Current affairs

Current affairs must be given a higher importance regarding GK section. All the News must be followed and remembered. They can give any kind of questions from here may be it is a Regional, National or international. So we give you the news daily that are happening all over the world.

BUDGET:

Budget is a planned estimate of income and expenditure of a country or state for a particular time period in general for a financial year.

Financial year --  1st April to 31st March.

Budget can be divided into

• INCOME 
• EXPENDITURE

Income can be divided into revenue income and capital income.
Revenue income is again sub divided into Tax income and Non-Tax income.
Tax income is the income though direct tax and indirect tax.
Capital income is through Dis-investments,Recoveries on loans extended to state governments and public sector units, Borrowings.

Expenditure can be divided into revenue expenditure and capital expenditure
Revenue expenditure is through salaries,Public administration,social sector expenditure,  Defence,  Interest payments on loans.
Capital expenditure is spendings on infrastucture developement principal loan amount repayments

Budget deficits: total expenditure is more than total income.
Budget surplus: total income is more than total expenditure

Fiscal Responsibility and Budget management Act (FRBM Act) was introduced in the year 2003.

GDP:

 It is defined as the total estimate of value or cost of goods and services that are produced within a country territory irrespective of citizenshi during a particular financial year.