After the Union Budget 2016-17 was unveiled by the finance minister on 29 February, the Outcome Budget for the financial year was published on 11 March. Let us take a look at what an Outcome Budget is.
WHAT IS IT?
The first Outcome Budget was brought out in the financial year 2005-06, and since then it has been announced every year. This is a blueprint of what is proposed in the Union Budget and its effective output. It indicates the actual performance of the proposals of the previous few years. Each ministry and department needs to prepare an Outcome Budget with regards to the demand and funds allocated for various purposes. It usually contains seven separate sections relating to seven demands under the Ministry of Finance for which the Outcome Budget has been prepared. These sections are— Economic Affairs, Financial Services, Expenditure, Revenue, Direct Taxes, Indirect Taxes and Disinvestment.
