Explained: Why Centre's Reported Finances in the Economic Survey and Budget Differ -Suyash Tiwari
-TheWire.in/ PRS blog
The Union Budget replicates revised estimates reported in the interim Budget, not the updated figures for 2018-19 from the Controller General of Accounts.
Finance minister Nirmala Sitharaman presented the Union Budget for the financial year 2019-20 in parliament on July 5, 2019. In the 2019-20 budget, the government presented the estimates of its expenditure and receipts for the year 2019-20. The Budget also gave an account of how much money the government raised or spent in 2017-18. In addition, the Budget also presented the revised estimates made by the government for the year 2018-19 in comparison to the estimates it had given to parliament in the previous year’s Budget.
* What are revised estimates?
Some of the estimates made by the government might change during the course of the year. For instance, once the year gets underway, some ministries may need more funds than what was actually allocated to them in the Budget, or the receipts expected from certain sources might change. Such deviations from the Budget estimates get reflected in the figures released by the government at later stages as part of the subsequent Budgets. Once the year ends, the actual numbers are audited by the Comptroller and Auditor General of India (CAG), post which they are presented to parliament with the upcoming Budget, i.e. two years after the estimates are made.
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