These are routinely used by governments world over in various policy mix or combinations to have desired effects and to steer the broader aspects of the economy.

2. Public Finance
• Public finance is a much wider title which includes all those matters
which are connected with public money, i.e., the money a
government gets, spends, borrows, lends, raises or prints.
• Public finance, i.e., finances of the government not only discuss the
issue that how much of the country’s resources the government
should acquire for its own use but also discusses the ‘efficiency’ with
which the money should be used.
• Fiscal policy deals with the government policy concerning changes in
the taxation and expenditure overheads and components, while
Monetary policy, deals with the changes in the factors and
instruments that affect the supply of money in the economy and the
rate of interest.

3. Public Finance
• These are routinely used by governments world over in various policy
mix or combinations to have desired effects and to steer the broader
aspects of the economy.
• In case of India as with most other economies, the government of India deals
with fiscal policy (through Annual Budget and other timely interventions),
‘Fiscal policy is result of several component policies or mix of policy
instruments.
• These include, policy on taxation, subsidy, welfare expenditure, etc;
investment or disinvestment strategies; and debt or surplus management.
• Fiscal policy is an important constituent of the overall economic framework
of a country and is therefore intimately linked with its general economic
policy strategy.’
• Budget is not a mere statement of government accounts, it reflects the
government’s visionand signals policy that comes in future

4. Public Finance
Aims of Fiscal Policy
• Efficient allocation of resources
• Distribution of income
• Macro economic stability
Budget in the Indian Constitution
The term ‘Budget’ is not mentioned in the Indian Constitution; the
corresponding term used is ‘Annual Financial Statement’ (article 112).
Constitutional Requirements for Budget
1. Article 265: provides that ‘no tax shall be levied or collected except by
authority of law’. * ie., Taxation needs the approval of Parliament.]
2. Article 266:provides that ‘no expenditure can be incurred except with the
authorisation of the Legislature’ * ie., Expenditure needs the approval of
Parliament.]
3. Article 112: President shall, in respect of every financial year, cause to be
laid before Parliament, Annual Financial Statement.

5. Public Finance
Annual Financial Statement (AFS) is an important tool by which fiscal policy is
administered. Budget is presented by Minister of Finance in parliament for its
approval.
It consists of two parts
1. Receipts (Finance Bill)
2. Expenditure (Appropriation Bill)
The document as provided under Article 112, consists of three sets of data,
1. Actual data of the preceding year (here preceding year means one year
before the year in which the Budget is being presented. Suppose the Budget
presented is for the year 2020–21, the Budget will give the final/actual data
for the year 2018-19.
2. Provisional data of the current year (i.e., 2019–20)since the Budget for
2020–21 is presented at the end of the fiscal 2019–20, it provides
Provisional Estimates for this year

6. Public Finance
3. Estimated receipts and expenditure of the Government of India for next
financial year (say, 2020-21)(Coming year)

8. Budget Account
Budget account is divided into two segments based on type of receipts or
expenditure made, They are
• Revenue Budget
• Capital Budget

9. Revenue Account
Revenue Account
The revenue account shows the current receipts of the government and the
expenditure that can be met from these receipts.
Revenue Receipts
• RR are receipts of the government incomes which cannot be
reclaimed back by the citizens from the government, these are of the
short term and recurring nature
• Revenue receipts of a government are of two kinds—Tax Revenue
Receipts and Non - tax Revenue Receipts—consisting of the following
income receipts in India
Tax Receipts
This includes all money earned by the government via the different taxes
the government collects, i.e., all direct and indirect tax collections.
Direct Taxes – Income tax, wealth tax, corporate tax, etc.,
Indirect Taxes – GST, Excise duty, VAT etc.,

10. Revenue Account
Non- Tax Receipts
This includes all money earned by the government from sources other than taxes.
In India they are:
i. Profits and dividends which the government gets from its public sector
undertakings (PSUs).
ii. Interests received by the government out of all loans forwarded by it,
be it inside the country (i.e., internal lending) or outside the country
(i.e., external lending). It means this income might be in both domestic
and foreign currencies.
iii. Fiscal services also generate incomes for the government, i.e., currency
printing, stampprinting, coinage and medals minting, etc.
(Mint Income) iv. General Services also earn money for the
government as the power distribution, irrigation, banking, insurance,
community services, etc.
v. Fees, Penalties and Fines received by the government.

