Composition of Union Budget
The Union Budget of India is composed of various components that outline the government's financial plan for the upcoming fiscal year. Here is a breakdown of the key components:

1. Revenue Budget
- This budget includes the government's revenue receipts and expenditure.
- Revenue receipts consist of taxes, fees, and other sources of income.
- Revenue expenditure includes salaries, pensions, subsidies, and interest payments.

2. Capital Budget
- The capital budget includes capital receipts and capital expenditure.
- Capital receipts are loans raised by the government from various sources.
- Capital expenditure is used for creating assets like infrastructure, buildings, and equipment.

3. Expenditure Budget
- This budget details the government's planned expenditure for different sectors like education, healthcare, defense, etc.
- It includes both revenue and capital expenditure.

4. Revenue Receipts
- Revenue receipts are the income generated by the government through taxes, duties, and non-tax sources like dividends and interest.
- These receipts help in meeting the government's day-to-day expenses.

5. Capital Receipts
- Capital receipts include loans raised by the government, disinvestment proceeds, and recoveries of loans.
- These receipts are used for creating long-term assets and investments.

6. Plan and Non-Plan Expenditure
- Plan expenditure is related to schemes and programs that aim at achieving specific development goals.
- Non-Plan expenditure includes regular expenses like salaries, pensions, and debt servicing.

7. Contingency Fund
- The Contingency Fund is set aside to meet unforeseen expenses or emergencies.
- It provides financial flexibility to the government during times of crisis.
Understanding the composition of the Union Budget is crucial for analyzing the government's financial priorities and allocations for different sectors of the economy.