The document discusses India's fiscal policy trends from post-independence to present day. It summarizes that early on, fiscal policy focused on stimulating growth and reducing inequality through high government expenditure and taxation. This led to budget deficits. Economic reforms since 1991 have focused on reducing deficits through tax cuts, expenditure reforms, and greater fiscal responsibility. The Fiscal Responsibility and Budget Management Act of 2003 aimed to further improve fiscal discipline.
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This presentation discusses about the following subtopics:
What is a government deficit?
Types of deficit
What is a revenue deficit?
What is a fiscal deficit?
What is a primary deficit?
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These slides mainly give an insight into the major macroeconomic stabilization and structural adjustments that were made in India during severe financial crisis of 1991. It discusses the situation sector-wise and provides with a detailed glossary of important terms towards the end of the slide-show.
This presentation discusses about the following subtopics:
What is a government deficit?
Types of deficit
What is a revenue deficit?
What is a fiscal deficit?
What is a primary deficit?
Difference between Fiscal Deficit and Revenue Deficit
Difference between Primary Deficit and Revenue Deficit
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Unit-V
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Direct and Indirect Taxes
Concept of Value Added Tax
Current Year’s Economic Survey and Union Budget
Fiscal Policy and Present Tax Environment
Fiscal policy deals with the taxation and expenditure decisions of the government.
Some of the major instruments of fiscal policy are as follows: Budget, Taxation, Public Expenditure, public revenue, Public Debt, and Fiscal Deficit in the economy.
Fiscal policy means the use of taxation and public expenditure by the government for stabilization or growth of the economy.
According to Culbarston, “By fiscal policy we refer to Government actions affecting its receipts and expenditures which ordinarily as measured by the government’s receipts, its surplus or deficit.”
General objectives of Fiscal Policy are given below:
1. To maintain and achieve full employment.
2. To stabilize the price level.
3. To stabilize the growth rate of the economy.
4. To maintain equilibrium in the Balance of Payments.
5. To promote the economic development of underdeveloped countries.
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
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#pi coins
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
2. Agenda of the Presentation
Section
C
Objectives of Fiscal Policy in India
Three Possible Stances & Methods of Funding
Two Main Instruments of Fiscal Policy
Post Independence: India’s Fiscal Policy
India’s Fiscal Policy: 1970-1990
Post Reform (1991): Fiscal Policy Changes , Trends
Suggestions & Budget Expectations
2
Group
06
3. Fiscal Policy & its Objectives in India
Fiscal policy refers to the overall effect of the
budget outcome on economic activity.
The idea of using fiscal policy to combat
recessions was introduced by John Maynard
Keynes in the 1930s
“Fiscal policy deals with the taxation and expenditure decisions of the
government. These include, tax policy, expenditure policy, investment or
disinvestment strategies and debt or surplus management.”
- Kaushik Basu ( Former Chief Economic Adviser )
Fisc : A French word means
‘Treasure of Government’.
Fiscal Policy= Revenue +
Expenditure Policy by
Government of India
Related to ‘Development Policy’
of the Nation.
3
4. Fiscal Policy & its Objectives in India
Increase in capital formation
To stabilize the growth rate &
degree of growth of an economy
To achieve desirable price level
To achieve desirable consumption level
To achieve desirable employment level
To achieve desirable income distribution
To maintain equilibrium in the BOP
4
5. Three Possible Stances & Methods of Funding
A Neutral position applies when the budget outcome has
neutral effect on the level of economic activity where the
govt. spending is fully funded by the revenue collected
from the tax. Where, G = T
An Expansionary position is when there is a higher
budget deficit where the govt. spending is higher than
the revenue collected from the tax. Where, G > T
An Contractionary position is when there is a lower
budget deficit where the govt. spending is lower than the
revenue collected from the tax. Where, G < T
G-Govt. Spending
T-Tax Revenue
5
6. Three Possible Stances & Methods of Funding
Methods of Funding
Governments spend money on a wide variety of things, from the military to
services like education and healthcare, as well as transfer payments.
