Notes and Study material for Exams
The Public Accounts Committee: Scrutinizing Public Finances and Holding Power to Account The Public Accounts Committee (PAC) stands as a cornerstone of parliamentary accountability in many democratic nations. This powerful committee, often referred to as the “watchdog” of public finances, plays a crucial role in scrutinizing government spending and ensuring that taxpayers’ money is used … Read more
Indian PUBLIC FINANCE Value Added Tax Under the constitution the States have the exclusive power to tax sales and purchases of goods other than newspapers There are however defects of sales tax It is regressive in nature. Families with low income a larger proportion of their income as sales tax. Has a cascading effect – … Read more
The Symphony of Democracy: Understanding the Mechanics of Parliamentary Proceedings Parliamentary democracy, a cornerstone of many modern nations, thrives on the intricate interplay of debate, deliberation, and decision-making. This system, where elected representatives gather to formulate laws and scrutinize government actions, relies on a complex set of procedures and conventions known as parliamentary proceedings. This … Read more
Fiscal Responsibility and Budget Management Act The FRBM Act 2003 in its amended form was passed by the government to bring fiscal discipline and to implement a prudent Fiscal Policy. High Fiscal Deficit was the one major macroeconomic problem faced by Indian economy around 2000. It was argued that high deficits lead to … Read more
Fiscal Responsibility and Budget Management Act The FRBM Act 2003 in its amended form was passed by the government to bring fiscal discipline and to implement a prudent Fiscal Policy. High Fiscal Deficit was the one major macroeconomic problem faced by Indian economy around 2000. It was argued that high deficits lead to Inflation, reduces … Read more
The Election of a President: A Complex and Multifaceted Process The election of a President in the United States is a complex and multifaceted process that involves a series of intricate steps, from the initial nomination of candidates to the final certification of the winner. This process, enshrined in the Constitution and shaped by centuries … Read more
Setu Bharatam Yojana: Building a Seamless and Safe India Introduction India, a land of diverse landscapes and vibrant cultures, faces a unique challenge in its quest for progress: bridging the physical and infrastructural gaps that hinder its economic growth and social development. Recognizing this, the Indian government launched the Setu Bharatam Yojana in 2016, a … Read more
BUDGETARY REFORMS Government bodies raise Money by imposing taxes on citizens and then use those funds to pursue various programs such as Education, defence,
Control over Public Expenditure In a parliamentary Democracy, the political executive is responsible to the Parliament. The control exercised by the Parliament over the executive is its control on financial expenditure. Parliamentary Control The Parliament is the custodian of public Money, and what better way to keep an eye on the authorities spending … Read more
When a government spends more than it collects in taxes, it borrows from the private sector to finance the budget deficit. The accumulation of past borrowing is the government debt. A tax cut stimulates consumer spending and reduces national saving. The reduction in saving raises the interest rate, which crowds out Investment. As per Solow’s … Read more