles, and naphtha.

Lab-grown diamonds

• Basic customs duty reduced on seeds used in the manufacture of lab-grown diamonds.

Chemicals and Petrochemicals

• Basic customs duty reduced on acid grade fluorspar (containing by weight more than 97% of calcium fluoride) to 2.5% from 5%.
• Basic customs duty on crude glycerin for use in the manufacture of epichlorohydrin reduced to 2.5% from 7.5%.

Electronics

• Customs duty on the camera lens and its inputs/parts for use in the manufacture of the camera modules of cellular mobile phones was reduced to zero and concessional duty on lithium-ion cells for batteries was extended for another year.
• Basic customs duty reduced on parts of open cells of TV panels to 2.5%.

Electricals

• Basic customs duty on heat coil for the manufacture of electric kitchen chimneys reduced to 15% from 20%.
• Basic customs duty on electric kitchen chimneys increased to 15% from 7.5%.

Increased Custom Duty

Compounded Rubber: It is increased to 25% from 10% or 30 per kg whichever is lower.

Other Duties

• Marine Products: Duty reduced on key inputs for domestic manufacture of shrimp feed.
• Precious Metals: Duties on articles made from dore and bars of gold and platinum increased. Import duty on silver dore, bars, and articles increased. Concessional BCD of 2.5% on copper scrap is continued.
• Green Mobility: Excise duty exempted on GST-paid compressed biogas.
• Cigarettes: National Calamity Contingent Duty (NCCD) on specified cigarettes revised upwards by about 16%.

Legislative Changes in Customs Laws

• Customs Act, 1962 to be amended to specify a time limit of nine months from the date of filing an application for passing the final order by the Settlement Commission.
• Customs Tariff Act to be amended to clarify the intent and scope of provisions relating to Anti-Dumping Duty (ADD), Countervailing Duty (CVD), and Safeguard Measures.

Central Goods And Service Tax Act, 2017 to be amended:

• To raise the minimum threshold of tax amount for launching prosecution under GST from one crore to two crores;
• To reduce the compounding amount from the present range of 50 to 150% of tax amount to the range of 25 to 100%;
• To decriminalize certain offenses;
• To restrict the filing of returns/statements to a maximum period of three years from the due date of filing of the relevant return/statement; and
• To enable unregistered suppliers and composition taxpayers to make the intra-state supply of goods through E-Commerce Operators (ECOs).

About the Union Budget

Independent India presented its first budget in 1947.

• Contains 
  • The government’s economic and fiscal policies for the next fiscal year.
  • The government’s proposed expenditures and revenues for the upcoming fiscal year. 
• Duration: The fiscal year begins on April 1st and ends on March 31st of the following year.
• Another name: The Union Budget is more technically called the Annual Financial Statement.
• Ministry: The nodal body for preparing the Union Budget is the Budget Division of the Department of Economic Affairs (DEA) in the Ministry of Finance. The Ministry of Finance in consultation with Niti Aayog and other concerned ministries prepares the budget. 
• Preparation of the budget: This process begins in August-September and involves a number of steps, including pre-budget meetings and a halwa ceremony. It culminates with the presentation of the Budget in the Parliament and its approval by the President. The Government of India presents the Union Budget every year on February 1.
• Presenter: The budget is presented by the Finance Minister of India in Parliament. 
• Significance: The Indian budget is closely watched by businesses, investors, and the general public as it provides insight into the government’s economic policies and priorities and can have a significant impact on the economy and people’s lives.

Constitutional Provisions Related to Budget

The Constitution of India lays out certain requirements related to the budget in India. These include

• Article 112 of the Constitution: It requires the President of India to cause the annual financial statement (i.e. the budget) to be laid before the Parliament.
• Article 114 of the Constitution: It requires the government to present a separate account of the receipts and expenditures of the Consolidated Fund of India, which includes the revenues of the central government and certain other funds, as well as all money received by the government through loans.
• Article 266 of the Constitution: It requires the government to credit all revenues received by it, including taxes and other revenues, into the Consolidated Fund of India, unless otherwise provided by law.
• Article 266(2) of the Constitution: It requires the government to withdraw money from the Consolidated Fund of India only after it has been authorized by a law passed by the parliament. Article 270 of the Constitution: It requires the government to present a statement of the estimated receipts and expenditures of each state government, which is called the State Budget.
• Article 272 of the Constitution: It requires the government to transfer certain specified taxes and duties to the states and union territories.

