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Meaning: Budget & Fiscal Deficit Video Lecture | Famous Books for UPSC Exam (Summary & Tests)
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FAQs on Meaning: Budget & Fiscal Deficit Video Lecture - Famous Books for UPSC Exam (Summary & Tests)
| 1. What is the meaning of budget deficit? |  |
Ans. Budget deficit refers to the situation when a government's expenses exceed its revenue in a given fiscal year. It indicates that the government is spending more money than it is earning through taxes and other sources of income.
| 2. What is fiscal deficit? | |
Ans. Fiscal deficit is a broader term that includes the budget deficit along with other forms of borrowings and liabilities. It represents the total amount of money the government needs to borrow to meet its expenditure requirements in a fiscal year, including the budget deficit and other obligations.
| 3. How does budget deficit affect the economy? | |
Ans. Budget deficit can have both positive and negative effects on the economy. On one hand, it allows the government to finance public investments, stimulate economic growth, and provide necessary services. On the other hand, it can lead to higher borrowing costs, inflation, and crowding out of private investments, which can negatively impact the economy in the long run.
| 4. What are the consequences of a high fiscal deficit? | |
Ans. A high fiscal deficit can have several consequences. It can lead to increased government borrowing, which can put upward pressure on interest rates, making it more expensive for businesses and individuals to borrow money. It can also lead to inflationary pressures and a loss of confidence in the government's ability to manage its finances, which can negatively impact the overall economy.
| 5. How can a government reduce its budget deficit? | |
Ans. There are several ways a government can reduce its budget deficit. It can increase taxes, cut government spending, implement fiscal reforms to improve revenue collection, promote economic growth to boost tax revenues, and reduce wasteful expenditures. Additionally, governments can also explore options such as privatization of state-owned enterprises and attracting foreign investments to generate additional revenue and reduce the budget deficit.
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Nov 24, 2024 Last updated |
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