Context: Recently, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament. This was the first general budget of the 18th Lok Sabha.

Key Points Related to the Budget:

• A budget provides details of the government's estimated receipts and expenditures for a financial year.
• The term 'budget' is not mentioned anywhere in the Indian Constitution.
• The President of India presents the Annual Financial Statement for each financial year before both houses of Parliament under Article 112 (Part V) of the Constitution.

Key Provisions of the Union Budget 2024-25:

•  An allocation of ₹1.52 lakh crore has been made for the year 2024-25.
• The government aims to make India a developed country by 2047.
• To achieve this, nine areas have been prioritized: agriculture, employment, human resource development, manufacturing, services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
• The government's 'Poorvoday' initiative will focus on the comprehensive development of the eastern region of India, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.