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Fiscal Responsibility And Budget Management Act, 2003
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit''Revenue Deficit'' is defined in the ''act'' as the difference between the revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of the country (building revenue surplus thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Sustainability
Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures. There is no consensus among economists on a precise operational definition for fiscal sustainability, rather different studies use their own, often similar, definitions. However, the European Commission defines public finance sustainability as: the ability of a government to sustain its current spending, tax and other policies in the long run without threatening the government's solvency or without defaulting on some of the government's liabilities or promised expenditures. Many countries and research institutes have published reports which assess the sustainability of fiscal policies based on long-run projections of country's public finances (see for example, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monsoon
A monsoon () is traditionally a seasonal reversing wind accompanied by corresponding changes in precipitation but is now used to describe seasonal changes in atmospheric circulation and precipitation associated with annual latitudinal oscillation of the Intertropical Convergence Zone (ITCZ) between its limits to the north and south of the equator. Usually, the term monsoon is used to refer to the rainy phase of a seasonally changing pattern, although technically there is also a dry phase. The term is also sometimes used to describe locally heavy but short-term rains. The major monsoon systems of the world consist of the West African, Asia–Australian, the North American, and South American monsoons. The term was first used in English in British India and neighboring countries to refer to the big seasonal winds blowing from the Bay of Bengal and Arabian Sea in the southwest bringing heavy rainfall to the area. Etymology The etymology of the word monsoon is not wholl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arun Jaitley
Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019. Jaitley previously held the cabinet portfolios of Finance, Defence, Corporate Affairs, Commerce and Industry, and Law and Justice in the Vajpayee government and Narendra Modi government. From 2009 to 2014, he served as the Leader of the Opposition in the Rajya Sabha. He was a Senior Advocate of the Supreme Court of India. He oversaw the introduction of the Goods and Services Tax which brought the country under one GST regime, demonetisation, merger of Railway budget with general budget and introduction of Insolvency and Bankruptcy Code. Jaitley decided not to join the second Modi Cabinet in 2019, due to health issues. He was awarded the Padma Vibhushan, India's second highest civilian award, posthumously in 2020 in the field of Public Aff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uttar Pradesh
Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 after India had become a republic. It was a successor to the United Provinces (UP) during the period of the Dominion of India (1947–1950), which in turn was a successor to the United Provinces (UP) established in 1935, and eventually of the United Provinces of Agra and Oudh established in 1902 during the British Raj. The state is divided into 18 divisions and 75 districts, with the state capital being Lucknow, and Prayagraj serving as the judicial capital. On 9 November 2000, a new state, Uttaranchal (now Uttarakhand), was created from Uttar Pradesh's western Himalayan hill region. The two major rivers of the state, the Ganges and its tributary Yamuna, meet at the Triveni Sangam in Prayagraj, a Hindu pilgrimage site. Ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maharashtra
Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union territories of India by population, second-most populous state in India and the second-most populous country subdivision globally. It was formed on 1 May 1960 by splitting the bilingual Bombay State, which had existed since 1956, into majority Marathi language, Marathi-speaking Maharashtra and Gujarati language, Gujarati-speaking Gujarat. Maharashtra is home to the Marathi people, the predominant ethno-linguistic group, who speak the Marathi language, Marathi language, the official language of the state. The state is divided into 6 Divisions of Maharashtra, divisions and 36 List of districts of Maharashtra, districts, with the state capital being Mumbai, the List of million-plus urban agglomerations in India, most populous urban area in India ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Punjab, India
Punjab (; ) is a States and union territories of India, state in northern India. Forming part of the larger Punjab region of the Indian subcontinent, the state is bordered by the States and union territories of India, Indian states of Himachal Pradesh to the north and northeast, Haryana to the south and southeast, and Rajasthan to the southwest; by the Indian union territory, union territories of Chandigarh to the east and Jammu and Kashmir (union territory), Jammu and Kashmir to the north. It shares an international border with Punjab, Pakistan, Punjab, a Pakistani province, province of Pakistan to the west. The state covers an area of 50,362 square kilometres (19,445 square miles), which is 1.53% of India's total geographical area, making it List of states and union territories of India by area, the 19th-largest Indian state by area out of 28 Indian states (20th largest, if UTs are considered). With over 27 million inhabitants, Punjab is List of states and union territories of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kerala
