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1. Budget is a statement showing the revenue and expenditure of the Government for the forthcoming year.

2. The Union Budget is classified into: (a) Revenue Budget, and (b) Capital Budget

3. Revenue Budget shows revenue receipts and revenue expenditure of the

government. The excess of the revenue expenditure over the revenue receipts is

called revenue deficit.

4. Capital Budget shows capital receipts and capital expenditure of the government.

5. The sum of revenue receipts and capital receipts gives total revenue of the

government and the sum of revenue expenditure and capital expenditure gives total expenditure of the government.

6. The excess of total expenditure over total revenue is called budget deficit. Fiscal deficit shows the market borrowings and other liabilities of the government. Primary deficit is obtained after deducting from fiscal deficit the interest payments in a year’s time.

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