Union Budget 2022 Summary: Presenting Budget 2022-23, Nirmala Sitharaman estimated India's total expenditure at Rs 39.45 lakh crore and projected fiscal deficit at 6.4% of GDP for FY23. What did the budget have for the middle class, taxpayer and investor? Here are the full details, packed with expert views, reported pieces and in-depth analyses.
Given that weapons systems are just another type of machines, India would rather master making these machines themselves, and then move on to those for military purposes
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From umbrellas, to unblended fuel to clothes, here is a list of all things that could make your pockets lighter, and heavier.
A CBDC is the digital form of fiat currency and will ease transactions. An RBI report had earlier described CBDC as something that will provides a safe, robust, and convenient alternative to physical cash.
Nirmala Sitharaman Finance Minister| Government of India
Ajay Bhushan Pandey Revenue Secretary
Tarun Bajaj Economic Affairs Secretary
Bajaj has helped shape three `Aatmanirbhar Bharat` sets of relief measures
Unlike past exercises, this year’s budget is conservative on many counts, including growth estimates and expenditure projections. The government has also resisted the temptation, again marking a departure, to launch populist measures to coax voters
6 months ago
6 months ago
When the government's receipts fall short of its expenditures, it borrows money to bridge the gap. The excess of total expenditure over (non-borrowed) receipts is called fiscal deficit.
Indirect tax is imposed on goods and services. For example, GST.
Fiscal policy is a change in government spending or taxing designed to influence economic activity. These changes are designed to control the level of aggregate demand in the economy. Governments usually bring about changes in taxation, volume of spending, and size of the budget deficit or surplus to affect public expenditure.
Indirect taxes are those paid by consumers when they buy goods and services. These include excise and customs duties. Customs duty is the charge levied when goods are imported into the country, and is paid by the importer or exporter. Excise duty is a levy paid by the manufacturer on items manufactured within the country. Usually, these charges are passed on to the consumer.
This is the gap between the government's total spending and the sum of its revenue receipts and non-debt capital receipts. It represents the total amount of borrowed funds required by the government to completely meet its expenditure.
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission. Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments. Non-plan capital expenditure mainly includes defence, loans to public enterprises, loans to States, Union Territories and foreign governments.