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Introductory Macroeconomics: Government Budgeting and Economy Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
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FAQs on Introductory Macroeconomics: Government Budgeting and Economy Video Lecture - NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
| 1. What is government budgeting and why is it important in the economy? |  |
Ans. Government budgeting refers to the process of planning and allocating financial resources by the government. It involves estimating revenues and expenditures to ensure fiscal stability and meet the country's economic goals. Government budgeting is crucial in the economy as it helps in managing public finances, promoting economic growth, controlling inflation, addressing income inequality, and providing essential public goods and services.
| 2. How does government budgeting affect the overall economy? | |
Ans. Government budgeting has a significant impact on the overall economy. When the government spends more than it earns, known as a budget deficit, it can stimulate economic growth by increasing aggregate demand. Conversely, when the government spends less than it earns, known as a budget surplus, it can help in reducing inflationary pressures and stabilizing the economy. Government budgeting also determines the allocation of resources towards different sectors, such as infrastructure development, education, healthcare, and defense, which can have long-term effects on economic growth and social welfare.
| 3. What are the sources of government revenue for budgeting? | |
Ans. Governments generate revenue through various sources to fund their budgets. The primary sources of government revenue include taxes (such as income tax, corporate tax, sales tax, etc.), fees and charges (such as license fees, user fees, tolls, etc.), borrowings (issuing government bonds), grants and aids from international organizations or other countries, and income from government-owned enterprises. These revenue sources play a crucial role in financing government expenditures and implementing various economic policies.
| 4. How does government budgeting impact inflation? | |
Ans. Government budgeting can impact inflation through its fiscal policy decisions. When the government increases its spending or reduces taxes, it injects more money into the economy, leading to increased aggregate demand. If the economy is already operating at full capacity, this increased demand can result in higher prices and inflationary pressures. On the other hand, if the government decreases spending or increases taxes, it reduces aggregate demand, which can help in controlling inflation. Therefore, government budgeting plays a crucial role in managing inflation by influencing the level of aggregate demand in the economy.
| 5. What are the challenges faced in government budgeting? | |
Ans. Government budgeting faces several challenges, including forecasting accurate revenues and expenditures, ensuring fiscal discipline, prioritizing spending on essential sectors, managing public debt, addressing income inequality, and dealing with political pressures. Additionally, economic uncertainties, external shocks, and changing global economic conditions can also pose challenges in budget planning. Effective budgeting requires balancing competing demands, making informed policy choices, and ensuring transparency and accountability in the use of public funds.
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Nov 16, 2024 Last updated |
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