What is Union Budget? Types & Components Explained | Union Budget 2026

Описание: What is Union Budget? Types & Components Explained | Union Budget 2026

The Union Budget is one of the most important topics for UPSC Prelims and Mains, yet many aspirants study it without conceptual clarity.

In this video, we explain what the Union Budget actually is, how it is defined in the Indian Constitution (Article 112), and how UPSC frames tricky questions from this area — including questions already asked in UPSC 2024.

This session covers:
What is the Union Budget and why it is constitutionally called the Annual Financial Statement
Why Parliament’s approval is mandatory for government spending

Major components of the Union Budget:
Revenue (Tax Revenue & Non-Tax Revenue)
Expenditure (Revenue Expenditure & Capital Expenditure)

Important deficit concepts:
Revenue Deficit
Fiscal Deficit
Primary Deficit

How to use the Union Budget effectively for:
UPSC Prelims (constitutional provisions, terms, schemes, tax changes)
UPSC Mains (GS Paper III) (policy direction, priorities, analysis)

The video also explains how to read the Budget smartly, what to focus on, and what to ignore — so that aspirants don’t get overwhelmed by numbers.

This is a must-watch foundation video before studying the upcoming Union Budget and Economic Survey.

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