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BUDGET FILE FOR STUDENTS 2025-26 FINAL_removed

The document outlines the key aspects of India's Union Budget for 2025-26, including its preparation, historical context, and essential components mandated by the Constitution. It highlights the structure of the budget, which includes the Annual Financial Statement, Demands for Grants, and the Finance Bill, along with fiscal policy statements under the FRBM Act. Additionally, it emphasizes the importance of fiscal management and the government's targets for fiscal and revenue deficits.

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BUDGET FILE FOR STUDENTS 2025-26 FINAL_removed

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INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 1

INFO AND Know these

INSTRUCTIONS
GENERAL I have made this document – considering the need of the UPSC. At appropriate places, I have included the images provided
INSTRUCTIONS by the government of India in their document. I have tried to keep the information short and crisp. All the relevant
information has been included.

I have avoided the information which are not needed as per the UPSC trend.

Please note – At places – I have simply written the declaration of our honourable FM and at places have simply mentioned
the key words since our honourable FM did not explain each term – but since she mentioned the term – we should know.

So, accordingly, appropriate instructions have been attached. Also, I have not included unnecessary details – which are
easy to know by common sense – e.g. The government is working to promote tourism – deﬁnitely these things are
excluded.

UPSC PRELIMS 2025 NEEDS HAS BEEN KEPT IN MIND WHILE PREPARING THE DOCUMENT.

Know a few About • As per Article 112 of the Constitution, Annual Financial Statement of the Government is presented
facts about before the parliament each year. This is known as Budget.
budget • The term ‘Budget’ is not mentioned in the Constitution.
• It is the statement of estimated receipts and expenditure of the Government in a ﬁnancial year
• Union Budget is classiﬁed into Revenue Budget (including Tax and Non-Tax revenue receipts and
expenditure of the government) and Capital Budget (including capital receipts and payments of
the government).

Preparation of Department of Economic Aﬀairs, Ministry of Finance is the nodal body responsible for
budget preparing of the Budget.
Budget for a year is prepared by the Budget Division of Department of Economic Aﬀairs.

Post-Independence • India’s first Finance Minister Shri R.K. Shanmukham Chetty, presented
the first Budget on 26th November, 1947. Since then, the process of
budget has evolved and emerged as a crucial tool for Public Finance
Management and reflect the strength of our democratic processes in
shaping our economy

1. Know a bit The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below:
about the A. Annual Financial Statement (AFS) – (Mandated By Cons�tu�on)
Budget B. Demands for Grants (DG) – (Mandated By Cons�tu�on)
Document C. Finance Bill – (Mandated By Cons�tu�on)
D. Fiscal Policy Statements mandated under Fiscal Responsibility and Budget Management (FRBM) Act, 2003:
i. Macro-Economic Framework Statement – (Mandated By FRBM 2003)
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement (– Mandated By FRBM 2003))
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Proﬁle
H. Budget at a Glance
I. Memorandum Explaining the Provisions in the Financial Bill
J. Output Outcome Monitoring Framework
K. Key Features of Budget 2025-26
L. Implementa�on of Budget Announcements, 2024-25

(So, know this – which is men�oned in Cons�tu�on and which are not.)

Other documents at Serial Nos. E, F, G, H, I, J, K and L are in the nature of explanatory statements suppor�ng the mandated
documents with narra�ve in a user-friendly format suited for quick or contextual references.

Hindi version of all these documents is also presented to the Parliament (So, budget is presented in two languages only –
English and Hindi and not in all schedule languages. Union Budget was only presented in English language till the year
1955. It was only from the year 1955, that the Union Budget was presented simultaneously in English and in Hindi.)

A brief descrip�on should be known about the documents shared:

Annual Financial The Annual Financial Statement (AFS), provided under Ar�cle 112, shows the es�mated receipts and
Statement (AFS) expenditure of the Government of India for 2025-26 along with es�mates for 2024-25 and also
actuals for the year 2023-24.

The receipts and disbursements are shown under three parts in which Government Accounts are
kept viz.,
(i) The Consolidated Fund of India,
(ii) The Con�ngency Fund of India and
(iii) The Public Account of India.

The Annual Financial Statement dis�nguishes the expenditure on revenue account from the
expenditure on other accounts, as is mandated in the Cons�tu�on of India. (This can be made a
question)
The Revenue and the Capital sec�ons together, make the Union Budget.

Demand of Ar�cle 113 of the Cons�tu�on mandates that the es�mates of expenditure from the Consolidated
Grants Fund of India included in the Annual Financial Statement and required to be voted by the Lok Sabha,
be submited in the form of Demands for Grants. The Demands for Grants are presented to the Lok
Sabha along with the Annual Financial Statement. Generally, one Demand for Grant is presented in
respect of each Ministry or Department. However, more than one Demand may be presented for a
Ministry or Department depending on the nature of expenditure. With regard to Union Territories
without Legislature, a separate Demand is presented for each of such Union Territories. In Budget
2025-26 there are 102 Demands for Grants.

Finance Bill At the �me of presenta�on of the Annual Financial Statement before the Parliament, a Finance Bill
is also presented in fulfilment of the requirement of Ar�cle 110 (1)(a) of the Cons�tu�on, detailing
the imposi�on, aboli�on, remission, altera�on or regula�on of taxes proposed in the Budget. It also
contains other provisions rela�ng to Budget that could be classified as Money Bill. A Finance Bill is a
Money Bill as defined in Ar�cle 110 of the Cons�tu�on.

Fiscal Policy Fiscal Policy Statements mandated under FRBM Act are two in number:
Statements I. Macro-Economic Framework Statement: The Macro-economic Framework Statement is
Mandated presented to Parliament under Sec�on 3 of the Fiscal Responsibility and Budget Management
under FRBM Act Act, 2003 and the rules made thereunder. It contains an assessment of the growth prospects
of the economy along with the statement of speciﬁc underlying assump�ons. It also
contains an assessment regarding the GDP growth rate, the domes�c economy and the
stability of the external sector of the economy, ﬁscal balance of the Central Government and
the external sector balance of the economy.
II. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement: The Medium-Term Fiscal
Policy cum Fiscal Policy Strategy Statement is presented to Parliament under Sec�on 3 of the
Fiscal Responsibility and Budget Management Act, 2003.

Explanatory To facilitate a more comprehensive understanding of the major features of the Budget, certain other
Document explanatory documents are presented
These are seven in number:
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Proﬁle
H. Budget at a Glance
I. Memorandum Explaining the Provisions in the Financial Bill
J. Output Outcome Monitoring Framework
K. Key Features of Budget 2025-26
L. Implementa�on of Budget Announcements, 2024-25

Few things you 1. Con�ngency Fund of India: Parliamentary approval for unforeseen expenditure is obtained, ex-
must know post-facto, and an equivalent amount is drawn from the consolidated Fund to recoup the

2. Know about The Fiscal Responsibility and Budget Management Act, 2003 was enacted with a view to provide a legisla�ve framework
FRBM, 2003 for reduc�on of deﬁcit and thereby debt, of the Central Government to a sustainable level over a medium term so as to
ensure inter-genera�onal equity in ﬁscal management and long term macro-economic stability.

FRBM document contains the Macroeconomic Framework Statement and Medium term Fiscal Policy cum Fiscal Policy
Strategy Statement. The Statements provide an assessment of the growth prospects of the economy and strategies of the
government for the ensuing ﬁnancial year rela�ng to taxa�on, expenditure, market borrowings and other liabili�es.

The FRBM Act, 2003 requires the central government to progressively reduce its outstanding debt, revenue deficit and fiscal
deficit, and to give three year rolling targets for these. Note that the Medium-Term Fiscal Policy Statement has not provided
rolling targets for budget deficits since 2021-22.

The FRBM framework mandates Central Government to limit the Fiscal Deﬁcit upto three per cent of Gross Domes�c
Product by the 31st March, 2021. It further provides that, the Central Government shall endeavour to limit the General
Government Debt to 60 per cent of GDP and the Central Government Debt to 40 per cent of GDP, by 31st March, 2025.

As on date, the Fiscal Deﬁcit is the only opera�onal target for ﬁscal consolida�on. (Cau�on: - The word ONLY is an extreme
word – normally – we tend to say it is wrong but it is right.)

Fiscal deficit is an indicator of borrowings by the government for financing its expenditure. The es�mated fiscal deficit for
2025-26 is 4.4% of GDP.

Primary deficit is fiscal deficit less interest payments. It is es�mated to be 0.8% of GDP in 2025-26.

Outstanding liabili�es is the accumula�on of borrowings over the years. A higher debt implies that the government has a
higher loan repayment obliga�on over the years. Centre’s outstanding liabili�es in 2025-26 are es�mated to be 56.1% of
GDP. Outstanding liabili�es had declined from 52% of GDP in 2013-14 to 49% of GDP in 2018-19. From 2019-20 onwards,
outstanding liabili�es increased, reaching a high of 61% of GDP in 2020-21, and have moderated therea�er. The government
aims to reduce the outstanding liabili�es to around 50% of GDP by March 2031.

Interest payments as a percentage of revenue receipts increased from 37% in 2013-14 to 42% in 2020-21. It is es�mated to
be 37% of revenue receipts in 2025-26.

Some more info – I extracted from their FRBM Document released with Budget (I am including only those info. Which may
be asked and not all details)
a) World Economic Outlook – released by Interna�onal Monetary Fund
b) Es�mates of Na�onal Income, GDP – released by Na�onal Sta�s�cal Organisa�on
c) Services and Infrastructure Outlook Survey – released by RBI
d) India's foreign exchange reserves are es�mated at USD 640.3 billion at the end of December 2024. It is sufficient to
cover about 90 per cent of the country's external debt. The import cover - a crucial indicator of external sector
stability - is 11 months as of November 2024.
Fiscal Indicators – Rolling Targets as a Percentage of GDP
Revised Es�mates Budget Es�mates
2024-25 2025-26
1. Fiscal Deficit 4.8 4.4
2. Revenue Deficit 1.9 1.5
3. Primary Deficit 1.3 0.8

3 The Finance Minister reaﬃrmed the commit for a Viksit Bharat (by 2047), which encompasses:
a) zero-poverty;
b) hundred per cent good quality school educa�on;
c) access to high-quality, aﬀordable, and comprehensive healthcare;
d) hundred per cent skilled labour with meaningful employment;
e) seventy per cent women in economic ac�vi�es; and
f) farmers making our country the ‘food basket of the world’

4 In this Budget, the proposed development measures span ten broad areas focusing on Garib, Youth, Annadata
and Nari.
1) Spurring Agricultural Growth and Produc�vity;
2) Building Rural Prosperity and Resilience;
3) Taking Everyone Together on an Inclusive Growth path;
4) Boos�ng Manufacturing and Furthering Make in India;

5 This Budget aims to ini�ate transforma�ve reforms across six domains:

1) Taxa�on;
2) Power Sector;
3) Urban Development;
4) Mining;
5) Financial Sector; and
6) Regulatory Reforms
6 For this journey of development,
 Our four powerful engines are: Agriculture, MSME, Investment, and Exports
 The fuel: our Reforms
 Our guiding spirit: Inclusivity
 And the des�na�on: Viksit Bharat
(Next upcoming 4 boxes are related to those 4 engines)
(I have taken only those – on which ques�ons can be formed)
(Also, some schemes which are regularly in monthly magazines are removed for eﬀec�ve coverage)

7 Agriculture as the 1st Engine:

1 Prime Minister Dhan-Dhaanya Krishi Yojana - Developing Agri Districts Programme:
- It is a new ini�a�ve aimed at suppor�ng farmers in 100 regions facing challenges in
agriculture.

2 ‘Rural Prosperity and Resilience’ Program will be launched

- In partnership with states
- This will address under-employment in agriculture through skilling, investment, technology,
and invigora�ng the rural economy
- Goal – to make migra�on an op�on and not a compulsion
- This will address under-employment in agriculture through skilling, investment, technology,
and invigora�ng the rural economy
- The programme will focus on rural women, young farmers, rural youth, marginal and small
farmers, and landless families

3 6-year Mission for Aatmanirbharta in Pulses

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INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 11
• Budget Alloca�on: Rs 1,000 crore.
• Aim: To boost the output and help achieve self-suﬃciency in pulses, with special
focus on tur/arhar (pigeonpea), urad (black gram) and masoor (red len�l).
 It will provide minimum support price (MSP)-based procurement and post-
harvest warehousing solu�ons.
• India’s Target: India has set a target to end India’s dependence on imports to meet
the country’s pulses demand by 2029
4 Makhana Board in Bihar
Makhana, also known as a gorgon nut or fox nut, is a type of seed derived from the Euryale ferox
plant. It is mainly found and grown in tropical and subtropical climates.
It is considered a na�ve of Southeast Asia and China but distributed to almost every part of the
world. India contributes to 80% of the world’s demand for Foxnuts, with Bihar accoun�ng for 90
percent. Also known as ‘ Black Diamond’ due to its mul�-purpose use in medicine, healthcare,
nutri�on, the plant can be consumed in various form
Clima�c condi�ons
• Temperature: 20-35 degrees Celsius
• Rela�ve humidity: 50%-90%
• Annual rainfall: 100-250 cm
• Soil type: Smooth loamy soil
• It is grown in stagnant perennial water bodies like ponds, oxbow lakes, swamps and
ditches.
• Other op�mum condi�ons for a thriving crop include the condi�on in which the rainfall
should organically reach water bodies with less than 50% water transparency.
5 Na�onal Mission on High Yielding Seeds

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INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 12
A Na�onal Mission on High Yielding Seeds will be launched, aimed at
(1) strengthening the research ecosystem,
(2) targeted development and propaga�on of seeds with high yield, pest resistance and climate
resilience, and
(3) commercial availability of more than 100 seed varie�es released since July 2024
6 Fisheries – info to note – India rank 2nd in terms of fish produc�on and aquaculture
7 Mission for Coton Produc�vity: This 5-year mission will facilitate significant improvements in
produc�vity and sustainability of coton farming, and promote extra-long staple coton varie�es
• Climate: It thrives in hot, sunny climates with long frost-free periods (210 days) and
requires high temperatures, light rainfall or irriga�on, and bright sunshine.
• Soil Types: It grows well in the Deccan plateau’s black coton soil, deep alluvial soils in
northern India, black clayey soils in central regions, and mixed black and red soils in the
southern zone.
• As a Kharif crop, coton requires 6 to 8 months to mature.
8 Urea Plant in Assam: In Namrup
8 MSMEs as the 2nd engine
1 Revision in classifica�on criteria for MSMEs: To help MSMEs scale operations and access better
resources, the investment and turnover limits for classification have been increased by 2.5 times
and 2 times, respectively. This is expected to improve efficiency, technological adoption, and
employment generation.

UPSC ONCE ASKED THE LIMITS OF THESE IN PYQ *(REMEMBER IT)

Rs. In Crore Investment Turnover
Current Revised Current Revised
Micro Enterprises 1 2.5 5 10
Small Enterprises 10 25 50 100
Medium 50 125 250 500
Enterprises

3 Credit Cards for Micro Enterprises: A new customised Credit Card scheme will provide ₹5 lakh in
credit to micro enterprises registered on the Udyam portal, with 10 lakh cards set to be issued in the
ﬁrst year.
4 Scheme for First-�me Entrepreneurs: A new scheme will be launched for 5 lakh women, Scheduled
Castes and Scheduled Tribes ﬁrst-�me entrepreneurs. This will provide term loans up to ` 2 crore
during the next 5 years. The scheme will incorporate lessons from the successful Stand-Up India
scheme.
5 Na�onal Ins�tute of Food Technology, Entrepreneurship and Management in Bihar. (in line with
commitments under PURVODAYA) will be set up. This will result in
- (1) enhanced income for the farmers through value addi�on to their produce, and
- (2) skilling, entrepreneurship and employment opportuni�es for the youth

6 Na�onal Manufacturing Mission will be launched (For small, medium and large industries) for -
Furthering “Make in India
The Mission’s mandate will include 5 focus areas:
- ease and cost of doing business;
- future ready workforce for in-demand jobs;
- a vibrant and dynamic MSME sector;
- availability of technology; and
- quality products.
7 Clean Tech Manufacturing: This will aim to improve domes�c value addi�on and build our ecosystem
for solar PV cells, EV bateries, motors and controllers, electrolyzers, wind turbines, very high voltage
transmission equipment and grid scale bateries
Bharat Cleantech Manufacturing Platform:
• Launched by: Union Minister Piyush Goyal at Bharat Climate Forum 2025.
• Aim: Strengthen India's cleantech value chains in solar, wind, hydrogen, and batery
storage.
• Focus: Promote collabora�on, co-innova�on, and ﬁnancing in clean energy.

