PPT: Fiscal Policy Notes | EduRev

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UPSC : PPT: Fiscal Policy Notes | EduRev

 Page 1


Lecture 7 
Fiscal Policy
Prelims 2020 Crash Course 
Capstone IAS Learning
Page 2


Lecture 7 
Fiscal Policy
Prelims 2020 Crash Course 
Capstone IAS Learning
What will we cover
Introduction to the concept of Fiscal Policy 
Goals of Fiscal Policy 
Fiscal Expansion Vs Fiscal Consolidation 
Government Budgeting and various deficits  
Certain Important terms 
Fiscal Responsibility and Budgetary Management 
Act 
Economic Survey 2019-20
Page 3


Lecture 7 
Fiscal Policy
Prelims 2020 Crash Course 
Capstone IAS Learning
What will we cover
Introduction to the concept of Fiscal Policy 
Goals of Fiscal Policy 
Fiscal Expansion Vs Fiscal Consolidation 
Government Budgeting and various deficits  
Certain Important terms 
Fiscal Responsibility and Budgetary Management 
Act 
Economic Survey 2019-20
What is Fiscal Policy?
Fiscal policy is the means by 
which government adjusts its 
spending levels and tax rates to 
monitor and influence a 
nation’s economy. 
It is the sister strategy to 
monetary policy through which 
central bank influences a 
nation’s money supply. 
These two policies are used in 
various combinations to direct 
country’s economic goals. 
Every year announces its fiscal 
policy through the ‘budget’.
Page 4


Lecture 7 
Fiscal Policy
Prelims 2020 Crash Course 
Capstone IAS Learning
What will we cover
Introduction to the concept of Fiscal Policy 
Goals of Fiscal Policy 
Fiscal Expansion Vs Fiscal Consolidation 
Government Budgeting and various deficits  
Certain Important terms 
Fiscal Responsibility and Budgetary Management 
Act 
Economic Survey 2019-20
What is Fiscal Policy?
Fiscal policy is the means by 
which government adjusts its 
spending levels and tax rates to 
monitor and influence a 
nation’s economy. 
It is the sister strategy to 
monetary policy through which 
central bank influences a 
nation’s money supply. 
These two policies are used in 
various combinations to direct 
country’s economic goals. 
Every year announces its fiscal 
policy through the ‘budget’.
Goals of 
Fiscal Policy
Allocation of ‘public goods’
Redistribution of national 
income through taxation 
and govt spending
Stabilisation of the 
economy through 
countercyclical measures
Keynes
Page 5


Lecture 7 
Fiscal Policy
Prelims 2020 Crash Course 
Capstone IAS Learning
What will we cover
Introduction to the concept of Fiscal Policy 
Goals of Fiscal Policy 
Fiscal Expansion Vs Fiscal Consolidation 
Government Budgeting and various deficits  
Certain Important terms 
Fiscal Responsibility and Budgetary Management 
Act 
Economic Survey 2019-20
What is Fiscal Policy?
Fiscal policy is the means by 
which government adjusts its 
spending levels and tax rates to 
monitor and influence a 
nation’s economy. 
It is the sister strategy to 
monetary policy through which 
central bank influences a 
nation’s money supply. 
These two policies are used in 
various combinations to direct 
country’s economic goals. 
Every year announces its fiscal 
policy through the ‘budget’.
Goals of 
Fiscal Policy
Allocation of ‘public goods’
Redistribution of national 
income through taxation 
and govt spending
Stabilisation of the 
economy through 
countercyclical measures
Keynes
Countercyclical 
Measures
Control Inflation Boost Economic growth
Increase 
Taxes
Reduce 
Spending
Reduce 
Taxes
Increase 
Spending
Fiscal Consolidation Fiscal Expansion
Lower Fiscal deficit 
and less borrowing
Higher Fiscal deficit 
and more borrowing
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