11. Revenue Account
vi. Gifts & Grants which the governments receives— it is always external
in the case of the Central Government and internal in the case of state
governments.
Revenue Expenditure
• All expenditures incurred by the government are either of revenue kind or
current kind or compulsivekind. The basic identity of such expenditures is that
• they are of consumptive kind and do not involve creationof productive
assets. They are either used in running of a productive process or running a
government.
A broad category of things that fall under such expenditures in India are:
i. Interest payment by the government on the internal and external loans; ii.
Salaries, Pension and Provident Fund paid by the government to
government employees;
iii. Subsidies forwarded to all sectors by the government; iv.
Defence and Law & Order expenditures by the government;
v. Postal Deficits of the government;
vi. Law and order expenditures (i.e., police & paramilitary);

12. Revenue Account
vii. Expenditures on social services (includes all social sector expenditures as
education, health care, social security, poverty alleviation, etc.) and general
services (tax collection, etc.);
viii. Grants given by the Union Government to Indian states and foreign
countries.

13. Capital Account
Capital Account
• The part of the Budget which deals with the receipts and expenditures of the
capital by the government.
• This shows the means by which the capital is managed and the areas where
capital is spent.
• They are account of all assets and liabilities of government
Capital Receipts
• All non-revenue receipts of a government are known as capital receipts. Such
receipts are for investment purposes and supposed to be spent on plan
development by a government.
• But the receipts might need their diversion to meet other needs to take care of the
rising revenue expenditure of a government as the case had been with India. The
capital receipts in India include the following capital kind of accruals to the
government:
(i) Loan Recovery
This is one source of the capital receipts. The money the government had lent
out in the past in India (states, UTs, PSUs, etc.) and abroad their capital comes
back to the government when the borrowers repay them as capital receipts. The

14. Capital Account
interests which come to the government on such loans are part of the revenue
receipts.
(ii) Borrowingsby the Government
• This includes all long-termloans raised by the government inside the
country (i.e., internal borrowings) and outside the country (i.e., external
borrowings). Internal borrowings might include the borrowings from the
RBI, Indian banks, financial institutions, etc.
• Similarly, external borrowings mightinclude the loans from the World
Bank, the IMF, foreign banks, foreign governments, foreign financial
institutions, etc.
(iii) Other Receipts by the Government
• This includes many long-termcapital accruals to the government
through the Provident Fund (PF), Postal Deposits, various small saving
schemes (SSSs) and the government bonds sold to the public (as Indira
Vikas Patra, Kisan Vikas Patra, Market Stabilisation Bond, etc.).

15. Capital Account
• Such receipts are nothing but a kind of loan on which the government
needs to pay interests on their maturities. But they play a role in capital
raising process by the government.
(iv) Disinvestments of PSUs or sale of assets of Government
Capital Expenditure
All the areas which get capital from the government are part of the capital
expenditure. It includes so many heads in India
(i) Loan Disbursals by the Government
The loans forwarded by the government might be internal (i.e., to the states,
UTs, PSUs, FIs, etc.) or external (i.e., to foreign countries, foreign banks,
purchase of foreign bonds, loans to IMF and WB, etc.).
(ii) Loan Repayments by the Government
Again loan payments might be internal as well as external. This consists of
only the capital part of the loan repayment as the element of interest on
loans are shown as a part of the revenue expenditure.

16. Capital Account
(iii) Plan Expenditure of the Government
This consists of all the expenditures incurred by the government to finance
the planned development of India as well as the central government financial
supports to the states for their plan requirements. past.
(iv) Capital Expenditures on Defence by the Government
• This consists of all kinds of capital expenses to maintain the defence
forces, the equipment purchased for them as well as the modernisation
expenditures.
• It should be kept in mind that defence is a non-plan expenditure which
has capital as well as revenue expenditures in its maintenance.
• The revenue part of expenditure in the defence is counted in the
revenue expenditures by the government.
(v) General Services
These also need huge capital expenditure by the government—the railways,
postal department, water supply, education, rural extension,etc.

