The four ‘C’s behind the Union Budget

Four Cs—continuity, correctness, conservatism and crowding-in—are the hallmarks of the Union budget for 2022-23 presented by India’s finance minister on 1 February. The budget has continued with the practice started two years ago of bringing all below-the-line items above the line. Extra-budgetary resources, in which the borrowing is guaranteed and serviced by the Union government, is restricted to a single transitional item of ₹750 crore in the current fiscal year’s revised estimates (RE). Transparency and cleaner accounting continue to be accorded the highest priority in budget-making as was the case with the previous two budgets.