IEcoS (Economic Services) Indian Economics Budgeting and Fiscal Policy-Fiscal Responsibility and Budget Management (FRBM) Act Study Material (Page 2 of 3)

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Public Finance: Different Concepts of Budget Deficits, Public Finance, Revenue Deficit

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Public Finance

  • Budget deficit refers to a situation in which the budget expenditure of the government is greater than the budget receipt of the government.
  • Budget deficit Total expenditure (revenue expenditure capital expenditure) Total receipts (revenue receipts capital receipts)

Different Types of Budget Deficits

Revenue Deficit

  • It is the Excess of revenue expenditure over revenue receipts.
  • Implica…

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FRBM: Features of FRBM Act

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  • The FRBM Act or Fiscal Responsibility and Budget Management act 2003 was amended and it was passed by the government in order to implement a prudent fiscal policy and help bring fiscal discipline in the economy.
  • The major macroeconomic problem that was encountered by the country around 2000 was the high fiscal deficit. It was being argued that high deficit in the economy would lead to inflation, reduction in consumption which will result in a crowding out of the private sector investment, giving a rise to the unemployment level and thus, cause a fall …

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