17. Capital Account
(vi) Other Liabilities of the Government
Basically, this includes all the repayment liabilities of the government on the
items of the Other Receipts. The level of liabilities depends on the fact as to
how much such receipts were made by the governments in the

18. Deficits
Deficit is difference between the Expenditure and Receipts
1) Budget Deficit
Budget deficit is difference of total expenditure and total receipts
Budget Deficit = (Total Expenditure – Total Receipts)
= (CapitalExpenditure + Revenue Expenditure) –
(CapitalReceipts + Revenue Receipts)
2) Revenue Deficit
Revenue deficit = Total Revenue expenditure – Total Revenue receipts
• Revenue deficit is excess of total revenue expenditure of the government over its total
revenue receipts.
• It is related to only revenue expenditure and revenue receipts of the government.
• Revenue deficit actuallyindicatesthat the government’s own earning is inadequate to
meet normal functioning of government departments and provision of services.
• Revenue deficit results in borrowing.
• When the government spends more than what it collects by way of revenue, it incurs
revenue deficit. The revenue deficit includes only such transactions which affect the
current income and expenditure of the government.
• Revenue deficit in government budget reflects government’s inabilityto meet its
revenue expenditure fully from its revenue receipts.

19. Deficits
• The deficit has to be met from capital receipts, i.e., through borrowing and sale of its
assets. Like the case of current disinvestments done by government.
3) Effective Revenue Deficit
• Effective revenue deficit (ERD) is a new term introduced in the Union Budget
2011–12.
• Conventionally, ‘revenue deficit’ (RD) is the difference between revenue
receipts and revenue expenditures. Here, revenue expenditures includes all
the grants which the Union Governmentgives to the state governments and
the UTs— some of which create assets (though these assets are not owned by
the Government of India but the concerned state governments and the UTs).
• According to the Finance Ministry (Union Budget2011–12), such revenue
expenditures contribute to the growth in the economy and therefore, should
not be treated as unproductive in nature like other items in the revenue
expenditures.
• And on this logic, a new methodology was introduced to capture the ‘effective
revenue deficit’, which is the Revenue Deficit ‘excluding’ those revenue •
expenditures of the Government of India which were done in the form of GoCA
(grants for creation of capital assets).

20. Deficits
Effective Revenue Deficit= Revenue deficit – Grants for creation of Capital Assets
(GoCA)
4) Fiscal Deficit
• A situation of fiscal deficit is said to happen when the government’s total
expenditures exceed the revenue that it generates excluding the money from
borrowings. The deficit is different from debt. Debt is actually an accumulation
of yearly deficits.
• The fiscal deficit is defined as an excess of total budget expenditure over total
budget receipts excluding borrowings during a fiscal year. It is the amount of
borrowing the government has to resort to meet its expenses.
• A large deficit means a large amount of borrowing. The fiscal deficit is a
measure of how much the government needs to borrow from the market to
meet its expenditure when its resources are inadequate.
Fiscal deficit = Total expenditure – Total receipts excluding borrowings= Borrowing
The fiscal deficit is, in fact, equal to total borrowings. Thus, the fiscal deficit is an
indicator of the borrowing requirement of the government.

21. Deficits
Fiscal Deficit reflects the health of the economy; A large FD indicates the economy
is under stress.
A large Fiscal Deficit
• can create inflation in the economy.
• makes the country unattractive to foreigners.
• can lead to outflow of capital from the country.
• crowd out/reduces private investment from the economy.
If a large part of FD is due to revenue deficit, it implies the government is
borrowing to finance its consumption requirement. This is a dangerous situation,
and soon the government will go bankrupt.
5) Primary Deficit
• Primary deficit is defined as a fiscal deficit of current year minus interest
payments on previous borrowings.
• Fiscal deficit indicates borrowing requirement inclusive of interest payment.
However, primary deficitindicates borrowing requirementexclusive of
interestpayment (i.e., amount of loan).

22. Deficits
5) Primary Deficit
• It shows how much governmentborrowing is going to meet expenses other
than interestpayments. Thus, zero primary deficits mean that the government
has to resort to borrowing only to make interest payments.
• To know the amount of borrowing on account of current expenditure over
revenue, we need to calculate the primary deficit. Thus, the primary deficit is
equal to fiscal deficit fewer interest payments.
• Primary deficit = Fiscal deficit – Interest payments
6) MonetisedDeficit
• The part of the fiscal deficit which was providedby the RBI to the government
in a particular year is Monetised Deficit, this is a new term adopted since
1997–98 in India.
• This is shown in both the forms—in quantitative as well as a percentage of the
GDP for that particular financial year.
• It is an innovation in the fiscal managementwhich brings in more transparency
in the government’s expenditure behaviour and also in its capabilities
concerning its dependence on market borrowings by the RBI.

