A fiscal deficit is an essential concept in the field of public finance and plays a critical role in understanding a country’s economic health. In simple terms, a fiscal deficit occurs when a government’s total expenditure exceeds the revenue that it generates, excluding borrowing. It is often expressed as a percentage of a country’s GDP…
Introduction India follows a federal system of government, where financial relations between the Centre and States play a crucial role in maintaining a balance of power and resources. The financial distribution framework is primarily governed by the Constitution of India, which lays out provisions for taxation, grants, and revenue sharing. Given the diverse economic conditions…
The Indian Union Budget for 2025, presented by Finance Minister Nirmala Sitharaman, holds immense significance as it sets the financial framework for the country’s economic growth and social welfare for the upcoming fiscal year. This budget aims to navigate India through the complex challenges of global economic uncertainties while fostering sustainable growth, social equity, and…