Kerala ( ; ) is a state on the Malabar Coast of India. It was formed on 1 November 1956, following the passage of the States Reorganisation Act, by combining Malayalam-speaking regions of the erstwhile regions of Cochin, Malabar, South Canara, and Thiruvithamkoor. Spread over , Kerala is the 21st largest Indian state by area. It is bordered by Karnataka to the north and northeast, Tamil Nadu to the east and south, and the Lakshadweep Sea to the west. With 33 million inhabitants as per the 2011 census, Kerala is the 13th-largest Indian state by population. It is divided into 14 districts with the capital being Thiruvananthapuram. Malayalam is the most widely spoken language and is also the official language of the state. The Chera dynasty was the first prominent kingdom based in Kerala. The Ay kingdom in the deep south and the Ezhimala kingdom in the north formed the other kingdoms in the early years of the Common Era (CE). The region had been a prominent spic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karnataka
Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnataka'' in 1973. The state corresponds to the Carnatic region. Its capital and largest city is Bengaluru. Karnataka is bordered by the Lakshadweep Sea to the west, Goa to the northwest, Maharashtra to the north, Telangana to the northeast, Andhra Pradesh to the east, Tamil Nadu to the southeast, and Kerala to the southwest. It is the only southern state to have land borders with all of the other four southern Indian sister states. The state covers an area of , or 5.83 percent of the total geographical area of India. It is the sixth-largest Indian state by area. With 61,130,704 inhabitants at the 2011 census, Karnataka is the eighth-largest state by population, comprising 31 districts. Kannada, one of the classical languages of India, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-to-GDP Ratio
In economics, the debt-to-GDP ratio is the ratio between a country's government debt (measured in units of currency) and its gross domestic product (GDP) (measured in units of currency per year). While it is a "ratio", it is technically measured in units of year, and can be interpreted as the number of years a country needs to pay off its entire debt, if all its GDP is devoted towards it. A low debt-to-GDP ratio indicates that an economy produces goods and services sufficient to pay back debts without incurring further debt. Geopolitical and economic considerations – including interest rates, war, recessions, and other variables – influence the borrowing practices of a nation and the choice to incur further debt. It should not be confused with a deficit-to-GDP ratio, which, for countries running budget deficits, measures a country's annual net fiscal loss in a given year ( total expenditures minus total revenue, or the net change in debt per annum) as a percentage share of tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planning Commission Of India
The Planning Commission was an institution in the Government of India, which formulated India's Five-Year Plans, among other functions. In his first Independence Day speech in 2014, Prime Minister Narendra Modi announced his intention to dissolve the Planning Commission. It has since been replaced by a new institution named NITI Aayog. History Rudimentary economic planning, deriving from the sovereign authority of the state, was first initiated in India in 1938 by Congress President Netaji Subhash Chandra Bose,Atul Tiwari ,Jawaharlal Nehru who had been persuaded by Meghnad Saha to set up a National Planning Committee. M. Visvesvaraya had been elected head of the Planning Committee. Meghnad Saha approached him and requested him to step down, putting forward the argument that planning needed a reciprocity between science and politics. M. Visvesvaraya generously agreed and Jawaharlal Nehru was made head of the National Planning Committee. The so-called "British Raj" also fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PMEAC
Economic Advisory Council to the Prime Minister of India (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint. It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output. History The PMEAC has been constituted several times since the independence of India. In the latest occurrence, Prime minister Modi revived the body on 25 September 2017. Currently PMEAC chairman post is held by Bibek Debroy. The previous Prime Minister's Economic Advisory Council (PMEAC) Chairman Chakravarthi Rangarajan resigned on 19 May 2014. He sent his resignation to the Prime Minister Manmohan Singh.He resigned following the defeat of the Congress-led UPA in the general elections 2014. Since the term of the PMEAC was parallel to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Accounting
Creative accounting is a euphemism referring to accounting practices that may follow the letter of the rules of standard accounting practices, but deviate from the spirit of those rules with questionable accounting ethics—specifically distorting results in favor of the "preparers", or the firm that hired the accountant. They are characterized by excessive complication and the use of novel ways of characterizing income, assets, or liabilities, and the intent to influence readers towards the interpretations desired by the authors. The terms "innovative" or "aggressive" are also sometimes used. Another common synonym is "cooking the books". Creative accounting is oftentimes used in tandem with outright financial fraud (including securities fraud), and lines between the two are blurred. Creative accounting practices are known since ancient times and appear world-wide in various forms. The term as generally understood refers to systematic misrepresentation of the true income and asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