23. Deficit Financing
Deficit Financing
• The act/process of financing/supporting a deficit budget by a government is
deficit financing.
• In this process, the government knows well in advance that its total
expenditures are going to turn out to be more than its total receipts and
enacts/follows such financial policies so that it can sustain the burden of the
deficits proposed by it.
These means are given below in order of their suggested and tried preferences.
(i) External Aids are the best money as a means to fulfil a government’s
deficit requirements even if it is coming with soft interest. If they are
coming without interest nothing could be better.
External Grants are even better elements in this case (which comes free —
neither interest nor any repayments)
(ii) External Borrowings are the next best way to manage fiscal deficit with
the condition that the external loans are comparatively cheaper and
long-term.

24. Deficit Financing
Though external loansare considered an erosion in the nation’ssovereign decision
making process, this has its own benefit and is considered better than the internal
borrowings due to two reasons:
a) External borrowing bring in foreign currency/hard currency which gives extra
edge to the government spending as by this the government may fulfil its
developmentalrequirementsinside the country as well as from outside the
country
b) It is preferred over the internal borrowings due to ‘crowding out effect’. If the
government itself goes on borrowing from the banks of the country, from where
will others borrow for investment purposes? Lower Investments by the local
borrowers will discourage investment rates and leadsto slowdown in GDP
growth
(iii) Internal Borrowings come as the third preferred route of fiscal deficit
management. But going for it in a huge way hampers the investment
prospects of the public and the corporate sector.
(iv) Printing Currency is the last resort for the government in managing its deficit.
But it has the biggest handicap that with it the government cannot go for the
expenditures which are to be made in the foreigncurrency, it leads to high

25. inflation and It brings in regular pressure and obligation on the government
for upward revision in wages and salaries of government employees
Fiscal Consolidation
• Fiscal consolidationis a process where government’s fiscal health is getting
improved and is indicated by reduced fiscal deficit.
• Improved tax revenue realization and better aligned expenditure or
rationalisation of expenditure are the components of fiscal consolidation as the
fiscal deficit reaches at a manageable level.
• According to Financial time’s lexicon, “Fiscal consolidation is a reduction in the
underlying fiscal deficit. It is not aimed at eliminating fiscal debt.”
• Excess fiscal deficitproduces some adverse effects. For the government it
causes interest payment burden and for the economy it produces inflationary
effect, and rising interest rate in the economy and leading to crowding out
effect
• The gains from the economic reforms introduced in India in early nineties could
not be sustained for a much longer period.
• Deficits were widening and by 1999-2000the combined fiscal deficit (of centre
and states) almostreached levels of the crisis year ‘1990-91’.
• Sustainability of debt too was becoming a major issue.

26. • In December 2000,Governmentof India introduced the Fiscal Responsibility
and Budget Management (FRBM) Bill in the Parliament as it was felt that
institutional support in the form of fiscal rules would help in setting the agenda
for the future fiscal consolidation programme

27. Fiscal Responsibility and Budget Management
Main highlights of the FRBMA, 2003 are as given below:
1. GoI to take measures to reduce fiscal and revenue deficit so as to eliminate
revenue deficit by 31 March, 2008 (which was revised by the UPA
Government to March 31, 2009)and thereafter build up adequate revenue
surplus.
2. Rules to be made under the Act to specify annual targets for the reduction
of fiscal deficit (FD) and revenue deficit (RD) contingent liabilities and total
liabilities
3. Bringing FD down to 3% of GDP by 2009 (RD to be cut by 0.5 per cent per
annum and FD by 0.3 per cent per annum).
4. FD and RD may exceed the targets only on the grounds such as national
security, calamity or on exceptional grounds.
5. GoI not to borrow from RBI except by Ways and Means Advances (WMAs).
6. RBI not to subscribe to the primary issue of the GoI securities from 2006–07
(it means that these government bonds/ papers will become market—based
instrument to raise long-term funds by the government).

28. Fiscal Responsibility and Budget Management
7. Steps to be taken to ensure greater transparency in fiscal
operations.
8. Along with the Budget and Demands for Grants, the GoI to lay the
following three statements before the Parliament in each
9. financial year:
(a) Fiscal Policy Strategy Statement(FPSS);
(b) Medium Term Fiscal Policy Statement (MTFPS); and (c)
Macroeconomic Framework Statement (MFS).
10. The Finance Minister to make quarterly review of trends in receipts
and expenditure in relation to the Budget and place the review
before the Parliament.
• In the past few years a view has emerged as per which binding the government
expenditures to a fixed number may be counterproductive
• to the economy at large.