9 Investment as the 3rd engine

It contains:
A) INVESTING IN PEOPLE

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INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 15
B) INVESING IN ECONOMY
C) INVESTING IN INNOVATION
A INVESTING IN PEOPLE
1 Saksham Anganwadi and Poshan 2.0, Atal Tinkering Labs, PM SVANidhi
- regularly IN NEWS
Saksham Anganwadi & Poshan 2.0 – Key Highlights
Implementa�on Period:
• 2021-22 to 2025-26 (15th Finance Commission period).
• Implemented by the Ministry of Women and Child Development.
Objec�ve:
• Integrated Nutri�on Support Programme to address malnutri�on.
• Focus on nutri�on delivery, awareness, and a convergent ecosystem.
• Promote health, wellness, and immunity.
Target Popula�on:
• Children (0-6 years).
• Adolescent girls (14-18 years).
• Pregnant & Lacta�ng Women (PWLM).
Goals:
• Human capital development through beter nutri�on.
• Reduce malnutri�on & nutri�onal deﬁciencies.
• Encourage nutri�on awareness & healthy ea�ng habits.
• Enhance implementa�on & delivery of nutri�on services.
Key Scheme Components:
1. Nutri�on Support through SNP

PM SVANIDHI
Launch & Objec�ve:
• Launched by: Ministry of Housing and Urban Affairs.
• Date: June 1, 2020.
• Purpose: Provide affordable working capital loans to street vendors affected by COVID-
19 lockdown.
Key Features:
• Collateral-free loans for street vendors.
• Focus on increased digital transac�ons.
• Holis�c socio-economic development of vendors & their families.

2 Broadband Connec�vity to Government Secondary Schools and PHCs: Broadband connec�vity

will be provided to all Government secondary schools and primary health centres in rural areas
under the Bharatnet project
ABOUT BHARATNET PROJECT
Introduc�on to BharatNet
• Launched in October 2011 by the Government of India.
• Aims to provide aﬀordable high-speed internet to every Gram Panchayat (GP) in India.
• Implemented by the Ministry of Communica�ons to bridge the rural-urban digital
divide.
• Considered the backbone of India’s digital transforma�on.
Amended BharatNet 2023
• Approved in August 2023, with a budget of ₹1,39,579 crores.
• Key enhancements:
o Op�cal Fiber (OF) connec�vity to 2.64 lakh GPs in a ring topology.
o IP-MPLS network with routers at blocks and GPs.
o OF connec�vity to 3.8 lakh non-GP villages on demand.
o 10-year opera�on & maintenance with centralized monitoring.
o Remote Fibre Monitoring System (RFMS) and power backup at GPs and blocks.
Funding - Digital Bharat Nidhi (DBN)
• Replaces the Universal Service Obliga�on Fund (USOF).
• Objec�ves:

3 Bhara�ya Bhasha Pustak Scheme

Introduc�on:
• Announced in: Union Budget 2025-26.
• Objec�ve: Digi�za�on of Indian-language textbooks.
Key Features:
• Provides digital textbooks & educa�onal materials.
• Focus on school & university students.
• Promotes regional languages in educa�on.

2 Jal Jeevan Mission: To achieve 100 % coverage, the mission extended �ll 2028 with an
enhanced total outlay.

3 Urban Challenge Fund:

- The Government will set up an Urban Challenge Fund of ` 1 lakh crore to implement
the proposals for ‘Ci�es as Growth Hubs’, ‘Crea�ve Redevelopment of Ci�es’ and
‘Water and Sanita�on’
- This fund will ﬁnance up to 25 per cent of the cost of bankable projects with a
s�pula�on that at least 50 per cent of the cost is funded from bonds, bank loans, and
PPPs. An alloca�on of ` 10,000 crore is proposed for 2025-26

4 Nuclear Energy Mission for Viksit Bharat:

- Development of at least 100 GW of nuclear energy by 2047 is essen�al for our energy
transi�on eﬀorts
- Amendments to the Atomic Energy Act and the Civil Liability for
Nuclear Damage Act will be taken up for ac�ve partnership with the private sector.
- A Nuclear Energy Mission for research & development of Small Modular Reactors
(SMR) with an outlay of ` 20,000 crore will be set up. At least 5 indigenously
developed SMRs will be opera�onalized by 2033.

7 Greenﬁeld Airport in Bihar: These will be in addi�on to the expansion of the capacity of
Patna airport and a brownﬁeld airport at Bihta.

Know this: Greenfield projects are new construc�on projects on vacant land, while
brownfield projects are redevelopment projects on exis�ng land. Both terms can be used
in construc�on, inves�ng, and so�ware development.
8 Western Koshi Canal Project in Mithilanchal: Financial support will be provided for the
Western Koshi Canal ERM Project benefi�ng a large number of farmers cul�va�ng over
50,000 hectares of land in the Mithilanchal region of Bihar
9 SWAMIH Fund 2
SWAMIH Fund
SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund
is a social impact fund aimed at comple�ng stressed and stalled residen�al projects.
• Sponsored by: Ministry of Finance, Government of India.
• Managed by: SBICAP Ventures Ltd. (State Bank Group).
• One of the largest domes�c real estate private equity teams focused on stalled
housing projects.

Eligibility Criteria for Funding

• Project must be registered under RERA 2016.
• Project must be classiﬁed as an NPA or under insolvency proceedings.
• Must be declared as "stalled" or "delayed" by a competent authority.
• Funding is only for aﬀordable and mid-income housing projects.

Achievements Under SWAMIH (Already Running):

- 50,000 dwelling units completed & handed over.
- 40,000 more units to be completed in 2025.
- Relief for middle-class families struggling with EMIs & rent payments.

SWAMIH Fund 2 (Announced in Budget 2025-26):

• New blended ﬁnance facility with ₹15,000 crore corpus.
• Contributors: Government, banks, private investors.
• Target: Fast-track comple�on of 1 lakh more units.

Significance:
• Addresses housing project delays & financial burden on homebuyers.
• Boosts real estate sector & economic growth.
• Ensures affordable & �mely home delivery for middle-income families.
10 PM Ga� Shak� Data for Private Sector: For furthering PPPs and assis�ng the private sector
in project planning, access to relevant data and maps from the PM Ga� Shak� portal will be
provided
C INVESTING IN EDUCATION
1 Deep Tech Fund of Funds: A Deep Tech Fund of Funds will also be explored to catalyze the
next genera�on startups

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INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 22
2 Gene Bank for Crops Germplasm: The 2nd Gene Bank with 10 lakh germplasm lines will be
set up for future food and nutri�onal security. This will provide conserva�on support to both
public and private sectors for gene�c resources
What is a Genebank?
• A facility that preserves and stores gene�c material from various organisms.
• Also known as seed banks or germplasm banks.
ICRISAT Genebank
• Established in 1979 at Patancheru, India.
• Serves as a global repository for germplasm collec�on of 11 crops:
o Sorghum, Pearl Millet, Chickpea, Pigeonpea, Groundnut, Finger Millet,
Foxtail Millet, Litle Millet, Kodo Millet, Proso Millet, Barnyard Millet
• Holds 131,557 germplasm accessions from 144 countries.
• One of the largest interna�onal genebanks.
Signiﬁcance
• Preserves crop biodiversity for future genera�ons.
• Supports scien�ﬁc research and breeding programs.
• Enhances food security and climate resilience through crop diversity.

3 Na�onal Geospa�al Mission: Na�onal Geospa�al Mission will be started to improve

founda�onal geospa�al infrastructure and data. Using PM Ga� Shak�, this Mission will
facilitate moderniza�on of land records, urban planning, and design of infrastructure projects
Overview
• Announced in Budget 2025-26 by the Finance Minister.
• Aims: Modernizing land records, enhancing urban planning.
• Leverages PM Ga� Shak� for geospa�al infrastructure & data.
• Addresses: Land disputes, ineﬃcient land use.

10 Exports as the 4th engine

1 Export Promo�on Mission:
- driven jointly by the Ministries of Commerce, MSME, and Finance
- It will facilitate easy access to export credit, cross-border factoring support, and support to
MSMEs to tackle non-tariff measures in overseas markets.
2 BharatTradeNet: A digital public infrastructure, ‘BharatTradeNet’ (BTN) for interna�onal trade will be
set-up as a unified pla�orm for trade documenta�on and financing solu�ons. This will complement the
Unified Logis�cs Interface Pla�orm. The BTN will be aligned with interna�onal prac�ces. This will
provide support for Global Supply Chains

1 FDI in Insurance Sector: Will be raised from 74 percent to 100 percent

The Condi�on: The FDI limit for the insurance sector will be increased from 74% to 100% for
companies which invest their en�re premium in India.
2 Credit Enhancement Facility by NaBFID: NaBFID will set up a ‘Par�al Credit Enhancement Facility’ for
corporate bonds for infrastructure.
NaBFID (Na�onal Bank for Financing Infrastructure and Development)
• Established: 2021 as a development ﬁnance ins�tu�on.
• Objec�ve:
o Bridge gaps in long-term infrastructure ﬁnancing.
o Strengthen bond & deriva�ves markets.
o Sustainably boost India's economy.
Par�al Credit Enhancement (PCE) - Budget 2025-26
• Opera�onal from April 2025.
• Enhances bond market development by upgrading corporate bond ra�ngs.
• Helps corporates access funds on beter terms.
• Essen�al for infrastructure projects → mobilizes cheaper funds.

3 Grameen Credit Score: Public Sector Banks will develop ‘Grameen Credit Score’ framework to serve the
credit needs of SHG members and people in rural areas
Grameen Credit Score (GCS) – Budget 2025-26
Overview
• Introduced in Union Budget 2025-26.
• Developed by Public Sector Banks to assess rural creditworthiness.
• Targets: Self Help Groups (SHGs), rural popula�ons.
Objec�ves
• Facilitates easier access to loans.

4 Investment Friendliness Index of States:

- An Investment Friendliness Index of States will be launched in 2025 to further the spirit of
compe��ve coopera�ve federalism
- The index, developed by NITI Aayog, will rank states on investment eﬃcacy, focusing on
opportunity and risk dimensions

5 Jan Vishwas Bill 2.0:

- In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized.
- Now, Jan Vishwas Bill 2.0 will be introduced to decriminalise over 100 provisions across mul�ple
laws.

6 India Post will be transformed as a large public logis�cs organisa�on and will be reposi�oned to
provide several services in rural areas.

12 Budget Highlights:
 Expenditure: The government is es�mated to spend Rs 50,65,345 crore in 2025-26. This is an increase of
7.4% over the revised es�mate of 2024-25. Interest payments account for 25% of the total expenditure,
and 37% of revenue receipts.

13 Main Tax Proposals in the Finance Bill:

- Changes in new income tax regime: Tax slabs under the new tax regime have been modiﬁed. The
proposed tax structure is shown in Table 1. Annual income of up to Rs 12 lakh will receive 100% rebate
on the taxable income. Earlier, this only applied to income of up to seven lakh rupees. The old tax regime
remains unchanged

Tax Slabs under New Tax Regime

Tax Rate Current Income Slab Proposed Income Slab
Nil Up to Rs 3 Lakh Up to Rs 4 lakh
5% Rs 3 lakh to Rs 7 lakh Rs 4 lakh to Rs 8 lakh
10% Rs 7 lakh to Rs 10 lakh Rs 8 lakh to Rs 12 lakh
15% Rs 10 lakh to Rs 12 lakh Rs 12 lakh to Rs 16 lakh
20% Rs 12 lakh to Rs 15 lakh Rs 16 lakh to Rs 20 lakh
25% - Rs 20 lakh to Rs 24 lakh
30% Above Rs 15 lakh Above Rs 24 lakh

15 RUPEE GOES TO: State Share of Taxes and Du�es (22%)

> Interest Payments (20%) > Central Sector Scheme
(excluding capital outlay on Defence and Subsidy)
(16%) > Defence (8%) = Finance Commission and Other
Transfers (8%) = Centrally Sponsored Scheme (8%) =
Other Expenditure (8%) > Major Subsidies (6%) >
Pensions (4%)

16 Expenditure of major Items:

Defence > Rural Development > Home Aﬀairs > Agriculture and Allied ac�vi�es > Educa�on > Health > Urban
Development > IT and Telecom > Energy > Commerce and Industry > Social Welfare > Scien�ﬁc Development.

17 Expenditure by Ministries

18 Expenditure on Subsidies
In 2025-26, the total expenditure on subsidies is es�mated to be Rs 4,26,216 crore, similar to the revised es�mate
of 2024-25.
• Food subsidy es�mated at Rs 2,03,420 crore and fer�liser subsidy at Rs 1,67,887 crore in 2025-26 together
cons�tute 87% of the total subsidy bill.
• LPG subsidy cons�tutes 3% of the total subsidy bill

19 Expenditure on Major Schemes (Absolute value)

MGNREGS has the highest alloca�on > Jal Jeevan Mission/Na�onal Rural Drinking Water Mission > PM KISAN

Increase in percentage Alloca�on of Major Scheme (Percentage increase)

Jal Jeevan Mission/Na�onal Rural Drinking Water Mission (195.2% increase) > New Employment Genera�on
Scheme (194.1% increase)

20 Loans to states for capital expenditure

The Centre has budgeted Rs 1,50,000 crore for special interest-free loans to states for capital expenditure in
2025-26. The same amount was budgeted in 2024-25, which has been reduced to Rs 1,25,000 crore in the revised
es�mates
Know this also a) Fiscal Deficit (FD) is the difference between total expenditure and total receipts (excluding Debt Capital Receipts).
FD is reflec�ve of the total borrowing requirement of Government.
b) Revenue Deficit (RD) refers to the excess of revenue expenditure over revenue receipts.

JOIN ME IN TELEGRAM – UPSC PRELIMS WITH NEELESH (AIIR 442 UPSC CSE 2021), Visit website for Prelims / Mains Handwriten Notes for UPSC. For
discussion on this pdf and other Youtube videos on CSAT / GEOGRAPHY /ECONOMY – Visit Youtube – CIVIL SERVICES WITH NEELESH
INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 29
c) Effec�ve Revenue Deficit (ERD) is the difference between Revenue Deficit and Grant-in-Aid for Crea�on of Capital
Assets.
d) Primary Deficit is measured as Fiscal Deficit less interest payments.
e) Effec�ve Capital Expenditure (Eff-Capex) refers to the sum of Capital Expenditure and Grants-in-Aid for Crea�on of
Capital Assets.
f) Expenditure which brings a change to the government’s assets or liabili�es (such as construc�on of roads or recovery
of loans) is capital expenditure, and all other expenses are revenue expenditure (such as payment of salaries or
interest payments).
g) Disinvestment is the government selling its stakes in Public Sector Undertakings (PSUs). In 2024-25, the government
is es�mated to meet 66% of its disinvestment target. The disinvestment target for 2025-26 is Rs 47,000 crore, lower
than the budget target of 2024-25 (Rs 50,000 crore). Disinvestment targets have reduced for the fi�h consecu�ve
year and have not been achieved in any of these years.

Know this In Budget 2025-26:

a) Revenue Receipt (Rs 3420409 Cr) > Capital Receipt (Rs 1644936 cr)
b) Tax Revenue > non-tax revenue (both are part of revenue receipt)
c) Fiscal Deficit (4.4%) > Revenue Deficit (1.5%) > Primary Deficit (0.8) > Effec�ve Revenue Deficit (0.3%)
d) Sources of Financing Fiscal Deficit – Market Borrowing (G-sec) has maximum share > Securi�es against small saving
> Other Receipt (Internal debts and public account) > State Provident Funds > Short term Borrowings (T-Bill etc)

Some more NOTE At many places where you are seeing one liner – these are actually PYQs asked in various years.
facts based on But I have not included the irrelavent details to keep this document concise.
previous year 1 Consider the following statements : (UPSC CSE 2017)
ques�ons (UPSC 1. Tax revenue as a percent of GDP of India has steadily increased in the last decade.
and other state 2. Fiscal deﬁcit as a percent of GDP of India has steadily increased in the last decade.
PSC) Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2

Answer – d
The answer to this ques�on could have been done via common sense too. In general, things ﬂuctuate. So, if
you do now know the answer, and wish to take risk, bet on ﬂuctua�on and not a steadily increase or steadily
decrese. In most of the cases, you will reach right answer.

Rest, here is the actual explana�on

Tax Revenue

Fiscal deﬁcit trend

2 Along with the Budget, the Finance Minister also places other documents before the Parliament which include
'The Macro Economic Framework Statement'. The aforesaid document is presented because this is mandated
by : Provisions of the Fiscal Responsibility and Budget Management Act, 2003 (UPSC CSE 2020)

3 Match List-I with List-II and select the correct answer using the code given below the Lists: (CDS (II) 2017)
List-I (Type of Deficit) List-II (Explana�on)
A. Fiscal Deficit 1. Total Expenditure - Revenue Receipts & Non-debt
Capital Receipts
B. Revenue Deficit 2. Revenue Expenditure - Revenue Receipts

Code:
A B C D
(a) 1 2 3 4
(b) 1 3 2 4
(c) 4 2 3 1
(d) 4 3 2 1

Answer: (a)
4 Fiscal deficit in the Union Budget means: (CAPF 2023)
(a) The difference between current expenditure and current revenue.
(b) Net increase in borrowings of the Union Government from the Reserve Bank of India.
(c) The sum of budgetary deficits and the net increase in internal and external borrowings.
(d) None of the above.

