pillar#2d: disinvestment to deficit to budget & scheme types

(BatchPCB4) Mrunalrsquos Economy Pillar2D Budget rarr Disinvestment amp Deficits rarr Page 337

Pillar2D Disinvestment to Deficit to Budget amp Scheme Types Table of Contents

26 128229128229128229128229 Budget rarr Capital rarr Receipts 339

2611 128188128188128188128188128188128188 Foreign Borrowing in Foreign Currency 339

2612 128188128188128188128188128188128188Budget-2021 Foreign Borrowing 341

262 129492129492129492129492 129333129333 Budget rarr Capital Receipts rarr Disinvestment वनवश 341

2621 129353129353Ratna Companies = freedom to govt companies based on performing 342

2622 128222128222 BSNL MTNL Merger (वलीनीकरण) 343

2623 129492129492129492129492 129333129333 Government policy towards disinvestment before 2021 343

2624 129492129492129492129492 129333129333 Disinvestment amp Privatization in the Modi Raj (2014-19) 344

2625 129492129492129492129492129492129492 129333129333 Strategic Disinvestment in Modi Raj 345

263 128123128123129492129492129492129492 rarr Disinvestment in budget 2021 345

2631 128703128703128703128703National Monetisation Pipeline (NMP) 346

264 128212128212128212128212ES20 Vol1 Ch9 Privatization and Wealth Creation 346

2641 128212128212128212128212 Strategic Disinvestment (=privatisation) rarr profitability 346

2642 128212128212128212128212Strategic Disinvestment (=Privatisation) rarr Adopt Singapore Model 347

265 128229128229128467128467Budget rarr Capital Part rarr Expenditure (पजीगत य) 347

2651 128123128123129492129492128123128123128123127959127959Atmanirbharar 20 (2020-Oct) rarr State CAPEX Loans 348

27 128188128188128188Types of deficits घाट क परकार 348

271 128188128188128188Fiscal Deficit राजकोषीय घाटा 349

272 128188128188128188Primary Deficit पराथमक घाटा 350

273 128188128188128188Debt Composition Amount-wise 350

2731 128188128188128188Debt Composition Type-wise 350

274 128188128188128188128092128092128188 Extra-Budgetary Resources (बजटतर ससाधन) 351

275 128188128188128188 Financing the deficit its negative consequences on economy 352

2751 128188128188128188 128722128722 Financing the Deficit Ricardian Equivalence 352

2752 128188128188128188 128722128722Ricardian Equivalence invalid for India says ES21 352

2753 128188128188128188 Financing the deficit ldquoCrowding Outrdquo of private borrowers 353

2754 128188128188128188 Crowding out of private investment 128212128212128212128212ES21 Observations 353

2755 128188128188128188 Financing the deficit Printing More Money 354

2756 128188128188128188 Fiscal Deficit = India sovereign rating 354

2757 Rating downgrade Donrsquot worry says ES21 355

2758 Rating downgrade conclusion or way forward 356

276 128188128188128188128188128703128703128703128703Countercyclical policy (परतचकरय राजकोषीय नीत) 356

2761 128188128188128188128188128703128703128703128703Countercyclical IRGD amp Debt Sustainability 357


2762 128188128188128188128188128703128703128703128703 Countercyclical Domar Condition of Debt Sustainability 357

2763 128188128188128188128188128703128703128703128703Countercyclical ConclusionWay forward (नषर) 357

277 128256128256128703128703Side Note Automatic Stabilizers (चालत-रीकारी) 358

278 128188128188128188 Misc Terms related to Deficit Financing 359

279 128188128188128467128467128188128188 Fiscal Consolidation Prudence राजकोषीय एकतरीकरण ववक 359

2710 128188128188128188128188 Fiscal stimulus (राज परोाहन पकज) 360

27101 128188128188128188128188 128115128115 Manmohanrsquos Fiscal Stimulus (2008-) 360

27102 128188128188128188128188 129492129492 Modirsquos Fiscal Stimulus (2019) 361

27103 128123128123128188128188128188128188 129492129492 Modirsquos Atma-Nirbhar Bharat Economic Stimulus Package (2020) 361

2711 128188128188128188128296128296 Fiscal Responsibility amp Budget Management Act 2003 362

2712 128588128588 FRBM Trigger Mechanism (to) Escape (Deficit control) Clause 363

27121 128188128188128188128296128296 FRBM Misc Concepts 364

27122 128188128188128188128296128296 128450128450 FRBM Act Documents (दावज़) 364

2713 128123128123129492129492128123128123128123Fiscal Federalism Helping the States in ATMANIRBHAR 365

27131 129492129492128123128123128123Helping States rarr Tax devolution and grants 365

27132 129492129492128123128123128123Helping States rarr Statesrsquo Fiscal deficit limits 365

2714 129492129492128123128123128123Fiscal Deficit target for States by 15th FC amp Budget-2021 366

2715 128188128188128188128296128296128296 Fiscal Responsibility NK Singh FRBM Review Panel 366

27151 128188128188128188128296128296 FRBM Panelrsquos Notable recommendations उखनीय सफारश 366

2716 128188128188128188128296128296128296 Fiscal Responsibility NK Singhrsquos 15th Finance Commission 367

27161 128188128188128188128296128296128296 127919127919 Budget marksmanship is Poor says 15th FC 368

2717 128188128188128188128296128296128296 Fiscal Responsibility Misc Bodies 369

27171 128188128188128188128296128296 Expenditure Management Commission (2014) 369

27172 128188128188128188128296128296128296 Public Debt Management Agency (PDMA) सावरजनक ऋण परबधन एजसी 369

2718 128188128188128188128296128296128296 Fiscal Council (राजकोषीय परषद) 369

27181 128188128188128188128296128296128296 Fiscal Council Why do we need it in India 369

27182 128188128188128188128296128296128296 Fiscal Council conclusion YES we NEED it for INDIA 370

2719 127930127930 (MAINS) Public Expenditure Management Challenges 370

27191 128560128560Public finance challenges Corona 4-lakh ex-gratia Yojana not possible 372

28 128188128188 Types of budget बजट क परकार 373

281 Revenue versus Capital budget राज बनाम पजीगत बजट 373

282 128188128188128188128188General budget versus Railway budget (आम बजट बनाम रलव बजट) 373

283 128188128188128188128188 Plan vs non plan expenditure budget 374

284 128188128188128188128188Budgeting (बजट नमारण क परिकरया रणनीत) 374


285 128188128188128188128188128188128188Tribal sub plan amp SCSP 375

286 128188128188128188128188128188128188Output Outcome Framework for Schemes 375

287 128188128188128188128188Cash vs Accrual Budgeting नगदी बनाम उपचय बजट 376

288 128188128188128188128188Treasury Single Account (TSA) System 376

289 128188128188128467128467128188128188Lapsable Funds amp March Rush पगत नध और माचर ता 376

2810 128188128188128467128467128188128188 Non lapsable funds amp No Rush बनपगत नधी 377

2811 128239128239129492129492Types of schemes (योजनाओ क परकार) 377

28111 128239128239129492129492Ministry-wise Highest Allocation in Budget-2021 378

2812 Mock Questions for UPSC Mains GSM3 (250 words each) 378

26 128229128229128229128229 BUDGET rarr CAPITAL rarr RECEIPTS Note Refer to the Budget classification chart in previous handout to see lsquowhere we are in the parts of budgetrsquo I could paste

it here again but donrsquot want to increase no of pages amp printer ink usage Table 1 बजट rarr पजी भाग rarr पराया Sub-classified into two parts (Figures from Budget-2021)

Capital Debt Receipts पजीगत ऋण पराया (~15 lakh cr)

Capital Non-Debt Receipts गर-ऋण पजी पराया (~188 lakh cr)

128188128188128188128188128188128188~₹ 15 lakh cr from Internal Borrowing आतरक ऋण

- 128188128188From RBI - From market (Banks NBFCs) - From small savings (Post-Office Savings

Accounts Kisan Vikas Patra etc) - From Provident Funds (EPFO PPF)

~₹ 13000 cr Loan Principal recovered (ie Union government would have given loans to state governments foreign countries public sector companies etc) so when they return Principal amount back that is counted here (मलधन क बरामदगी)

128188128188128188128188128188128188~₹ 1500 cr External borrowing from foreign countries amp international institutions like IMF World Bank BRICS bank etc बाहय वदशी ऋण

₹175 Lcr Disinvestment (वनवश) ie Union selling its shares from Public Sector Undertakings (PSUs) Central Public Sector Enterprises (CPSEs)

Bigger portion of Capital Receipts from this side Smaller portion 128288128288MCQ Which of following is not a component of lsquoCapital Receiptsrsquo (IEnggS-2018) (a) Market borrowings including special bonds (b) External loans raised by the Central Government from abroad (c) Receipts from taxes on property and capital transactions (d) Provident Funds (State Provident Funds and Public Provident Fund)

2611 128188128188128188128188128188128188 Foreign Borrowing in Foreign Currency

क दर सरकार क वदशी ऋण को वदशी मदरा म जटान का मसला


Introduction (Origin) In the (Full) Budget-2019 FM Nirmala S announced Indiarsquos sovereign external debt to GDP is among the lowest (~5) The Govt would start raising a part of its borrowing programme in external markets in external currencies

128578128578Arguments in favor (समथरन) 128549128549Against (पराव क वदध)

1 In domestic market the crowding

out of private corporate borrowers

will decline (128209128209more in 2DFiscal

Deficit)

2 Corporates will be able to mobilize

more funds from local market rarr

factory expansion jobs GDP

growth

3 In the advanced economies such as

USA EU the loan interest rates

are very low so our Indian govt

may be able to get cheaper loans

स ाज पर

4 If we borrow a little more from

external sources it wont harm थोड़ा

सा ऋण अगर वदशो स वदशी मदरा म ल लया

तो कछ जोखम नही

1 Exchange Rate Risk (वनमय दर का जोखम) If rupee

weakens against the dollar during the bondrsquos tenure

($1 ₹ 60 rarr ₹ 70) the government would have to

return more rupees to pay back the same amount of

dollars Then the loan may turn out to be more

expensive than originally anticipated

2 Its true that presently Indian Govts external

borrowing is very low but once this door is opened

subsequent govts may get tempted to borrow more

and more from the foreign sources to finance their

(populist) welfare schemes ultimately it can result

into crisis when rupee gets weaker लोकलभावन योजनाओ

क लए वदशी ऋण लन क सरकार को लत लग सकती ह

3 Better to the foreigners investment limit in G-

Sec (in ₹ currency) and attract them to come to

India rather than we going abroad to get their

money in $ currency

Conclusion whether we should borrow in foreign currency or not

rArr 128078128078 (Against) From the aforementioned analysis its evident that challenges outweigh the

potential benefits Noted economists such as Dr Raghuram Rajan are apprehensive about

sovereign borrowing from external markets in foreign currency Therefore this idea though

well-intended requires more deliberation (इस पराव म फायद कम नकसान ादा िदख रह ह इसलए इरादा नक

ह लिकन इस पर ादा वमशर क आवकता ह)

rArr 128188128188128188128188128188128188=128076128076128076128076 (In favor) Considering above points sovereign borrowing from external

markets in foreign currency may not be a bad idea provided that its done in a judicious and

prudential manner (यह पराव बरा नही ह ववक पणर प स लाग करना चािहए)


2612 128188128188128188128188128188128188128188128188Budget-2021 Foreign Borrowing

rArr Govt borrowed large amount borrowed (54522 cr) World Bank Asian Development Bank etc

from abroad due to Corona But most of our foreign debt denominated in ₹₹ Currency So need

not worry much

262 129492129492129492129492 129333129333 BUDGET rarr CAPITAL RECEIPTS rarr DISINVESTMENT वनवश

There are THREE types of Commercial or industrial undertaking owned by the govt

128669128669 Departmental Undertakings वभागीय उपकरम

128188128188Statutory Corporations वधानक नगम

Govt Companies सरकारी कपनया

Directly part of a ministry eg Postal Railways Ordnance Factories (हथयार गोला बाद) They can be created easily because no laws required no Companies Act registration required

Created by an act of Parliament or state legislature Eg RBI Act SBI Act LIC Act FCI Act EPFO Act etc SIDBI NABARD NHB EXIM etc

Registered under the Companies Act Govtrsquos shareholding is 51 or moreCoal India ltd GAIL SAIL NTPC IOCL BHEL amp various Public Sector Banks and NBFCs which are not statutory corporations

128122128122 High level of ministerial interference (मतरी क दख़ल ादा)

129304129304 Middle of both sides More operational flexibility less interference by Ministers

CAG will audit directly [भारत क नयतरक और महालखा परीक य वभागीय उपकरम क िहसाब िकताब का लखा परीण करग]

Some of these Acts provide for internal audit amp exclude CAG from auditing the Corporation Eg RBI LIC

Companies Act requires them to produce audited reports CAG will empanel the (private) auditors for them

Their earning will go directly in Public Account CFI

Their earning rarr profit rarr dividend goes to shareholders

All three types of org are Answerable under the Right to Information Act 2005 सचना अधकार कानन अधनयम क अतगरत इन सभी सानो न जानकारी दनी होगी

Their employees are considered government employee-

Not considered govt employees Their service discipline conditions are governed by the respective organizationsrsquo internal





subjected to service and discipline rules framed by the government

manuals सरकारी कमयो वाल सवा और अनशासनश क नयम इनक कमयो को लाग नही होत

rArr Objective Public interest amp welfare through affordable services Development of infrastructure

regional balance prevent concentration of economic power in the hands of Corporates MNCs

(उद जन िहत म सी सवाए बनयादी ढाचा वकास म तरीय सतलन बराीय कपनयो क हाथो म आथक श क

कीकरण रोकना)

rArr 128557128557Challenges Political interference lack of innovation amp consumer responsiveness employee

unions loss making business (राजनीतक हप नवाचार क कमी उपभोा क परत जवाबदही कम कमरचारीओ को

काम स ादा यनयनो-बाजी और हड़ताल म ल रहना घाट म चलना)

Terms

rArr Central Public Sector Enterprises (CPSEs क दरीय सावरजनक तर क उपकरम) Registered in Companies

act amp Union Government has 51gt shareholding Commonly known as lsquoGovt companiesrsquo The

word CPSE is mainly used to denote ldquogovt companies other than Public Sector Banks Public

Sector Insurance Companies and Public Sector NBFCsrdquo

rArr Public sector Undertaking (PSU सावरजनक तर क उपकरम) = collective term for all the govt

companies owned by UnionStateLocal Bodies

Note Some bookinternet may differ in this definition But we need not loose sleep over pedantry शभद म पािड वाली बाल क खाल नकालन क कोई जरत नही ह

2621 129353129353Ratna Companies = freedom to govt companies based on performing

rArr Ministry of Heavy Industries amp Public Enterprises decides the norms for giving ldquoRatna statusrdquo to

Central Public Sector Enterprises (CPSEs) like ONGC SAIL etc (भारी उदयोग और सावरजनक उदयम

मतरालय क दरीय सावरजनक तर क उपकरम को यह सची म शामल करता ह)

rArr This is NOT for private owned companies like Tata Infosys or Adani

rArr ldquoRatnardquo status-walli Govt Companies are given for the flexibility in their operations eg hiring

more professionals acquisition of other companies etc without requiring government approval

for every small decision (अा परदशरन करन वाली सरकारी कपनयो को अपनी कायर रीत क लए ततरता दना हर छोटी

