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Definition: Revised estimates of receipt and expenditure for the current financial year are normally given midway through the year against the Budget Estimates.
The government uses budget estimates to plan the whole budget but these figures are usually rough. After a mid-year survey on how these budget estimates have been used, the revised estimates are presented based on how much is left for each ministry from the budget estimates. Think of the revised estimates as the actual funds that the government will likely disburse to particular sectors by the end of the financial year. Revised estimates are essentially given as a counter to the Budget Estimates and apply only to the current fiscal year. Revised estimates post their mid-year survey, also explain the expenses that are going to happen in the particular financial year. Depending on how each sector has progressed with the funds allotted in the Budget Estimates, the funds are revised by the government and presented as the revised estimate. If a department or ministry needs more funds to aid its growth, it will have to ask a supplementary grant in November. Based on this, the finance ministry will revise the allocated funds.
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