The correct answer is:

� (c) The sum of budgetary deficits and the net increase in internal and external borrowings.
• Fiscal Deficit represents the total borrowing requirement of the government.
• It occurs when the total expenditure of the government exceeds its total revenue (excluding
borrowings).
Formula for Fiscal Deficit: Fiscal Deficit=Total Expenditure− (Revenue Receipts + Non - Debt Capital Receipts)
• It is met through internal borrowing (like government bonds), external borrowing (from foreign
ins�tu�ons), and other liabili�es.

5 The concept which tries to ascertain the actual deﬁcit in the revenue account a�er adjus�ng for expenditure
of capital nature is termed as: (CDS (I) 2013)
(a) Revenue Deﬁcit

The correct answer is:

� (b) Effec�ve Revenue Deficit
• Effec�ve Revenue Deficit (ERD) is a concept that adjusts the revenue deficit by excluding grants
given for the crea�on of capital assets.
• It provides a more accurate picture of the actual revenue account deficit a�er accoun�ng for capital-
related expenditures.
• Formula: Effec�ve Revenue Deficit=Revenue Deficit−Grants for Crea�on of Capital Assets
• This concept was introduced in the Union Budget 2011-12 to beter reflect the government's revenue
posi�on.

Why are the other op�ons incorrect?

• (a) Revenue Deficit – It measures the difference between total revenue expenditure and total
revenue receipts, without adjus�ng for capital-related grants.
• (c) Fiscal Deficit – It is the total borrowing requirement of the government and includes both revenue
and capital deficits.
• (d) Primary Deficit – It is the Fiscal Deficit minus Interest Payments, showing the government’s
borrowing requirement excluding interest costs.
Final Answer:
� (b) Effec�ve Revenue Deficit ��

6 The Fiscal Responsibility and Budget Management Act, 2003 aims to bring down the fiscal deficit to a certain
percentage of GDP. What is the target fiscal deficit as per the Act? (SO (LDC) 2019-20)
(a) 3.5%
(b) 4.5%
(c) 5.5%
(d) 6.5%

As on date, the Fiscal Deﬁcit is the only opera�onal target for ﬁscal consolida�on. (Cau�on: - The word ONLY
is an extreme word – normally – we tend to say it is wrong but it is right.)

In RE 2024-25, the Government has revised its Fiscal Deficit target lower to 4.8 per cent of GDP. Further, in
line with the commitment made in the Budget Speech for FY 2021-22, the fiscal deficit to GDP in the FY 2025-
26 is projected at 4.4 per cent.

7 When was gender budge�ng ini�ated in India? - Union Budget, 2005-06 (66TH BPSC PRE 2020)
8 In India, which ministry formulates the ﬁscal policy? - Ministry of Finance
9 The controlling authority of government expenditure is – The Ministry of Finance (56th to 59th BPSC PRE 2015)
10 The following table shows the percentage distribu�on of revenue expenditure of Government of India in 1989-
90 and 1994-95: (UPSC CSE 1996)

Based on this table, it can be said that the Indian economy is in poor shape, because Union government
con�nues to be under pressure to :
(a) reduce expenditure on defence
(b) spend more and more on interest payments
(c) reduce expenditure on factors
(d) spend more and more on grants-in-aid to State governments/Union Territories
Answer – b

Expenditure on interest payment in 2025-26 is es�mated to be Rs 12,76,338 crore, which is 25.2% of the
government’s total expenditure

11 If we deduct grants for crea�on of capital assets from revenue deficit, we arrive at the concept of (CAPF
2013)
(a) Primary deficit (b) Net fiscal deficit
(c) Budgetary deficit (d) Effec�ve revenue deficit

The correct answer is:

� (d) Effec�ve Revenue Deficit
• Effec�ve Revenue Deficit (ERD) is calculated by subtrac�ng grants for the crea�on of capital assets
from the revenue deficit.
• It was introduced in the Union Budget 2011-12 to provide a beter measure of the revenue account
deficit, as certain grants given by the government are used for capital forma�on rather than rou�ne
revenue expenditure.
Formula: Effec�ve Revenue Deficit=Revenue Deficit−Grants for Crea�on of Capital Assets

12 Which one of the following expenditures is subtracted from Fiscal Deficit to arrive at Primary Deficit? (CDS (II)
2023)
(a) Defence expenditure (b) Expenditure on subsidies
(c) Interest payments (d) Pensions
The correct answer is:
� (c) Interest payments
• Primary Deficit is derived from Fiscal Deficit by subtrac�ng interest payments.
• It indicates the government's borrowing requirement excluding interest costs on past borrowings.

13 Who among the following, first mooted the idea of deficit financing? (CDS (I) 2022)
(a) Adam Smith (b) Alfred Marshall
(c) Johan Maynard Keynes (d) Milton Friedmans

The correct answer is:

� (c) John Maynard Keynes
• John Maynard Keynes, a Bri�sh economist, first mooted the idea of deficit financing as a tool for
economic growth and recovery, especially during the Great Depression of the 1930s.
• In his work "The General Theory of Employment, Interest, and Money" (1936), Keynes advocated
that during economic downturns, governments should increase spending (even if it leads to fiscal
deficits) to s�mulate demand and boost employment.
• His theory became the founda�on for Keynesian economics, which supports government
interven�on in the economy through deficit spending and fiscal policies.
Why are the other op�ons incorrect?
• (a) Adam Smith � – Known as the Father of Economics, he promoted laissez-faire (free market)
economics and opposed government interven�on. He did not support deficit financing.
• (b) Alfred Marshall � – A key figure in neoclassical economics, he focused on demand and supply
theories rather than deficit financing.
• (d) Milton Friedman � – A leader of monetarism, he opposed deficit financing and argued for
minimal government interven�on in the economy.
Final Answer:
� (c) John Maynard Keynes ��

14 The excess of total expenditure of Government over its total receipts, excluding borrowings, is knows as (CDS
(I) 2021)

The correct answer is:

� (b) Fiscal Deficit
Explana�on:
• Fiscal Deficit is the excess of total government expenditure over total receipts (excluding
borrowings).
• It indicates how much the government needs to borrow to meet its expenses.
Formula for Fiscal Deficit:
Fiscal Deficit = Total Expenditure− (Revenue Receipts + Non - Debt Capital Receipts)
• Here, borrowings are excluded from total receipts because they are a liability, not income.

15 Fiscal policy is concerned with which of the following? (MPPSC PRE 1996)
(a) The volume of currency that banks put in the economic system
(b) The policy regarding taxa�on and government expenditure
(c) The policy for regula�on of stock markets
(d) The policy for country's rela�ons with IMF

Answer – b
Fiscal policy is the use of government spending and taxa�on to inﬂuence the economy. Governments typically
use ﬁscal policy to promote strong and sustainable growth and reduce poverty.

16 Which one of the following is part of ﬁscal policy? (UKPSC PRE 2012)
(a) Produc�on policy (b) Tax policy
(c) Foreign policy (d) Interest rate policy

Answer -b
Taxa�on, public expenditure and public debt are the important instruments of Fiscal policy. In other words, a
policy related to public expenditure, taxa�on and public debt is called ﬁscal policy

Answer – b

The correct answer is (b) Increase in expenditure on public projects. Let's analyze each op�on in detail:
(a) Cut in tax rates accompanied by an increase in interest rate
• Cut in tax rates: This is an expansionary fiscal policy aimed at boos�ng demand by increasing disposable
income, which can help during a recession.
• Increase in interest rate: This is a contrac�onary monetary policy, which discourages borrowing and
investment.
• Since higher interest rates reduce money supply and economic ac�vity, this step is not a likely measure
during a recession.
(b) Increase in expenditure on public projects (Correct Answer)
• Government spending on public projects (like infrastructure, roads, schools, etc.) creates jobs and
increases demand, helping to s�mulate the economy.
• This is a key component of counter-cyclical fiscal policy, which governments use during recessions.
• Increased public spending leads to a mul�plier effect, boos�ng overall economic growth.
• This is the most likely step taken during a recession.
(c) Increase in tax rates accompanied by a reduc�on in interest rate
• Increase in tax rates: This is a contrac�onary fiscal policy that reduces disposable income, lowering
demand—this is the opposite of what is needed during a recession.
• Reduc�on in interest rate: This is an expansionary monetary policy, which encourages borrowing and
investment.
• However, increasing taxes during a recession will counteract the posi�ve effects of lower interest rates,
making this op�on unlikely.

18 The revenue es�mates of the Budget in India are prepared by : (JPSC PRE 2013)
(a) The Central Board of Direct Taxes (b) The Cabinet Secretariat
(c) The respec�ve commissions (d) The Ministry of Finance

Answer – d
The Department of Economic aﬀairs of Ministry of Finance is the nodal agency of the Union government to
formulate and monitor country's economic policies and programmes. A principal responsibility of this
department is the prepara�on and presenta�on of the Union Budget.

19 Which one of the following is responsible for the prepara�on and presenta�on of Union Budget to the
Parliament? (UPSC CSE 2010)
(a) Department of Revenue (b) Department of Economic Aﬀairs
(c) Department of Financial Services (d) Department of Expenditure
Answer – b

20 Economic Survey of India is published oﬃcially, every year by the : Ministry of Finance (UPSC CSE 1998)
21 Budget' is an instrument of - ﬁscal policy of the government (JPSC PRE 2013)

22 Which of the following is/are included in the Capital Budget of the Government of India? (UPSC CSE 2016)
1. Expenditure on acquisi�on of assets like roads, buildings, machinery etc.
2. Loan received from foreign governments
3. Loan and advances granted to the States and Union Territories.
Select the correct answer using the codes given below :
(a) 1 only (b) 2 and 3 only

Answer – d
The given informa�on is picked straight from BUDGET DOCUMENT (Remember it)
The Capital Budget comprises capital receipts and capital payments:
1. Capital Receipts:
 Loans raised by the Government (market loans).
 Borrowings by the Govt. through the sale of Treasury Bills.
 Foreign loans from governments and interna�onal bodies.
 Recoveries of loans from State/UT Governments and other par�es.
 Miscellaneous capital receipts etc.
2. Capital Payments:
 Capital expenditure on acquiring assets (e.g. land, buildings, machinery, etc.).
 Investments in shares and equi�es.
 Loans and advances given to State/UT Governments, Government companies, Corpora�ons,
and other en��es.

23 Which one of the following is not a component of ‘Capital Receipts? (UPSC IES 2019)
(a) Market borrowing including special bonds
(b) External loans raised by the Central Government from abroad
(c) Receipts from taxes on property and capital transac�ons
(d) Provident Funds (State Provident Funds and Public Provident Fund)

Answer – c
The correct answer is:
(c) Receipts from taxes on property and capital transac�ons
Capital Receipts refer to the inﬂows that either create liabili�es (like borrowings) or result in a reduc�on of
assets (like disinvestment). They do not include regular tax revenues, which are considered Revenue Receipts.

Components of Capital Receipts:

24 Which of the following is a part of the capital receipt of the Government of India? (CAPF 2024)
1. Disinvestment receipts
2. Interest receipts
3. Small savings
4. Net market borrowing
Select the answer using the code given below:
(a) 1 and 3 only (b) 2 and 4 only
(c) 1, 2, 3 and 4 (d) 1, 3 and 4 only

Answer (d) 1, 3 and 4 only

Capital Receipts are government receipts that either create liabili�es or reduce assets. Let’s analyze each
op�on:
1. Disinvestment Receipts � (Capital Receipt)
o Disinvestment involves selling government-owned assets (PSU shares), reducing government
assets.
o Since it reduces government assets, it is classiﬁed as a Capital Receipt.
2. Interest Receipts � (Revenue Receipt, Not Capital Receipt)

25 Which of the following come under Non-Plan Expenditure? (UPSC CSE 1995, 1997)
1. Subsidies
2. Interest payments
3. Defence expenditure
4. Maintenance expenditure for the infrastructure created in the previous plans
Choose the correct answer using the codes given below:
(a) 1 and 2 (b) 1 and 3
(c) 2 and 4 (d) 1 , 2, 3 and 4

Answer - d
Earlier (before Union Budget 2017-18) in the budget es�mates, there was plan and non-plan classiﬁca�on of
the Government's expenditure.
Non-Plan expenditure of the Government consisted of subsidies, interest payments, defence services
expenditure, maintenance expenditure for the infrastructure created in the previous plans, salaries and
pensions payments, statutory transfers to the States and U.T. Governments etc. While all expenditure done
in the name of planning (i.e. Five Year Plans) were called Plan Expenditures.

26 With reference to Union Budget, which of the following is/are covered under Non-Plan Expenditure?
(UPSC CSE 2014)
1. Defence expenditure
2. Interest payments
3. Salaries and pensions
4. Subsidies
Select the correct answer using the code given below :
(a) 1 only (b) 2 and 3 only
(c) 1, 2, 3 and 4 only (d) None

Answer – c
See the explana�on in above ques�on

27 In which of the following budget, the Railway Budget was merged with the Union Budget in India?
(RAS/RTS PRE 2021)
(a) Budget 2019 – 20 (b) Budget 2018 – 19
(c) Budget 2016 – 17 (d) Budget 2017 – 18

Answer – d
See the explana�on above

28 There has been a persistent deﬁcit budget year a�er year. Which ac�on/ac�ons of the following can be taken
by the Government to reduce the deﬁcit? (UPSC CSE 2016)
1. Reducing revenue expenditure

Answer – c

To reduce a persistent budget deficit, the government can take ac�ons that either increase revenue or
decrease expenditure. Let's analyze the given op�ons:
1. Reducing revenue expenditure – � Correct
o Revenue expenditure includes interest payments, subsidies, and administra�ve expenses.
Cu�ng down on unnecessary spending can help reduce the deficit.
2. Introducing new welfare schemes – � Incorrect
o New welfare schemes increase government expenditure, which would worsen the deficit rather
than reduce it.
3. Ra�onalizing subsidies – � Correct
o Ra�onalizing (op�mizing) subsidies means reducing unnecessary subsidies or making them
more targeted, which helps in reducing expenditure and, consequently, the deficit.
4. Reducing import du�es – � Incorrect
o Import du�es generate revenue for the government. Reducing them would decrease revenue,
thereby increasing the deficit instead of reducing it.
Correct Answer:
(c) 1 and 3 only
29 There has been a persistent deficit budget year a�er year, which of the following ac�on/ac�ons can be taken
by the government to reduce the deficit? (UPSC CSE 2015)
1. Reducing revenue expenditure
2. Introducing new welfare schemes
3. Ra�onalizing subsidies

Answer – a
Check the explana�on above

30 In the context of governance, consider the following : (UPSC CSE 2010)

1. Encouraging Foreign Direct Investment inflows
2. Priva�za�on of higher educa�onal ins�tu�ons
3. Down-sizing of bureaucracy
4. Selling/offloading the shares of Public Sector Undertakings
Which of the above can be used as measures to control the fiscal deficit in India?
(a) 1, 2 and 3 (b) 2, 3 and 4
(c) 1, 2 and 4 (d) 3 and 4 only

Answer – d
Control over the fiscal deficit can be achieved by the ins�tu�onal reforms. Down-sizing of bureaucracy will
reduce the government expenditure, while selling/offloading the shares
of PSUs will increase the government receipts. Hence these two measures can be used to control the fiscal
deficit in India.
Priva�sa�on of higher educa�onal ins�tu�ons may improve the situa�on but its impact may not be effec�ve
in reduc�on of fiscal deficit.
Without knowing the des�na�on and the effect of FDI inflows, it is difficult to determine its actual impact on
the fiscal deficit.
Thus, op�on (d) is the correct answer.

31 With reference to the Indian Public Finance, consider the following statements : (UPSC CSE 2002)
1. External liabili�es reported in the Union Budget are based on historical exchange rates.

Answer – c
Let's analyze each statement carefully in the context of Indian Public Finance:
1. External liabili�es reported in the Union Budget are based on historical exchange rates. This is
incorrect. External liabili�es reported in the Union Budget are not based on historical exchange rates.
These are based on current or floa�ng exchange rate.
2. The con�nued high borrowing has kept the real interest rates high in the economy.
 This is generally true. High government borrowing can lead to higher real interest rates as it
competes for funds in the financial market, poten�ally crowding out private investment.
3. The upward trend in the ra�o of Fiscal Deficit to GDP in recent years has an adverse effect on private
investments.
 This is correct. A rising fiscal deficit can crowd out private investments by increasing interest
rates and reducing the availability of credit for private businesses.
4. Interest payments is the single largest component of non-plan revenue expenditure of the Union
Government.
 This is correct. Interest payments on past borrowings form a major part of non-plan revenue
expenditure in India's budget.
Correct Answer: c (2, 3 and 4 only)
Hence, statement 1 is incorrect while statement 2, 3 and 4 are correct.

