Interim Budget 2024: Where did the word 'Budget' come from?

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1. The term "Budget":

The term "budget" finds its linguistic roots in the French word "bouge," signifying a small bag.

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2. England's budgetary origin:

In 1733, Sir Robert Walpole, the former Finance Minister of England, made budget proposals presented in a small bag to the Parliament.

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3. Absence of "Budget" in Indian constitution:

The Indian Constitution does not explicitly mention the term "budget." Instead, Article 112 refers to it as the "annual financial statement".

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4. Vote on account approach:

Finance Minister Nirmala Sitharaman recently declared the adoption of a "Vote on Account" budget for the ongoing fiscal year.

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5. Understanding the consolidated fund of India:

Article 266 sheds light on the Consolidated Fund of India, serving as the repository for all government revenues, including taxes, loan interest, and state taxes.

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6. Limitations on consolidated fund usage:

Allocations from this fund are exclusively designated for government expenses, with a prohibition on disclosing income details.

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7. Intricacies of "Vote on Account":

Finance Minister Sitharaman's choice of a vote on account for Budget 2024 underscores the distinctive financial approach adopted during election years.

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