This expenditure can be funded in a number of different ways:
Taxation Revenue
Seigniorage, the benefit from printing money
Borrowing money
Consumption of fiscal reserves
Sale of fixed assets (e.g., land) Types of Fiscal
Policies
Discretionary
policy
Automatic
stabilisation
6
7. Post Independence: India’s Fiscal Policy
Post-independence, with the gradual abatement of political and economic
uncertainty, stimulating and accelerating growth was one of the primary objectives of
fiscal policy.
In the then nascent economy where the income levels and financial savings were low,
the fiscal assumed the responsibility of creating the capital base in the form of
infrastructure to stimulate growth.
Thus, India embarked on a planning process since 1950 (the year of establishment of
Planning Commission of India) which assigned a large role to the public sector and
taxation was made the mainstay of public finances.
Conservative fiscal policy to keep deficits under control.
7
8. Post Independence: India’s Fiscal Policy
1953
Taxation
Enquiry
Commission
1957-58
Wealth Tax,
Expenditure
Tax, Gift Tax
1960-70
High Personal &
Marginal Income
Tax Rates
1960-80
Tax Revenue to
GDP Ratio
Improved from
6.3 % to 16.1 %
Excise Duty &
Customs Duty,
Cascading Effect
of such taxes
8
10. Post Independence: India’s Fiscal Policy
During the period 1950-51 to 1961-62, the Central Government revenue
expenditure showed a broad pattern of increase, followed by the prevailing
accent on social and developmental services.
The focus of government expenditure were education and health. 10
11. Post Independence: India’s Fiscal Policy
All capital expenditures were treated as developmental and all expenditure on
civil works were treated as non-developmental.
The developmental expenditure increased more rapidly than non-development
expenditure. The Government draft on real resources of the economy had not
only increased in absolute terms but also in terms of GDP.
During this phase, expenditure policy was shaped to achieve reduction in
income inequality and counter inflation. On the issue of price stability, the
emphasis was on long-term price stability through large expenditure on
production of goods and services.
Doubling of the plan outlay in the second plan and the subsequent increases in
successive plans necessitated generation of resources both internally and
externally, to meet the financing needs.
Deficit financing was used as a means to cover the gap between ambitious
investment plans and the low levels of savings in an underdeveloped economy.
11
12. Post Independence: India’s Fiscal Policy
This system turned out to be inefficient and unfair and also led to
widespread tax evasion. Growth remained anaemic.
MainRoleofFiscalPolicy
To transfer private savings
To cater growing consumption
& Investment needs
To cover social welfare
schemes
1
• Highly Redistributive Income Tax Rates
• High Import Tariffs
2
• Numerous Excises Besides the Sales Tax
• Administrative Controls on Various Industries
3
• Exemptions & Preferential Treatments Aiming
At Channeling Resources Towards Priority
Sectors
12
13. India’s Fiscal Policy : 1970-1990
Taxation & Expenditure Policies
more focused on achieving social
justice & equality
Public Expenditure were
constantly increasing in compare
with revenue generated from high
marginal tax
Public Finances was in a state of
disarray, persistent large deficits
1980s- A Decade of Fiscal
Deterioration, resulted in
macroeconomic crisis of 1991
Eleven Tax Brackets used as a
means to reduce income
inequality
Corporate Income Tax between
45-65 % for widely held
companies
The Direct Taxes Enquiry Committee of 1971 found that the high tax rates
encouraged tax evasion. 13
14. India’s Fiscal Policy : 1970-1990
1974-75: Based on committee’s
recommendation- personal tax
was brought down.
1978 -85: Number of Income Tax
brackets were reduced from 11 to
8 and finally to 4.
Highest Income Tax rate was
brought down from
97.5% to 50%.
14
15. 1991: Crisis & Actions Taken
1991- BoP Crisis
Gulf crisis of 1990--- increase in oil import bill
Exports were down significantly due to breakdown of Soviet Union
Deterioration in the Exchange Rate of Rupee
Growing deficit on capital account due to country's rising obligations to meet
amortization payments.
