Introduction Deficit is a crucial concept in the field of public finance and macroeconomics. It refers to the situation where the expenditure of the government or any economic unit exceeds its income during a specific period. In simple terms, deficit represents the “gap” between what is earned and what is spent. For governments, deficits are…
Introduction In a federal system like India, the distribution of financial resources between the Union government and the states is one of the most important aspects of governance. Both levels of government have constitutionally assigned responsibilities for expenditure and revenue generation, but their capacities often differ. To ensure fairness, balance, and efficiency in fiscal federalism,…
Introduction Public expenditure refers to the spending incurred by the government to meet the developmental, administrative, and welfare needs of the nation. In any economy, the government plays multiple roles – as a provider of essential services, a regulator of markets, a promoter of social justice, and a facilitator of economic growth. To fulfill these…
Introduction Taxation is the backbone of government finance, providing the resources needed to fund public goods, welfare programs, infrastructure, and national defense. However, taxation is not merely about raising revenue; it is also a powerful instrument for influencing economic and social behavior. Governments often design their tax systems in such a way that certain groups,…
Introduction Debt is an integral component of modern economies, acting as a tool for financing development, bridging fiscal deficits, and stimulating growth. In the case of India, debt management has always been a subject of critical importance due to the country’s developmental needs, fiscal pressures, and the necessity of maintaining financial stability. Debt management refers…
Introduction Poverty has remained one of the most persistent socio-economic challenges in India since independence. Despite being one of the fastest-growing economies in the world, India continues to grapple with a large population living in conditions of deprivation, limited opportunities, and social vulnerability. The multidimensional nature of poverty—encompassing not only income deprivation but also lack…
Introduction Rural India has always been the backbone of the country’s economy, with over 65% of the population still living in villages and depending heavily on agriculture and allied sectors for survival. However, rural livelihoods have historically been constrained by issues such as low agricultural productivity, lack of alternative employment opportunities, poor access to markets,…
Introduction Economic reforms in India represent one of the most significant turning points in the nation’s history since independence. Initiated in 1991 under the leadership of then Prime Minister P. V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, these reforms marked the transition from a protectionist, state-dominated economy toward a liberalized, market-oriented system. The…