चीज क लए सरकार स अनमत लना जरी नही)

Category Condition and examples

129353129353 Miniratna Cat-I and

Cat-II

made profits in the last 3 years continuously further subdivision in Category-I amp Category-II depending on how much profit is generated

Examples National Film Development Corporation ltd Mazagaon Dock ltd Airports Authority of India Mishra Dhatu Nigam ltd NHPC ltd WAPCOS ltd ONGC Videsh ltd Rail Vikas Nigam ltd

129352129352 A Mini Ratna company fulfilling ldquoxrdquo conditions OR


Category Condition and examples Navratna Non-Mini Ratna Govt companies fulfilling ldquoyrdquo conditions such as Manpower cost

to total cost of production etc

Examples Rashtriya Ispat Nigam ltd Rural Electrification Corporation ltd Shipping Corporation of India ltd Oil India ltd National Aluminum Company ltd Neyveli Lignite Corporation ltd Mahanagar Telephone Nigam ltd Hindustan Aeronautics ltd Container Corporation of India ltd Bharat Electronics ltd

129351129351 Maharatna

Already a Navratna Company+ fulfilling ldquozrdquo conditions such as min ₹ 5000 crore profit per year in last 3 yrs listed at a Stock exchange significant global presence

Very few here 1)Bharat Heavy Electricals 2)Bharat Petroleum Corporation 3)Coal India 4)GAIL (India) 5)Hindustan Petroleum 6)Indian Oil Corporation 7)NTPC 8)Oil amp Natural Gas Corporation (ONGC) 9)Power Grid Corporation 10) Steel Authority of India (SAIL)

Above Ratna examples are taken on 112020 List may change afterwards We need not lose sleep over

it too much unless preparing for their specific recruitment exam128368128368थोड़ा-पढ़ो-आग-बढ़ो

128288128288MCQ Which among the following is designated with lsquoNavratnarsquo status (CDS-2021-i) (a) Indian Oil Corporation Limited (b) Gas Authority of India Limited (c) Bharat Petroleum Corporation Limited (d) Bharat Electronics Limited

2622 128222128222 BSNL MTNL Merger (वलीनीकरण)

rArr Bharat Sanchar Nigam Ltd (BSNL 2000 HQ Delhi)

rArr Mahanagar Telephone Nigam Ltd (MTNL 1986 HQ Delhi) to provide services in Delhi

Mumbai later also providing services in Mauritius

rArr But both of them suffering from heavy losses unable to compete against the private telecom

sector (नजी तर क टलीफोन कपनयो क साथ भारी धार क चलत घाट म)

rArr 2019 Telecom Ministry decided to merge MTNL with BSNL Existing employees are offered

voluntary retirement scheme (VRS क सवानव योजना) to reduce the staff cost

rArr VRS package= basically employee allowed to retired early yet hersquoll be given large ₹₹ package +

pension when he crosses retirement age + training to start his own businessprivate sector job

2623 129492129492129492129492 129333129333 Government policy towards disinvestment before 2021

rArr Disinvestment govt shareholding in a Government company but govt keeps atleast 51

shareholding with itself

rArr Privatization Divestment Strategic Disinvestment (नजीकरणरणनीतक वनवश) Reducing the

government shareholding below 50


rArr Arguments in favour govt shareholding rarr Private investors will enter in the board of

directors rarr efficiency innovation and autonomy दता नवाचार ायता

rArr Disinvestment proceeds can be used for welfare schemes and fiscal deficit

rArr Argument Against MNC monopolies exploitation of worker job loss

Year Disinvestment Policy 1991rsquos Industrial

Policy Reduce shareholding in all Govt Companies

1998rsquos Vajpayee - In strategic sector (Railways Defense Atomic Energy)- wersquoll not do disinvestment

- In Non-strategic sector = wersquoll do disinvestment in a phased manner (गर-रणनीतक तर म चरणबदध तरीक स वनवश करग )

UPA-1 (2004-09) Due to pressure from LeftistMarxist coalition parties = No Disinvestment from any government companies If a government company is sick we will try to revive it वामपथी मारवादी गठबधन दल क चलत वनवश नही

UPA-2 (2009-14) All Govt Companies can be disinvested upto 49 = Govt will keep 51 minimum and sell remaining shares

₹₹ will goto National Investment Fund (NIF in Public Account) rarr used for Bank recapitalization metro rail nuke energy EXIM-NABARD-RRB etc राीय नवश कोष

Also launched CPSE-Exchange Traded funds (ETF) 128209128209Ref Pill1CSEBI

2624 129492129492129492129492 129333129333 Disinvestment amp Privatization in the Modi Raj (2014-19)

Various methods of Disinvestment depending on the Company

1 Converting Private Limited Company to public limited company and issuing Initial

Public Offers (IPOs) eg Indian Railway Catering and Tourism Corporation (IRCTC)

and Rail Vikas Nigam Ltd (RVNL)

2 Exchange Traded Funds (ETFs) CPSE-ETF Bharat-22-ETF (Ref Pillar1C)

3 Institutional placement Programme (IPP) offer shares only to non-retail investors

4 Offer for sale (OFS) offer shares to both retail and non-retail investors

5 Share Buyback ie Government company itself buys the shares owned by Government

thereby decreasing Governments shareholding portion viz a viz private sectors

shareholding

Modi govt shut down many sick Govt companies such as HMT watches Hindustan Photo Film

etc (जस कोई नजी तर का उदयोगपत खरीद कर चलाना नही चाहता था उन बीमार सरकारी कपनयो को बद कर िदया)

Budget-2016 renamed FinMinrsquos Dept of Disinvestment into Dept of Investment amp Public Asset

Management (DIPAM नवश और सावरजनक सप परबधन वभाग)

128188128188Budget-2019 Govt planned to earn ₹105 lakh cr from disinvestment but hardy 65000 cr

earned because investorsrsquo response lukewarm due to slowdown in economy (नवशको न सरकारी कपनयो

क शयर ऊची दामो पर खरीदन म उदासीनता िदखाई)


2625 129492129492129492129492129492129492 129333129333 Strategic Disinvestment in Modi Raj

rArr Strategic Disinvestment (रणनीतक वनवश) it means selling a substantial portion of Government

shareholding in a CPSEs along with transfer of management control to a private party

rArr Practically it means 51 or higher shareholding with private players and 49 or lower with

Govt For this action NITI Aayog prefers to use the term lsquostrategic disinvestmentrsquo lsquostrategic

salersquo instead of lsquoprivatizationrsquo lest the opposition parties create uproar about it

rArr Sometimes press statement also uses the word ldquoDivestmentrdquo for it

rArr NITI Aayog has identified Air India Pawan Hans Dredging Corporation Scooters India Bharat

Pumps Compressors Hindustan Fluorocarbon Hindustan Newsprint Cement Corporation of

India etc for strategic disinvestment rarr

NITI Aayog makes the list rarr approval by cabinet committee on economic affairs headed by PM

(CCEA आथक मामलो क कबनट समत)

PM Modi setup a Ministerial panel called Alternative Mechanism (AM वकक वा) headed by

Finance Minister ndash to clear the NITI list in a faster manner So only very important casesfiles

will be referred to CCEA

rArr 2018 (1) Tried to sell-off 74 shareholding from Air India but no investors found (2) IDBI sold

to LIC

rArr 128188128188Budget-2019 Nirmala S announcedWersquoll relax foreign investment limits in the CPSEs rarr

2020-July even simplified FDI rules to encourage NRIs to buy Air India (more in Pillar3 FDI)

rArr 2019-Nov Govt announced strategic disinvestment of some more companies such as

rArr 1) Bharat Petroleum Corp Ltd (BPCL) Big international oil companies including Saudi Aramco

are keen to buy BPCL given its strong presence in fuel retail outlets

rArr 2) Shipping Corporation of India

rArr 3) Container Corporation of India (Concor)

rArr 2020-Jul NITI Aayog recommended govt privatize 3 public sector banks ndash 1) Punjab amp Sind

Bank 2) UCO Bank and 3) Bank of Maharashtra

263 128123128123129492129492129492129492 rarr DISINVESTMENT IN BUDGET 2021 rArr We will privatise 2 Public Sector Banks and 1 Public Sector General Insurance company in 2021-

22 (सावरजनक तर क दो बक और एक सामा बीमा कपनी)

rArr We will launch the initial public offer (IPO) of LIC (जीवन बीमा नगम म वनवश)

Strategic sectors (महपणर तरो) Non strategic sectors

Example 1) Atomic energy Space Defence (परमाण ऊजार

अवकाशरा)

2) Transport Telecommunications (परवहन

दरसचार)

All the other sectors (बाक तमाम तरो= गर-महपणर तरो= म जतन भी सरकारी कपनया ह उन सब


3) Power Petroleum Coal other minerals

(ऊजार पटोलयम कोयला खनज)

4) iv) Banking Insurance and financial

services ( बिकग बीमा वीय सवाए)

को या तो नजीकरण कर दग या बद कर दग)

Will there be a government

company here

Minimum one government company will be kept Remaining will be merged privatizedshutdown (महपणर तरो म सफर एक सरकारी कपनी को रखा जाएगा बाक सभी अ सरकारी कपनयो को उस म वलीननजीकरणबद कर िदया जाए)

No government company will be kept All the Existing government companies will be privatizedshutdown

Note above (strategic vs non-strategic) principle was also announced in Atma-Nirbhar Bharat announcement (2020-May)

Disinvestment targets previous budgets

Budget 2017 2018 2019 2020 2021

Target (Lakh cr) 1 080 105 lakh crore 210 lcr 175 lcr

Target Achieved 12856012856065000 cr 12856712856732000 Cr wait amp Watch

2631 128703128703128703128703National Monetisation Pipeline (NMP 2021)

rArr Govt initiative for sellingrentingleasing the landbuildingmachineassets of CPSENational

HighwaysRailways to mobilise ₹6 lakh crore by 2025 (राीय मौिदरकरण पाइपलाइन = इस मिहम क अतगरत

सरकारी कपनीहाईवरलव क सपयो को बचनािकराय पर दना- इसक मदद स ६ लाख करोड़ पय बटोरन ह)

rArr More about this topic in 128209128209Pillar5- along with other associated topics like 1) National

Investment and Infrastructure Fund (NIIF) 2) National Infrastructure Pipeline GATI Shakti

initiative etc

128288128288MCQ Why is Govt disinvesting its equity in the Central Public Sector Enterprises (Prersquo11) 1 The Government intends to use the revenue earned from the disinvestment mainly to pay

back the external debt

2 The Government no longer intends to retain the management control of the CPSEs

Ans Codes (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2

264 128212128212128212128212ES20 VOL1 CH9 PRIVATIZATION AND WEALTH CREATION

2641 128212128212128212128212 Strategic Disinvestment (=privatisation) rarr profitability


rArr In 1980s UK PM Mrs Margaret Thatcher started privatization of the Govt companies such as

British Telecom British Airways water and electricity companies etc rarr profitability amp

wealth creation for those companies (नजी करण दवारा धन सजन)

rArr 128212128212128212128212ES20 analysed 11 Indian Govt companies that were privatized during BJPNDA PM Atal

Bihari Vajpayee tenure (1998-2004) such as Hindustan Zinc Bharat Aluminum Company Ltd

(BALCO) Maruti Suzuki Indian Petrochemicals Corporation Ltd (IPCL) Modern Food India

Ltd (MFIL) etc (वाजपयी क ज़मान म कछ सरकारी कपनयो का नजीकरण आ था)

rArr After strategic disinvestment (=privatization) these Indian companiesrsquo sales profitability etc

greatly because of (बरक व मनाफ म अपरतम बढ़ोतरी)

o Technology Up-gradation (परौदयोगक उयन)

o Efficient management practices by Private professionals (कशल परबधन)

Thus privatized PSUs help in economic growth amp employment generation (सरकारी कपनयो का नजीकरण करन स आथक वदध और रोजगार नमारण)

2642 128212128212128212128212Strategic Disinvestment (=Privatisation) rarr Adopt Singapore Model 1974 Singapore Govt set up a holding company ldquoTemasek Holdings Companyrdquo (THC) Then the

Govt transferred its shares of PSUs to THC rarr THC sold them in market rarr privatization complete

rArr Government of India has 264 CPSEs under 38 different MinistriesDepartments

rArr 128212128212128212128212ES20 suggested we should also create a Holding Company (नयतरक कपनी) just like

Singapore for our strategic disinvestment (=privatization) drive

rArr Benefits of Singapore Model Professionalism and autonomy (पशवर कशलता और ाया) to the

disinvestment programme Because If an individual ministry tried individual companyrsquos

privatization then

o Ministrys (IAS) officers may not have networkexperience for selling the shares

highest price (सरकारी कपनी क शयसर को सरकारी अफसर ऊच दाम पर को बचन क लए नवशको क पास गए

तो असफल हो सकत ह ोिक नटवकर और अनभव क कमी)

o Internal resistance by employee unions (कमरचारी यनयन का आतरक परतरोध)

rArr So better let a separate holding-company look after this process

265 128229128229128467128467BUDGET rarr CAPITAL PART rarr EXPENDITURE (पजीगत य) बजट rarr पजीगत भाग rarr य Its notable components in decreasing order are

1 Capital assets for various schemes ministries departments (Building vehicles)

2 Giving debtequity finance to PSUs amp foreign institutes giving loans to State Govt amp Foreign

Govt

a Sidenote FinMin Dept of Economic Affairs (DEA)rsquos Indian Development and

Economic Assistance Scheme (IDEAS) gives such ₹₹ to foreign nations


3 Union repaying loan principal for Internal Debts (आतरक ऋण का मलधन वापस दना)

4 Union repaying loan principal for External Debts (बाहयऋण का मलधन वापस दना)

2651 128123128123129492129492128123128123128123127959127959Atmanirbharar 20 (2020-Oct) rarr State CAPEX Loans

rArr Special Assistance to States for Capital ExpenditurersquoCAPEX scheme

rArr Union to loan interest-free 50-year loan to states (total approx ₹12kcr) for capital expenditure

like health rural development water supply irrigation power transport education urban

development (ा गरामीण- शहरी वकास जल आपत सचाई बजली परवहन शा क पजीगत ख़च क लए क दर

दवारा रा सरकारो को बना ाज क लोन)

27 128188128188128188TYPES OF DEFICITS घाट क परकार - If governmentrsquos income gtgt its expenditure it will have a surplus budget अधशष बजट

- If governmentrsquos expenditure == its income it will be a balanced budget सतलत बजट

- If governmentrsquos expenditure gtgt its income itrsquoll be a deficit budget घाट का बजट

Deficit Formula (amt in approx ₹ lakh cr) Revenue Deficit राज घाटा Revenue expenditure ndash Revenue receipts जब राज खचर राज आय स ादा

Effective Revenue Deficit परभावी राज घाटा

Revenue Deficit minus Grants for creation of capital assets

Budget Deficit बजट घाटा Budget expenditure minus Budget receipt Fiscal Deficit राजकोषीय घाटा

Budget Deficit plus Borrowing बजट घाट क भरपाई क लए लया गया ऋण

Primary Deficit पराथमक घाटा

Fiscal Deficit minus interest to be paid on previous loans राजकोषीय घाट म स परान ऋणकजर पर जो ाज चकाना ह उस हटा दीजए


