The term "budget" finds its linguistic roots in the French word "bouge," signifying a small bag.
In 1733, Sir Robert Walpole, the former Finance Minister of England, made budget proposals presented in a small bag to the Parliament.
The Indian Constitution does not explicitly mention the term "budget." Instead, Article 112 refers to it as the "annual financial statement".
Finance Minister Nirmala Sitharaman recently declared the adoption of a "Vote on Account" budget for the ongoing fiscal year.
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.
Allocations from this fund are exclusively designated for government expenses, with a prohibition on disclosing income details.
Finance Minister Sitharaman's choice of a vote on account for Budget 2024 underscores the distinctive financial approach adopted during election years.