32 Consider the following budget deﬁcits of Central Government : (UP Lower Sub PRE 2002, 2003)
1. Primary deﬁcit

List I (Term) List II (Explana�on)

A. Fiscal deficit 1. Excess of Total Expenditure over Total Receipts
B. Budget deficit 2. Excess of Revenue Expenditure over Revenue Receipts
C. Revenue deficit 3. Excess of Total Expenditure over Total Receipts less borrowings
D. Primary deficit 4. Excess of Total Expenditure over Total Receipts less borrowings and
Interest Payments

Codes :
ABCD
(a) 3 1 2 4 (b) 4 3 2 1
(c) 1 3 2 4 (d) 3 1 4 2
Answer – a
The excess of Government's total expenditure (both revenue and capital) over total receipts (both revenue and
capital) cons�tutes budget deficit. From the 1997-98 Budget, the prac�ce of showing budget deficit has been
discon�nued in India.
The excess of Government's revenue expenditure over revenue receipts cons�tutes revenue deficit.

Note : In the Budget documents 'gross fiscal deficit' and 'gross primary deficit' have been referred to in
abbreviated form 'fiscal deficit' and 'primary deficit', respec�vely.
In short,
Budget deficit = Total expenditure – Total receipts
Revenue deficit = Revenue expenditure – Revenue receipts
Fiscal deficit = Total expenditure – Total income / revenue
(Revenue receipts + Non-debt crea�ng capital receipt)
= Total expenditure – [Total receipts less borrowings (debt and other liabili�es)]
= Budget deficit + Internal and external borrowings
Primary deficit = Fiscal deficit – Interest payments

34 Fiscal deﬁcit in the Union budget means : (UPSC CSE 1994)

(a) the sum of budgetary deficit and net increase in internal and external borrowings
(b) the difference between current expenditure and current revenue
(c) the sum of mone�zed deficit and budgetary deficit
(d) net increase in Union Government's borrowings from the Reserve Bank of India
Answer – a

Fiscal deﬁcit = Total expenditure – Total income / revenue

(Revenue receipts + Non-debt crea�ng capital receipt)
= Total expenditure – [Total receipts less borrowings (debt and other liabili�es)]
= Budget deﬁcit + Internal and external borrowings

35 Asser�on (A) : Fiscal deﬁcit is greater than budgetary deﬁcit. (UPSC CSE 1999)

Answer – a
Fiscal deficit is greater than budgetary deficit, because where budgetary deficit is a difference between total
receipts and total expenditure of the Government, the fiscal deficit has been the difference between total
income and total expenditure of the Government. Public debt and other liabili�es are the receipts of
Government but they are not income, because the government have responsibility to return them. Hence fiscal
deficit is greater than budget deficit

36 If interest payment is added to primary deficit, it is equivalent to : Fiscal deficit (UPPSC PRE 2010)
37 Revenue deficit in India implies that: the Indian Government needs to borrow in order to
finance its expenses which do not create capital assets (66TH BPSC PRE 2020)
38 Consider the following statements : (UPPSC Spl. Mains 2004)
Asser�on (A) : There is a history of fiscal deficit in Central Government budgets in India.
Reason (R) : Indian agriculture has enjoyed large amount of subsidies compared to Western countries.
Select the correct answer using the code given below :
Code :
(a) Both (A) and (R) are true, and (R) is the correct explana�on of (A)
(b) Both (A) and (R) are true, but (R) is not a correct explana�on of (A)
(c) (A) is true, but (R) is false
(d) (A) is false, but (R) is true
There is a history of fiscal deficit in Central Government budgets in India. Hence, Asser�on (A) is correct.While
Reason (R) is wrong because India's subsidies to its agriculture sector are quite low as compared to Western
countries. So op�on (c) is correct answer.

Answer – a
Deficit financing means genera�ng funds to finance the deficit, which results from excess of expenditure over
revenue. The gap being covered by borrowing from the public by the sale of bonds or prin�ng new currency
notes. Prin�ng new currency notes increases the flow of money in the economy. This leads to increase in
infla�onary pressures which leads to rise of prices of goods and services in the country. Deficit financing is
inherently infla�onary. Since deficit financing raises aggregate expenditure and, hence, increases aggregate
demand in comparison to supply of goods and services, the danger of infla�on looms large. Hence, both (A)
and (R) are true, and (R) is the correct explana�on of (A).

40 What is the effect of deficit financing on economy? (UPPSC PRE 2016)

(a) Reduc�on in taxes (b) Increase in Wages
(c) Increase in money supply (d) Decrease in money supply

Answer – c
Deficit financing means genera�ng funds to finance the deficit, which results from excess of expenditure over
revenue. So, it will increase the money supply.
The gap being covered by borrowing from the public by the sale of bonds or prin�ng new currency notes.
Prin�ng new currency notes increases the flow of money in the economy. This leads to increase in infla�onary
pressures which leads to rise of prices of goods and services in the country. Deficit financing is inherently
infla�onary. Since deficit financing raises aggregate expenditure and, hence, increases aggregate demand in
comparison to supply of goods and services, the danger of infla�on looms large.

Answer – d
Among all the deficit financing methods, the crea�on of new money to finance a budget deficit is the most
infla�onary in its effects because it creates more money supply in the market while the amount of goods does
not change and that creates high infla�on in the economy. On the other
hand, borrowing from the public or banks will decrease the money supply. Hence, op�on (d) is the correct
answer.

42 In India, deﬁcit ﬁnancing is used for raising resources for : (UPSC CSE 2013)
(a) economic developmentn (b) redemp�on of public debt
(c) adjus�ng the balance of payments (d) reducing the foreign debt

Answer – a
As in country like India, the main objec�ve of deficit financing is to encourage economic development in the
country. It is considered as the most popular method of raising addi�onal resources for economic development.
The erstwhile Planning Commission has defined the term as "deficit financing is used to denote the direct
addi�on to gross na�onal expenditure through budget deficit whether the deficits are on the revenue account
or on capital account." In the developing countries, it becomes mandatory for financing of development
schemes, while for the
developed countries it is used as a tool of economic policy to emerge the economy from economical stress.

43 Statement (A) : A big source of deﬁcit in the Government’s budget is the ﬁnancial subsidy.

Answer – c
Statement (A) is correct, because during the ques�on period India was providing about 12 percent of its
expenditure as financial subsidy (in Union Budget 2020-21 subsidy was about 8.62% of total expenditure),
which was a major source of budget deficit. Reason (R) is incorrect, because western countries provide much
higher financial aid to their agriculture sector than India.

Your task – see this ques�on in relevant of this budget and answer it.

44 The Indian Parliament exercises control on the audit of the Budget through its (JPSC PRE 2013)
(a) Es�mates Commitee (b) Public Accounts Commitee
(c) Privileges Commitee (d) Audit Review Commitee

Answer – b

The Indian Parliament exercises control on the audit of the Budget through its Public Accounts Commitee. The
Public Accounts Commitee scru�nizes appropria�on and ﬁnance account of Government and reports of the
Comptroller and Auditor General. The Public Accounts Commitee consists of not more than 22 members (15
from Lok Sabha and 7 from Rajya Sabha). In 1967, for the ﬁrst �me, a member from the opposi�on in Lok
Sabha, was appointed as the Chairman of
the Commitee by the Speaker. This prac�ce con�nues �ll date.

Answer – c
The FRBM Review Commitee headed by N.K. Singh was appointed by the government to review the
implementa�on of FRBM Act. In its report submited in January 2017, the Commitee suggested that the
combined debt-to-GDP ra�o of the Centre and States should be brought down to 60 percent by 2023
(comprising of 40 percent for the Centre and 20 percent for States) as against the exis�ng 49.4 percent and 21
percent respec�vely. Hence, statement 1 is correct
but statement 2 is incorrect.
As per the Ar�cle 293(3) of the Cons�tu�on of India, a State may not without the consent of the Government
of India raise any loan if there is s�ll outstanding any part of a loan which has been made to the State by the
Government of India or by its predecessor Government, or in respect of
which a guarantee has been given by the Government of India or by its predecessor Government. Hence,
statement 3 is also correct. So op�on (c) is the correct answer.

46 Which one of the following was not s�pulated in the Fiscal Responsibility and Budget Management Act, 2003?
(UPSC CSE 2010)
(a) Elimina�on of revenue deficit by the end of the fiscal year 2007-08
(b) Non-borrowing by the central government from Reserve Bank of India except under certain circumstances
(c) Elimina�on of primary deficit by the end of the fiscal year 2008-09

Answer – c
The elimina�on of primary deﬁcit by the end of the ﬁscal year 2008-09 was not s�pulated in the Fiscal
Responsibility and Budget Management Act, 2003. Other op�ons are correct as per the provisions of ques�on
period.

Note – your task is to check the startements in the context of current status.

47 With reference to India’s decision to levy an equaliza�on tax of 6% on online adver�sement services oﬀered
by non-resident en��es, which of the following statements is/are correct? (UPSC CSE 2019)
1. It is introduced as a part of the Income Tax Act.
2. Non-resident en��es that oﬀer adver�sement services in India can claim a tax credit in their home country
under the ‘‘Double Taxa�on Avoidance Agreements’’.
Select the correct answer using the code given below :
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2

Answer – d
Equaliza�on tax is a levy imposed on certain speciﬁed digital services provided by a non-resident to a resident
in India, which was introduced by Chapter-VIII of the Finance Act, 2016. It does not form a part of Income Tax
Act, 1961 and it has its existence similar to Service Tax under a Finance Act.

Since equaliza�on tax is outside the scope of ‘Double Taxa�on Avoidance Agreements’ (as it is not a part of
Indian Income Tax), the non-resident en��es that oﬀer online adver�sement services in India cannot claim a
tax credit in their home countries under these agreements. Hence, both of the given statements are incorrect.

48 A decrease in tax to-GDP- ra�o of a country indicates which of the following? (UPSC CSE 2015)
1. Slowing economic growth rate
2. Less equitable distribu�on of Na�onal Income

Answer – a
The tax-to-GDP ra�o measures a na�on's tax revenue rela�ve to the size of its economy. This ra�o is used with
other metrics to determine how well a na�on's government directs its economic resources via taxa�on.
Developed na�ons typically have higher tax-to-GDP ra�os than developing na�ons. Higher tax revenues mean
a country can spend more on improving infrastructure, health, and educa�on—keys to the long-term prospects
for a country's economy and people.
According to the World Bank, tax revenues above 15% of a country's gross domes�c product (GDP) are a key
ingredient for economic growth and poverty reduc�on. Same way, decrease in tax to-GDP- ra�o of a country
indicates indicate – slowing economic growth rate. So, statement 1 is true.
If the distribu�on of na�onal income is not equitable, it may mean a perennial low tax-GDP ra�o, but it could
not mean a decrease in tax-GDP ra�o over the years. A decrease in tax-GDP ra�o is a short-term phenomenon
and it can be aﬀected by a number of reasons including tax avoidance,
tax evasion, less eﬃcient methods of tax collec�on etc. as well as by structural reasons. Hence, statement 2 is
incorrect.

49 A redistribu�on of income in a country can be best brought about through: (IAS PRE 1996)
(a) progressive taxa�on combined with progressive expenditure
(b) progressive taxa�on combined with regressive expenditure
(c) regressive taxa�on combined with regressive expenditure
(d) regressive taxa�on combined with progressive expenditure

Answer – a
Redistribu�on of income and wealth are respec�vely the transfer of income and wealth (including physical
property) from some individuals to others by means of taxa�on, monetary policies, welfare policies, public
services, land reforms etc. This can be achieved with a combina�on of
progressive taxa�on and progressive expenditure.

50 Which one of the following statements regarding the levying, collec�ng and distribu�on of Income Tax is
correct? (UPSC CSE 1999)
(a) The Union levies, collects and distributes the proceeds of income tax between itself and the States
(b) The Union levies, collects and keeps all the proceeds of income tax to itself
(c) The Union levies and collects the tax but all the proceeds are distributed among the States
(d) Only the surcharge levied on income tax is shared between the Union and the States

Answer – a
The Union levies and collects the income tax, but its net proceeds with other Central taxes and du�es are
distributed between the Union and the States as per the recommenda�ons of the Finance Commission

51 Which of the following statements are true for the Income Tax in India ? (UPPSC MAINS 2004)
I. It is a progressive tax
II. It is a direct tax
III. It is collected by the State Governments
IV. It is a propor�onal tax
Code :
(a) only I is correct (b) only I and II are correct
(c) I, II and III are correct (d) II, III and IV are correct

Answer – b

52 Corpora�on tax : (UPSC CSE 1995)

(a) is levied and appropriated by the States
(b) is levied by the Union and collected and appropriated by the States
(c) is levied by the Union and shared by the Union and the States
(d) is levied by the Union and belongs to it exclusively

Answer – c
With reference to the ques�on period corpora�on tax was levied by the Union and belongs to it exclusively. At
present, corpora�on tax is levied and collected by the Union but shared with the States with other central taxes
and du�es. As per the recommenda�ons of the Finance Commission

53 The Minimum Alterna�ve Tax (MAT) was introduced in the Budget of the Government of India for the year:
(UPSC CSE 1997)
(a) 1991-92 (b) 1992-93
(c) 1995-96 (d) 1996-97

Answer – d
The Minimum Alterna�ve Tax (MAT) is a tax first introduced in India by the Union Budget 1987-88 (Finance Act,
1987) with effect from assessment year 1988-89. Later on, it was withdrawn by the Finance Act, 1990 and then
reintroduced by the Union Budget 1996-97 (Finance Act, 1997) with effect from 1 April, 1997. The objec�ve of
introduc�on of MAT is to bring into the tax net 'zero tax companies' which in spite of having earned substan�al
book profits and having paid handsome dividends, do not pay any tax due to various tax concessions and

54 Which one of the following is not a feature of 'Value Added Tax' ? (UPSC CSE 2011)
(a) It is a mul�-point des�na�on based system of taxa�on.
(b) It is a tax levied on value addi�on at each stage of transac�on in the produc�on-distribu�on chain.
(c) It is a tax on the ﬁnal consump�on of goods or services and must ul�mately be borne by the consumer.
(d) It is basically a subject of the Central Government and the State Governments are only a facilitator for its
successful implementa�on.

Answer – d
The main objec�ve behind the introduc�on of VAT (Value Added Tax) was to eliminate the presence of double
taxa�on, and the cascading effect from the then exis�ng sales tax structure. The features of VAT are : (i) It is a
tax levied on value addi�on at each stage of transac�on in the produc�on- distribu�on chain. (ii) It is a mul�-
point des�na�on based system of taxa�on. (iii) It is a tax on the final consump�on of goods or services and
must ul�mately be borne by the consumer. VAT was introduced into the Indian taxa�on system from 1 April,
2005. Each State has its own VAT laws for proper implementa�on and levying of VAT. To completely eliminate
the cascading affect of taxes and to make the indirect tax structure simpler, the Central Government
introduced the Goods and Services Tax (GST) in July 2017. Some goods are s�ll not covered under the GST. VAT
con�nues to be the tax levied on such goods.

55 Consider the following : (IAS PRE 2009)

1. Fringe Beneﬁt Tax
2. Interest Tax
3. Security Transac�on Tax
Which of the above is/are Direct Tax/Taxes?
(a) 1 only (b) 1 and 3 only
(c) 2 and 3 only (d) 1, 2 and 3

Answer – d

JOIN ME IN TELEGRAM – UPSC PRELIMS WITH NEELESH (AIIR 442 UPSC CSE 2021), Visit website for Prelims / Mains Handwriten Notes for UPSC. For
discussion on this pdf and other Youtube videos on CSAT / GEOGRAPHY /ECONOMY – Visit Youtube – CIVIL SERVICES WITH NEELESH
INDIA BUDGET (2025-26) C I V I L S E R V I C E S W I T H N E E L E S H | 58
Direct Taxes: A direct tax is a kind of charge, which is imposed directly on the taxpayer and paid directly to the
government by the persons/en��es on whom it imposed. A direct tax is one that cannot be shi�ed by the
taxpayer to someone else. Examples : Income Tax, Corpora�on Tax,
Property Tax, Wealth Tax, Inheritance (Estate) Tax, Gi� Tax etc.
Fringe Benefit Tax (FBT) was a form of direct tax that companies paid in lieu of benefits they offered their
employees in addi�on to the compensa�on paid to them. It was included by the Finance Act 2005. The Finance
Act 2009, abolished FBT completely, and now such prequisites are taxable in the hands of employees.
Interest Tax was also an indirect tax under the Interest Tax Act, 1974. At present, interests from deposits are
included in taxable income as income from other sources.
Securi�es Transac�on Tax (STT) is levied on gains from securi�es such as equi�es, op�ons and futures done in
the domes�c stock exchanges. It is a direct tax that the Central Government levies and collects. STT was
introduced in the year 2004-05 (w.e.f. from 1 October, 2004) to mi�gate tax
evasion in case of capital gains. Some�mes it is considered as an indirect tax because it is imposed on a broker
rather than the investor/trader directly. MOSPI also classified it under the indirect taxes. However, it is under
the purview of the CBDT and its proceeds has been included in the direct tax collec�ons.