128288128288MCQ Find Correct Statement(s) (Asked in UPSC-Pre-2017)

1 Tax revenue as a percent of GDP of India has steadily increased in the last decade

2 Fiscal deficit as a percent of GDP of India has steadily increased in the last decade

Codes (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2

128288128288MCQ The excess of total expenditure of Government over its total receipts excluding borrowings is known as _ _ _ (CDS-2021-i) (a) Primary deficit (b) Fiscal deficit (c) Current deficit (d) Capital deficit

271 128188128188128188FISCAL DEFICIT राजकोषीय घाटा - Fiscal Deficit= Budget Deficit + Borrowing This borrowing includes internal borrowing [such as

through Small Savings Scheme and the G-Secs subscribed by BanksNBFCs) + Borrowing from

RBI] + External Borrowing

- 1997-98 it was implemented as per Sukhmoy Chakravarti Committee report


272 128188128188128188PRIMARY DEFICIT पराथमक घाटा rArr 1993 Finance Minister Manmohan Singhrsquos budget speech mentioned

rArr If the government continues to borrow year after year it leads to accumulation of debt and the

government has to pay more and more interest These interest payments themselves add more

burden to borrow next year (परानी लोन पर जो ाज चकाना ह उस रकम को घाट क गनती म नही लना चािहए)

rArr So to get a clearer picture of how much is the government borrowing for new programs they

look at another indicator (तािक नए वषर म वकास क काम क लए इतना वावक कजर लया जा रहा ह उसका पता चल)

Primary Deficit = Fiscal deficit minus the interest to be paid on the previous loans

273 128188128188128188DEBT COMPOSITION AMOUNT-WISE Table 2 Definition amp DATA as per 128212128212128212128212ES21 Vol2Ch2 And 2019-20rsquos Data is Provisional (not final)

Amt in lakh Crore 2018-19 2019-20(P)

i) Internal Debt (आतरक ऋण)- all the pending loans total 71 Lcr 8020 Lcr

ii) External Debt (बाहय ऋण)

Borrowed from other nations and multilateral institutions

such as IMF World Bank ADB etc

At present Govt of India doesnrsquot borrow directly from the

International Capital Market

5 Lcr 585 Lcr

A) Public Debt (सावरजनक ऋण)= (i) + (ii) 76 Lcr 86 Lcr

B) (Public Accounts) Other Liabilities such as Post Office Savings

Postal Insurance Provident Fund etc small savings schemes (लघ बचत

योजना) (More in 128209128209Pillar1D3)

9 Lcr 989 Lcr

C) Extra Budgetary Resources (बजटतर ससाधन) 88000 cr Over1Lcr

Total Liability (कल दयता) = A+B+C 86 Lcr 97 Lcr

2731 128188128188128188Debt Composition Type-wise

Out of loans majority (अधकतर कज़र इस परकार क ह) minority(बत ही कम कज़र इस परकार क ह)

Total Public Debt State Govt (70) Union (30)

Union Debt rarr (Source)

Internal (94) externalforeign (6)

Repayment Currency

Rupee Foreign Currency (जो कजर वदशी मदरा म वापस करन ह)

Union Debt rarr (Type of Interest Rate)

128296128296Fixed Interest (नत ाज दर) 127880127880Hardly 5 of Govt loans are floating interest rate (eg may be tied with

LIBOR etc REF1C) So there are no



risks about interest rate volatility (चलायमान ाज दर वाल लोन बत कम ह)

Tenure (अवध क िहसाब स)

128198128198Long Term (दीघर अवध) Short Term (लघ अवध)

rArr Ratio of (External debt GDP) = lt3 (less than three percent)

rArr Indias debt to GDP ratio is lowest among following group of countries 1) G20 2) OECD 3)

BRICS(128209128209Ref HDT-Pillar3B International Organisations)

rArr Moreover public debt for India has declined since 2003 and has been stable since 2011

274 128188128188128188128092128092128188 EXTRA-BUDGETARY RESOURCES (बजटतर ससाधन)

lsquoExtra Budgetary Resourcesrsquo (EBR) or lsquoOff-budget resourcesrsquo are loans taken by public sector

undertakings and Government organizations (सरकारी नगम सानो दवारा कजर लया जाना)For example

Govt not releasing food subsidy to Food Corporation of India (FCI) amp (thereby forcing) FCI to

borrow money from National Small Savings Fund (NSSF) for its food schemes [Although

128188128188Budget-2021 announced to stop this practice]

Ministry of Housing and Urban Affairs rarr (Autonomous body) Building Materials and

Technology Promotion Council rarr they borrowed ₹ 60000 crores in next 4 years to finance the

PM Awas Yojana (Urban more in Pill5 Infra)

rArr Here repayment of the entire principal and interest is done from the Central Government Budget

eventually behind the curtains (पद क पीछ सरकार दरी स पसा दगी)

EBR measures are announced after passing of budget so they may escape the same general level

of media-reporting parliament debate or audit = bad for financial transparency amp

accountability मीिडया-रपोटग ससद बहस या ऑिडट स छपना = वीय पारदशता और जवाबदही क लए बरा

15th FC has termed ldquoEBRrdquo as lsquooff-budget borrowings through para-statal entitiesrsquo and asked

Government to avoid it (15व व आयोग न भी इन हरकतो को बद करन क सलाह दी ह)

128212128212128212128212ES20 also criticised this practice (आथक सवण न इन हरकतो क आलोचनानदा क ह)

rArr These EBRs are not taken into account while calculating the Fiscal Deficit but theyrsquore counted

while calculating Government debt or public debt

Year 2019-20 2020-21 2021-22 EBR Amount 148 Lcr 186 Lcr 30000 Cr


275 128188128188128188 FINANCING THE DEFICIT ITS NEGATIVE CONSEQUENCES ON ECONOMY घाट का वपोषण अथरवा प उसक नकाराक परणाम

How to fill deficit 128560128560Why problematic impractical ा समाएावहारक ो नही ह

127819127819 1278191278191) Demanding

more taxes जनता पर

ादा कर लाद जाए

rArr Taxes canrsquot be beyond a point because it may force people to

evade taxes discourage their motivation to work (recall Laffer

Curve) करो का र बत बड़ा िदया तो लोग करचोरी करग

128188 128188 2) Borrowing

more money सरकार दवारा

ादा पसा कजर म लया जाए

rArr Ricardian Equivalence Government borrowing rarr public

shopping = bad for economy Although 128212128212128212128212ES21 says this will not

happen in India

rArr Crowding out of the private borrowers Although 128212128212128212128212ES21 says

this will not happen in India

rArr Fall in the sovereign credit rating Although 128212128212128212128212ES21 says this will

not happen in India

128424128424 1284241284243) Printing

More money

rArr Although known as Monetising the deficit- it results in

hyperinflation (द दना दन नोट छाप िदया जाए तो महगाई बत बढ़ जाएगी)

Above aspects are covered in detail in following sections

2751 128188128188128188 128722128722 Financing the Deficit Ricardian Equivalence

deficit rarr Government borrows money rarr Maturity (also called lsquoRedemptionrsquo) of G-

Sec Govt will have to return the principal and interest to the lenders

At that time Govt may greatly increase taxes on people to arrange that amount

So Economist David Ricardo argued that during high deficits people save more because they

become precautious about future hike in taxes

Itrsquos called ldquoRicardian equivalence रकाडयन तताrdquo [amp if people begin to spend less and save more

then companies will face unsold inventories = new problems for economy]

2752 128188128188128188 128722128722Ricardian Equivalence invalid for India says 128212128212128212128212ES21

128212128212128212128212ES21 cited multiple Research about Indian Economy (1950s-80s) amp found REP to be NOT valid for India Because

Ricardian Equivalence Proposition (REP) Assumes that (न धारणाए आवक ह)

Why invalid for India भारत म यह सदधात गलत ो साबत आ

Citizens are perfectly rational and perfectly capable to think about Future income future tax liability fiscal deficit when making their consumption decisionsडवड रकाड क तता सदधात सही साबत होन क लए

Shopping decisions also depend on emotional urges and psychological whims eg Marriage-DJiPhoneForeign vacation गराहक सभी नणरय तकर सगत बनकर नही लत भावनाक


सभी नागरको का तकर सगत और बदधमा स सोच वचार क लए सम होना जरी- िक भव म उनक आमदनी कर-दाय राजकोषीय खाध उपभोा माग िकतनी होगी

आगरह और मनोवानक सनक भी आप को खरीदारी क लए उजत करती ह

All citizens are paying taxes डवड रकाड क तता सदधात सही साबत होन क लए सभी नागरको का करदाता होना जरी

Tax Evasion Black money parallel economy भरपर मातरा म कर चोरी काला धन

2753 128188128188128188 Financing the deficit ldquoCrowding Outrdquo of private borrowers

If govt borrows money from households amp financial intermediaries (LIC EPFO Banks via

SLR) then that much less money will be available for loans to private corporate borrowers = ldquo

Crowding Out Effectrdquo on the private borrowers= harms factory expansion and job creation

(कॉरपोरट उधारकतारओ को ऋण बाजार स बाहर धकल दना)

If Govt forces SBI LIC EPFO to buy its G-sec using public deposits rarr depriving households of

the optimal return (Had the same money been invested in the corporate sector) = ldquo Financial

Repression of the householdsrdquo (घरो कटो का वीय दमनrdquo)

Govt (forced) NABARD to buy its ₹ 15000 crore Swachh Bharat Mission (Gramin) Bonds with

maturity period of 10 years Govt (forcing) RBI and others to pay higher dividend rarr

operational freedom of those organization is affected

2754 128188128188128188 Crowding out of private investment 128212128212128212128212ES21 Observations

128212128212128212128212ES21 found some evidence of crowding out of private companies in India during 1950s to

1990s Mainly because (50 स 90 क दशक म नजी तर क कपनयो को ण-बाजार स बाहर धकल जान क सबत मल ोिक)

rArr [1) CRR and SLR were very high therefore PSB banks loanable funds supply was very limited

amp due to politicized boards they may have channeled most of the savings towards the govt

(िडपॉजट म स सीआरआर एसएलआर को हटान क बाद कजर म दन यो रकम वस भी बत कम रहती थी)

rArr [2) Absence of large private sector banks (नजी तर क बड़ बको का आगमन अभी बाक था)

rArr [3) Publics earnings and savings were low (लोगो क पास भी आमदनी और बचत कम ही थी)

rArr [4) Capital market share-bond Market was underdeveloped (पजी बाजार शयरबाड बाजार वकसत

नही आ था rarr नजी कपनयो क लए पजी हासल करना मल)

128212128212128212128212ES21 find no evidence of crowding out in India from 1990-2019 Because

1 the above factors have gradually faded (90 क दशक म उ बाधाए कमजोर हो गई थी)

2 if Govt borrows money for Infra-development (Health Education Transport electricity

Irrigation etc) rarr jobs amp GDP rarr citizens income rarr savings rarr more ₹₹ in banks

NBFC mutual fund sharesbonds etc So crowding out may not happen because size of dish

will become larger (शा ा परवहन बजली सचाई जसी बनयादी अवसरचना क लए अगर सरकार कजार लती ह rarr

रोजगार और आथक वदध म बढ़ोतरी rarr नागरक क आमदनी बढ़गी rarr उसक बचत बढ़गी rarr अपन आप ही बक-बचत शयर

बाड दवारा कपनयो को ढर सारा नवश मल जाएगा अतः ण बाजार स कपनयो को बाहर नही धकला जाएगा)


3 1990-2019 in the population of youth working age people ( demographic dividend)rarr

income amp savings amp banking habits rarr Loanable funds so Crowding out chances

(आबादी म नौजवानो क मातरा बढ़ी rarr आमदनी और बचत क भावना भी बढ़ी rarr कजर म दन क लए रकम भी बढ़ी ह)

Crowding out assumes that the supply of savings is fixed But in reality economic growth rarr

the sizequantity of savings (धारणा स वपरीत वावकता म बचत क रकम का जा र नही होता आथक वदध क

साथ-साथ बचत-ज म भी बढ़ोतरी होती ह)

2755 128188128188128188 Financing the deficit Printing More Money

High level of fiscal deficit rarr International Credit Rating Agencies will the sovereign rating

for India rarr investors will demand interest from government for buying new G-Secrarr G-sec

remains unsold rarr RBI forced to buy it (and print more money to give to Govt)

itrsquos called ldquoMonetizing the Deficitrdquo It can result in hyperinflation and the purchasing power

of currency (if there is not sufficient increase in the supply of onion tomatoes amp goods in the

market eg Germany after Treaty of Versailles in 1919 (मदरीकत घाटा सरकारी कजर क लए रजवर बक दवारा

द दना दन नोट छाप जान पर महगाई दरमदरात को अपराशत प स बढ़ जाएगी)

2756 128188128188128188 Fiscal Deficit = India sovereign rating Table 3 classification not important sufficient to know AAA=best

Rating rarr Moodys sovereign rating (सरकारी परतभतयो का रटगशरणीकरण )

Prime अगरमउतम दज Aaa (eg US Treasury Bonds) High grade उ Aa1 to 3

investment grade Upper medium मम

A1

investment grade Lower medium Baa1 to Baa3 2020-June India rating reduced to Baa3 because of weak fiscal position rising fiscal deficit

Non investment grade (junk रददी) BA1 to lower ranks like ldquoCrdquo

So now if Indiarsquos sovereign rating any step further= junk status= Implications128560128560

rArr Govt will have to offer more interest to investors to lure them into buying g-sec

rArr Flight of Foreign Capital from India (भारत स वदशी पजी का उडडयननगरम)

rArr Foreign investors may fear Indian govt will default in payment of previous G-Sec

rArr So theyrsquoll dump it to other investors and run away from India


rArr =Flight of capital from India = $ strengthen rupee weakens (Why Ref pillar3)

rArr However 128212128212128212128212ES21 suggested we need not worry about it मत डरो इनस और द दना दन कजार ल लो

2757 Rating downgrade Donrsquot worry says 128212128212128212128212ES21

rArr Sovereign credit rating is a quantitative measure to identify the govts abilityrisk to repay its

loans (सपरभ ऋण रिटग = सरकार क अपन ऋणो को चकान क मता जोखम क पहचान करन क लए मातराक माप)

rArr How good rating help Attracts foreign investment Reduces the future cost of borrowing

(Interest rate) Makes it easier to obtain loans from the World Bank IMF and other International

organisations (अ रिटग हम वदशी नवश आकषत करन म तथा वक वीय सगठनो स स ाज दर पर कजार लन म

मदद करती ह)

rArr India is stable on GDP growth rate inflation Public Debt to GDP Current account Deficit

Foreign Exchange Reserves Political stability rule of law control of corruption investor

protection ease of doing business (भारत सभी म रता ह- आथक वदध दर महगाई दर सावरजनक ण का जीडीपी

स अनपात चाल खाता घाटा वदशी मदरा क आरत नध राजनीतक रता कानन का शासन भराचार नयम नवशक क

सरा ापार म सगमता)

rArr Indian Govts external debt is also very low Zero history of sovereign default (भारत सरकार का वदशी

