Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2025 on February 1, marking the first full-year budget of the Modi government’s third term. As the budget aims to ease the middle class’s financial burden, it is essential for UPSC and competitive exam aspirants to understand key terms related to the Budget process.

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• Finance Minister Nirmala Sitharaman will present the Union Budget on February 1 at 11 am.
• This is the first full-year budget of the Modi government’s third term.
• The Union Budget, also called the Annual Financial Statement, outlines the government’s financial plans for the year.
• It covers three key areas: income, expenditure, and borrowing, providing transparency to citizens.
• The Budget helps the government inform Parliament and the nation about its financial state.
• The General Budget contains the estimated receipts and expenditure for the year.
• The Consolidated Fund of India is where all revenues, loans, and repayments are credited and used for government expenditure.
• The Public Account of India holds public money not included in the Consolidated Fund, such as savings and provident funds.
• The Contingency Fund of India, at the President’s disposal, is used for unforeseen expenditures, with retrospective parliamentary approval.
• These terms are crucial for understanding the financial governance framework and are important for UPSC and competitive exam preparations.