56 The sales tax you pay while purchasing a toothpaste is a (UPSC CSE 2014)
(a) Tax imposed by the Central Government
(b) Tax imposed by the Central Government but collected by the State Government
(c) Tax imposed by the State Government but collected by the Central Government
(d) Tax imposed and collected by the State Government

Answer – d
During the ques�on period, Sales tax was a form of indirect tax imposed on the sale and purchase of goods
within India. The tax imposed on the sale and purchase of goods within the State was called Sales Tax while
the Central Sales Tax was charged by the Central Government for the inter-state transfers. Hence, the sales tax
we had to pay while purchasing a tooth paste during the ques�on period, was a tax imposed and collected by
the State Government. Sales tax (or VAT) has been replaced by the Goods and Services Tax (GST) since 1 July,
2017. Under the GST regime, when the supply of goods or services happens within a State called intra-state
transac�ons, then both the CGST (Central GST) and SGST (State GST) will be collected. Whereas if the supply

57 Consider the following: (2023)

1. Demographic performance
2. Forest and ecology
3. Governance reforms
4. Stable government
5. Tax and fiscal efforts
For the horizontal tax devolu�on, the Fi�eenth Finance Commission used how many of the above as criteria
other than popula�on area and income distance?
(a) Only two (b) Only three
(c) Only four (d) All five

Answer – b
Based on principles of need, equity and performance, overall devolu�on formula is as follows.
Criteria Weight (%)
1. Popula�on 15.0
2. Area 15.0
3. Forest & ecology 10
4. Income distance 45
5. Tax & fiscal efforts 2.5
6.Demographic performance 12.5
On horizontal devolu�on, while 15th FC agreed that the Census 2011 popula�on data beter represents the
present need of States, to be fair to, as well as reward, the States which have done beter on the demographic
front, 15th FC has assigned a 12.5 per cent weight to the demographic performance criterion. XVFC has re-
introduced tax effort criterion to reward fiscal performance.

Answer – d

59 The primary func�on of the Finance Commission in India is to : (UPSC PRE 2000)
(a) distribute revenue between the Centre and the States
(b) prepare Annual Budget
(c) advice the President on ﬁnancial maters
(d) allocate funds to various ministries of the Union and State Governments

Answer – a
The Finance Commission is cons�tuted by the President under Ar�cle 280 of the Cons�tu�on, mainly to give
its recommenda�ons on distribu�on of tax revenues between the Union and the States and amongst the states
themselves. Two dis�nc�ve features of the commission's work involves redressing the ver�cal imbalances
between the taxa�on powers and expenditure responsibili�es of the Centre and the States respec�vely and
equaliza�on of all public services across the States.

60 With reference to the Fourteenth Finance Commission, which of the following statements is/are correct?
(UPSC CSE 2015)
1. It has increased the share of States in the Central divisible pool from 32 percent to 42 percent.
2. It has made recommenda�ons concerning sectorspeciﬁc grants.
Select the correct answer using the code given below :
(a) 1 only (b) 2 only
(c) Both 1 and 2 (d) Neither 1 nor 2

Answer – a

Note – you must read the recommenda�on of 15th Finance Commission

15TH Finance Commission recommenda�ons are important now

a) The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that
for 2020-21. This is less than the 42% share recommended by the 14th Finance Commission for 2015-20
period. The adjustment of 1% is to provide for the newly formed union territories of Jammu and Kashmir,
and Ladakh from the resources of the centre.
b) Over the 2021-26 period, the following grants will be provided from the centre’s resources
- Revenue deficit grant
- Sector Specific grant
- State Specific Grant
- Grant to local bodies

61 Which of the following is/are among the no�ceable features of the recommenda�ons of the Thirteenth Finance
Commission : (UPSC CSE 2012)
1. A design for the Goods and Services Tax, and a compensa�on package linked to adherence to the proposed
design
2. A design for the crea�on of lakhs of jobs in the next ten years in consonance with India’s demographic
dividend
3. Devolu�on of a speciﬁed share of central taxes to local bodies as grants
Select the correct answer using the codes given below:
(a) 1 only (b) 2 and 3 only
(c) 1 and 3 only (d) 1, 2 and 3

Note – you must read about recommenda�on of 15th Finance Commission

62 Consider the following ac�ons by the government: (UPSC CSE 2010)

1. Cu�ng the tax rates
2. Increasing the government spending
3. Abolishing the subsidies
In the context of economic recession, which of the above ac�ons can be considered a part of the ‘ﬁscal
s�mulus’ package?
(a) 1 and 2 only (b) 2 only
(c) 1 and 3 only (d)1, 2 and 3

Answer – a
The correct answer is:
(a) 1 and 2 only.
A ﬁscal s�mulus refers to government measures aimed at boos�ng economic ac�vity during a recession by
increasing demand, investment, and consump�on.
1. Cu�ng tax rates (�� Yes - Fiscal S�mulus)
 Lowering tax rates increases disposable income for individuals and businesses, encouraging
higher spending and investment, which boosts economic ac�vity.
2. Increasing government spending (� � Yes - Fiscal S�mulus)
 When the government spends more on infrastructure, social programs, or direct transfers, it
s�mulates demand and creates jobs, helping the economy recover.
3. Abolishing subsidies (� No - Not a Fiscal S�mulus)

63 ‘Fiscal policy’ means (UPSC IES 2019)

(a) Balancing the revenue collec�on and expenditure
(b) Establishing equilibrium between demand and supply of goods and services
(c) Use of taxa�on, public borrowing and public expenditure by Government for purposes of ‘stabiliza�on’
or ‘development’
(d) Deﬁciency as an instrument of growth

The correct answer is:

(c) Use of taxa�on, public borrowing and public expenditure by Government for purposes of ‘stabiliza�on’
or ‘development’
Fiscal policy refers to the government's use of taxa�on, public spending, and
borrowing to influence a country's economic condi�ons, including growth, infla�on, and
employment. It is mainly used for stabiliza�on (counterac�ng economic fluctua�ons) and development
(boos�ng economic growth and infrastructure).

Other op�ons are incorrect because:

(a) Balancing revenue and expenditure – While fiscal policy involves government revenue and
expenditure, it does not necessarily mean a strict balance.
(b) Equilibrium between demand and supply – This is more related to monetary policy rather than fiscal
policy.
(c) Deficiency as an instrument of growth – Fiscal policy can some�mes involve deficit spending, but it is
not solely about deficiency.

64 Fiscal policy in India a formulated by (CDS (I) 2012)

(a) The Reserve Bank of India (b) The planning commission
(c) The Finance Ministry (d) The Securi�es and Exchange Board of India

Why the other op�ons are incorrect?

(a) The Reserve Bank of India (RBI) – RBI is responsible for monetary policy, which involves managing
money supply, interest rates, and infla�on control.
(b) The Planning Commission – This body was responsible for economic planning, but it was replaced by
NITI Aayog in 2015 and did not directly formulate fiscal policy.
(c) The Securi�es and Exchange Board of India (SEBI) – SEBI regulates the securi�es market, ensuring
transparency and investor protec�on, but does not formulate fiscal policy.

65 Which one of the following has the largest contribu�on to the Gross Tax Revenue of Government of India in
2019-20 (BE)? (CAPF 2020)
(a) Goods and Services (b) Tax Corpora�on Tax
(c) Customs (d) Union Excise Du�es

Answer (a)

66 The following are some important sources of tax revenue for the Union Government in India: (CAPF 2013)
1. Corpora�on tax
2. Customs
3. Union excise du�es
4. Service tax
Arrange the aforesaid source of revenue in ascending order as per the Budget Es�mates for 2013-14
(a)1-2-3-4 (b)1-2-4-3
(c)2-1-3-4 (d) 4-3-2-1

As per Budget 2056-26 BE- 1 – 3 – 2 (Note – Service tax value is not given separately as it is now merged
under GST)

67 As per the Budget Es�mates of 2019-20, the following are some of the important sources of tax receipts for
the Union Government: (CDS (2) 2020)
1. Corpora�on Tax
2. Taxes on Income other than Corpora�on Tax
3. Goods and Services Tax
4. Union Excise Du�es
Which one of the following is the correct descending order of the foresaid tax receipts as a percentage of
GDP?
(a) 1, 2, 3, 4 (b) 1, 3, 2, 4
(c) 3, 2, 1, 4 (d) 2, 4, 3, 1

As per Budget 2056-26 BE

68 Arrange the following sources of revenue of the Central Government in ascending manner in terms of
percentage contribu�on to the total revenues of the Central Government in 2023-24 (CAPF 2024)
(a) Union Excise Duty, Custom, Corpora�on Tax, GST
(b) Custom, Union Excise Duty, GST, Corpora�on Tax
(c) Custom Union Excise Duty, Corpora�on Tax, GST
(d) Custom, GST, Union Excise Duty, Corpora�on Tax

As per Budget 2056-26 BE

69 Which one the following has the largest contribu�on to the Gross Tax Revenue of Government of India in
2019-20 (BE)? (CAPF 2020)
(a) Goods and Services Tax (b) Corpora�on Tax
(c) Customs (d) Union Excise Du�es

70 What is itat e-dwar ? (CDS (2) 2021)

(a) An Urdu magazine published from Lucknow
(b) An e-ﬁling portal Income Tax Appellate Tribunal
(c) A religious monument
(d) Name of a UNESCO world heritage site

The correct answer is:

(b) An e-filing portal of the Income Tax Appellate Tribunal
ITAT e-Dwar is a digital pla�orm launched by the Income Tax Appellate Tribunal (ITAT) in India to facilitate
online filing of appeals, paperless proceedings, and virtual hearings. This ini�a�ve is aimed at enhancing
transparency, reducing paperwork, and improving the efficiency of the tax dispute resolu�on process.
Why the other

The correct answer is: (a) 1, 2, and 3

A direct tax is a tax that is directly paid by individuals or en��es to the government and cannot be shi�ed to
others. In India, the following are considered direct taxes:
1. Corpora�on Tax – A tax on the income or proﬁts of corpora�ons.
2. Tax on Income (Income Tax) – A tax levied on individual and business earnings.
3. Wealth Tax – Previously imposed on individuals' net wealth but abolished in 2015.

Why the other op�ons are incorrect?

• Customs Duty (4) and Excise Duty (5) are indirect taxes.
 Customs Duty is levied on imports and exports.
 Excise Duty (earlier on manufacturing goods) was replaced by GST in 2017.
Thus, the correct answer is (a) 1, 2, and 3.

List of direct taxes in India

Direct Tax Status Applicable to
Income Tax Ac�ve Individuals, HUFs, Firms
Corporate Tax Ac�ve Companies
Securi�es Transac�on Tax Ac�ve Stock market transac�ons
(STT)
Capital Gains Tax Ac�ve Investors, asset sellers

List of Indirect taxes in India

Indirect Tax Status

GST (CGST, SGST, IGST UTGST) Ac�ve
Customs Duty Ac�ve
Excise Duty Ac�ve (only on fuel, tobacco, liquor)
Stamp Duty Ac�ve
Entertainment Tax Merged into GST
VAT Ac�ve (only on fuel & liquor)
Toll Tax & Road Tax Ac�ve
Property Tax Ac�ve
Professional Tax Ac�ve
Swachh Bharat Cess Abolished

72 Which one among the following is not a source of tax revenue for the Central Government in India? (CDS
2014)
(a) Income tax (b) Customs du�es
(c) Service tax (d) Motor Vehicle tax

The correct answer is:

(d) Motor Vehicle Tax

73 Which one of the following is the largest component of revenue expenditure in the Union Budget 2022-23?
(CAPF 2023)
(a) Interest payments (b) Defense expenditure
(c) Expenditure on healthcare (d) Subsidies

As per BE 2025-26, the Expenditure of Major Items includes

Interest Payment > Transport > Defence > Subsidies > Expenditure on health care

74 Which one among the following items comprises the major por�on of revenue expenditure of the Union
Government of India? (CDS (II) 2024)
(a) Salaries (b) Interest Payments
(c) Road Transport and Highways (d) Defense Services

As per BE 2025-26, the Expenditure of Major Items includes

Interest Payment > Transport > Defence

75 As the Budget Es�mates of expenditure on major subsidies during 2019-20, the maximum expenditure was
likely to be on (CDS 2020)
(a) Urea subsidy (b) Petroleum subsidy
(c) Food subsidy (d) Fer�lizer subsidy

As per BE 2025 – 26, the expenditure on subsidies has following rela�on

Food > Fer�lizer > Petroleum

76 Overhauling expenses of Rs. 50,000 spend on the engine of a motor car to get beter fuel eﬃciency is
classiﬁed as : (DRDO 2024)

The correct answer is:

(b) Capital Expenditure
Capital Expenditure refers to expenses incurred to acquire, improve, or extend the useful life of an asset. It
typically provides long-term benefits.
• In this case, the ₹50,000 spent on overhauling the engine improves the fuel efficiency and enhances
the car’s performance, extending its useful life.
• Since this expenditure is not for rou�ne maintenance but for improving efficiency, it is classified as
Capital Expenditure.

77 Overhauling expenses of ₹25,000 for the engine of a motor car to get beter fuel eﬃciency is: (EPFO-
(EO/AO)-2023)
(a) Deferred revenue expenditure (b) Revenue receipt
(c) Capital expenditure (d) Revenue expenditure

The correct answer is:

(b) Capital Expenditure
• Capital Expenditure refers to expenses incurred to acquire, improve, or extend the useful life of an
asset. It typically provides long-term benefits.
• In this case, the ₹25,000 spent on overhauling the engine improves the fuel efficiency and enhances
the car’s performance, extending its useful life.
• Since this expenditure is not for rou�ne maintenance but for improving efficiency, it is classified as
Capital Expenditure.

78 The insurance claim received on account of machinery damaged completely by ﬁre is (APFC 2023)
(a) Capital receipt (b) Revenue receipt
(c) Capital expenditure (c) Revenue expenditure

Why are the other op�ons incorrect?

• (b) Revenue Receipt – Revenue receipts are regular business incomes, such as sales, rent, or interest.
Since insurance claims for machinery loss are not part of regular opera�ons, this is incorrect.
• (c) Capital Expenditure – Capital expenditure refers to spending on acquiring or improving assets.
The insurance claim does not involve an expense, so it is not capital expenditure.
• (d) Revenue Expenditure – Revenue expenditure refers to rou�ne expenses for opera�ng and
maintaining assets, such as repairs and maintenance. Since the machinery is completely damaged
and not being repaired, this is incorrect.
Final Answer:
� (a) Capital Receipt

79 Deprecia�on of ﬁxed assets is an example of (EPFO (AO/EO) 2017)

(a) deferred revenue expenditure (b) capital expenditure
(c) capital gain (d) revenue expenditure/expense

The correct answer is:

� (d) Revenue Expenditure/Expense
• Deprecia�on refers to the systema�c alloca�on of the cost of a fixed asset over its useful life.
• It is considered a Revenue Expenditure because it represents the gradual reduc�on in the value of an
asset due to wear and tear, obsolescence, or usage.
• Even though fixed assets are acquired as capital expenditure, their deprecia�on is treated as an
opera�ng expense in the profit and loss statement, reducing taxable income.

80 Despite being a high saving economy, capital forma�on may not result in signiﬁcant increase in output due to
(CSE 2018)
(a) Weak administra�ve machinery (b) Illiteracy
(c) High popula�on density (d) High capital - output ra�o

The correct answer is:

(d) High capital-output ra�o
• Capital forma�on refers to the process of increasing the stock of physical capital (such as machinery,
infrastructure, and tools) in an economy.
• Despite a high savings rate, an economy may not experience a signiﬁcant increase in output if the
capital-output ra�o (COR) is high.
• The capital-output ra�o measures how much capital is required to produce one unit of output.
• A high capital-output ra�o means that more capital is needed to produce each unit of output,
leading to ineﬃciencies in economic growth.

Why are the other op�ons incorrect?

• (a) Weak Administra�ve Machinery – While weak administra�on can impact policy implementa�on,
it is not the primary reason why capital forma�on may not lead to higher output.

81 The proceeds from disinvestment are included as (CAPF 2022)

(a) Non-tax revenue (b) Revenue receipts
(c) Capital receipts (d) Tax revenue

The correct answer is:

(c) Capital Receipts
• Disinvestment refers to the sale of government-owned shares or assets in public sector enterprises
(PSUs).
• Since disinvestment involves reducing government assets, the proceeds from it are classiﬁed as
Capital Receipts.
• Capital Receipts are those that either create liabili�es (like borrowings) or reduce assets (like
disinvestment).

