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Understanding the Union Budget UPSC NOTE

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  The Budget, presented by Finance Minister Nirmala Sitharaman , outlines the government's spending, taxes, and economic transactions af...

 

  • The Budget, presented by Finance Minister Nirmala Sitharaman, outlines the government's spending, taxes, and economic transactions affecting citizens.

Major Components of the Budget

  • Expenditure: Divided into capital (building assets like schools, hospitals) and revenue (wages, subsidies) expenditures.

  • Receipts: Classified into revenue receipts (taxes, non-tax), non-debt capital receipts (loan repayments, disinvestment), and debt-creating capital receipts (raising liabilities).

  • Deficit Indicators: Includes fiscal deficit (spending beyond revenue and non-debt receipts) and primary deficit (fiscal deficit minus interest payments). 

    • Revenue deficit is the difference between fiscal deficit and capital expenditure.

Implications of the Budget on the Economy

  • Aggregate Demand: Government spending boosts demand; taxes reduce private sector demand.

  • GDP and Growth Rates: Analysis of expenditure and receipts is based on GDP growth and inflation.

  • Income Distribution: Budget policies, like employment schemes or corporate tax cuts, affect different income groups.

Fiscal Rules and Their Effect on Policy

  • Based on the N.K. Singh Committee's recommendations, India follows rules on debt-GDP ratio, fiscal deficit-GDP ratio, and revenue deficit-GDP ratio.

  • Expenditure is adjusted to meet fiscal targets, which may limit government spending despite economic needs.

  • Current fiscal rules might need re-assessment, given the challenges of unemployment and slow economic growth.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Understanding the Union Budget UPSC NOTE
Understanding the Union Budget UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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