Action Taken
Acquisition of Foreign Currency
Devaluation of Indian Rupee
Encouragement to Inflow of Funds from Abroad
Compression of Imports
15
16. Post Reform: India’s Fiscal Policy
Reforms undertaken by the Central Government and State Governments
in India Since 1991
CENTRAL GOVERNMENT On the Revenue Front
1991-92 to 1995-96
• Reduction of maximum marginal rate of personal income tax to 40 per cent.
• Unification and reduction of the rates of corporate income tax for both widely held and
closely held companies to 46 per cent.
• Abolition of wealth tax.
• Reduction in import duties to 110 per cent in 1992-93, 85 per cent in 1993-94, 65 per cent
in 1994-95, 50 per cent in 1995-96.
• Introduction of service tax by imposition of a 5 per cent tax on amount of telephone bills,
premium payments for non life insurance and on brokerage charged by the stock brokers.
16
17. CENTRAL GOVERNMENT On the Expenditure Front
1991-92 to 1995-96
• Reduction in fertilizer subsidy.
• Abolition of cash compensatory support for exports.
• 5 per cent cut on the expenditure of all ministries/departments.
1996-97 to 1999-00
• Constitution of Expenditure Reforms Commission in 2000.
2000-01 to 2004-05
• Subjecting all existing schemes to zero-based budgeting.
• Ban on creation of new posts for one year.
• Ban on purchase of new vehicles for one year.
• 10 per cent cut in the consumption and allocation of funds
for expenditure on petroleum oil and lubricants (POL) for staff cars.
• Introduction of a new pension scheme in 2004.
Post Reform: India’s Fiscal Policy
17
18. Post 1991 Tax Reforms
Reducing the corporate tax rate on both domestic and foreign companies, corporate tax
rate was reduced to 50 percent and the rates for different closely held companies made
uniform at 55 percent.
Rationalization of capital gains tax and dividend tax and excise duties
Progressive reduction in the peak rate of customs duty on non-agricultural products
Value Added Tax (VAT), improving taxation of agriculture and strengthening tax
administration.
Minimum Alternate Tax was introduced in 1996-97. It required a company to pay a
minimum of 30 percent of book profits as tax
Total tax revenues of the centre were 9.7 percent of GDP in 1990-91. They declined to
only 8.8 percent in 2000-01.
As a part of the subsequent direct tax reforms, the personal income tax brackets were
reduced to three with rates of 20, 30 and 40 percent in 1992-93.
18
19. Post 1991 Tax Reforms
New tax savings instruments were introduced
Tax concessions were also given to non-residents to encourage flow of foreign exchange
remittances.
A modified system of Value Added Tax (MODVAT) was introduced in 1986 in a phased
manner.
Concern due to low elasticity of revenue from direct taxes
lowering the maximum marginal rate on personal income tax
Widening of the tax base by including
introduction of presumptive taxes,
Adoption of a set of six (one-by-six) economic criteria for identification of
potential tax payers in urban areas
taxation of services
19
21. Five Year Plans: Expenditure Patterns
First Five Year Plan (1951-1956)
Second Five Year Plan (1956-1961)
Third Five Year Plan (1961-1966)
Two Annual Plans (1967-68) & (1968-69)
Fourth Five Year Plan (1969-74)
Fifth Five Year Plan (1975-1980)
Sixth & Seven Five Year Plan (1980-1990)
Eighth Five Year Plan (1992-1997)
Ninth Five Year Plan (1997-200)
Tenth Five Year Plan (2002-2007)
Analysis of Pre-Reform Plans
The FRBMA
21
22. FIRST FIVE YEAR PLAN (1951-1956)
In determining an outlay on development of Rs. 2069 Cr. by public authorities
over this period, the main considerations said to have taken into account are
–
• The need for initiating a process of development that will form the basis of
much larger effort needed in future.
• The total resources likely to be available to the country for the purposes of
development.
• The close relationship between the rate of development and the
requirements of resources in public and private sectors.