82 Preliminary expenses are the examples of (EPFO (AO/EO) 2017)

(a) capital expenditure (b) capital gain
(c) deferred revenue expenditure (d) revenue expenditure/expense

The correct answer is:

� (c) Deferred Revenue Expenditure
• Preliminary expenses are the ini�al costs incurred before star�ng a business, such as company
registra�on fees, legal fees, and promo�onal expenses.
• These expenses do not provide immediate beneﬁts but are expected to yield beneﬁts over mul�ple
years.

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4
घाटे का सार Deficit Statistics
(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2024-2025 2025-2026
वास्तववक बजट संशोधित बजट
अनमु ान अनुमान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates

1. राजकोषीय घाटा 1. Fiscal Deficit 1654643 1613312 1569527 1568936

(5.6) (4.9) (4.8) (4.4)
2. राजस्व घाटा 2. Revenue Deficit 765216 580201 610098 523846
(2.6) (1.8) (1.9) (1.5)
3. प्रिावी राजस्व 3. Effective Revenue Deficit 461300 189423 310207 96654
घाटा
(1.6) (0.6) (1.0) (0.3)
4. प्राथभमक घाटा 4. Primary Deficit 590771 450372 431587 292598
(2.0) (1.4) (1.3) (0.8)

राजकोषीय घाटा ववत्तपोषण के स्रोत Sources of Financing Fiscal Deficit

(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2024-2025 2025-2026
वास्तववक बजट संशोधित बजट
अनमु ान अनमु ान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates
1. ऋण प्राप्तियां (प्तनवल) 1. Debt Receipts (Net) 1653849 1472915 1517576 1566452
2. बाजार उिार (सरकारी 2. Market Borrowings 1177754 1163182 1162678 1153834
प्रप्ततिप्तत) * (G-sec) *
3. अल्पकालीन उिार 3. Short term Borrowing 53205 -50000 -120000 0
(राजकोषीय हुंडी आटद) (T-Bill etc.)

4. अल्प बचतों की तुलना 4. Securities against 451399 420063 411872 343382

में प्रप्ततिप्ततयां Small Savings
5. राज्य िववष्य प्तनधियां 5. State Provident Funds 5059 5000 5000 5000
6. अन्य प्राप्तियां (आंतररक 6. Other Receipts (-)88689 (-)81282 26034 40746
ऋण प्तनधि और लोक (Internal Debts and
लेखा) Public Account)
7. ववदे शी ऋण 7. External Debt 55121 15952 31992 23490
8. नकद शेष में आहरण 8. Draw Down of Cash 794 140397 51951 2484
द्वारा कमी Balance *
कुल जोड़ Grand Total 1654643 1613312 1569527 1568936
(राजकोषीय घाटा) (Fiscal Deficit)

# संशोधित अनम
ु ान 2024-2025 के दौरान बाजार उिार और नकद में आहरण द्वारा कमी में प्रप्ततिप्ततयों की पन
ु ः खरीद शाभमल नहीं हैं।
* Market borrowings and draw down of cash does not include buy back of securities during RE 2024-2025.
5

घाटे की प्रवृत्तियाां
न
DEFICIT TRENDS
(जीडीपी का %)
(% of GDP)
9.5 9.2
9.0
8.5 Fiscal Deficit
8.0 Revenue Deficit 7.3
7.5
Effective Revenue Deficit 6.7
7.0 6.4
6.5 6.1
Primary Deficit
6.0 5.6
5.5 4.8
5.0 4.6 5.7 4.4 4.4
4.5 4.0
4.0 3.5 3.5 3.4 3.3 3.3
3.5 2.8
3.0 2.6 2.6
2.4 2.4 3.3
2.5 2.1 3.0 1.9
2.0 1.5 1.6 1.5
1.4
1.5 1.0 1.3
1.6
1.0 2.0 0.8
0.5 1.0
0.4 0.3
0.0 0.4 0.4
2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2023-24

RE 2024-25

BE 2025-26
2016-17

घाटा के त्तविपोषण का स्रोत

SOURCES OF DEFICIT FINANCING
(₹ लाख करोड़ में)
(₹ in Lakh crore)
Securities against small savings Short Term Borrowings (T-Bills etc.) 13
6.8
Others Market Borrowings (G-Sec) (RHS)
6.3 12
5.8 5.5 11
Sources of financing FD (excluding Market Borrowings)

5.3
10
4.8 4.5
4.3 4.0 4.1 9
Market Borrowings

3.8 3.4 8
3.3 7
2.8
2.2 6
2.3
1.8 5
1.1 1.2 1.1
1.3 0.8 4
0.5 0.7
0.8 3
0.3
2
-0.2
-0.7 -0.3 1
-1.2 -1.2 0
2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26

टटप्पणणयाः- 1. अन्य में राज्य िववष्य प्तनधि, ववदे शी ऋण, नकद शेष में आहरण द्वारा कमी और अन्य प्राप्तियां शाभमल हैं।
2. बजट अनम
ु ान 2025-26 में टी बबल के माध्यम से प्तनवल उिार शन्य है।
Notes:- 1. Others include State Provident Fund, External Debt, Drawdown of cash balance and other receipts.
2. Net borrowing through T-Bill is zero in BE 2025-26.
6
प्राप्तियां Receipts
(₹ करोड़) (In ₹ crore)

2023-2024 2024-2025 2024-2025 2025-2026

वास्तववक बजट संशोधित बजट
अनमु ान अनमु ान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates
राजस्व प्राप्तियां REVENUE ECEIPTS
1. कर राजस्व 1. Tax Revenue
सकल कर राजस्व Gross Tax Revenue 3465519 3840170 3853455 4270233
क. प्तनगम कर a. Corporation Tax 911055 1020000 980000 1082000
ख. आय पर कर b. Taxes on Income 1044757 1187000 1257000 1438000
ग. िन कर c. Wealth Tax & 422 .. .. ..
Commodity
Transaction Tax
घ. सीमा शुल्क d. Customs 233119 237745 235000 240000
ङ. केन्द्रीय उत्पाद शल्
ु क e. Union Excise Duties 305362 319000 305000 317000
च. सेवा कर f. Service Tax 425 100 100 100
छ. जीएसटी g. GST 957208 1061899 1061899 1178000
-केन्द्रीय जीएसटी -CGST 820622 910890 908459 1010890
-आइजीएसटी -IGST -4850 .. .. ..
-जीएसटी क्षप्ततपप्ततष उपकर -GST Compensation 141436 151009 153440 167110
Cess
ज. संघ राज्य क्षेत्रों पर कर h. Taxes of Union 9242 9426 9456 10133
Territories
i. Other Taxes 3929 5000 5000 5000
घटाइए - राष्ट्रीय आपदा Less - NCCD 8774 9460 9610 10380
आकजस्मकता प्तनधि/राष्ट्रीय आपदा transferred to the
अनकु िया प्तनधि को अंतररत NCCF/NDRF
एनसीसीडी
घटाइए - राज्यों का टहस्सा Less - State's share 1129494 1247211 1274121 1422444
Less- States' share 12764
adjustment for prior
years in RE
1क केन्द्र का प्तनवल कर राजस्व 1a Centre's Net Tax 2327251 2583499 2556960 2837409
Revenue
2. कर-भिन्न राजस्व 2. Non-Tax Revenue 401785 545701 531000 583000
क. ब्याज प्राप्तियां a. Interest receipts 38261 38224 34042 47738
ख. लािांश और लाि b. Dividends and 170877 289134 289285 325000
Profits
ग. ववदे शी अनुदान c. External Grants 1013 1044 1176 1175
घ. अन्य कर-भिन्न राजस्व d. Other Non-Tax 188568 214389 203427 205668
Revenue
संघ राज्य क्षेत्रों की प्राप्तियां e. Receipts of Union 3066 2910 3070 3419
Territories
कुल राजस्व प्राप्तियां (1क+2) Total- Revenue 2729036 3129200 3087961 3420409
Receipts (1a + 2)
3. पज
ं ी प्राप्तियां 3. CAPITAL RECEIPTS
क. ॠण-भिन्न प्राप्तियां A. Non-debt Receipts@ 59768 78000 59000 76000
ख. ॠण प्राप्तियां* B. Debt Receipts* # 1653849 1472915 1517576 1566452
जोड़ पज
ं ीगत प्राप्तियां (क + ख) Total Capital Receipts 1713617 1550915 1576576 1642452
(A+B)
4. नकदी शेष का कम आहरण 4. Draw-Down of Cash 794 140397 51951 2484
Balance #
जोड़ प्राप्तियां (1क+2+3) Total Receipts 4443447 4820512 4716487 5065345
(1a+2+3+4)
@ इसमें अल्पावधिक ऋण एवं अधिम की वसली शाभमल नहीं है।
* प्राप्तियां िुगतान घटाकर हैं।
# संशोधित अनुमान 2024-2025 के दौरान बाजार उिार और नकद में आहरण द्वारा कमी में प्रप्ततिप्ततयों की पुनः खरीद शाभमल नहीं हैं।
@ Excludes recoveries of short-term loans and advances.
* The receipts are net of payment.
# Market borrowings and draw down of cash does not include buy back of securities during RE 2024-2025.
7

कर प्राप्तियों में रूझान

न
TREND IN TAX RECEIPTS
(जीडीपी का %)
(% of GDP)
11.7% 11.9% 12.0%
12.0% 11.2% 11.5% 11.3%
11.1% 11.0%
10.0% 10.2%
10.0%
4.9% 4.9%
5.1%
5.3% 5.0% 5.5% 5.1%
5.6%
8.0%
4.7% 5.4%

6.0%

4.0%
6.6% 6.9% 7.1%
5.9% 6.0% 6.0% 6.2%
5.5% 5.2% 4.8%
2.0%

0.0%
2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2023-24

BE 2025-26
RE 2024-25
Direct Tax Indirect Tax Gross Tax Receipt

केन्द्र की प्तनवल प्राप्तियां

न
TREND IN NET RECEIPT OF THE CENTRE
(₹ लाख करोड़ में)
(₹ in lakh crore)
36.0 0.8
Centre’s NetTax
Net-Centre’s TaxRevenue
Revenue
0.6
31.0 5.8
Non Tax Revenue 0.6
5.3
26.0 0.7 4.0
Non Debt Capital Receipt 0.4
2.9
21.0
3.7
1.1 0.7 0.6
16.0 0.7 1.2
3.3 2.1
2.4 28.4
1.9 25.6
2.7 23.3
11.0 21.0
18.0
6.0 12.4 13.2 13.6 14.3
11.0

1.0
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26
-4.0
8

िारत सरकार का व्यय

Expenditure of Government of India
(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2024-2025 2025-2026
वास्तववक बजट संशोधित बजट
अनमु ान अनमु ान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates
क. केंद्र का व्यय A. Centre's Expenditure
I स्थापना व्यय I Establishment Expenditure 768961 783618 841762 868096
II केंद्रीय क्षेत्र की II Central Sector 1423437 1516176 1512820 1621899
योजनाएं/पररयोजनाएं Schemes/Projects
III केंद्रीय क्षेत्र का III Other Central Sector 1322216 1490586 1444628 1526008
अन्य व्यय Expenditure
जजसमें से ब्याज of which Interest Payments 1063872 1162940 1137940 1276338
िुगतान
ख. अंतरण B. Transfers
IV केंद्रीय प्रायोजजत IV Centrally Sponsored 444547 505978 415356 541850
योजनाएं Schemes
V ववत्त आयोग के V Finance Commission Grants 148522 132378 127146 132767
अनद ु ान
VI अन्य VI Other 335764 391776 374774 374725
अनुदान/ॠण/अंतरण Grants/Loans/Transfers
कुल जोड़ Grand Total 4443447 4820512 4716487 5065345

सरकार का प्रिावी पंजीगत व्यय

Effective Capital Expenditure of Government
(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2024-2025 2025-2026
वास्तववक बजट संशोधित बजट
अनमु ान अनमु ान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates
पंजीगत व्यय Capital Expenditure 949195 1111111 1018429 1121090

Grants in Aid for creation of 303916 390778 299891 427192

पंजी आजस्तयों के सज
ृ न capital assets 1
हे तु सहायता अनुदान
जोड़ Total 1253111 1501889 1318320 1548282

1
पंजीगत आजस्तयों के सज
ृ न के अनुदान के उपबंिों में मांग आिाररत/पात्रता आिाररत मनरे गा के अंतगषत आबंटन शाभमल है, जो मांग के आिार पर
अलग-अलग हो सकता है।
1 Provisions of Grants for creations of capital assets also includes allocations under demand driven/entitlement-based scheme MGNREGS,
which would vary based on demand.
9

व्यय की संरचना
न
COMPOSITION OF EXPENDITURE
(₹ लाख करोड़ में)
(₹ in lakh crore)
Other Grants/Loans 50.65
50.00 47.16
Finance Commission Grants 3.75
44.43
Centrally sponsored scheme 1.33
41.93 3.75
Other Central Sector Expenditure 3.36 1.27 5.42
Central Sector Schemes 37.94
40.00 3.18 1.49 4.15
Establishment Expenditure of Centre 35.10 1.73 4.45
2.18
Total 2.07 4.38
1.92
1.84 15.26
4.54 14.45
30.00 26.86 3.84
13.22
11.05
23.15 1.99
21.42 0.88 1.24 7.98 10.11
19.75 0.81
0.94 3.10
0.55
20.00 0.96
0.92 2.96
2.85
2.41 7.27 16.22
15.13
6.77 14.46 14.23
5.70 6.23 12.10
13.57
10.00 7.57
5.88 6.38
5.89

7.15 7.69 8.42 8.68

5.70 5.94 6.93
4.24 4.73 5.21
0.00
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26

कुल व्यय (राजस्व खाता एवं प्रिावी पंजीगत व्यय) *

न
TOTAL EXPENDITURE (REVENUE ACCOUNT &
EFFECTIVE CAPITAL EXPENDITURE) * (जीडीपी का %)
(% of GDP)

18.0% 17.7%
16.1%
15.6%
16.0% 15.0%
14.6% 14.2%
13.4%
14.0% 12.8% 12.5% 12.2%
12.0%
14.4%
10.0% 12.5% 11.7% 10.8% 10.5% 9.8%
8.0% 9.9% 10.8%
9.9% 9.6%
6.0%

4.0%

2.0% 3.5% 3.9% 4.2% 4.1% 4.3%

2.9% 2.7% 2.6% 2.6% 3.2%
0.0%
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26

Effective Capital Expenditure Revenue Expenditure (other than GIA Capex) Total Expenditure

* प्रगप्ततशील रूप से, प्रिावी कैपेक्स (जीडीपी के % के रूप में) वषों से बढी है जबकक राजस्व खाते पर व्यय (जीडीपी के % के रूप में) कम हुआ
है, जो व्यय की सि ु ारात्मक गण ु वत्ता का संकेत दे ता है।
* Progressively, effective capex (as % of GDP) has increased over the years while expenditure on revenue account (as % of GDP)
has come down, indicating improved quality of expenditure.
10

पंजीगत व्यय की प्रववृ त्त

TREND IN CAPITAL EXPENDITURE
(₹ लाख करोड़ में)
(₹ in lakh crore)

15.5
16.0
Grant in Aid for
Grants-in-Aid forcreation
creationofofcapital
capitalassets
assets
14.0 Capital Expenditure 13.2
12.5 4.3
12.0 Effective Capital Expenditure
10.5 3.0
3.0
10.0
8.4 3.1
8.0
6.4 2.4
6.0 5.0 5.2
4.5 4.5 2.3 11.2
9.5 10.2
4.0 1.9 1.9
1.7 1.9 7.4
5.9
2.0 4.1
2.8 3.1 3.4
2.6
0.0
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26

पंजीगत व्यय
CAPITAL EXPENDITURE
(जीडीपी का %)
(% of GDP)
5.0%
Capital
CapitalExpenditure
Expenditure 4.3%
4.2%
Grant in Aid for creation of capital assets assets
4.1%
Grants-in-Aid for creation of capital 3.9%
4.0%
Effective
EffectiveCapital
CapitalExpenditure
Expenditure 3.5% 1.0% 1.2%
0.9%
3.2%
1.1%
2.9%
3.0% 1.0%
2.7% 2.6% 2.6%
1.2%
1.1%
1.1% 1.0% 0.9%
2.0%

3.2% 3.1% 3.1%

2.7%
2.5%
1.0% 2.1%
1.8% 1.7%
1.5% 1.6%

0.0%
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26
11
प्रमुख मदों का व्यय Expenditure of Major Items
(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2024-2025 2025-2026
वास्तववक बजट संशोधित बजट
अनमु ान अनुमान अनमु ान
Actuals Budget Revised Budget
Estimates Estimates Estimates

