Union Budget: Understanding the GDP, GVA and the difference between the two

While GDP measures the total value of products and services a country manufactures or delivers, GVA measures the value added to product in order to enhance their worth

The Union Budget, or the annual financial statement, according to Article 112 of the Indian Constitution, is a statement of the estimated receipts and expenditures of the central government for a financial year running from April 1 to March 31.

The Union Budget, which keeps account of the government's finances for the fiscal year, has two components -- the Revenue Budget and the Capital Budget. The government's revenue receipts and expenditure are listed under the Revenue budget, while the Capital budget deals with capital receipts and payments of the government. The former is akin to the profit & loss account