Fiscal policy refers to the government's use of spending and tax policies to influence economic conditions. The key instruments of fiscal policy are the budget, taxation, public expenditure, and public debt. Governments use fiscal policy to achieve macroeconomic goals like employment generation and economic growth. India's fiscal policy aims to stabilize the economy and reduce fiscal deficits. Recent reforms have aimed to simplify taxes, lower rates, and reduce non-essential spending.
objectives of fiscal policy
,
to accelerate the rate of economic growth:
,
optimum allocation of resources
,
generally following are the objectives of a fiscal
,
equitable distribution of income and wealth:
,
full employment
,
to encourage investment
,
economic stability:
A presentation paper on Economic Inequality in Developing Country. The paper shows how the economic inequality in developing country is, how it is measured, and how it affects the economy of a developing country. By Sadman Joa.
objectives of fiscal policy
,
to accelerate the rate of economic growth:
,
optimum allocation of resources
,
generally following are the objectives of a fiscal
,
equitable distribution of income and wealth:
,
full employment
,
to encourage investment
,
economic stability:
A presentation paper on Economic Inequality in Developing Country. The paper shows how the economic inequality in developing country is, how it is measured, and how it affects the economy of a developing country. By Sadman Joa.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
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Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
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Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2. Introduction
This policy is also known as budgetary policy.
One major function of the government is to stabilize
the economy.
Current indian govt wants to achieve fiscal deficit
target by not reducing expenditure but increasing tax
collection.
Keynesian economics, when the government changes
the levels of taxation and governments spending, it
influences aggregate demand and the level of
economic activity.
3. Meaning
• The word fisc means ‘state treasury’ and fiscal policy
refers to policy concerning the use of ‘state treasury’ or
the government finances to achieve the macroeconomic
goals.
• Fiscal policy involves the decisions that a government
makes regarding collection of revenue, through taxation
and about spending that revenue.
• It is sister strategy to monetary policy through which a
central bank influences a nation’s money supply.
4. Objectives of Fiscal Policy
1. Development by effective mobilisation of resources
2. Reduction in inequalities of income and wealth
3. Price stability and control of inflation
4. Employment generation
5. Reducing the deficit in the balance of payment
6. Increasing national income
7. Development of infrastructure
5. Instruments of Fiscal policy
Instruments of Fiscal
Policy
Budget Taxation
Public
expenditure
Public debt
6. Budget
• “A Budget is a detailed plan of operations for some
specific future period”.
• The budget is simply the combination of revenues earned
from taxes and expenditures made by all goods and
services by nation’s government in a year.
• Budget is presented by the finance minister of India.
• Budget is also known as Annual Financial Statement of
the year.
7. Taxation
Direct Tax
•Individual Income Tax &
Corporate Tax.
• Wealth tax @ 2%
Indirect Tax
• GST
Tax revenues: A government’s primary source of revenues.
• Direct taxes: Taxes on incomes earned by households and firms.
These are usually progressive in nature, meaning that the
percentage paid increases as income increases, or proportional,
meaning that all individuals (or firms) pay the same percentage
no matter what their income.
• Indirect taxes: Taxes on consumption are indirect, meaning they
are actually paid by the sellers goods, but they are born by both
producers and consumers.
8. Public Expenditure
• Public expenditure is spending made by the
government of a country on collective needs and
wants such as pension, provision, infrastructure, etc.
• Public expenditure is an important component of
aggregate demand.
• Public expenditure include Revenue expenditure and
capital expenditure.
9. • Current Expenditures: This is the day to day cost of running the
government. The wages and salaries of public employees, including
in local, state and national government, such as police, teachers,
legislatures, military servicemen, judges, etc…
• Capital Expenditures: These are investments made by the
government in capital equipment and infrastructure, such as money
spent on roads, bridges, schools, hospitals, military equipment,
courthouses, etc...
• Transfer payments: This type of government spending does not
contribute to GDP (unlike those above), because income is only
transferred from one group of people to another in the nation.
Includes welfare and unemployment benefits, subsidies to producers
and consumers, etc… Money transferred by the government from
one group to another, without going towards the provision of an
actual good or service.
10. Public Debts
“ public debt is defined as any money owned by a
government agency”
• Internal borrowings
Borrowings from the public means of treasury bills and
govt. bonds.
Borrowings from the central bank
• External borrowings
Foreign investment
International organizations like World Bank &IMF
Market borrowings
11. There are three main types of fiscal policy:
Neutral: This type of policy is usually undertaken when an economy is
in equilibrium. In this instance, government spending is fully funded by
tax revenue, which has a neutral effect on the level of economic
activity.
Expansionary: This type of policy is usually undertaken during
recessions to increase the level of economic activity. In this instance,
the government spends more money than it collects in taxes.
Contractionary: This type of policy is undertaken to pay down
government debt and to cap inflation. In this case, government
spending is lower than tax revenue.
Types of Fiscal Policy
12. Concept of Deficit
• Revenue Deficit = Revenue Expenditure – Revenue
Receipts
• Fiscal Deficit = Total Expenditure (that is Revenue
Expenditure + Capital Expenditure) – Total Receipts
(that is all Revenue and Capital Receipts other than
loans taken)
13. Statistical Data of Fiscal Deficit
Year Fiscal deficit of
centre
Fiscal deficit of
states
Combined Fiscal deficit of
centre and states
governments
(Rs. crore)
2005-06 146435 87608 237187
2006-07 142573 79979 220617
2007-08 126912 75690 199375
2008-09 336992 127320 459908
2009-10 418482 194962 610851
2010-11 373591 158374 529594
2011-12 515990 171798 688434
2012-13 490190 198076 683418
2013-14 524539 284642 806383
2014-15 531177 293973 821903
14. Achievements of Fiscal Policy in
India
• Mobilization of resources
• Increase in savings
• Increase in capital formation
• Incentives to investment
• Reduction in Income and wealth Inequalities
• Reduction in inter regional variations
15. Fiscal Reforms in India
• Simplification of taxation system
• Improving tax to GDP ratio
• Reduction in rates of direct taxes
• Reforms in indirect taxes
• Introduction of service tax
16. Contd…
• Reduction in non-plan government expenditure
• Reduction in subsidies
• Closure of sick public sector companies
• Disinvestment of public sector units
• Efforts to reduce government administrative expenses
17. Conclusion
• Thus, the fiscal policy encompasses two separate but related
decisions; public expenditures and the level and structure of
taxes.
• It occupies the central place for maintaining full employment
without inflationary forces in the economy.
• With its various instruments it influences the economic
stability of an economy.
• The fiscal policy of the Indian government has been very
successful in several fields such as mobilization of resources
for economic development, increasing rate of savings and
capital formation, developing cottage and small scale
industries ,reducing the incidence of poverty etc.