• The necessity of completing the schemes of development initiated by
central and state governments prior to the commencement of the plan.
• The need to correct maladjustments in the country caused by War and
Partition.
For the FIRST FYP (Five year Plan), agriculture, including irrigation and power
had topmost priority.
22
23. SECOND FIVE YEAR PLAN (1956-61)
The principle tasks of the Second FYP were declared to be as
follows:
• To secure the increase in National Income by about 25% over
five years.
• To increase employment opportunities at a rate sufficient to
absorb the increase in labor force consequent in increase in
population.
• To take a major stride forward in the direction of
Industrialization so as to prepare the ground for more rapid
advance in the plan period to come.
23
24. THIRD FIVE YEAR PLAN (1961-1966)
In drawing up the Third FYP, the Planning Commission claimed to have kept in
view the following principal aims:
• To secure and increase in the national income of over 5% p.a., pattern of
investment being designed to sustain this rate of growth during
subsequent plan period.
• To achieve self-sufficiency in food-grains and increase in agricultural
production to meet the requirements of industry and export.
• To expand the basic industries like steel, chemical industries, fuel, power,
and to establish machine building capacity, so that requirements of further
industrialization can be met within a period of 10 years or so, mainly from
country’s own resources.
• To utilize to the fullest extent possible the manpower resources of the
country and to ensure a substantial expansion in the employment
opportunities.
• To establish progressively greater equality of opportunity and to bring
about a reduction in disparities in income, wealth and a more even
distribution of economic power. 24
28. SIXTH FIVE YEAR PLAN (1980-85) AND
SEVENTH FIVE YEAR PLAN (1985-90)
28
29. EIGHTH FIVE YEAR PLAN (1992-97)
• The eighth five year plan
reflected the process of fiscal
reform and also economic
reforms which reflected
government’s attempt to
accelerate economic growth and
improve the quality of life of the
common man.
• There was a slight improvement
in the allocation for social
services to 19% in this plan so as
to improve “human capital”
especially by improving literacy.
Also outlay on energy was
increased in order to reduce
infrastructure constraint. 29
30. NINTH FIVE YEAR PLAN (1997-2002)
• During this period, infrastructure
which became a major constraint due
to inadequacy of complementary
private investment, was paid due
attention. There was a re-orientation
of plan priorities and hence the
change in public outlay was distinct.
• By allocating 72% of the plan funds to
irrigation, energy, transport and
communication and social services
this plan stressed on the development
of infrastructure.
30
31. TENTH FIVE YEAR PLAN (2002-2007)
• The main objective of the tenth plan
has been to set at least an 8%
growth rate for the state’s economy
as compared to the previous plans
with the aim to “catch up” with the
rest of the country. The first priority
would therefore be generation of
more wealth. Basic needs and equity
objectives in the state will be better
achieved in an environment of high
growth.
31
32. AN ANALYSIS OF PRE REFORM PLANS
• Except during the first plan when agriculture and irrigation were allotted 30% of total
outlay, all other plan allotted between 20-24% of outlay.
• The allocation on power development was unfortunately low during the first four plans
between10-15% of the total outlay. The low priority given to the power development was
on the ground that industries had not come up so fast and the progress in rural
electrification, use of electric power in railway transport system was inadequate. It was
only in the seventh plan that the allocation on power was raised steeply to28% of the
total outlay.
• The high priority given to the agriculture in the public sector programs in the first plan was
at the cost of low priority given to the industries. But from the second plan onwards the
relative share of industries and minerals was raised sharply from 6% in the first plan to
24% of the total plan outlay in second plan. In the next two plans, outlays to industries
declined steeply.
• The allocation in transportation and communication was quite high during the first two
plans-between 25 to 28%. But since then their share has declined. However the country
was regularly facing serious transport bottlenecks which resulted in retarded output and
income. Consequently, the Eighth plan pushed up the outlay to 23%.
