Jul 22, 2024
By: Ayush Mehrotra
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The government's strategy for managing its revenues and expenditures to influence the economy. This includes decisions on taxation, government spending, and borrowing.
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The policy laid out by the central bank (RBI) to control the supply of money, primarily through interest rates, to ensure economic stability and growth.
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A comprehensive indirect tax on the manufacture, sale, and consumption of goods and services across India, which replaced multiple cascading taxes levied by the central and state governments.
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The difference between the government's total expenditure and its total revenue (excluding borrowings). It indicates the total borrowing requirements of the government.
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The annual financial statement presented by the Government of India, detailing the expected revenue and expenditure for the upcoming fiscal year.
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Direct taxes are levied directly on individuals and corporations (e.g., income tax, corporate tax). Indirect taxes are imposed on goods and services (e.g., GST, customs duty).
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Expenditures incurred by the government on the development of infrastructure, acquisition of assets, and investments in long-term projects. This spending is expected to yield benefits over multiple years.
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Expenditures incurred by the government for its day-to-day functioning and maintenance. This includes spending on salaries, subsidies, and interest payments.
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The process of selling or liquidating government assets, usually public sector undertakings (PSUs), to raise revenue.
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The total market value of all goods and services produced within a country in a given period. Budget figures are often presented as a percentage of GDP to provide context.
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