29. Fiscal Responsibility and Budget Management
• Due to a hard and fast discipline regarding fiscal targets, some highly desirable
expenditures by the government may get blocked, for example—expenditures on
infrastructure, welfare, etc.
• This is why we find a changed stance of the Government of India in the Union
Budget 2016–17 regarding the follow-up to the FRBMA. Terming it a new school
of thought the Budget suggests two important changes in its fiscal road map:
1. It may be better to have a fiscal deficit range as the target in place of a
fixed number as target. This would give necessary policy space to the
government to deal with dynamic situations.
2. A need is felt to align fiscal expansion or contraction with credit
contraction or expansion respectively, in the economy.
• In the opinion of the Budget, the government should remain committed to fiscal
prudence and consolidation but a time has come when the working of the FRBMA
needs a review especially in the context of the uncertainty and volatility which
have become the new norms of global economy.
• In the backdrop of this changed stance, the Government, in 2016 constituted a
Committee to review the implementation of the FRBMA under N.K. Singh

30. FRBM Review Committee Recommendations
• The FRBM Review Committee (Chairperson: Mr. N.K. Singh) submitted
its report in January 2017. The Committee proposed a draft Debt
Management and Fiscal Responsibility Bill, 2017 to replace the Fiscal
Responsibility and Budget Management Act, 2003(FRBM Act).
• Key recommendations of the Committee and features of the draft Bill
are summarised below
1. Public debt to GDP ratio should be consideredas a medium-termanchor for
fiscal policy in India. The combined debt-to-GDP ratio of the centre and
states should be brought down to 60 per cent by 2023 (comprising of 40 per
cent for the Centre and 20% for states) as against the existing 49.4 per cent,
and 21per cent respectively.
2. Fiscal deficit as the operating target: The Committee advocated fiscal deficit
as the operating target to bring down public debt. For fiscal consolidation, the
centre should reduce its fiscal deficit from the current 3.5% (2017) to 2.5% by
2023.

31. FRBM Review Committee Recommendations
3. Revenue deficit target
• The Committee also recommends that the central government should reduce
its revenue deficit steadily by 0.25 percentage (of GDP) points each year, to
reach 0.8% by 2023, from a projected value of 2.3% in 2017.
• The Committee advised government to follow the golden rule here ie., not to
finance government’s day to day expenditure through borrowings. Revenue
deficit implies financing of government’s day today activities from
borrowings.

32. FRBM Review Committee Recommendations
4. Formationof Fiscal Council to advice the government.
• The Committee advocated formation of institutions to ensure fiscal prudence
in accordance with the FRBM spirit.
• It recommended setting up an independent Fiscal Council.
• The Council will provide several advisory functions.
1. It will forecast key macro variables like real and nominal GDP growth, tax
buoyancy, commodity prices.
2. Similarly, it will do a monitoring role, besides advising about the use of
escape clause and also specify a path of return.
5. Escape Clause to accommodate counter cyclical issues:
• The Committee noted that under the FRBM Act, the government can deviate from
the targets in case of a national calamity, national security or other exceptional
circumstances notified by it.
• Allowing the government to notify these grounds diluted the 2003 Act.
• The Committee suggested that grounds in which the government can deviate from
the targets should be clearly specified, and the government should not be allowed
to notify other circumstances.

33. FRBM Review Committee Recommendations
• Further, the government may be allowed to deviate from the specified targets upon
the advice of the Fiscal Council in the following circumstances:
(i) considerations of national security, war, national calamities and collapse of
agriculture affecting output and incomes,
(ii) structural reforms in the economy resulting in fiscal implications, or
(iii) decline in real output growth of at least 3% below the average of the
previous four quarters. These deviations cannot be more than 0.5% of GDP in
a year
6. Fiscal consolidationresponsibility for states
• The Committee observes that state government’s fiscal position is important
after greater resource transfer to them (Fourteenth finance Commission
award). Now, total state expenditures (as a percent of GSDP) is now even
greater than the Centre.
• Hence, fiscal consolidation should also be made by the states. They should
bring down their debt target to 20% of GDP from the current 21%.
7. Debt trajectory for individual states:

