Syllabus: Government Budgeting. Context Parliament on Friday cleared amendments to the Goods and Services Tax (GST) laws to facilitate the levy of 28% GST on the face value of all bets made in casinos, horse-racing and online gaming. Approval done Approved by the GST Council earlier this month, the legislative …
Read More »BUDGET 2023 IS A CASE OF EDUCATION TAKING A HIT
The allocation made for education in the Union Budget 2023 reminds a person of these lines from the Samuel Taylor Coleridge poem, “Work without Hope”: “Work without Hope draws nectar in a sieve, And Hope without an object cannot live. ” However, the news headlines shouted out a different story: …
Read More »INDIA NEEDS A BUDGET FOR ITS YOUNG
The world is indeed looking up to the Indian economy as a ‘bright star’, as the Finance Minister noted in the Budget speech on February 1. In 2020, India accounted for 20.6% of the worldwide population of 15 to 29 year olds. Which means that in the years ahead, one …
Read More »FISCAL CONSOLIDATION IN THE CONTEXT OF THE BUDGET
Growth is affected by the size of government expenditure and its revenue and capital components. Government expenditure is budgeted to grow at 7.5% while nominal GDP growth is estimated to fall from 15.4% in 2022-23 to 10.5% in 2023-24. Thus, the total expenditure relative to GDP is shown to fall …
Read More »ECONOMIC SURVEY 2022-23: HIGHLIGHTS
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Economic Survey 2022-23 in the Union Parliament today. The highlights of the Survey are as follows: State of the Economy 2022-23: Recovery Complete Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based …
Read More »SUMMARY OF THE ECONOMIC SURVEY 2022-23
India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure …
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