32
33. The FRBMA
• The Fiscal Responsibility and Budget Management Act, 2003
(FRBMA) was enacted by the Parliament of India to
institutionalize financial discipline, reduce India’s fiscal deficit,
improve macroeconomic management and the overall
management of the public funds by moving towards a
balanced budget.
• The main purpose was to eliminate revenue deficit of the
country (building revenue surplus thereafter) and bring down
the fiscal deficit to a manageable 3% of the GDP by March
2008.
33
36. Budget Deficit & Balance of Trade
India recorded a trade deficit of 8320 USD Million in January of 2015. Balance of Trade in
India averaged -1951.70 USD Million from 1957 until 2015, reaching an all time high of 258.90
USD Million in March of 1977 and a record low of -20210.90 USD Million in October of 2012.
36
37. Early 2000
Fiscal Responsibility and Budget Management (FRBM) Act, 2003 by the Government
of India (GOI).
Fiscal Legislations at State levels: Karnataka & Maharashtra (2002), Kerala & Punjab
(2003), Tamilnadu & UP (2004)
Task Force on Direct Taxes:
Abolition of surcharge on Income Tax, Exemption limit for senior citizen, Reduction in
corporate taxes from 36.75% to 30% for domestic companies.
Abolition on wealth tax
37
39. Suggestions on Fiscal Policy
in India, as in many developing countries, fiscal policy does not operate in isolation as it
has close macroeconomic linkages with real, monetary and external sectors. Thus, the
macroeconomic impact of fiscal policy is critical for achieving the broader economic goals.
1) fiscal policy can be a powerful tool for accelerating growth, provided resources are
raised efficiently without causing distortions and utilised for delivering public goods and
services, including physical and social infrastructure and helping the underprivileged.
Total government expenditure as proportion of GDP needs to be maintained, and raised
at the State level.
2) Adherence to fiscal legislation, both at Centre and State level, is critical for
macroeconomic, financial, external sector and budgetary sustainability.
3) fiscal empowerment i.e, expanding the scope and size of revenue flows into the
budget, through tax reforms appropriate user charges and restructuring of public sector
undertakings assumes critical importance.
4) The approach to fiscal federalism, both in terms of addressing the vertical and
horizontal imbalances, would have to focus on institutional reforms which align needs
with revenue capacities. 39
40. New Govt. Fiscal Policies – Budget Expectation
Focus on boosting demand & investments , Put GDP back on high growth track
Period for investment allowance should be increase from 2 to 5 years because of
higher gestation period.
A rebated income-tax for small start-up businesses called START (STArtup Rebated
Tax), on lines of similar schemes in Singapore and China can be introduced.
There is a need to examine setting up of at least one long term lending financial
institution for businesses (for example, like IDBI in the past).
Creation of a specialized entity called National Asset Management Company
(NAMCO) to effectively tackle the issue of large NPAs.
Continued movement on path of Fiscal Consolidation
Widening of the tax base and formalization of the informal economy to improve
Tax to GDP ratio.
Proposed implementation of GST 40
41. Analysed & Presented By,
Kashyap Shah
K.Sriram
Bilash Das
Divya Saxena
Harsh Jain
Debanjan Banerjee
41
Editor's Notes
In 1970-71, direct taxes contributed to around 16 percent of the central government's revenues, indirect taxes about 58 percent and the remaining 26 percent came from non-tax revenues
By 1990-91, the share of indirect taxes had increased to 65 percent, direct taxes shrank to 13 percent and non-tax revenues were at 22 percent
The fiscal deficit
to GDP ratio was reported at 4.6% in 2013-14 and the target for 2014-15 was kept at 4.1% in the last year's Union
Budget. The fiscal deficit to GDP ratio is estimated to be further brought down to 3.6% and 3.0% in 2015-16 and 2016-17
respectively.
The fiscal deficit
to GDP ratio was reported at 4.6% in 2013-14 and the target for 2014-15 was kept at 4.1% in the last year's Union
Budget. The fiscal deficit to GDP ratio is estimated to be further brought down to 3.6% and 3.0% in 2015-16 and 2016-17
respectively.