ण बत ही कम ह इतहास म कभी िदवालयापन नही िदखाया ह)

rArr Yet Poor ratings given by Credit rating agencies Standard and Poors Fitch Moody They are

biased against India (amp China) -says 128212128212128212128212ES21 (हालािक इन सब क बावजद भी पमी दशो क करिडट रिटग

एजसी भारत चीन क परत भदभाव करती ह)

rArr 1998 after Pokhran nuclear test rarr India faced international sanctions rarr Credit rating was

downgraded But at a later stage it was upgraded again (पोखरण परमाण परीण क बाद भारत पर अतरराीय

परतबध जसक चलत रिटग म गरावट)

rArr Economic survey has observed following impact of the rating downgrade

Whenever Indias rating degraded (1998)

Short Term (रटग म गरावट का अकालक असर)

128198128198Long Term from 1998-2018 (दीघरकालक)

Sensex (शयर बाजार सचकाक) No strong relation (कोई

मजबत रा नही िदखा) No strong relation

Rupee dollar currency exchange rate (मदरा वनमय दर)

No strong relation No strong relation

G-Sec Yield No strong relation No strong relation GDP growth rate No strong relation No strong relation


Foreign Portfolio Investors in (Shares and Bonds)वदशी पोटरफोलयो नवशक

fallen128560128560 (गरावट दखी गई) fallen 128560128560

2758 Rating downgrade conclusion or way forward

rArr Noisy Opaque And Biased credit ratings damage FPI flows (करिडट रिटग एजसी का काम ककर श अधर

पारदश भदभाव य ह उनस भारत म आन वाल वदशी पोटरफोलयो नवशक को पर नकाराक असर)

rArr But overall they do not have a long-term significant impact on Indias GDP growth

rate currency exchange rate share market performance (िकत दीघर अवध म करिडट रिटग एजसी क भदभाव

पणर रवय क बावजद भी भारत क आथक वदध दर मदरा वनमय दर और शयर बाजार क परदशरन पर कोई असर नही हो पाया ह)

rArr So Indiarsquos fiscal policy must not remain beholden hostage to such a noisybiased sovereign

credit rating by Foreign organisations (अतः भारत सरकार क राजकोषीय नीत न करिडट रिटग एजसीओ का बधक

नही बनना चािहए उनस बना डर (द-धना-धन) कजार लना चािहए और परत-चकरय राजकोषीय नीत को अपनाना चािहए)

rArr Indiarsquos fiscal policy should be guided by considerations of growth and development (ie If

Government borrows rarr Fiscal deficit rarr Credit rating rarr We need not fear that it

will harm our economy merely on account of fall in credit rating)

276 128188128188128188128188128703128703128703128703COUNTERCYCLICAL POLICY (परतचकरय राजकोषीय नीत) (Introduction Origin) Indian Kings used to build palaces temples mosques etc during famines to provide employment Thus during an economic slowdown the Govt must spend more ₹₹ to achieve a similar objective (अकाल क िदनो म राजा महाराजा महल मिदर और मद बनवात तािक लोगो को रोजगार मल आथक मदी क समय म सरकार न भी कछ ऐसा ही करना चािहए)

Counter cyclical Fiscal policy परतचकरय राजकोषीय नीत

rArr During economic slowdown rarr Increase Fiscal expenditure to boost

employment amp GDP

rArr It helps in ldquoCrowding inrdquo ie When govt spending increased rarr private

investment eg Govt building highway in Arunachal rarr Private

entrepreneurs building petrol pumps amp hotels rarr jobs GDP आथक मदी क दौरान

सरकारी खचर को बढ़ाया जाए-तािक नजी तर नवश रोजगार आथक वदध म मदद

rArr During economic boost Decrease govt spending (So as to build reserves

for future emergencyfuture slowdown) आथक तजी म सरकारी खचर को कम िकया जाए

तािक सरकार भव क मदी क दौरान इमाल करन यो रकम को आरत रख सकजमा कर सक

rArr USA UK Chile have done this in the past but India has not done it

128212128212128212128212ES21 Suggested India to pursue this

Pro-Cyclical fiscal policy

rArr During economic Boom Fiscal expenditure

rArr चकरय-समथरक राजकोषीय नीत आथक तजी क दौरान सरकार ादा पसा खचर कर


128288128288MCQ The increase in private investment spending induced by the increase in Government spending is known as (CDS-2021-i) (a) Crowding in (b) Deficit financing (c) Crowding out (d) Pumping out

2761 128188128188128188128188128703128703128703128703Countercyclical IRGD amp Debt Sustainability

rArr Interest Rate Growth Rate Differential (IRGD ण-ाज-दर वदध-दर क बीच अतर) It is the difference

between (loan) interest rate (paid by Govt) and the GDP growth rate in an economy

rArr so if loan interest 6 - minus growth rate 9 = (-3) negative IRGD figure basically hints that if

GDP Growth rate is higher than the loan interest rate paid by the govt then Govt need not worry

much because GDP rarr Tax collection rarr Enough ₹₹ to repay those loans यिद सरकार न जस

ाज दर पर कजार लया ह उस आथक वदध दर ादा हो तब तक सरकार न चता करन क जरत नही ोिक आथक वदध क

चलत कर-आमदनी म बढ़ोतरी होगी rarr कजार चकान क लए सरकार क पास रकम आती रहगी

rArr Meaning GDP growth rarr leads to Debt sustainabilitydebt affordability For India above

situation is valid in past amp will remain valid for the next 10 years even in the worst case scenario

(आथक वदध कज को वहनय बनाती ह खराब स खराब कम परत म भी अगल 10 साल तक हमार पास यह अवसर मौजद ह

यानी िक द-धनाधन कजार लकर सरकार न अथरततर को पनजवत करना चािहए)

2762 128188128188128188128188128703128703128703128703 Countercyclical Domar Condition of Debt Sustainability Economist Evsey Domar (1944) stated that ldquoif public debt of a country will be sustainable IF GDP growth is greater than the public debt growth rate Otherwise government may default on loan-repaymentrdquo (यिद दश का आथक वदधदर उस दश क सावरजनक कज़र वदधदर स ादा होगा तो सावरजनक क़ज़र वहनीय हो पाएगा वरना तो सरकार िदवालयापन िदखा दगी कज़र नही चका पाएगी)

More on GDP Growth = 128209128209Ref HDT-Pillar4C GDP

2763 128188128188128188128188128703128703128703128703Countercyclical ConclusionWay forward (नषर) To revive Indian economy after Corona Govt should pursue countercyclical fiscal policy

borrow more money for infrastructure development (कोरोना महामारी क बाद भारतीय अथरततर को पनजवत

करन क लए परत चकरय राजकोषीय-नीत आवक वशष प स बनयादी अवसरचना वकास हत भारत सरकार बझझक बड़ी

मातरा म ण लना चािहए)

Once GDP growth rarr govt should pursue fiscal consolidation (आथक वदध दर म बढ़ोतरी होन पर

राजकोषीय एकतरीकरण श िकया जाए)

Simultaneously the Govt should also reform education skill development minimum-wages

Then income amp savings Negative effects associated with Fiscal deficits will (More in

Pillar4C amp 6) (साथ ही साथ शा कौशल वकास नतम वतन इािद म सधार दवारा आमदनी और बचत को बढ़ाया जाए तो

अपन आप राजकोषीय खाध क नकाराक पहलओ को हम कम कर पाएग)


277 128256128256128703128703SIDE NOTE AUTOMATIC STABILIZERS (चालत-रीकारी) rArr For example if Mr Jetha-lal with taxable income of Rs3 lakhs = He needs to pay income tax in

5 slab [ignoring tax rebate deduction etc for this example]

rArr During a slowdown in economy rarr his electronics shop will not make good profit rarr taxable

income decreases to ₹25 lakh rarr Jetha-lal now in automatically in 0 income tax slab

[आथक मदी क दोरान जठालाल चालत आयकर दयता स म हो जाएगा]

rArr Now he may even become eligible for some govt schemes meant for poorlower-middleclass

persons (eg Recall PM Shram Yogi Maan-Dhan Yojana ₹3000 pension from pillar1D- income

Tax payers were not eligible for that scheme But now Jethalal will be able to join)

rArr Thus during recessionslowdown in Economy Income tax works as ldquoautomatic stabilizerrdquo

Because it can automatically reduce a familyrsquos financial stress by [आथक मदी क दौरान परवार का

वीय तनाव अपन आप थोड़ा कम करता ह]

rArr A] making the family eligible for government welfare schemes [परवार अपन आप सरकारी योजना क पातर

बन जाता ह]

rArr B] Automatically decreasing family tax liability [no new voting or law passing required in

Parliament at the stage]

rArr This is not possible in GST Because whether rich or poor person= all have to pay same 18 GST

on a mobile phone It doesnt matter whether customerrsquos income has increased or

decreased during that Financial year- Hersquoll have to pay 18 GST until GST council takes a

vote amp decides to reduce the GST tax on mobile

rArr Automatic stabilizers are mechanisms built into govt budget to address economic slowdown

automatically- by automatically increasing govtrsquos spending andor decrease publicrsquos tax liability

[ldquoचालत-रीकारीrsquo - आथक मदी क दौरान अपन आप सरकारी ख़चर को बढ़ाता ह या जनता क कर-दयता को कम करता ह]

rArr Automatic stabilizer does not require any change in the existing tax law or voting in the

Parliament- because it starts working automatically during slowdown [उ िकरयात करन क लए

अलग स नया क़ानन ससद क अनमत लन क ज़रत नही होती वो अपन आप ही िकरयात हो जाता ह]

rArr Examples of Automatic Stabilisers Income tax Corporation tax unemployment allowance

food subsidy and other Government schemes that are meant only for poor lower middle class

people [आयकर नगम कर गरीब क लए लत खादय सडी और दसरी काणकारी योजनाए- ldquoचालत-रीकारीrsquo ह]

Note Countercyclical fiscal policy fiscal stimulus = it requires the government to pass a new budget new law permission of Parliament for some new initiatives So they are not automatic stabilisers They are discretionary stabilisers [परत चकरय राजकोषीय नीत तथा राजकोषीय परोाहन पकज क लए सरकार न अलग स वशष प स नए बजट म ज़कर करना होगा कोई क़ानन पास करवाना होगा इसलए व ववकाधीन रीकारी ह] 128288128288MCQ Which one of the following functions as an automatic stabilizer in the context of fiscal and monetary policies of an economy (UPSC-CAPF-2021) (a) Personal income tax (b) Reverse repo rate of bank (c) Open market operation (d) Bond price


278 128188128188128188 MISC TERMS RELATED TO DEFICIT FINANCING Table 4 need not do PHD on it unless Optional Subject=Public Administration

Methods for repaying debt (ऋण चकान क अलग अलग तरीक)

Redemption

(भगतान)

Repay the loan principal and interest at regular interval Also known as

Terminal Annuity अनशासन पवरक मलधन और ाज धीर-धीर वापस चकाना

Sinking Fund

(नप नध)

Govt creates a special fund amp keeps depositing money in it regularly So at the

time of G-sec maturity it has enough lsquobufferrsquo money to honor the loan

repayment First introduced in England

Conversion

restructuring

rArr पनगरठन Converting old loan into new loan with modifications in interest

tenure (परानी लोन क ाज दर या अवध म बदलाव करना)

rArr 2020-Nov Zambia became Africarsquos 1st nation to default on its Euro loans

due to Corona Experts believe some restructuring may be done

Evergreening Taking new loan to repay the old loan (परानी लोन चकान नया कजर लना)

Repudiation

(पराग बिहार)

कजर चकान स

मना कर दना

Govt does not recognize its obligation to repay the loan Eg After Russian

Revolution (1917) Leninrsquos Government refused to pay the loans taken by the

previous Czar regime from Britain amp France Although in modern times not a

sound strategy because next time no one will give you loans

279 128188128188128467128467128188128188 FISCAL CONSOLIDATION PRUDENCE राजकोषीय एकतरीकरण ववक

It involves reduction in government expenditure to control its Fiscal Deficit Such as

1 the leakages (रसाव) by targeted delivery of schemes and subsidies through direct benefit

transfer (DBT) through JanDhan- Aadhar- Mobile (JAM) trinity

2 the quantum (मातरा) of subsidies eg

a Deregulation of Petrol prices (2010) Diesel (2013) (दामो को नयतरण म)

b 2016 Oil Ministry began to block LPG-Pahal subsidies to persons with annual taxable

income of ₹ 10 lakh gt

c 2017 Oil Ministry asked oil companies to keep raising prices of subsidised kerosene by

25 paise every fortnight until the subsidy is eliminated

3 Shutting down loss making PSU Eg Hindustan Photo Films HMT Bearings HMT Chinar

Watches Tungbhadra Steel Hindustan Cable amp HMT Watches (2014)

4 Privatization of loss making PSUPSBs (नजीकरण) eg 2018- IDBI2LIC 2018- Tried to sell off Air

India but unable to find any buyer


5 2014-16 Government setup an Expenditure Management Commission (य परबधन आयोग) under

Bimal Jalan to suggest ways to reduce its Expenditure

6 Austerity Measures (मतयता क उपाय) eg

a 2018- WBengal govt issued directives to its departments banning flower bouquets and

mementoes in public functions banning officials meetings at private hotels frequent

installation of AC car purchases office renovations etc amp restricting the no of foreign

tours by Ministers IAS etc More use of video-conferencing instead of physical travel

b 2019 PMrsquos Cabinet Committee on Investment and Growth (CCIG नवश और वकास क

कबनट समत) ordered all Union ministries to reduce wasteful expenditure on travel food

and conferences by 20 (यातरा भोजन और सलन क िफजल खच म कटौती करो)

c 2021 Parliament canteen subsidy ended eg Masala Dosa will no longer be sold at ₹6 etc

This will help saving ₹8cr

128288128288MCQ There has been a persistent deficit budget year after year What can be done by by the government to reduce the deficit (Asked in UPSC-Pre-2015) 1) Reducing revenue expenditure 2) Introducing new welfare schemes 3) Rationalizing subsidies 4) Expanding industries Answer Codes (a) 1 and 3 only (b) 2 and 3 only (c) 1 only (d) 1 2 3 and 4

128288128288MCQ In India the price of petroleum products has been deregulated mainly to (UPSC-CDS-2013-II) (a) reduce the burden of subsidies given to the oil companies (b) discourage the exploration of oil reserves in the country (c) discourage the demand for private vehicles (d) curb the use of black money in the economy

2710 128188128188128188128188 FISCAL STIMULUS (राज परोाहन पकज)

When govt taxes andor public procurement (सरकारी खरीद) to demand amp growth in

economy itrsquos called ldquoFiscal Stimulusrdquo (राज परोाहन पकज)

27101 128188128188128188128188 128115128115 Manmohanrsquos Fiscal Stimulus (2008-)

rArr Post-subprime crisis in USA PM Manmohan announced Fiscal Stimulus (2008) such as

- (1) in the Excise duty amp Custom Duty on exports

- (2) Businessman were given additional benefits in Income Tax amp Corporation Tax if

they purchased new commercial vehicles

- (3) Hiked the Minimum Support Prices (MSP) for farmers 128209128209More in Pillar4A

rArr However the economic surveys observed that such Fiscal Stimulus create new set of problems by

fiscal deficit in the subsequent years


27102 128188128188128188128188 129492129492 Modirsquos Fiscal Stimulus (2019)

2019-Aug Car sales and GDP growth sharply Foreign investors exiting on large scale from

