Outlook Money
An interim Budget allows for essential spending until a new budget is drawn up after elections, if a new government is forming as elections approach.
The Union Budget is an annual exercise that estimates the central government's revenue and expenses for the upcoming financial year.
A fiscal deficit is the extent to which the government spends more money than it brings in, excluding money borrowed from markets. It is measured as a percentage of the GDP and represents the gap between government spending and receipts.
When the government spends more than what it earns from taxes and other sources, excluding interest payments on debt, it creates a primary deficit.
A revenue deficit is the extent to which the government spends over its regular income.
Capital expenditure is the money the government spends on creating, and acquiring, long-lasting assets, infrastructure, or investments that can bring in revenue.
There are three government funds which include, Consolidated Fund, Contingency Fund and Public Account.
Compiled by Syed Muskan