पेंशन Pension 238328 243296 275103 276618

रक्षा Defence 444699 454773 456722 491732
सजब्सडी - Subsidy -
उवषरक Fertiliser 188292 164000 171299 167887
खाद्य Food 211814 205250 197420 203420
पेट्रोभलयम Petroleum 12240 11925 14700 12100
कृवष और संबंि कायषकलाप# Agriculture and Allied Activities # 145995 151851 140859 171437
वाणणज्य और उद्योग Commerce and Industry 49809 47559 56502 65553
पवोत्तर का ववकास Development of North East 1628 5900 4006 5915
भशक्षा Education 123365 125638 114054 128650
ऊजाष# Energy # 52405 68769 63403 81174
ववदे श External Affairs 28915 22155 25277 20517
ववत्त Finance 23403 86339 63512 62924
स्वास््य Health 81594 89287 88032 98311
गह
ृ (संघ राज्य क्षेत्र सटहत) Home Affairs (including Union 196872 219643 220371 233211
Territories)
ब्याज Interest 1063872 1162940 1137940 1276338
आईटी और दरसंचार IT and Telecom # 82277 116342 117869 95298
िामीण ववकास# Rural Development # 241193 265808 190675 266817
वैज्ञाप्तनक वविाग Scientific Departments 24657 32736 29831 55679
सामाजजक कल्याण Social Welfare 42065 56501 46482 60052
कर प्रशासन@ Tax Administration@ 191327 203530 207968 186632
जजसमें से जीसटी of which Transfer to
क्षप्ततपप्ततष प्तनधि को अंतरण GST Compensation Fund 145000 150000 153440 130641
पररवहन Transport 526765 544128 541384 548649
शहरी ववकास Urban Development 68565 82577 63670 96777
अन्य Others 403367 473555 450008 482653
प्तनवल अप्ततररक्त संसािन (+)/(-) Net additional resources -13990 39400 -23000
के अंतगषत/समवपषत आरक्षक्षत प्तनधि transferred to (+)/ met from (-) -
से परा करना * dedicated reserve funds*
कुल जोड़ Grand Total 4443447 4820512 4716487 5065345

# कायषिम पररव्यय में अंतरण को छोड़कर/समवपषत आरक्षक्षत प्तनधियों को शाभमल करना-नीचे टटप्पणी (*) दे खें
* लोक लेखा में प्तनटदषष्ट आरक्षक्षत प्तनिी को समेककत प्तनधि से अधिक्य सामिी अंतरण के संदिष में आरक्षक्षत प्तनधि के यहां कृवष अवसंरचना और ववकास प्तनधि-
वैजिक सेवा दाप्तयत्व प्तनधि तथा तेल उद्योग ववकास प्तनधि धचजन्हत ककया गया है।
# Programme outlays excluding transfer to / including met from dedicated reserve funds - see note below (*)
* (+) refers to material excess transfers from Consolidated Fund to designated Reserve Fund in Public Account; (-) refers to expenditure met
from designated Reserve Fund in Public Account. Reserve Funds indicated here are Agriculture Infrastructure and Development Fund, Universal
Service Obligation Fund and Oil Industry Development Fund.
@ this also includes payments of scrip-based schemes.
12
राज्यों और वविान मंडल वाले संघ राज्य क्षेत्रों को संसािनों का अंतरण
TRANSFER OF RESOURCES TO STATES AND UNION TERRITORIES
WITH LEGISLATURE
(₹ करोड़) (In ₹ crore)
2023-2024 2024-2025 2025-2026
वास्तववक संशोधित बजट
अनुमान अनुमान
Actuals Revised Budget
Estimates Estimates
I. करों में राज्यों के टहस्से का अंतरण I. Devolution of States’ share in taxes 1129494 1286885 1422444
II. अंतरण की कुछ महत्वपणष मदें II. Some Important Items of Transfer 160257 201055 229031
1. एनडीएमएफ से राज्यों को सहायता 1. Assistance to States from NDMF ... 2300 3012
2. एनडीआरएफ से राज्यों को सहायता 2. Assistance to States from NDRF 1048 11474 12048
3. बाह्य सहायता वाली पररयोजनाएं-अनुदान 3. Externally Added Projects - Grants 5479 9000 10000
4. बाह्य सहायता वाली पररयोजनाएं-ऋण 4. Externally Aided Projects-Loan 31308 34410 42730
5. संवविान के अनुच्छे द 275(1) के प्राविान के 5. Grants under Proviso to Article 275(1) of the 1172 871 1241
तहत योजनाएं Constitution
6. पंजीगत व्यय हेतु राज्यों को ऋण के रूप में 6 Special Assistance as Loan to States 109554 125000 150000
ववशेष सहायता for Capital Expenditure
7. मांग के अंतगषत ववशेष सहायता - राज्यों को 7. Special Assistance under the demand - 11695 18000 10000
अंतरण Transfers to States
III. ववत्त आयोग के अनद ु ान III. Finance Commission Grants 148522 127146 132767
1. स्थानीय प्तनकायों के भलए अनुदान-शहरी 1. Grant for local bodies - Urban Bodies 21223 21000 26158
प्तनकाय
2. स्थानीय प्तनकायों के भलए अनुदान-िामीण 2. Grant for local bodies - Rural Bodies 47260 45000 48573
प्तनकाय
3. स्वास््य क्षेत्र हेतु अनुदान 3. Grants for Health Sector 4693 10225 15272
4. नए शहरों के उद्भवन के भलए अनुदान 4. Grants for incubation of new Cities ... 500 2000
5. साझी नगरपाभलका सेवाओं के भलए अनुदान 5. Grants for shared Municipal Services ... 250 90
6. एसडीआरएफ के भलए सहायता अनुदान 6. Grants-in-Aid for SDRF 19420 20550 21575
7. राज्य आपदा शमन प्तनधि हेतु सहायता 7. Grants-in-Aid for State Disaster Mitigation 4254 5138 5394
अनुदान Fund
8. अवमल्यन के पश्चात ् राजस्व घाटा 8. Post Devolution Revenue Deficit Grants 51673 24483 13705
अनुदान
IV. राज्यों को कुल अंतरण [(I)+(II)+(III) के IV. Total Transfer to States [Other than 571343 604478 717042
इतर] (I)+(II)+(III)]
1. केन्द्र द्वारा प्रायोजजत योजनाओं के अंतगषत 1. Under Centrally Sponsored Schemes (Revenue) 425296 392725 514442
(राजस्व)
2. केन्द्र क्षेत्र की योजनाओं के अंतगषत 2. Under Central Sector Schemes 15096 63786 76542
3. व्यय की अन्य श्रेणणयों के अंतगषत 3. Under Other Categories of Expenditure 130951 147864 125954
4. पंजी अंतरण 4. Capital Transfers 1 102 103
V. टदल्ली, जम्म और कश्मीर और पड ु ु चेरी को V. Total Transfer to Delhi, Puducherry and 55213 55947 58480
कुल अंतरण Jammu & Kashmir
1. केन्द्र द्वारा प्रायोजजत योजनाओं के अंतगषत 1. Under Centrally Sponsored Schemes 9008 10150 12484
(राजस्व) (Revenue)
2. केन्द्र क्षेत्र की योजनाओं के अंतगषत (राजस्व) 2. Under Central Sector Schemes (Revenue) 268 219 216
3. व्यय की अन्य श्रेणणयों के अंतगषत (राजस्व) 3. Under Other Categories of 45936 45298 45400
Expenditure (Revenue)
4. पंजी अंतरण 4. Capital Transfers ... 280 380
राज्यों /संघ राज्य क्षेत्रों को
कुल अंतरण Total Transfer to States/UTs 2064829 2275511 2559764
टटप्पणी:अंतरण के आंकड़ें अनुमाप्तनत हैं और संघ और राज्य सरकारों को दे य या से उद्ग्िहणीय ककन्हीं बकाया दे यों को ध्यान में रखते हुए इनमें बदलाव आ
सकता है। स्वास््य क्षेत्र की अनद
ु ानों और नए शहरों का उद्भवन के भलए अनद
ु ान उपयोग के रूझानों के आिार पर अनंप्ततम हैं और इन्हें आवश्यकता पड़ने पर
बढाया जाएगा।
Note: Figures for devolution are estimates and may change in view of any outstanding dues payable to or recoverable from the Union and State
Governments. Grants for Health Sector and Grants for Incubation of New Cities are provisional based on utilization trends and will be
augmented, if necessary.
13

राज्यों और संघ राज्य क्षेत्रों को कुल अन्तरण

TOTAL TRANSFERS TO STATES AND UTs
(₹ लाख करोड़ में)
(₹ lakh crore)
27.00
26.00 25.60
25.00
24.00 22.76
23.00
22.00
20.65
21.00
20.00
18.65
19.00
18.00 17.06
17.00
16.00
15.00
14.00 13.20
13.00 11.95
12.00 11.45
10.85
11.00 9.86
10.00
9.00
8.00
7.00
6.00
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 RE 2024-25 BE 2025-26

राज्ोां और सांघ राज् क्षेत्ोां को अां तरण की सांरचना

COMPOSITION OF TRANSFERS TO STATES AND UTs
(₹ लाख करोड़ में)
(₹ in lakh crore)
16.00
14.22
14.00 12.87
2023-24 RE 2024-25 BE 2025-26
12.00 11.29
10.05
10.00
8.61
7.87
8.00

6.00

4.00

2.00 1.49 1.27 1.33

0.00
Finance Commission Grants Scheme related & other Transfers Devolution
Receipts

Revenue Receipts Capital Receipts

40 18
34.2
31.3 30.9 17.1
16.9
30 27.3 17
16.4
16.3

₹ lakh crore
₹ lakh crore

20 16

10 15

0 14
2023-24 2024-25 2024-25 2025-26 2023-24 2024-25 2024-25 2025-26
(Actuals) (BE) (RE) (BE) (Actuals) (BE) (RE) (BE)

Expenditure

Effective Capital
Revenue Expenditure
Expenditure
40 39.4
16 15.5
15.0

13.2
12.5 38
37.1 37.0
12
₹ lakh crore
₹ lakh crore

36
8 34.9

34
4

0 32
2023-24 2024-25 2024-25 2025-26 2023-24 2024-25 2024-25 2025-26
(Actuals) (BE) (RE) (BE) (Actuals) (BE) (RE) (BE)

Page 11
20

बजट की
BUDGET
11.54 BUDGET
Market NDCR
Loans 0.76

15.69

Debt
Small Savings & Receipts
State Provident 16.45
Fund & Others
4.15
Capital
Receipts

Others
Customs
2.40
0.05
Taxes
Budget Size
of UTs
0.10 Net Tax 50.65
Receipts
GST 28.37
11.78

Non Tax
Revenue
Union 5.83
Excise Duty Gross Tax
3.17 Revenue
42.70
Interest
Receipt
0.48
14.38 Others
Dividend 2.10
& Profit
Taxes
3.25
on
Income 14.22
10.82

Corporation Transfer to State

Tax NDR Fund Share of
0.10 Taxes
21

रूपरे खा (लाख करोड़ में )

(In lakh crore)
PROFILE
Others
Economic 0.43
Services
General Fertilizer
Services 8.38 Subsidy 1.68
2.28 4.26

Food
2.03

Central Social Petroleum

Sector Services 0.12
Schemes
16.22
0.67

Centrally Others
Sponsored 0.63
Scheme Schemes Finance
Expenditure 5.42 Commission
21.64 Transfers to Transfers
States 1.33
5.08

Other
Establishment
Transfers
Expenditure
3.75
8.68

Transfers,
Establishment
Others
and other
4.25
Expenditure
29.01
Salary Pension
1.66 2.77
Other Central
Expenditure

15.26

Others Interest
1.20 Payment
12.76

Autonomous
Bodies
1.30
Journey of Development
The fuel: Reforms

Agriculture
Engines of development

MSME Guiding spirit: Inclusivity

Investment
Destination: Viksit Bharat
Exports

A country is not just its soil, a country is its people.

Accelerate Growth
Aspiration for
Viksit Bharat

Secure Inclusive Development

Enhance Spending Power Of India’s Rising

Middle Class
Invigorate Private Sector Investments

Uplift Household Sentiments

Page 1
Development measures focusing on
Garib, Youth, Annadata and Nari
Spurring Agricultural Growth
& Building Rural Prosperity

Prime Minister Dhan-Dhaanya Krishi Yojana -

Developing Agri Districts Programme
To cover 100 districts and
likely to help 1.7 crore farmers.

Enhanced Credit through KCC 03 Mission for Cotton Productivity

Facilitate short term loans 5-year mission to facilitate
for 7.7 crore farmers, improvements in
02 04
fishermen, and dairy productivity and
farmers with enhanced sustainability of cotton
loan of ₹5 lakh. farming.

01 05

National Mission on High Makhana Board in Bihar

Yielding Seeds To be set up to improve
Targeted development and production, processing,
propagation of seeds with high value addition, and
yield, pest resistance and marketing and
climate resilience. organisation of FPOs.

India Post as a Catalyst for

Aatmanirbharta in Pulses
the Rural Economy
Launch a 6-year Mission with special focus
• Rural community hub co-
on Tur, Urad and Masoor, emphasising
location
• Development and commercial • Institutional account services;
availability of climate resilient seeds • DBT, cash out and EMI pick-
• Enhancing protein content up
• Increasing productivity • Credit services to micro
enterprises
• Improving post-harvest storage and • Insurance; and
management, assuring remunerative • Assisted digital services.
prices to the farmers.

Page 2
Development measures focusing on
Garib, Youth, Annadata and Nari
Supporting
Inclusive Human MSMEs
Resource &
Furtheringand
Development Make in India
Social Justice

Credit Cards for Micro Enterprises: Customised Credit Cards with a ₹ 5 lakh limit
for micro enterprises registered on Udyam portal. In the first year, 10 lakh such cards
will be issued.

Scheme for first time Entrepreneurs: For 5 lakh first-time entrepreneurs,

including women, Scheduled Castes and Scheduled Tribes, a new scheme, to be
launched, to provide term loans up to ₹ 2 crore during the next 5 years.

Manufacturing mission with the Measures for Labour Intensive Sectors

mandate to focus on • Focus Product Scheme for Footwear &
• Ease and cost of doing business; Leather Sectors: scheme is expected to
facilitate employment for 22 lakh persons,
• Future ready workforce for in- generate turnover of ₹ 4 lakh crore and
demand jobs; exports of over ₹ 1.1 lakh crore.
• A vibrant and dynamic MSME • Measures for the Toy Sector: To focus on
sector; development of clusters, skills, and a
manufacturing ecosystem that will create
• Availability of technology;
high-quality, unique, innovative, and
• Quality products; sustainable toys to represent the 'Made in
India' brand.
• Clean tech manufacturing for
• Support for Food Processing: Establishment
climate-friendly development.
of a National Institute of Food Technology in
Bihar, enhanced income for the farmers and
Significant enhancement of credit skilling, entrepreneurship and employment
availability with guarantee cover opportunities for the youth.

₹ in Crore Credit guarantee cover

Current Revised
MSEs 5 10
Startups 10 20
Exporter MSMEs For Term Loans Up To ` 20 Crore Revision in classification criteria for MSMEs

₹ in Crore Investment Turnover

Current Revised Current Revised
Micro
1 2.5 5 10
Enterprises
Small
10 25 50 100
Enterprises
Medium
50 125 250 500
Enterprises

Page 3
Development measures focusing on
Garib, Youth, Annadata and Nari
Investing in people, economy
and innovation

Saksham Anganwadi and Poshan 2.0

Expansion of Capacity in IITs

Day Care Cancer Centres in all District Hospitals

Bharatiya Bhasha Pustak Scheme: provide digital-

form Indian language books for school and higher
education.

05 National Centres of Excellence for skilling to be set up

with global expertise and partnerships.

Atal Tinkering Labs: 50 Thousand Labs to be set up in

government schools in next 5 years.

Centre of Excellence in Artificial Intelligence for

education with a total outlay of ₹500 crore.

Broadband connectivity to be provided to all government

secondary schools and primary health centres in rural
areas.

Expansion of medical education: 10,000 additional seats

with the goal of adding 75,000 seats in the next 5 years.

PM SVANidhi: To be revamped with enhanced loans from

banks, UPI linked credit cards and capacity building support.

Welfare of Online Platform Workers: Registration on the

e-Shram portal & healthcare under PM Jan Arogya Yojana.

Page 4
Development measures focusing on
Garib, Youth, Annadata and Nari
Investing in people, economy and innovation

Power Sector Reforms: Incentivize

Support to States for distribution reforms and
Infrastructure: With an outlay Jal Jeevan Mission: To
augmentation of intra-state
of ₹ 1.5 lakh crore, 50-year achieve 100 % coverage, the
interest free loans to states for transmission. Additional borrowing
mission extended till 2028
capital expenditure and of 0.5 % of GSDP to states,
with an enhanced total outlay.
incentives for reforms. contingent on these reforms.

Asset Monetization Plan 2025-30: launched to Urban Challenge Fund

plough back capital of ₹ 10 lakh crore in new ₹ 1 lakh crore to implement the proposals for
projects. ‘Cities as Growth Hubs’, ‘Creative Redevelopment
of Cities’ and ‘Water &Sanitation’.