India So Finance Minister NirmalaS announced in 2019-September

1) 127774127774Reduced tax burden on companies (कपनयो क मनाफ़ पर लगन वाल नगम करो म कटौती )

rArr Indian companies corporation tax slabs from 25-30 to 15-22 128209128209Ref

Corporation Tax section of Handout for more details

2) 127774127774Reduced tax harassment (कर उीड़न कर आतकवाद को कम करग )

rArr No startups will be subjected to angel tax

rArr All tax notices to be issued from centralised system to end harassment of taxpayers by

individual officials

rArr GST refunds would be given to entrepreneurs within 30 days

rArr Violation of Corporate Social Responsibility (CSR) will be treated as a civil offense and

not a criminal offense

rArr (Full) Budget-2019 had hiked surcharge on the income tax paid by Super-rich As a

result Foreign investors were exiting from India fearing extra tax burden So wersquoll

lsquoundorsquo that budget announcement

3) 127774127774Wersquoll fix the PSBs (सावरजनक तर क बक को द करग पनपजीकरण करग )

rArr Government will infuse more capital in public sector banks order them to link loan

interest rates with repo rate or other external benchmarks so loans may become cheaper

especially for home auto sector This will boost sales revive economy

4) 127774127774Wersquoll encourage car sales amp other consumption

rArr Vehicle Depreciation from 15 to 30 (meaning Bizman will get more tax benefits

in Income Tax and Corporation Tax) rarr businessman encouraged to buy new vehicles

rArr Govt departments will buy new petrol diesel vehicles

rArr GST council GST rates on 5 star hotels outdoor catering GST compensation cess on

passenger vehicles etc

Plus many other fragmented reforms to taxes or to Government spending on highway

projects etc are done every now and then BallbyballNOTIMP

27103 128123128123128188128188128188128188 129492129492 Modirsquos Atma-Nirbhar Bharat Economic Stimulus Package (2020)

rArr (Origin) 2020-March Government of India initiated nationwide lockdown to prevent the spread

of CoronaCOVID-19 pandemic (कोरोना महामारी क चलत दशापी तालाबदी)

rArr This lockdown affected the income and livelihood of everyone from corporate companies to

common citizens of India (सबक आजीवका को हानी ई)


rArr Therefore to revive the economy Prime Minister of India launched Atma Nirbhar Bharat

stimulus package in 2020-May to revive the Indian economy (अथरवा को पनजीवन परोाहन का

आथक पकज)

rArr Itrsquos centred on five pillars of ndash Economy Infrastructure System Demand and Vibrant

Demography (तली जनसाक) Table 5 (DATA) 128123128123Atma Nirbhar Bharat consists of

DATE 128123128123 Components of Atma Nirbhar Bharat Amt in lakh cr (Originally)

As per

128212128212128212128212ES21

2020-Mar to May 1) RBIrsquos monetary policies rarr (Ref1A2) ₹8 lakh cr ₹13 Lcr

2020-Mar 2) PM GARIB KALYAN (PMGKY) Covid Relief

Package rarr ₹170-190 lcr

₹17 Lcr

2020-May

3) FM NirmalaS made new announcements made like

Credit guarantee for MSME TDS rates PM Matsya Samda Yojana Agri infra fund etc

₹11 lakh cr

ATMANI = 1+2+3=Total कल मलाकर जोड़ी गयी रकम = ₹20 lcr approx (10 of GDP)

₹30 Lcr = 15 of GDP

Note Salient features of Atma-Nirbhar is spread across 6 pillars of Handout Its criticism how useful

in reviving economy amp GDP growth Nehru vs Modirsquos ideas of self-reliance etc = Ref 128209128209Pillar4C

128288128288MCQ Which one of the following describes the ldquofiscal stimulusrdquo (UPSC-Pre-2011)

1) It is a massive investment by the Government in manufacturing sector to ensure the supply of

goods to meet the demand surge caused by rapid economic growth

2) It is an intense affirmative action of the Government to boost economic activity in the country

3) It is Governmentrsquos intensive action on financial institutions to ensure disbursement of loans to

agriculture and allied sectors to promote greater food production and contain food inflation

4) It is an extreme affirmative action by the Government to pursue its policy of financial inclusion

2711 128188128188128188128296128296 FISCAL RESPONSIBILITY amp BUDGET MANAGEMENT ACT 2003 FRBM Act राजकोषीय उरदाय और बजट परबधन अधनयम 2003

Originally it required Union and States to control their deficits with following targets - By 2008 Fiscal Deficit

- 129492129492 For Union 3 of GDP (GROSS DOMESTIC PRODUCT सकल घरल उाद)

- 128123 For States 3 of GSDP (GROSS STATE DOMESTIC PRODUCT)

- By 2008 Eliminate Revenue deficit (=make it 0) of their respective GDP or GSDP

While some of the state govts achieved them but successive union govts struggled to meet these targets so they kept amending the act to extend the deadlines and targets (लो क समयसीमा को पीछ धकलत रह) Eg Amendment 2012 No need to have 0 Revenue deficit Instead it required 0 Effective Revenue Deficit by 2015 These deadlines were extended even further in subsequent Finance Bills


2712 128588128588 FRBM TRIGGER MECHANISM (TO) ESCAPE (DEFICIT CONTROL) CLAUSE FRBM Act Section 4(2) provides for a trigger mechanism to escape the deficit control related clauses in the act ie Government can overcross the targets in following situations (चना िटगर परतयो म घाट-नयतरण सबधी धाराओ स बच सकत ह)

1 National Security Act of War (राीय सरा यदध)

2 127788127788127788127788 National Calamity (राीय आपदा)

3 127805127805 If agriculture output and farm incomes collapse (कष उादन आय म पतन)

4 128201128201 Fall in real output GDP growth rate beyond x (वकास दर म अाधक गरावट)

5 127819127819 Structural reforms in the economy with unanticipated fiscal implications (अथरवा म

सरचनाक सधारो क राजकोष प अपराशत असर हो)

128299128299 128588128588 During above lsquotrigger conditionsrsquo (उ टगर परतयो म)

rArr FRBM Act Section 4(2) Govt may overcrossdeviate the fiscal deficit target by upto 05 of

GDP as recommended by NK Singhrsquos FRBM review Committee (घाट क मयारदालयाक को लाघ दना)

rArr Individual State Governments may also do similar (eg overcross by 05 of GSDP) but theyrsquove

to amend their state FRBM Act accordingly with this provision

rArr 128188128188Budget-2020 FM cited trigger5 (structural reformshellip) to escape the FRBM targets for

2019-20 and 2020-21 Table 6 यान क घाटा म कटौती हमस ना हो पाएगी

Fiscal deficit rarr Original target (मलत) Overcrossed After Trigger Mechanism

2019-20 33 38 2020-21 3 35

- Primary deficit target 0 (2020-21) shifted to 2022-23

- Revenue Deficit and ERD also over crossed but anyways FRBM Act has abandoned targeting

them since 2018rsquos amendment

- 128212128212128212128212ES19 had suggested Government to reduce deficit through fiscal prudence BUT

- 128212128212128212128212ES20 (Vol2Ch2) identified following challenges in 2020-21 in reducing deficit

- Slowdown in economic growth trade protectionism geopolitical situations in

West Asia Oil price = tax collection will be affected (मदी ापारक सरणवाद और भ राजनीतक

तनावो क चलत करो म अ आमदनी क आसार नही िदख रह थ )

- To revive growth in the Indian economy the Government should relax fiscal deficit

targets rarr in other words give fiscal stimulus rarr economic growth (घाटा नयतरण लयाक म

ढील ददो राज परोाहन पकज द दो)

- 2020-Corona crisis Govtrsquos income and expenses so deficit rose to unprecedented level

128188128188Budget-2021 FRBM amended to provide fiscal deficit 68 (2021-22) and 45 (2025-26)-

because 45 target is recommended by 15th FC


27121 128188128188128188128296128296 FRBM Misc Concepts

1) 128748128748 in 2018 instead of immediately reducing the Fiscal deficit to 30 FM Jaitley promised to

reduce it to 3 in 2020-21 like a glider gradually descending on its landing target Hence

subsequent Finance Ministers keep reiterating that wersquoll continue on that lsquoFiscal Glidersquo (राजकोषीय

सरकाव) path Although 128188128188Budget-2020 FM NirmalaS used FRBM-trigger to escape it

temporarily

2) Fiscal Profligacy (अधाधध राजकोषीय खचरआवारगीऐयाशी) This phrase is used to denote reckless

extravagancewasteful expenditure of public money

3) 128757128757 If government has targeted to keep the fiscal deficit within 33 percent of GDP but if it

crosses that limit itrsquos called lsquoFiscal Slippagersquo (राजकोषीय िफसलन)

27122 128188128188128188128296128296 128450128450 FRBM Act Documents (दावज़) FRBM Act requires the Union Govt to present following documents along with the budget 1) Macroeconomic Framework Statement (ापक आथक ढाचा ववरण) to show economic data - GDP

growth rate import-exports and governmentrsquos receiptsexpenditure etc

2) Medium Term Fiscal Policy Statement (मम अवध क राजकोषीय नीत ववरण)

3) Fiscal Policy Strategy Statement (राजकोषीय नीत कायरनीत ववरण) To explain how Govt is controlling

the deficits and whether there is going to be any deviation from the target Note In real life

Doc2 and Doc3 are published together as Medium Term Fiscal Policy cum Fiscal Policy

Strategy Statement (दसरा और तीसरा दावज वाव म एक साथ एक ही फाइल म द दत ह)

4) Medium-term Expenditure Framework (मम अवध य ढाचा ववरण) rarr 128188128188Budget-2021

Government not presented this document in Parliament due to Corona128560128560

Note above DATA Table from 128188128188Budget-2020 Later in 128188128188Budget-2021 govt not given such table because NirmalaS said ldquowe will amend the FRBM Act Hence no fiscal projections for the years 2022-23 and 2023-24 have been presented along with this Statementrdquo


128288128288MCQ According FRBM Act the Government is under obligation to present three statements before the parliament along with the Annual Budget Which one of the following is not one of them [UPSC-CDS-2008-I] (a) Macroeconomic Framework Statement (b) Fiscal Policy Strategy Statement (c) Medium-term Fiscal Policy Statement (d) Statement showing Short term Fiscal Policy

128288128288MCQ Along with the Budget the Finance Minister also places lsquoThe Macro Economic Framework Statementrsquo The aforesaid document is presented because this is mandated by (UPSC-Prelims-2020) [a) Long standing parliamentary convention [b) Article 112 and Article 110(1) of the Constitution of India [c) Article 113 of the Constitution of India [d) Provisions of the Fiscal Responsibility and Budget Management Act 2003

2713 128123128123129492129492128123128123128123FISCAL FEDERALISM HELPING THE STATES IN ATMANIRBHAR

27131 129492129492128123128123128123Helping States rarr Tax devolution and grants

rArr Corona = Unionrsquos tax income but still Union has given the Tax Devolution and grants

(कर अतरण व अनदान) to the states as per the figures announced in the Budget and Finance

Commission report

27132 129492129492128123128123128123Helping States rarr Statesrsquo Fiscal deficit limits

rArr Constitution Article 239 States require union govt permission before borrowing money

rArr Before Union had kept states net borrowing ceiling 3 of Gross State Domestic Product

(GSDP) (राो क सकल घरल उाद क 3 स ादा कजर रा सरकार नही ल सकती)

rArr 128123128123After ATMANI 3 rarr to 5 for 2020-21 रा सरकार क राजकोषीय घाट क मयारदा को बढ़ाया गया

Sr if State Government does following

reform State can borrow extra ₹₹

upto _ _ of GSDP No of states achieved this as of 30 Dec 2020

1 No conditions un-tied (बना शत क) 050 ALL

2 a) One Nation One Ration Card

System(128209128209Ref HDT-Pillar)

025 10

3 b) Ease of doing business reform

(128209128209Ref HDT-Pillar)

025 7

4 c) Urban Local body utility reforms (शहरी ानीय नकायो गटर पानी वा इािद म सधार)

025 2

5 d) Power Sector reforms(128209128209Ref HDT-Pillar5)

025 None


6 if any 3 of the above (a-b-c-d) reforms done

050 --

Total extra borrowing limit (sum of above six rows)

2 of GSDP Total for all States=₹427 Lcr

--

However States who opt for GST compensation Option1 Back2Backloans will get

unconditional relaxation (गर शत छट) (Ref More in 128209128209Pillar2A GST compensation)

2714 129492129492128123128123128123FISCAL DEFICIT TARGET FOR STATES BY 15TH FC amp 128188128188BUDGET-2021 State Govt (रा सरकारो क लए) 2020-21 2021-22 2023-24

Fiscal Deficit as GSDP 3 (increased to 5 as given above) 4 3

rArr 128188128188Budget-2021 as per 15th FC recommendations well allow this (4) + extra borrowing upto

05 of GSDP subject to some conditions (शत क अधीन कछ और अतर पसा भी कजर म लन दग)

2715 128188128188128188128296128296128296 FISCAL RESPONSIBILITY NK SINGH FRBM REVIEW PANEL rArr Budget-2016 Finance Minister Jaitley felt FRBM Act targets were too rigid and did not allow any

room for the government to address any crisis (ल बत ही स थ उ लचीला बनान क जरत)

rArr eg farm loan waivers during drought period or unemployment allowance during global

financial crisis are not possible if government strictly wants to control fiscal deficit at 3 of GDP

(अकाल म िकसानो को ऋण-माफ या नौजवानो को बरोजगारी भा दना असभव)

rArr So FM constituted a panel under NK Singh (ex-IAS 15th FC chairman) to review the FRBM act

27151 128188128188128188128296128296 FRBM Panelrsquos Notable recommendations उखनीय सफारश - Replace the existing FRBM act with a new act with an Escape clause ie During a war drought

or economic crisis the government should be temporarily allowed to cross breach targets rarr

Government amended FRBM act for this

- Set up an independent Fiscal Council for monitoring rarr NOT YET Done


- Adopt a fiscal road map for the union from 2017 to 2023 gradually reduce Union Debt to GDP

Fiscal Deficit and Revenue Deficit

So citing NK Singh report (as an excuse) Budget 2018 amended the FRBM targets rarr Indicator

as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25

Fiscal Deficit 34 33 (reality 38)

30 (reality 35)

30

Primary Deficit 02 02 (reality 07)

00 (reality 04)

00

Revenue Deficit amp ERD These targets are abandoned in FRBM Union Debt GDP reduce it

gradually 2017 ~465 2018 484 2019 480(reality 2019 gt50)

40

General (=Union+State) Debt to GDP

Gradually reduce to rarr 60

Note most of the above targets not going to be accomplished due to Corona

2716 128188128188128188128296128296128296 FISCAL RESPONSIBILITY NK SINGHrsquoS 15TH FINANCE COMMISSION 15th FC expects GDP growth to slowly recover to 7

15th FC recommendations targets for

Fiscal Deficit rarr rarr

2021-22 2022-23

2023-24

2024-25

2025-26

if GDP Growth slower than expected (आथक वदध दर यद उीद स कम)

65 (reality 68)

6 55 5 45

If our assessment holds (ie GDP growth slowly returning to 7)

6 55 5 45 4

if GDP Growth is faster than assessed (आथक वदध दर उीद स तज रह)