34. FRBM Review Committee Recommendations
The Committee recommended that the 15thFinance Commission should be
asked to recommend the debt trajectory for individual states. This should be
based on their track record of fiscal prudence and health.
8. Borrowings from the RBI:
The draft Bill restricts the government from borrowing from the Reserve Bank of
India (RBI) except when:
(i) the centre has to meet a temporary shortfall in receipts,
(ii) RBI subscribes to government securities to finance any deviations from the
specified targets, or
(iii) RBI purchases government securities from the secondary market.
9. Congruence of Fiscal and Monetary Policy
The FRBM Review Committee observed that both monetary and fiscal
policies must ensure growth and macroeconomic stability in a
complementary manager. For this, the Inflation Targeting (IT) regime and
Fiscal Rules (FRs) have to interact with each other.

35. FRBM Review Committee Recommendations
10. ReviewCommittee:The draft Bill requires the centre to establish a committee
to review the functioning of the Bill in 2023-24.
.

36. Types of Budgeting
• Incremental (Conventional)
• Zero Based Budgeting
• Cash Budgeting
• Gender Budgeting Incremental
(Conventional)
An incremental budget is a budget prepared using a previous
period's budget or actual performance as a basis with incremental
amounts added for the new budget period.

37. • The allocation of resources is based upon allocations from the
previous period.
• This approach is not recommended as it fails to take into account
changing circumstances
• Moreover it encourages "spending up to the budget" to ensure a
reasonable allocation in the next period.
• It leads to a "spend it or lose" mentality.
Incremental (Conventional)
Advantages of incremental budgeting
• The budget is stable and change is gradual.
• The system is relatively simple to operate and easy to understand.
• Co-ordination between budgets is easier to achieve.

38. • The impact of change can be seen quickly.
Disadvantages of incremental budgeting
• Assumes activities and methods of working will continue in the same
way.
• No incentive for developing new ideas.
• No incentives to reduce costs.
• Encourages spending up to the budget so that the budget is
maintained next year
Zero Based Budgeting
• It was Introduced by Peter Phyrr
• In this method Ministry foresee its expenditure for a following
year by assuming that there was no budget in previous year
• Zero budgeting starts from the zero base and every function of the
governmentis analysed for its needs and cost. Budget are then made based
on the needs.

39. • Zero based budgeting is a method of budgeting in which all expenses are
evaluated each time a budget is made and expenses must be justifiedfor
each new period.
Needs
• The Budget maker mustbe a professional rather than a clerk
• The budget maker must be unbiased
Cash Budgeting
• It means instead of releasing the entire amount/budget
allocation at one go, it will be done in a sliced manner

40. • In other words, Budget allocation is presented to ministries in
various instalments once the first instalment is spent, 2nd is
released
• It prevents March Rush
Gender Budgeting
• A Gender budget is a budget that aims at gender equal society
• Gender Budget Statement was first introduced in Budget 2005-06.
• Every year the Ministries/Departments are requested through the Annual
Budget Circular to highlight the quantum of public expenditure earmarked
in budget for women.
• To analyse how governments raise and spend public money,
• with the aim of securing gender equality in decision-making about public
resource allocation; and
• gender equality in the distribution of the impact of government budgets

41. Outcome Based Budgeting
• The Outcome Budget is a performance measurement
tool which is target oriented, that helps
• in better service delivery;
• decision-making;
• evaluating programme performance and results;
communicating programme goals; and
• improving programme effectiveness.
Recent Changes in Budgeting
• Early Presentation of Budget

42. • Merger of General and Railway Budget
• Done away Plan/Non-PlanExpenditure
Classification

43. Documents presented during Budget
The Budget documents presented to Parliament comprise, besides the Finance
Minister’s Budget Speech, the following:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Appropriation Bill
D. Finance Bill
E. Memorandum Explaining the Provisions in the Finance Bill
F. Macro-economic framework for the relevant financial year
G. Fiscal Policy Strategy Statement for the financial year
H. Medium Term Fiscal Policy Statement
I. Medium Term Expenditure Framework Statement
J. Expenditure Budget Volume-1
K. Expenditure Budget Volume-2
L. Receipts Budget
M. Budget at a glance
N. Highlights of Budget

44. O. Status of Implementation of Announcements made in Finance Minister’s Budget Speech
of the previous financial year