Important read: Economic Survey 2023 | Top 20 Key Highlights

Indian Acts Simplified Series - Understand Laws Better

Key Components of the Union Budget

Revenue Budget 

• This section details the government’s estimated revenue from various sources such as taxes, non-tax revenues, and capital receipts. 
• It shows how much money the government plans to earn from taxes, non-tax revenues, and other sources.

Capital Budget 

• This section details the government’s proposed spending on various capital projects such as infrastructure development, capital investment in public sector enterprises, and other long-term investments. 
• It shows how much money the government plans to spend on long-term projects like building new roads, bridges, and airports.

Plan and Non-Plan Expenditure 

• Expenditures are separated into two parts, Plan and Non-Plan expenditure. 
• Plan expenditure includes funds allocated for specific government schemes.
• Non-plan expenditure includes regular expenses such as salaries, pensions, and administrative costs.

Fiscal Deficit

• The budget also includes an estimate of the fiscal deficit (the difference between the government’s total expenditure and its total revenue). 
• The government aims to reduce the fiscal deficit to maintain financial stability.

Tax Proposals 

• The budget also includes proposals for changes in tax laws and tax rates.
• This can have a significant impact on businesses and individuals.

Forces that shape a Budget

The Union Budget is the compromise solution between the pulls and pressures of these three demands:

• First Demand: A lower rate of taxation and/or a higher rate of exemptions. In other words, people and firms lobby to get their tax burden reduced.
• Second Demand: It is from people/firms wanting higher or newer subsidies. 
• Third Demand: The government cuts down on its fiscal deficit (essentially the total amount of money the government borrows from the market in order to bridge the gap between its total expenditure and its total receipts). This requires the government to maximize revenues and prune subsidies.

Preparation of a Union Budget: Key Steps

The Union Budget for the upcoming fiscal year is based on how the overall economy would do in the coming year, the size of the overall economy, and its growth rate. Thus to prepare a Union Budget following are ascertained: 

Nominal GDP (or what will be the size of the economy next year?)

• Nominal GDP of the current financial year is the starting point of next year’s Union Budget.
• Nominal GDP is nothing but the total market value of all the goods and services produced in India in a financial year. 
• This is used to project the likely nominal GDP in the next financial year (in this case, 2023-24) for which the budget is being made.

Fiscal Deficit (or how much money can the government borrow?)

• Normally Borrowing, especially for most developing countries, more than what they earn.
• However in India, the Fiscal Responsibility and Budget Management (FRBM) Act stipulates that the total borrowings (fiscal deficit) cannot be more than 3% of the (nominal) GDP.
• The government calculates the total amount of money it can raise from borrowings after the nominal GDP.

Total Revenues (or how much money can the government raise on its own?)

• The government, after ascertaining the size of the economy and the maximum money it can raise from borrowings, trains its attention towards its revenues. 
• To ascertain revenue, there are three main ways namely tax revenues (by levying taxes), non-tax revenues (such as the dividends earned by government-owned enterprises, etc.), and money raised through disinvestment of public sector undertakings.

Total Expenditure (or what is the maximum it can spend and where?)

• The ascertained sum from borrowing and earning is now clubbed together to know the total money the government can spend on different schemes (old or new). 
• The next step is to apportion this money among different ministries and departments.

Conclusion

• The Union Budget 2023-24 will reveal India’s true economic momentum as a global growth leader as the whole world is affected due to multiple factors like continued geopolitical uncertainty, the Ukraine conflict, and growing tensions between the US and China. 
• Additionally, India is getting into a heavy political season with several state elections in 2023 and the national general election in early 2024, thus this Budget is likely to be the last full-fledged Budget for the current government.

News Source: The Indian Express, hindustantimes

https://indianexpress.com/article/explained/explained-economics/explainspeaking-how-to-evaluate-union-budget-2023-8411935/

https://www.hindustantimes.com/business/explained-what-is-union-budget-its-constitutional-provisions-101674102955474.html

https://indianexpress.com/article/explained/explained-economics/union-budget-preparation-scope-focus-8398449/

Previous year questions

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