6 55 5 4 35

128188128188Budget-2021 has accepted this path (Fiscal Deficit to 45 by 2025-26)

rArr If the state government is undertaking reforms in the power sector (eg stopping power theft)

rarr Union should allow it to borrow extra money (बजलयाऊजार तर म सधार करन वाली रा सरकारो को क दर

सरकार अतर पसा कजर लन क अनमत द)

rArr Evaluation of government schemes rarr Focus on outcome of the scheme rarr Department should

be asked to justify why the scheme should be continued if annually it is unable to deliver X

outcomes (सरकारी योजनाओ क समीा करवाई जाए यिद नधाररत ल हासल नही हो रह तो वभागो स जवाब तलब िकया

जाए िक ो इस योजना को रदद ना िकया जाए)

rArr Union Government should set up a High-powered Inter-governmental Groupcommittee

(उरीय अतर-सरकारी समह समत को बनाया जाए)

o to recommend reforms in FRBM Acts of Union and State governmentsकानन म सधार क लए

o to Monitor the implementation of Reform the FRBM Act कानन क अनपालन क नगरानी क लए


o to Monitor the implementation of 15 finance commission recommendations 15 व व

आयोग क सफारशो क अमल क नगरानी क लए

rArr State Govts should form Public Debt Management Cells to plan their borrowing programme

efficiently (रा सरकार अपन कज़ का परभावी प स आयोजन करन क लए एक सावरजनक ऋण परबधन सल नामक इकाइयो

को ापत कर)

rArr If a state govt does not set up a State Finance Commission by March 2024 then the union

government should stop giving it grants afterwards (रा व आयोग क ापना न करन वाल रा सरकारो

का अनदान बद िकया जाए)

rArr Union and State governments should avoid any extra budgetary resourcesoff-budget borrowing

(क दर और रा सरकार बजतटर ससाधनो क उपयोग स बच)

rArr Cess and surcharge amount to nearly 18 of the gross tax revenue of the union government FC

cant allot cess-surcharge amount to State governments Need to rationalize this (क दर सरकार को

वभ करो स जो कलसकल आमदनी होती ह उसका 18 तो उपकर और अधभार स ही आता ह जसम रा सरकारो को व

आयोग िहा नही द सकता इस पर थोड़ा नयतरण िकया जाए)

27161 128188128188128188128296128296128296 127919127919 Budget marksmanship is Poor says 15th FC

rArr marksman = gunman who is skilled in shooting targets (नशानबाज)

rArr budget marksmanship = ability to keep income amp expense within the budget targetsestimates

however in reality

2019-20 Budget estimate (presented on

122019)

revised estimate (presented on

122020)

Actual (finalized after 3132020)

Receipt rarr Taxes 16 Lcr 15 Lcr 13 Lcr128560128560

Expenditure rarr Revenue (subsidies loan interest repayment etc)

2447 Lcr 2349 Lcr 2350 Lcr128560128560

rArr Thus the union government is poor in budget marksmanship (बजट नशानबाजी म कमजोर) Why

rArr Because generally the income is overestimated in budget presentation to show a rosy picture

(मीिडया और वप क सामन गलाबी चतर परत करन क लए आमदनी क आकड़ो को वावक परतयो क अपा ादा बढ़ा

चढ़ा कर िदखाया जाता ह)

rArr but when the tax collection target is missed rarr it results in

128560128560problem1) Tax authorities engaging in tax terrorism litigation (कर आतकवाद और मकदम बाजी)

Year 2012 2020

Direct Tax dispute amount less than 3 lakh cr nearly 10lakh cr

128560128560problem2) prediction error leads to ad-hoc expenditure management rarr A) excessive Reliance

on extra budgetary resources B) randomly cutting the scheme expenditure rarr not paying the

contactors on time rarr substandard quality of construction (अनमान म ऐसी गलतयो क चलत य परबधन


तदथरअाई प स िकया जाता ह परणाम प योजनाओ क खचर म कटौती कर दी जाती ह ठकदारो को पसा व पर नही

चकाया जाता rarr व कमजोर गणवा क सड़क मकानो का नमारण करत ह इािद)

2717 128188128188128188128296128296128296 FISCAL RESPONSIBILITY MISC BODIES

27171 128188128188128188128296128296 Expenditure Management Commission (2014)

rArr FinMin setup under Dr Bimal Jalan (य परबधन आयोग)

rArr Gave suggestions on how to fiscal deficit how to subsidy bill etc

27172 128188128188128188128296128296128296 Public Debt Management Agency (PDMA) सावरजनक ऋण परबधन एजसी

rArr RBI decides repo rate amp also undertakes open market operation for buying and selling of G-sec

rArr Most of the G-sec are purchased by public sector banks insurance and pension funds

rArr As Banking-regulator the Reserve Bank can prescribe Statutory Liquidity Ratio (SLR) rarr which

requires banks to keep a portion of their deposits in liquid assets like cash gold G-sec and other

securities approved by RBI (Ref 128209128209Pillar1A2 monetary policy)

rArr So this creates a lsquoconflict of interestrsquo for RBI in its role as (1) Banking regulator vs (2) Public

Debt manager (िहतो का आपस म टकराव)

rArr 128188128188Budget-2015 proposed creating an independence Public Debt Management Agency (PDMA)

to takeover these functions of RBI

rArr But later plan was put on a back burner due to RBIrsquos objections

rArr 2019 NITI Aayog Vice Chairman Rajiv Kumar again reiterated the need to setup PDMA But

afterwards not much in news limelight 128368128368थोड़ा-पढ़ो-आग-बढ़ो

27173 128188128188128188128296128296128296 Fiscal Council (राजकोषीय परषद)

rArr (Origin) Fiscal Council is an independent authority usually setup by a law to supervises the

fiscal policy in the country (राजकोषीय नीत क नगरानी हत एक ततर सा)

rArr eg Sweden Hungary amp some other western countries Its functions include

Monitoring Govts Receipt Expenditure Annual Budget

Ensure that Govts borrowing remains within the legally permitted limits

Recommend fiscal stimulus and fiscal prudence measures depending on the economic

situation of the country (समय समय क जरत क िहसाब स वीय परोाहन और मतयता क उपाय दना)

271731 128188128188128188128296128296128296 Fiscal Council Why do we need it in India Budgeting process in India suffers from following lacunas (वतरमान परणाली म खामया)


rArr Overestimation of tax receipts Creative accounting and data dressing in the budget (आकड़ो को बढ़ा

चढ़ा कर मरहम पटटी लगाकर िदखाना)

rArr If not revenue targets not achieved then

o Extra Budgetary Resources (बजटतर ससाधन)

o Fiscal repression of the households via LIC (वीय दमन)

o Frequent changes in the FRBM goalposts (ल बदल दना)

rArr Engaging Practices against the spirit of cooperative federalism (सहकारी सघवाद)

o Imposition of cesssurcharge on Union taxes to avoid FC devolution

o Union irregularly releasing GST amp Finance Commission Devolutiongrants to State

governments (अनयमत प स पसा राो को दना)

rArr Indias sovereign credit rating also because of such mismanagement

Therefore NK Singhrsquos FRBM Review Panel (2017) and successive Finance Commissions have recommended setting up such an Independent Fiscal Council in India because

128560128560Existing Mechanism (वतरमान त वा परणाली) 129321129321Whereas Fiscal Council

Parliamentary Committees such as Public Accounts Estimates Committee etc are made up of Members of Parliament who may not have the technical expertise over economics and public finance (ससद क लोक लखा समत परालन समत )

technical experts (तकनीक वशष होग)

Comptroller and Auditor General (CAG) will audit the government Expenditure after the spending has taken place (नयतरक और महालखा परीक- खचर हो जान क बाद वो जाच करता ह)

continuously strive to keep the fiscal deficit under control (अवरल नगरानी)

Finance commission Constituted every 5 yrs stops functioning after submitting report Until new body setup

will function continuously round the year

271732 128188128188128188128296128296128296 Fiscal Council conclusion YES we NEED it for INDIA Considering the aforementioned issues need of the hour is to set up an independent fiscal council (ततर राजकोषीय परषद क ापना वतरमान समय क जरतो क िहसाब स अत आवक ह)

rArr To make the Public Finance Management in India more prudent transparent accountable and

efficient (सावरजनक वीय परबधन को ववकपणर पारदश जवाबदह और कशल)

rArr To achieve UN SDG Goal 16 Develop effective accountable and transparent institutions at all

levels of governance (सतत वकास ल शासन क हर एक र पर जवाबदही सानो का नमारण)

2718 127930127930 (MAINS) PUBLIC EXPENDITURE MANAGEMENT CHALLENGES - (Definition) Public expenditure management deals with allocation of Govtrsquos economic resources

into three channels सावरजनक य परबधन - आथक ससाधनो का आवटन करता ह

- 1) Public Administration (लोक परशासन)

- 2) Economic Development (आथक वकास)


- 3) Welfare Schemes (काणकारी योजनाए)

- 1991 Liberalization Privatization and Globalization (LPG उदारीकरण नजीकरण और वीकरण)

reforms rarr then following challenges in management of public expenditure

Sector Pre-LPG Post-LPG-1991 (More in Pillar4 LPG)

Banking बासल मानदड पनः

पजीकरण क लए ढर सारी रकम चािहए

Nationalisation of banks Basel norms less stringent (More in

128209128209Pillar1B2)

Twin balance sheet syndrome govt required to recapitalise the public sector banks because they

cannot do it on their own rarr Financial burden

Monetary Policy and Fiscal Policy

मौदरक नीत एव राजकोषीय नीत

High level of fiscal deficit RBIrsquos monetary policy which mandated high level of SLR to finance Governmentrsquos borrowing using bank depositorsrsquo money

- Private Sectors Investment demand

consumerism has rarr RBI is forced to cut

down the SLR to increase the loanable funds

- Since high level of fiscal deficit was one of the

reasons for BOP crisis now Govt has statutory

FRBM requirements to control fiscal deficit

- RBI has statutory requirement to control

inflation - So rampant borrowing from RBI is

becoming difficult for government

Private sector

नजी तर को नवश म लाखो करोड़ो पए

चािहए rarrसरकार जनता क बचत का सारा पसा कज म ल

लगी तो नजी तर को पजी मलगी कस

Share of private sector in Indias economic growth and employment generation was limited due to the License Quota Inspector Raj (More in Pillar4)

- Drastically

- Private sector requires ₹20 lakh crores every

year for sustaining the current level of

Economic Growth amp Employment generation

- Therefore if govt does not control fiscal deficit

rarr crowding out of the private investment =

Indiarsquos growth (although latest 128212128212128212128212ES21

disagrees with this argument)

PSU सावरजानक तर क उपकरम नकसानी म

चल रह ह तनाह दन का भी पसा नही

Loss making public sector undertakings were supported by the Government as white elephant

- Difficult to sustain the Public Sector

Undertakings against the heavy competition of

private sector be it Air India or BSNL

- Govt unable to pay salaries even no buyers for

their privatization

Infrastructure

बनयादी अवसरचना क लए ढर सारा पसा चािहए जो सरकार क

पास नही

Population was sparse Most people didnt have access to TV fridge mobile internet or social media Their demand for electricity was low

- Population has

- Aspiration of people have

- They want clean water 247 electricity good

quality of roads

- Lot of money required for infrastructure

finance



- Railway alone requires ₹50 lakh crore between

2016-30 Govt canrsquot spend more than ₹16 lakh

crore a year

Welfare

शा अ और रोजगार क वभ

काणकारी योजनाओ क लए ढर सारा पसा चािहए जो सरकार क पास नही

Right to education right to food right to work (MGNREGA) were not yet lsquolegal rightsrsquo

- Now they have become legal rights so the govt

is required to allocate large amount of funds

- Post-LPG era the level of education and

demand for various amenities and even per

capita income has increased but that has not

been a corresponding increase in our tax to

GDP (11 where as countries with similar

growth have gt20)

Public Administration लोक परशासन और

रा क लए सरकार न बत लोगो को नौकरी

rarr वतन आयोग क सफारशो क िहसाब स

मोटी मोटी तनाह

Small size of Government staff Their salary levels were also low

- Public aspirations have number of

welfare schemes Border Security

challenges rarr employees have

- 6th pay commission and 7th pay commission

rarr salaries have

- 128560128560Challenge lsquoContracting out of the jobsrsquo to

keep revenue deficit minimal NPS where

Employee himself is largely responsible for his

pension etc vacancies in UPSCSSC

27181 128560128560Public finance challenges Corona 4-lakh ex-gratia Yojana not possible

rArr Disaster Management Act 2005rsquos Section 12 requires National Disaster Management Authority

(a statutory body headed by PM) to recommend minimum standards of relief to person affected

in a disaster (आपदा परबधन क़ानन क धारा 12 म य लखा ह िक राीय आपदा परबधन पराधकरण न आपदा स परभावत लोगो

क लए नतम सहायता घोषत करनी होगी)

rArr Home Ministry has notified Corona as a disaster So PIL in SC asking Govt to pay ₹4 lakh to the

family of every dead person (गह -मतरालय पहल ही कोरोना महामारी को आपदा घोषत कर चका ह तो कछ लोगो न

सपरीम कोटर म जनिहत याचका दायर क िक कोरोना म मर सभी लोगो क परजनो को ४- लाख पया िदए जाए)

rArr 2021-July Nearly 4 lakh dead x ₹4 lakh each = approx ₹16000 cr required 128560128560

rArr But this is the beyond the fiscal capacity fiscal affordability of union and state government so

they are defending the case in Supreme Court (हालािक सरकार क लए लाखो परवारो को दन क लए इतनी मोटी

राश जमा करना असभव ह)


rArr Even if such money is given from the disaster management funds then there will be no money

left for future disaster management (और यिद पीिड़तो को इतना पसा मआवज़ म द भी िदया या तो भव क आपदा-

परबधन क लए फड म पसा बचगा ही नही)

Conclusion Thus in the aftermath of LPG reforms Nations per capita income has

Governments expenditure has demands for infrastructure investment But not adequate

increase in the tax to GDP levels As a result public expenditure management has become a challenge to the government (कर राज म आमदनी क कमी क चलत सावरजनक-य-परबधन चनौती बन गया ह)

28 128188128188 TYPES OF BUDGET बजट क परकार 281 REVENUE VERSUS CAPITAL BUDGET राज बनाम पजीगत बजट

128092128092 Revenue budget राज बजट 128091128091 Capital Budget पजीगत बजट

It is associated with the income and expenditure that are of temporary in nature (1 year or less) andor do not result into creation of permanent capital physical financial assets

associated with the income and expenditure that are of long term nature andor results into creation of permanent capital financial assets such as land buildings machinery equipment shares bonds G-sec

Taxation revenue from selling goods and services interest payment on previous loans salaries pension subsidies and other non- developmental expenditure

Borrowings disinvestment and expenditure on assets creation

128288128288MCQ Which isare included in the capital budget of the Government of India (Asked in UPSC-Pre-2016) 1 Expenditure on acquisition of assets like roads buildings machinery etc

2 Loans received from foreign governments

3 Loans and advances granted to the States and Union Territories

Ans Codes (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1 2 and 3

282 128188128188128188128188GENERAL BUDGET VERSUS RAILWAY BUDGET (आम बजट बनाम रलव बजट)