Maritime Development Fund Nuclear Energy Mission for Viksit UDAN: Regional
with a corpus of ₹25,000 Bharat: Amendments to the Atomic connectivity to 120 new
crore for long-term financing Energy Act and the Civil Liability for destinations and carry 4
with up to 49 % contribution Nuclear Damage Act will be taken up for crore passengers in the next
active partnership with the private sector. 10 years.
by the government.

Future needs of Bihar SWAMIH Fund-2

Greenfield airports, Financial support for the ₹ 15,000 crore for expeditious completion of one
Western Koshi Canal ERM Projecs. lakh dwelling units through blended finance.

Top 50 tourist destination sites to be

employment-led

Performance-linked incentives to states

developed in partnership with states
Tourism for

growth

Introducing streamlined e-visa facilities MUDRA loans for homestays

Intensive skill-development programmes Ease of travel and connectivity to

for our youth tourist destinations

Page 5
Development measures focusing on
Garib, Youth, Annadata and Nari
Investing in people,
economy and innovation

PM Research Fellowship
To provide ten thousand Research, Development & Innovation
fellowships for Allocating ₹ 20,000 crore to
technological research in implement private sector driven
IITs and IISc. Research, Development and
Innovation initiative.

Gene Bank for Crops

Germplasm
The 2nd Gene Bank with 10
lakh germplasm lines to be set
up for future food and
nutritional security. National Geospatial
Mission
To develop foundational
Gyan Bharatam Mission geospatial infrastructure and
Documentation and conservation data. Using PM Gati Shakti,
of our manuscript heritage to cover facilitation of modernization
more than 1 crore manuscripts. of land records, urban
National Digital Repository of planning, and design of
Indian knowledge systems for infrastructure projects.
knowledge sharing to be set up.

Promoting Exports
Export Promotion Mission: With sectoral and ministerial targets to
facilitate easy access to export credit, cross-border factoring
support, and support to MSMEs to tackle non-tariff measures in
overseas markets.
BharatTradeNet: A digital public infrastructure, ‘BharatTradeNet’
(BTN) for international trade will be set-up as a unified platform
for trade documentation and financing solutions. Support for
integration with Global Supply Chains.
National Framework for GCC: As guidance to states for
promoting Global Capability Centres in emerging tier 2 cities.
Warehousing facility for air cargo: To facilitate upgradation of
infrastructure and warehousing for air cargo including high value
perishable horticulture produce.

Page 6
Reforms as the fuel
Financial Sector Reforms
and Development

‘Grameen Credit Score’ framework to serve the credit

needs of SHG members and people in rural areas.

NaBFID to set up a ‘Partial Credit Enhancement

Facility’ for corporate bonds for infrastructure.

Revamped Central KYC registry to be

rolled out in 2025.

Rationalisation of requirements and

procedures for speedy approval of
company mergers.

FDI limit for the insurance

sector will be raised from
74 to 100 per cent.

Changes in direct taxes and proposal to introduced the

Tax Reforms New Income Tax Bill

Light-touch regulatory framework based on principles

Regulatory Reforms and trust to unleash productivity and employment

• High Level Committee for Regulatory Reforms

• Investment Friendliness Index of States
• FSDC Mechanism: to evaluate impact of the current financial regulations and
subsidiary instructions along with a framework to enhance their responsiveness and
development of the financial sector.
• Jan Vishwas Bill 2.0: to decriminalize more than 100 provisions in various laws.

Page 7
Indirect Tax proposals
Rationalisation of Customs Tariff Structure for
Industrial Goods

₹
Apply equivalent cess to
Removal of 07 Apply not more than maintain effective duty
tariff rates. one cess or surcharge. incidence on most items
and lower cess on certain
items.

Sector specific proposals

Make in India- Exemption to open cell for LED/LCD TV, looms for
textiles, capital goods for lithium ion battery of mobile phones and
EVs.
Promotion of MRO – exemption for 10 years on goods for ship
building and ships for breaking, extension of time limit for export
of railway goods imported for repairs.

Export promotion – duty free inputs for handicraft and leather

sectors.

Trade Facilitation: Time limit fixed for finalisation of provisional assessment;

new provision for voluntary declaration of material facts post clearance and duty
payment with interest but without penalty; IGCR Rules amended to extend time
limit to 1 year and file quarterly statement instead of monthly.

Addition of:
lifesaving medicines
Improved access to

• 36 lifesaving drugs/medicines in exempted list;

• 6 medicines in 5% duty list;
• 37 medicines and 13 new patient assistance programmes in exempt
list.

(Medicines for rare diseases, cancer, severe chronic diseases)

Page 8
Direct Tax proposals
• Introduction of a Personal Income Tax reforms with
scheme for special focus on the middle class
determining arm's
Ease of doing business

length price of
international 30%
transaction for a 25%
block period of three 20%
years. 15%
10%
• Expansion of scope 5%
of safe harbour rules Nil
to reduce litigation
and provide certainty ₹0- ₹4 ₹4- ₹8 ₹8- ₹12 ₹12- ₹16 ₹16- ₹20 ₹20- ₹24 > ₹24
in international lakh lakh lakh lakh lakh lakh lakh
taxation.
Tax deduction limit for senior citizens doubled
Rationalization of TDS/TCS for easing from ₹ 50,000 to ₹ 1 lakh.
difficulties The annual limit of ₹2.40 lakh for TDS on rent
increased to ₹ 6 lakh.

Extension of time-limit to file updated returns,

Encouraging voluntary compliance
from the current limit of two years, to four years.

Reduced compliance for small charitable trusts/institutions

by increasing their period of registration from 5 years to 10
Reducing compliance burden years.
Tax payers to be allowed to claim the annual value of 02 self
occupied properties (previously 01) without any conditions
(previously conditions attached).

• Tax certainty for electronics manufacturing Schemes

and investment
Employment

• Tonnage Tax Scheme for Inland Vessels

• Extension for incorporation by 5 years of Start-Ups
• Specific benefits to ship-leasing units, insurance offices and treasury centres of
global companies which are set up in IFSC
• Certainty of taxation to Category I and category II AIFs, undertaking investments in
infrastructure and other such sectors, on the gains from securities.

Page 9
Robust Economic Foundations

Deficit Trends
2021-22 2022-23 2023-24 2024-25 2025-26
(RE) (BE)
8

6.7

6
As % of GDP

4.4 4.4
4
3.3 3.3

2 1.5
0.8
0.3
0
Fiscal Deficit Revenue Deficit Effective Revenue Primary Deficit
Deficit

Trend in Net Receipt of the Centre Total Transfers to States & UTs
Net Centre's Tax Revenue
Non Tax Revenue 27
Non-debt Capital Receipt (RHS)
25.60
40 1
24
0.8 0.8 22.76
₹ lakh crore
₹ lakh crore
₹ lakh crore

28.4 0.6 21 20.65

20
0.4 18.65
18 17.06
5.8 0.2

0 0 15
2021-22

2022-23

2024-25

2025-26
2023-24

2021-22

2023-24
2022-23

2024-25

2025-26
(RE)

(BE)

(RE)

(BE)

Page 12
Expenditure of Major Items
Defence 4,91,732

Rural Development 2,66,817

Home Affairs 2,33,211

Agriculture and Allied Activities 1,71,437

Education 1,28,650

Health 98,311

Urban Development 96,777

IT and Telecom 95,298

Energy 81,174

Commerce & Industry 65,553

Social Welfare 60,052

Scientific Departments 55,679 in ₹ Crore

Page 13
READ THE UNDERLINED STATEMENT - ALSO KNOW INTERNAL DEBT > EXTERNAL DEBT
Receipt Budget, 2025-2026

1. DEBT POSITION OF THE GOVERNMENT OF INDIA

The outstanding internal and external debt and other liabilities of the Government of India at the end of 2025-2026 is
estimated to ` 196,78,772.68 crore, as against ` 181,74,284.36 crore at the end of 2024-2025 (RE). Broad details are as
follows:-

(In ` crores)
As on 31 March 2025
st
As on 31 March 2026
st

Internal debt and other liabilities 175,55,988.60 190,14,852.01

External debt # 6,18,295.76 6,63,920.67

Total 181,74,284.36 196,78,772.62

# External debt at historical rate of exchange.
Note : The Central Government debt/liabilities, including external debt at current exchange rate, EBRs and after adjusting cash balance, is
estimated at 185.11 lakh crore and 200.16 lakh crore as on 31st March, 2025 & 31st March, 2026, respectively.

Internal Debt comprises loans raised in the open market, Compensation and other bonds, etc. It also includes
borrowings through treasury bills including treasury bills issued to State Governments, Commercial Banks and other investors,
as well as non-negotiable, non-interest bearing rupee securities issued to international financial institutions. An analysis of the
public debt outstanding at the beginning of the First Five Year Plan and close of each year from 2020-2021 to 2023-2024 and
that estimated to be outstanding at the close of 2024-2025 and 2025-2026 is given in the Statement of Liabilities. The amount
outstanding under internal and external debt reflects the liability of Government as represented by the book value of the
outstanding debt. The outstanding stock of external liabilities is reckoned at historical rates of exchange on which the liability
was initially accounted for in the books of accounts after netting the repayments made at current exchange rates.

In addition, Government is liable to repay the outstanding against the various Small Savings schemes, Provident
Funds, securities issued to Industrial Development Bank of India, and Nationalized Banks, Oil marketing companies, Fertilizer
companies, Food Corporation of India and deposits under the Special Deposit Scheme and depreciation and other interest
bearing reserve funds of departmental commercial undertakings, etc., deposits of local funds and civil deposits. Details of
such liabilities are also shown in the Statement of Liabilities.

The position of guarantees given by the Government of India as at the end of 2023-24 as envisaged under Rule 6 of
the FRBM Rules, 2004, is given in the Statement on Guarantees.

A statement of Asset Register as on March 31 2024 as envisaged under Rule 6 of the FRBM Rules has also been
included.

Statement of Assets shows the extent to which the money raised by Government has been utilized for asset
formation purposes. These assets are also shown at book value i.e., it does not take into account depreciation/appreciation in
the value of assets as per current market rates. This statement includes only assets the ownership of which vests in Central
Government, and it excludes assets created by State Governments and non-Government bodies from grant assistance
from Central Government.
15TH FINANCE COMMISSION RECOMMENDATIONS

15th finance commission (recommendations)

The Finance Commission is a constitutional body formed by the President of India to give suggestions on centre-state financial relations. The 15th
Finance Commission (Chairman: Mr. N. K. Singh) was required to submit two reports.
a) The first report, consisting of recommendations for the financial year 2020-21, was tabled in Parliament in February 2020.
b) The final report with recommendations for the 2021-26 period was tabled in Parliament on February 1, 2021. Key recommendations in
the report for 2021-26 include:

Share of states in central taxes The share of states in the central taxes for the 2021-26 period is recommended to be 41%, same as that
for 2020-21. This is less than the 42% share recommended by the 14th Finance Commission for 2015-20
period. The adjustment of 1% is to provide for the newly formed union territories of Jammu and Kashmir,
and Ladakh from the resources of the centre.
Criteria for devolution Table below shows the criteria used by the Commission to determine each state’s share in central taxes,
and the weight assigned to each criterion. The criteria for distribution of central taxes among states for
2021-26 period is same as that for 2020-21. However, the reference period for computing income distance
and tax efforts are different (2015-18 for 2020-21 and 2016-19 for 2021-26), hence, the individual share
of states may still change.
Table 1: Criteria for devolution

Criteria 14th FC 2015 -20 15th FC 2020 – 21 15th FC 2021 – 26

Income Distance 50.0 45.0 45.0
Area 15.0 15.0 15.0
Population (1971) 17.5 - -
Population (2011) 10.0 15.0 15.0
Demographic - 12.5 12.5
Performance
Forest Cover 7.5 - -
Forest and Ecology - 10.0 10.0
Tax and fiscal efforts - 2.5 2.5
Total 100 100 100

VISIT ME AT TELEGRAM – UPSC PRELIMS WITH NEELESH (NEELESH KUMAR SINGH AIR 442 UPSC CSE 2021)
15TH FINANCE COMMISSION RECOMMENDATIONS

Note: 14th FC used the term “demographic change” which was defined as Population in 2011. The report for
2020-21 used the term “tax effort”, the definition of the criterion is same.

Terms Meaning
Income distance Income distance is the distance of a state’s income from the state with the highest
income. Income of a state has been computed as average per capita GSDP during
the three-year period between 2016-17 and 2018-19. A state with lower per
capita income will have a higher share to maintain equity among states
Demographic The Terms of Reference of the Commission required it to use the population data
performance of 2011 while making recommendations. Accordingly, the Commission used 2011
population data for its recommendations. The demographic performance
criterion has been used to reward efforts made by states in controlling their
population. States with a lower fertility ratio will be scored higher on this
criterion.
Forest and ecology This criterion has been arrived at by calculating the share of the dense forest of
each state in the total dense forest of all the states
Tax and fiscal This criterion has been used to reward states with higher tax collection efficiency.
efforts: It is measured as the ratio of the average per capita own tax revenue and the
average per capita state GDP during the three years between 2016-17 and 2018-
19.
Grants Over the 2021-26 period, the following grants will be provided from the centre’s resources
Revenue deficit 17 states will receive grants worth Rs 2.9 lakh crore to eliminate revenue deficit
grants
Sector-specific Sector-specific grants of Rs 1.3 lakh crore will be given to states for eight sectors:
grants (i) health, (ii) school education, (iii) higher education, (iv) implementation of
agricultural reforms, (v) maintenance of PMGSY roads, (vi) judiciary, (vii)
statistics, and (viii) aspirational districts and blocks. A portion of these grants will
be performance-linked.
State-specific The Commission recommended state-specific grants of Rs 49,599 crore. These
grants: will be given in the areas of: (i) social needs, (ii) administrative governance and

VISIT ME AT TELEGRAM – UPSC PRELIMS WITH NEELESH (NEELESH KUMAR SINGH AIR 442 UPSC CSE 2021)
15TH FINANCE COMMISSION RECOMMENDATIONS

infrastructure, (iii) water and sanitation, (iv) preservation of culture and historical
monuments, (v) high-cost physical infrastructure, and (vi) tourism. The
Commission recommended a high-level committee at state-level to review and
monitor utilisation of state-specific and sector-specific grants.
Grants to local • The total grants to local bodies will be Rs 4.36 lakh crore (a portion of
bodies grants to be performance-linked) including: (i) Rs 2.4 lakh crore for rural
local bodies, (ii) Rs 1.2 lakh crore for urban local bodies, and (iii) Rs 70,051
crore for health grants through local governments. The grants to local
bodies will be made available to all three tiers of Panchayat- village, block,
and district.

• Grants to local bodies (other than health grants) will be distributed among
states based on population and area, with 90% and 10% weightage,
respectively.

• No grants will be released to local bodies of a state after March 2024 if

the state does not constitute State Finance Commission and act upon its
recommendations by then.
Disaster risk The Commission recommended retaining the existing cost-sharing patterns
management: between the centre and states for disaster management funds. The cost-sharing
pattern between centre and states is: (i) 90:10 for north-eastern and Himalayan
states, and (ii) 75:25 for all other states.
Fiscal Roadmap Fiscal deficit and The Commission suggested that the centre bring down fiscal deficit to 4% of GDP
debt levels by 2025-26. For states, it recommended the fiscal deficit limit (as % of GSDP) of:
(i) 4% in 2021-22, (ii) 3.5% in 2022-23, and (iii) 3% during 2023-26. If a state is
unable to fully utilise the sanctioned borrowing limit as specified above during
the first four years (2021-25), it can avail the unutilised borrowing amount
(calculated in rupees) in subsequent years (within the 2021-26 period).

VISIT ME AT TELEGRAM – UPSC PRELIMS WITH NEELESH (NEELESH KUMAR SINGH AIR 442 UPSC CSE 2021)
15TH FINANCE COMMISSION RECOMMENDATIONS

Extra annual borrowing worth 0.5% of GSDP will be allowed to states during first
four years (2021-25) upon undertaking power sector reforms including: (i)
reduction in operational losses, (ii) reduction in revenue gap, (iii) reduction in
payment of cash subsidy by adopting direct benefit transfer, and (iv) reduction in
tariff subsidy as a percentage of revenue.

The Commission observed that the recommended path for fiscal deficit for the
centre and states will result in a reduction of total liabilities of: (i) the centre from
62.9% of GDP in 2020-21 to 56.6% in 2025-26, and (ii) the states on aggregate
from 33.1% of GDP in 2020-21 to 32.5% by 2025-26. It recommended forming a
high-powered inter-governmental group to: (i) review the Fiscal Responsibility
and Budget Management Act (FRBM), (ii) recommend a new FRBM framework
for centre as well as states, and oversee its implementation.

VISIT ME AT TELEGRAM – UPSC PRELIMS WITH NEELESH (NEELESH KUMAR SINGH AIR 442 UPSC CSE 2021)

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