ECONOMICS Indian Fiscal System ARIJIT BASU CHOWDHURY Target WBCS(EXECUTIVE)
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Indian Fiscal System Non Plan Expenditure : It divided into revenue expenditure and capital Expenditure Under Revenue Expenditure : Interest payments , defense revenue expenditure, major subsidies (Food , Fertilizers) , interest and other subsides , debt relief to farmers , Police , salary , pension other general services ( Agriculture , industry power transport, communications, science) grants to states and union territories and grants to foreign government. Capital Expenditure includes such items as Loans to public enterprises , Loans to states and Uts and loans to foreign government Plans Expenditure : It includes 1. Central plans such as agriculture, rural development, irrigation and flood control, industry and minerals , transport. 2. Central assistance for plans of states of the states and union territories .
Indian Fiscal System Various Types of Budgets Surplus Budget If the receipts of governments are more than its expenditure, the o Balance Budgets : A balanced budget is one where the revenue equals the o Deficit budgets It occur when the overall expenditure of Governments exceed the Various types of Deficit govt. will be said to have a surplus budget. expenditure overall receipts o Budget Deficit Total Expenditure - Total Receipts Revenue Deficit: Revenue Expenditure Revenue receipts o Fiscal Deficit Fiscal deficit- Interest Payments o Primary Deficit: Fiscal deficit - Interest payments