- 1920-21 Acworth Committee recommends separate Railway Budget This practice continued

even after Independence first the railway minister would present the Railway budget in

parliament and after a few days finance minister will present General Budget

- NITI Aayogrsquos Bibek Debroy committee recommends its abolition because

- 1) No constitutional requirement (सवधानक प स यह अनवायर नही ह)

- 2) During Coalition Governments Rail budget was used for populism cheap fares which eroded

the profitability of Railways (गठबधन सरकारो म लोकलभावन भारी घाटा)


- 3) during the British time railway revenue used to be quite large compared to other sources of

revenue but after independence Railway revenue is quite small compared to overall General

budget- So it does not deserve a special presentation

Therefore Modi govt merged Railway budget with General budget from 2017 (वलीनीकरण)

283 128188128188128188128188 PLAN VS NON PLAN EXPENDITURE BUDGET

योजना बनाम गर योजना य बजट is a method of classifying the expenditure side

Plan (expenditure) budget योजना Non-Plan (Expenditure) Budget गर योजना

rArr Central Plans (the Five-Year Plans)

rArr Central assistance for State Five Year Plans

rArr It is further subdivided into

1) revenue expenditure (eg teachers

salary under Sarva Shiksha Abhiyan)

2) capital expenditure (eg new school

buildings to be constructed under

Sarva Shiksha Abhiyan)

- Expenditure related to general economic and

social services of the government Interest

payments defence services subsidies salaries

and pensions

- It is also further subdivided into revenue

expenditure (eg soldier salaries) and capital

expenditure (eg Building new aircraft

carrier)

Since Budget-2017 Modi govt stopped the practice of displaying the plan and non plan expenditure separately because (1) No such constitutional requirement (2) Government had dissolved the planning commission in 2014-15 (3) 12th Five Year Plan (FYP2012-17) was ending in 2017 anyways

(More about PC amp FYP in 128209128209Pillar4C)

284 128188128188128188128188BUDGETING (बजट नमारण क परिकरया रणनीत) It is the process strategy with which the budget is created

128188128188Traditional Line-item Budgeting

पारपरक लाइन-आइटम बजट Simply calculating the income and expenditure without measuring the underlying benefit or performance - Allot ₹ 10000- to buy a new bed in government hospital - Allot ₹ 50000 to buy a new computer in government department

Performance budgeting परदशरन

बजट

calculating income and expenditure tied with underlying benefit or performance - Allot ₹ 50000 to buy a new computer with target that it should result in 30

the faster clearance of RTI-applications compared to pen and paper - Such budgeting helps measuring costbenefit and efficiency

Zero based budgeting

श आधारत बजट

- In a traditional budgeting the approach is ldquoautomatic and incremental eg ldquoLast year we allotted ₹ 50000 crore to educational schemes so this year we should allot 55000 crores lest the opposition parties create controversyrdquo

- Whereas in Zero Based Budgeting the budget is viewed as a fresh exercise


from zero base So each department has to justify its budget demands to finance ministry Eg if last year ₹ 50000 crores given to education schemes but still 60 of class 5 kids cannot read class 2 books then wersquoll delete modify that scheme

127774127774 Sunset Budgeting

सयार समयसीमा का बजट

- In a traditional budgeting once a scheme is launched it runs perpetually even after regime change eg MNREGA Mid-day Meal

- In a Zero Based Budgeting schemes are reviewed every year and then they may get discontinued or continued (with or without modifications)

- In Sunset Budgeting scheme are announced with deadline eg MEITY to give MDR subsidy for a period of two years starting from 112018 Thus this scheme will self-destruct after deadline just like the sun will set after the sunset

128092128092 Gender budgeting लगक बजट

This system was started from Budget-2005 It is not a separate budget but rather within the general budget FinMin will put a separate expenditure docs showing women specific Schemes Targets Commitments- in two parts

128105128105Part A = Women Specific Schemes ie which have 100 allocation meant for women Eg Minority Affairs Ministryrsquos ldquoNai Roshnirdquo scheme for

Leadership Dev in Minority Women (128188128188Budget20 28kcr )

128105128105128105128105Part B = Pro Women Schemes ie atleast 30 allocation meant for women Eg HRD Ministry rarr Samagra Shiksha for pre-nursey to Class12

both boys amp girls covered(128188128188Budget-2020 11 Lcr) Arrow indicates increase decrease than last budget

285 128188128188128188128188128188128188TRIBAL SUB PLAN amp SCSP From 70s Govt required individual ministries to earmark funds for SCST within their overall funds

A ldquoScheduled Castes Sub-Plan (SCSP अनसचत जात उप-योजना)rdquo rarr Social Justice Ministry monitors

via e-utthaangovin

B ldquoTribal Sub plan (TSP आदवासी उप योजना)rdquo rarr Tribal Affairs Ministry monitors via stcmisgovin

which is not a fancy name so we need not memorize unlike e-utthaan

Sidenote Although not required by the Constitution but Government also tables separate

documents showing 1) allocation for children 2) allocation for NORTH EASTERN AREAs

286 128188128188128188128188128188128188OUTPUT OUTCOME FRAMEWORK FOR SCHEMES

योजनाओ क लए उादन परणाम ढाचा

Started from Budget-2017 onwards the FinMin uploads a document showing outlay output and outcomes for each ministry and department These are monitored by NITI Aayog eg


Ministry amp Scheme Outlay Output (Deliverables) Outcome MEITY rarr Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA)

₹ 400 crores

Give computer training to 5 crore persons in rural area

Increased number of digitally literate persons in rural areas

287 128188128188128188128188CASH VS ACCRUAL BUDGETING नगदी बनाम उपचय बजट If Railways transported cargo of Jindal Steel in Jan amp created invoice of ₹ 5 lakh but Jindal paid money in Feb Then Railways account book can be prepared in 2 ways

Income Cash based accounting नकद आधारत लखा

Accrual-based accounting उपचय आधारत लखा

January ₹ 0 ₹ 5 lakhs (itrsquos deemed as lsquoearnedrsquo even though itrsquos not lsquopaidrsquo right now)

February ₹ 5 lakhs (ie when cash actually received spent)

₹ 0

So Since colonial times Govt preparing accounts and budget in this manner

rArr 12th FC suggested to use this method for better estimation of income and expenditure HOW BcomNOTIMP

rArr From 2019 Railways planning to adopt this So TheHindu columnists suggesting that all depts should adopt

288 128188128188128188128188TREASURY SINGLE ACCOUNT (TSA) SYSTEM Different Government Ministries departments Statutory and autonomous bodies have their

accounts in RBI andor in different banks eg Defence ministry rarr Some donation funds bank accounts are in Union Bank of India some in Canara Bank etc

Treasury Single Account (TSA) is a mechanism to link all of those accounts together in the public financial management system (PFMS) portal under the Department of Expenditure in the Finance ministry (अलग-अलग वभागो क अलग-अलग बको म खातो क कल राश को ऑनलाइन तरीक स एक खात म एककत िकया जाए)

129321129321Benefit Optimal utilisation of the total balance which is spread across multiple bank accounts HOWTechnical aspects NOTIMP

128188128188Budget-2021 announced Some technical reforms in this

289 128188128188128467128467128188128188LAPSABLE FUNDS amp MARCH RUSH पगत नध और माचर ता Appropriation act allows the government to spend funds from consolidated fund of India for a

period of one year (ending in 31st March)

- If any allotted funds remain unutilised then by the lsquo rule of lapse rsquo they must be returned (amp

govt will have to again seek Parliament approval for the next financial year using next


appropriation bill) So in March there is a rush among the Govt orgs to spend money (in a

haphazard reckless manner) lest theyrsquove to return it back

- 2017-18 Finance ministry issued directive that in ldquoIn the fourth quarter (Jan to March) and in

the March-Month Govt organizations shall not spend more than ldquoxrdquo amp ldquoyrdquo of fundsrdquo This

helps controlling the March Rush

2810 128188128188128467128467128188128188 NON LAPSABLE FUNDS amp NO RUSH बनपगत नधी The money in such fund will not lapse on 31st March so it can be used in future without getting

another approval from parliament eg Dept of Economic Affairs rarr Nirbhaya fund rarr women

safety related projects

- 128560128560Criticism Since fund is non lapsable Departments become very lax in utilising it Budget

2013 started Nirbhaya fund in the aftermath of Dec-2012 Gangrape Delhi The successive

budgets kept adding ₹ into it By 2018 ~3000 crore but not even 50 utilized

- 2018 Defence ministry demands ldquo non lapsable defence modernization fundrdquo but Finance

ministry rejected for similar same reason (money will remain unspent) Although later 15th FC

has recommended Modernisation Fund for Defence and Internal Security (MFDIS) ₹ 238 Lcr

(total for 2021-26) (More in 128209128209Pillar2B 15th FC)

2811 128239128239129492129492TYPES OF SCHEMES (योजनाओ क परकार) Table 7 figures from 128188128188Budget-2021

128239128239129492129492 Central Sector Schemes

क दरीय तर क योजनाए (₹10 lcr)

128239128239129492129492128123 Centrally Sponsored Schemes क दर दवारा परायोजत योजनाए (₹38 lakh cr)

100 funded by Union States may have to bear some cost Examples Urea Subsidy MDR Subsidy Jan Aushadhi Scheme BharatNET Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) etc In the union budgets collectively more ₹₹ allotted for these types of schemes

Within this rarr 6 Lcr for revenue Expenditure 4 Lcr for Capital Expenditure

Further subtypes 1 Core of the Core (अत महपणर योजनाऐ) ₹96kcr in Budget21

a Only 6 schemes MNREGA NSoAP Umbrella schemes for SCSTMinorities amp other vulnerable groups For these schemes UPA-era funding pattern will continue NSoAP100

b Those schemes deal with social protection and social inclusion are given first priority in the funding for National Development Agenda

2 Core Scheme ( महपणर योजनाऐ) 283 Lcr in 128188128188Budget-2021 a eg PM Gram Sadak PM Awas Swachh Bharat AMRUT

amp Smart cities etc Here funding pattern could be 5050 6040 7030 7525 8020 or 9010 depending on a particular scheme and depending on whether itrsquos a general special cat state

rArr UPACongress Raj hundreds of centrally sponsored schemes (CSS) with overlapping objectives

and duplication of efforts


rArr Then Modi-Raj 2015-16 NITI Aayog forms Shivraj Singh Chouhan Panel for rationalization of

CSS (योजनाओ का सवीकरण) rarr Ultimate outcome given in above table

rArr In 2016 3rd category of Centrally Sponsored Schemes was ldquoOptional Schemesrdquo viz 1) Border

Area Development Programme 2) Shyama Prasad Mukherjee Rurban Mission with funding

pattern (5050 | 8020) But over the years they shifted in the Core schemes So IGNORE

rArr For any Union Territory without Legislature 100 funding by Union for any scheme in any

category We will look at the schemesrsquo features in the respective pillars

rArr To disburse scheme ₹ amp monitor it effectively FinMin rarrDept of Expenditure Controller

General of Accounts (CGA) rarr Public Financial Management System (PFMS) webportal

28111 128239128239129492129492Ministry-wise Highest Allocation in 128188128188Budget-2021 - Housing And Urban Affairs ltHealth Family Welfare lt Education ltRailways ltRoad Transport

Highway ltAgriculture ltRural Development ltHome Affairs ltConsumer Affairs Food And

Public Distribution ltDefence (highest-सबस ादा पसा रा मतरालय को मला ह)

2812 MOCK QUESTIONS FOR UPSC MAINS GSM3 (250 WORDS EACH) 1) (Asked in GSM3-2013) What are the reasons for introduction of Fiscal responsibility and Budget

Management (FRBM) act 2003 Discuss critically its salient features and their effectiveness

राजकोषीय उरदाय और बजट परबधन (FRBM) अधनयम 2003 को लाग करन का ा कारण ह इसक परमख वशषताओ

और उनक परभावशीलता पर गभीर प स चचार कर

2) (Asked in GSM3-2016) Discuss the requirements and status of gender budgeting in the Indian

context भारतीय सदभर म लग बजट क आवकताए और त चचार कजए

3) (Asked in GSM3-2019) public expenditure management is a challenge to the govt of India in the

context of budget-making during the post-liberalization period Clarify it (उर-उदारीकरण अवध क

दौरान बजट नमारण क सदभर म लोक य परबधन भारत सरकार क सम एक चनौती ह | इसको कजए)

4) Examine critically the apprehensions surrounding the issue of Union Governmentrsquos external

borrowing in external currency क दर सरकार क वदशी ऋण को वदशी मदरा म जटान क मसल क साथ जडी आशकाओ

क समीा कजए

5) Discuss the need of setting up an independent fiscal council in India (एक ततर राजकोषीय परषद

ापत करन क आवकता पर चचार कर)

6) Discuss the need and significance of Countercyclical Fiscal Policy for reviving Indias growth in

the aftermath of coronavirus And examine critically the potential apprehensions about the

same (कोरोनावायरस क पात भारतीय अथरततर को पनजवत करन क लए परत चकरय राजकोषीय नीत क जरत और मह

क चचार कजए और उसी क बार म सभावत आशकाओचता भयानो क गभीरता स समीा कजए)

Next Handout Pillar3A Balance of Payment

26 128229128467 Budget rarr Capital rarr Receipts



262 129492128451 129333 Budget rarr Capital Receipts rarr Disinvestment विनिवश


2622 128222 BSNL MTNL Merger (विलीनीकरण)




263 128123129492128451 rarr 128104128188 Disinvestment in budget 2021


264 128212128212ES20 Vol1 Ch9 Privatization and Wealth Creation


2642 128212128212Strategic Disinvestment (=Privatisation) rarr Adopt Singapore Model

265 128467128228Budget rarr Capital Part rarr Expenditure (पजीगत वयय)


27 128188129330127995Types of deficits घाट क परकार

271 128188129330127995Fiscal Deficit राजकोषीय घाटा

272 128188129330127995Primary Deficit पराथमिक घाटा

273 128188129330127995Debt Composition Amount-wise


274 128188129330127995128092129330127995 Extra-Budgetary Resources (बजटतर ससाधन)

275 128188129330127995 Financing the deficit its negative consequences on economy






2756 128188129330127995 Fiscal Deficit = India sovereign rating



276 128188128137128184128184Countercyclical policy (परतिचकरीय राजकोषीय नीति)


2762 128188128137128184128184 Countercyclical Domar Condition of Debt Sustainability

2763 128188128137128184128184Countercyclical ConclusionWay forward (निषकरष)

277 128256128184Side Note Automatic Stabilizers (सवचालित-सथिरीकारी)

278 128188129330127995 Misc Terms related to Deficit Financing

279 128188128228129338 Fiscal Consolidation Prudence राजकोषीय एकतरीकरण विवक

2710 128188128137 Fiscal stimulus (राजसव परोतसाहन पकज)




2711 128188129330127995128296 Fiscal Responsibility amp Budget Management Act 2003

2712 128588 FRBM Trigger Mechanism (to) Escape (Deficit control) Clause


27122 128188129330127995128296 128450 FRBM Act Documents (दसतावज़)

2713 128123129492128329128104129458Fiscal Federalism Helping the States in ATMANIRBHAR



2714 129492128329128104129458Fiscal Deficit target for States by 15th FC amp 12Budget-2021

