UPSC Exam > UPSC Notes > Indian Economy for UPSC CSE > GS3 PYQ (Mains Answer Writing): Budget
GS3 PYQ (Mains Answer Writing): Budget | Indian Economy for UPSC CSE PDF Download
Distinguish between Capital Budget and Revenue Budget. Explain the components of both these Budgets (UPSC GS3 Mains)
Introduction
According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS). It is a statement of the estimated receipts and expenditure of the Government in a financial year (which begins on 01 April of the current year and ends on 31 March of the following year).
Objectives of Budget:
- Reallocation of resources
- Reducing inequalities in income and wealth
- Contributing to economic growth
- Bringing economic stability
- Managing public enterprises
Components of government budgets:
TOPICS covered - revenue and capital expenditure
The document GS3 PYQ (Mains Answer Writing): Budget | Indian Economy for UPSC CSE is a part of the UPSC Course Indian Economy for UPSC CSE.
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FAQs on GS3 PYQ (Mains Answer Writing): Budget - Indian Economy for UPSC CSE
| 1. What is the Union Budget and why is it important for the UPSC exam? |  |
Ans. The Union Budget is an annual financial statement presented by the Government of India, detailing its revenue and expenditure for the upcoming fiscal year. It is important for the UPSC exam as it covers important aspects of economic policy, government schemes, and fiscal management, which are relevant for the General Studies paper.
| 2. How is the Union Budget prepared and what is the role of the Finance Ministry? | |
Ans. The Union Budget is prepared through a consultative process involving various ministries, departments, and stakeholders. The Finance Ministry plays a key role in the preparation, as it collects inputs from different sectors, examines the budget proposals, and coordinates with other ministries to finalize the budget. The Finance Minister presents the budget in the Parliament.
| 3. What are the key components of the Union Budget and how do they impact the economy? | |
Ans. The key components of the Union Budget include revenue receipts, capital receipts, revenue expenditure, and capital expenditure. Revenue receipts are the government's earnings through taxes, duties, and other sources, while capital receipts include borrowings and disinvestment proceeds. Revenue expenditure pertains to regular expenses like salaries, subsidies, and interest payments, while capital expenditure focuses on infrastructure development and asset creation. These components impact the economy by influencing fiscal deficit, public debt, investment patterns, and overall economic growth.
| 4. How does the Union Budget affect the common man and various sectors of the economy? | |
Ans. The Union Budget directly affects the common man through changes in income tax slabs, indirect taxes, and allocation of funds for welfare schemes. It also impacts different sectors of the economy by allocating resources, providing incentives, and introducing policy reforms. For example, the budget may increase spending on healthcare, education, or infrastructure, which can have a positive impact on the respective sectors.
| 5. What are some key highlights of the Union Budget 2021 and their implications? | |
Ans. The Union Budget 2021 focused on reviving the economy post the COVID-19 pandemic. Some key highlights include an increased allocation for healthcare, infrastructure development, and rural development. It also introduced a new tax regime, aimed at simplifying income tax calculations for individuals. The budget's implications include boosting healthcare infrastructure, promoting sustainable development, and providing relief to individuals through tax reforms.
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