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Fiscal System - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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FAQs on Fiscal System - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is a fiscal system? |  |
Ans. A fiscal system refers to the structure and mechanisms through which a government collects and spends public funds. It includes the policies and procedures related to taxation, government expenditures, budgeting, public debt management, and other financial activities.
| 2. Why is the fiscal system important in economics? | |
Ans. The fiscal system plays a crucial role in economics as it influences the overall economic growth, stability, and welfare of a country. By managing public finances effectively, the fiscal system can promote economic development, ensure social welfare, and maintain macroeconomic stability.
| 3. What are the key components of a fiscal system? | |
Ans. The key components of a fiscal system include taxation, government spending, budgeting, public debt management, and fiscal policy. Taxation involves the collection of revenue from individuals and businesses, while government spending pertains to the allocation of these funds for various public purposes. Budgeting ensures the proper allocation of resources, while public debt management deals with borrowing and repayment activities. Fiscal policy refers to the government's use of taxation and spending to regulate the economy.
| 4. How does the fiscal system affect the economy? | |
Ans. The fiscal system can significantly impact the economy in several ways. For instance, changes in taxation and government spending can influence consumer behavior, investment decisions, and overall aggregate demand. Fiscal policies can be expansionary or contractionary, aiming to stimulate economic growth or control inflation respectively. Additionally, the fiscal system's management of public debt can affect interest rates, credit availability, and overall macroeconomic stability.
| 5. What are the challenges in managing a fiscal system? | |
Ans. Managing a fiscal system can pose several challenges. Some common challenges include maintaining a balanced budget, ensuring tax compliance, addressing income inequality, managing public debt, and making sound budgetary decisions amidst competing priorities. Additionally, political pressures, changing economic conditions, and external factors can further complicate the management of a fiscal system. Governments must navigate these challenges effectively to promote sustainable economic growth and maintain fiscal discipline.
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Nov 21, 2024 Last updated |
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