Why in News?

The Finance Minister presented the Union Budget for 2025-26, centered on the theme "Sabka Vikas," aiming to drive balanced regional growth. 

About the Budget 

1. Constitutional Status: Defined under Article 112 as the Annual Financial Statement. 
   Note: The term "budget" is not directly mentioned in the Constitution. 
2. Definition: The budget is a statement of the government's estimated receipts and expenditures for a financial year. 
3. Responsibility: The Department of Economic Affairs (DEA) under the Ministry of Finance is responsible for preparing the Union Budget.