Components of Government Budget
The components of budget primarily are Revenue Budget and Capital Budget, further divided in to receipts and expenditure components.
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Budget Documents
The list of Budget documents presented besides the Finance Minister’s Budget Speech, include Annual financial statement, demand for grants and so on.
Government of India’s Accounts
The Government of India’s accounts are organized into three main divisions:
Consolidated Fund, Contingency Fund, Public Account.
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Demand for Grants
Demand for Grants is a request for funds made by various ministries or departments of the government as a part of the budgetary process.
Fiscal Policy
Fiscal policy is the use of government spending and taxation to influence the economy, to promote sustainable growth and reduce poverty.
Fiscal Policy – Budget – Indian Economy, Previous Year Questions(UPSC CSE)(2011-24)
1. Consider the following statements: Statement-I: If the United States of America (USA) were to default on its debt, holders of US Treasury Bonds will not be able to exercise their claims to receive payment. Statement-II: The USA Government debt is not backed by any hard assets, but only by the faith of the Government Which one
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