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Economic glossary
Hello readers , we are presenting you notes on economic glossary defining
some of the common terms which all of you should know.
Union Budget
Under Article 112 of the constitution, a statement of estimated receipts
and expenditure, called the Annual Financial Statement, has to be placed
before Parliament for each financial year.
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This expenditure does not result in the creation of assets. In case the
difference between revenue receipts and revenue expenditure is negative,
there is a revenue deficit.
It shows the shortfall of the Governments current receipts over current
expenditure. If the capital expenditure and capital receipts are taken into
account too, there will be a gap between the receipts and expenditure in a
year. This gap constitutes the overall budgetary deficit, and it is covered
by issuing 91-day Treasury Bills, mostly held by the Reserve Bank.
Revenue surplus is the excess of revenue receipts over revenue
expenditure.
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Fiscal Deficit
This is the gap between the Governments total spending and the sum of
its revenue receipts and non-debt capital receipts.
It represents the total amount of borrowed funds required by the
Government to completely meet its expenditure. The gap is bridged
through additional borrowing from the Reserve Bank of India, issuing
Government securities etc. Fiscal deficit is one of the major contributors to
inflation.
Finance Bill
The Government proposals for the levy of new taxes, alterations in the
present tax structure, or continuance of the current tax structure are
placed before the Parliament in this bill. The bill contains amendments
proposed to direct and indirect taxes.
Direct and Indirect Taxes
Direct taxes are levied on the incomes of individuals and corporates. For
example, income tax, corporate tax etc. Indirect taxes are paid by
consumers when they buy goods and services. These include excise duty,
customs duty etc.
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Primary Deficit
The primary deficit is the fiscal deficit minus interest payments. It tells
how much of the Governments borrowings are going towards meeting
expenses other than interest payments.
The funds that the Government thus receives from its bank like operations
are kept in the public account, from which the related disbursements are
made.
These funds do not belong to the Government and have to be paid back to
the persons and authorities who have deposited them.
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Other items that also fall under this category include recovery of loans
granted by the Centre to State Governments and proceeds from
disinvestments of Government stake in public sector undertakings.
Consolidated fund : Under this, the Government pools all its funds
together.
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