2715 128188129330127995128296128373127995 Fiscal Responsibility NK Singh FRBM Review Panel

27151 128188129330127995128296 FRBM Panelrsquos Notable recommendations उललखनीय सिफारिश

2716 128188129330127995128296128373127995 Fiscal Responsibility NK Singhrsquos 15th Finance Commission


2717 128188129330127995128296128373127995 Fiscal Responsibility Misc Bodies


27172 128188129330127995128296128373127995 Public Debt Management Agency (PDMA) सारवजनिक ऋण परबधन एजसी

27173 128188129330127995128296128373127995 Fiscal Council (राजकोषीय परिषद)

271731 128188129330127995128296128373127995 Fiscal Council Why do we need it in India

271732 128188129330127995128296128373127995 Fiscal Council conclusion YES we NEED it for INDIA

2718 127930 (MAINS) Public Expenditure Management Challenges


28 128188 Types of budget बजट क परकार

281 Revenue versus Capital budget राजसव बनाम पजीगत बजट

282 128188128650General budget versus Railway budget (आम बजट बनाम रलव बजट)

283 128188129332 Plan vs non plan expenditure budget

284 128188128395Budgeting (बजट निरमाण की परकरिया रणनीति)

285 128188128395128194Tribal sub plan amp SCSP

286 128188128395128202Output Outcome Framework for Schemes

287 128188128395Cash vs Accrual Budgeting नगदी बनाम उपचय बजट

288 128188128395Treasury Single Account (TSA) System

289 128188128228127950Lapsable Funds amp March Rush वयपगत निधि और मारच वयसतता

2810 128188128228128756 Non lapsable funds amp No Rush बिनवयपगत निधी

2811 128239129492Types of schemes (योजनाओ क परकार)

28111 128239129492Ministry-wise Highest Allocation in 12Budget-2021

2812 127995Mock Questions for UPSC Mains GSM3 (250 words each)

ltlt13 ASCII85EncodePages false13 AllowTransparency false13 AutoPositionEPSFiles true13 AutoRotatePages All13 Binding Left13 CalGrayProfile (Gray Gamma 22)13 CalRGBProfile (sRGB IEC61966-21)13 CalCMYKProfile (US Web Coated 050SWOP051 v2)13 sRGBProfile (sRGB IEC61966-21)13 CannotEmbedFontPolicy Warning13 CompatibilityLevel 1613 CompressObjects All13 CompressPages true13 ConvertImagesToIndexed true13 PassThroughJPEGImages true13 CreateJobTicket false13 DefaultRenderingIntent Default13 DetectBlends true13 DetectCurves 0100013 ColorConversionStrategy LeaveColorUnchanged13 DoThumbnails false13 EmbedAllFonts true13 EmbedOpenType false13 ParseICCProfilesInComments true13 EmbedJobOptions false13 DSCReportingLevel 013 EmitDSCWarnings false13 EndPage -113 ImageMemory 104857613 LockDistillerParams false13 MaxSubsetPct 10013 Optimize true13 OPM 113 ParseDSCComments true13 ParseDSCCommentsForDocInfo true13 PreserveCopyPage true13 PreserveDICMYKValues true13 PreserveEPSInfo false13 PreserveFlatness true13 PreserveHalftoneInfo false13 PreserveOPIComments false13 PreserveOverprintSettings true13 Start13 SubsetFonts true13 TransferFunctionInfo Apply13 UCRandBGInfo Remove13 UsePrologue false13 ColorSettingsFile ()13 AlwaysEmbed [ true13 ]13 NeverEmbed [ true13 ]13 AntiAliasColorImages false13 CropColorImages true13 ColorImageMinResolution 15013 ColorImageMinResolutionPolicy OK13 DownsampleColorImages true13 ColorImageDownsampleType Bicubic13 ColorImageResolution 30013 ColorImageDepth -113 ColorImageMinDownsampleDepth 113 ColorImageDownsampleThreshold 15000013 EncodeColorImages true13 ColorImageFilter DCTEncode13 AutoFilterColorImages true13 ColorImageAutoFilterStrategy JPEG13 ColorACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 ColorImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000ColorACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000ColorImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasGrayImages false13 CropGrayImages true13 GrayImageMinResolution 15013 GrayImageMinResolutionPolicy OK13 DownsampleGrayImages true13 GrayImageDownsampleType Bicubic13 GrayImageResolution 30013 GrayImageDepth -113 GrayImageMinDownsampleDepth 213 GrayImageDownsampleThreshold 15000013 EncodeGrayImages true13 GrayImageFilter DCTEncode13 AutoFilterGrayImages true13 GrayImageAutoFilterStrategy JPEG13 GrayACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 GrayImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000GrayACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000GrayImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasMonoImages false13 CropMonoImages true13 MonoImageMinResolution 120013 MonoImageMinResolutionPolicy OK13 DownsampleMonoImages true13 MonoImageDownsampleType Bicubic13 MonoImageResolution 120013 MonoImageDepth -113 MonoImageDownsampleThreshold 15000013 EncodeMonoImages true13 MonoImageFilter CCITTFaxEncode13 MonoImageDict ltlt13 K -113 gtgt13 AllowPSXObjects false13 CheckCompliance [13 None13 ]13 PDFX1aCheck false13 PDFX3Check false13 PDFXCompliantPDFOnly false13 PDFXNoTrimBoxError true13 PDFXTrimBoxToMediaBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXSetBleedBoxToMediaBox true13 PDFXBleedBoxToTrimBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXOutputIntentProfile ()13 PDFXOutputConditionIdentifier ()13 PDFXOutputCondition ()13 PDFXRegistryName ()13 PDFXTrapped False1313 CreateJDFFile false13 Description ltlt13 ARA 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 BGR ltFEFF04180437043F043E043B043704320430043904420435002004420435043704380020043D0430044104420440043E0439043A0438002C00200437043000200434043000200441044A0437043404300432043004420435002000410064006F00620065002000500044004600200434043E043A0443043C0435043D04420438002C0020043F043E04340445043E0434044F044904380020043704300020043D04300434043504360434043D043E00200440043004370433043B0435043604340430043D0435002004380020043F04350447043004420430043D04350020043D04300020043104380437043D0435044100200434043E043A0443043C0435043D04420438002E00200421044A04370434043004340435043D043804420435002000500044004600200434043E043A0443043C0435043D044204380020043C043E0433043004420020043404300020044104350020043E0442043204300440044F0442002004410020004100630072006F00620061007400200438002000410064006F00620065002000520065006100640065007200200036002E0030002004380020043F043E002D043D043E043204380020043204350440044104380438002Egt13 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e55464e1a65876863768467e5770b548c62535370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt13 CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc666e901a554652d965874ef6768467e5770b548c52175370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt13 CZE 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 DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200075006d002000650069006e00650020007a0075007600650072006c00e40073007300690067006500200041006e007a006500690067006500200075006e00640020004100750073006700610062006500200076006f006e00200047006500730063006800e40066007400730064006f006b0075006d0065006e00740065006e0020007a0075002000650072007a00690065006c0065006e002e00200044006900650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000520065006100640065007200200036002e003000200075006e00640020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt13 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV 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 HUN 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 ITA (Utilizzare queste impostazioni per creare documenti Adobe PDF adatti per visualizzare e stampare documenti aziendali in modo affidabile I documenti PDF creati possono essere aperti con Acrobat e Adobe Reader 60 e versioni successive)13 JPN 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 KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020be44c988b2c8c2a40020bb38c11cb97c0020c548c815c801c73cb85c0020bcf4ace00020c778c1c4d558b2940020b3700020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200036002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt13 LTH 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 LVI ltFEFF004c006900650074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200069007a0076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020007000690065006d01130072006f00740069002000640072006f01610061006900200075007a01460113006d0075006d006100200064006f006b0075006d0065006e0074007500200073006b00610074012b01610061006e0061006900200075006e0020006400720075006b010101610061006e00610069002e00200049007a0076006500690064006f0074006f0073002000500044004600200064006f006b0075006d0065006e00740075007300200076006100720020006100740076011300720074002c00200069007a006d0061006e0074006f006a006f0074002000700072006f006700720061006d006d00750020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200036002e003000200076006100690020006a00610075006e0101006b0075002000760065007200730069006a0075002egt13 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken waarmee zakelijke documenten betrouwbaar kunnen worden weergegeven en afgedrukt De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 60 en hoger)13 NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create high quality Adobe PDF documents suitable for a delightful viewing experience and printing of business documents Created PDF documents can be opened with Acrobat and Adobe Reader 70 and later)13 gtgt13gtgt setdistillerparams13ltlt13 HWResolution [600 600]13 PageSize [612000 792000]13gtgt setpagedevice13


2762 128188128188128188128188128703128703128703128703 Countercyclical Domar Condition of Debt Sustainability 357

2763 128188128188128188128188128703128703128703128703Countercyclical ConclusionWay forward (नषर) 357

277 128256128256128703128703Side Note Automatic Stabilizers (चालत-रीकारी) 358

278 128188128188128188 Misc Terms related to Deficit Financing 359

279 128188128188128467128467128188128188 Fiscal Consolidation Prudence राजकोषीय एकतरीकरण ववक 359

2710 128188128188128188128188 Fiscal stimulus (राज परोाहन पकज) 360

27101 128188128188128188128188 128115128115 Manmohanrsquos Fiscal Stimulus (2008-) 360

27102 128188128188128188128188 129492129492 Modirsquos Fiscal Stimulus (2019) 361

27103 128123128123128188128188128188128188 129492129492 Modirsquos Atma-Nirbhar Bharat Economic Stimulus Package (2020) 361

2711 128188128188128188128296128296 Fiscal Responsibility amp Budget Management Act 2003 362

2712 128588128588 FRBM Trigger Mechanism (to) Escape (Deficit control) Clause 363

27121 128188128188128188128296128296 FRBM Misc Concepts 364

27122 128188128188128188128296128296 128450128450 FRBM Act Documents (दावज़) 364

2713 128123128123129492129492128123128123128123Fiscal Federalism Helping the States in ATMANIRBHAR 365

27131 129492129492128123128123128123Helping States rarr Tax devolution and grants 365

27132 129492129492128123128123128123Helping States rarr Statesrsquo Fiscal deficit limits 365

2714 129492129492128123128123128123Fiscal Deficit target for States by 15th FC amp Budget-2021 366

2715 128188128188128188128296128296128296 Fiscal Responsibility NK Singh FRBM Review Panel 366

27151 128188128188128188128296128296 FRBM Panelrsquos Notable recommendations उखनीय सफारश 366

2716 128188128188128188128296128296128296 Fiscal Responsibility NK Singhrsquos 15th Finance Commission 367

27161 128188128188128188128296128296128296 127919127919 Budget marksmanship is Poor says 15th FC 368

2717 128188128188128188128296128296128296 Fiscal Responsibility Misc Bodies 369

27171 128188128188128188128296128296 Expenditure Management Commission (2014) 369

27172 128188128188128188128296128296128296 Public Debt Management Agency (PDMA) सावरजनक ऋण परबधन एजसी 369

2718 128188128188128188128296128296128296 Fiscal Council (राजकोषीय परषद) 369

27181 128188128188128188128296128296128296 Fiscal Council Why do we need it in India 369

27182 128188128188128188128296128296128296 Fiscal Council conclusion YES we NEED it for INDIA 370

2719 127930127930 (MAINS) Public Expenditure Management Challenges 370

27191 128560128560Public finance challenges Corona 4-lakh ex-gratia Yojana not possible 372

28 128188128188 Types of budget बजट क परकार 373

281 Revenue versus Capital budget राज बनाम पजीगत बजट 373

282 128188128188128188128188General budget versus Railway budget (आम बजट बनाम रलव बजट) 373

283 128188128188128188128188 Plan vs non plan expenditure budget 374

284 128188128188128188128188Budgeting (बजट नमारण क परिकरया रणनीत) 374






























Deficit)




growth





स ाज पर





















money in $ currency














not worry much
































Terms



















Cat-II




















































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0






















































































































































ltlt13 ASCII85EncodePages false13 AllowTransparency false13 AutoPositionEPSFiles true13 AutoRotatePages All13 Binding Left13 CalGrayProfile (Gray Gamma 22)13 CalRGBProfile (sRGB IEC61966-21)13 CalCMYKProfile (US Web Coated 050SWOP051 v2)13 sRGBProfile (sRGB IEC61966-21)13 CannotEmbedFontPolicy Warning13 CompatibilityLevel 1613 CompressObjects All13 CompressPages true13 ConvertImagesToIndexed true13 PassThroughJPEGImages true13 CreateJobTicket false13 DefaultRenderingIntent Default13 DetectBlends true13 DetectCurves 0100013 ColorConversionStrategy LeaveColorUnchanged13 DoThumbnails false13 EmbedAllFonts true13 EmbedOpenType false13 ParseICCProfilesInComments true13 EmbedJobOptions false13 DSCReportingLevel 013 EmitDSCWarnings false13 EndPage -113 ImageMemory 104857613 LockDistillerParams false13 MaxSubsetPct 10013 Optimize true13 OPM 113 ParseDSCComments true13 ParseDSCCommentsForDocInfo true13 PreserveCopyPage true13 PreserveDICMYKValues true13 PreserveEPSInfo false13 PreserveFlatness true13 PreserveHalftoneInfo false13 PreserveOPIComments false13 PreserveOverprintSettings true13 StartPage 113 SubsetFonts true13 TransferFunctionInfo Apply13 UCRandBGInfo Remove13 UsePrologue false13 ColorSettingsFile ()13 AlwaysEmbed [ true13 ]13 NeverEmbed [ true13 ]13 AntiAliasColorImages false13 CropColorImages true13 ColorImageMinResolution 15013 ColorImageMinResolutionPolicy OK13 DownsampleColorImages true13 ColorImageDownsampleType Bicubic13 ColorImageResolution 30013 ColorImageDepth -113 ColorImageMinDownsampleDepth 113 ColorImageDownsampleThreshold 15000013 EncodeColorImages true13 ColorImageFilter DCTEncode13 AutoFilterColorImages true13 ColorImageAutoFilterStrategy JPEG13 ColorACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 ColorImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000ColorACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000ColorImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasGrayImages false13 CropGrayImages true13 GrayImageMinResolution 15013 GrayImageMinResolutionPolicy OK13 DownsampleGrayImages true13 GrayImageDownsampleType Bicubic13 GrayImageResolution 30013 GrayImageDepth -113 GrayImageMinDownsampleDepth 213 GrayImageDownsampleThreshold 15000013 EncodeGrayImages true13 GrayImageFilter DCTEncode13 AutoFilterGrayImages true13 GrayImageAutoFilterStrategy JPEG13 GrayACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 GrayImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000GrayACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000GrayImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasMonoImages false13 CropMonoImages true13 MonoImageMinResolution 120013 MonoImageMinResolutionPolicy OK13 DownsampleMonoImages true13 MonoImageDownsampleType Bicubic13 MonoImageResolution 120013 MonoImageDepth -113 MonoImageDownsampleThreshold 15000013 EncodeMonoImages true13 MonoImageFilter CCITTFaxEncode13 MonoImageDict ltlt13 K -113 gtgt13 AllowPSXObjects false13 CheckCompliance [13 None13 ]13 PDFX1aCheck false13 PDFX3Check false13 PDFXCompliantPDFOnly false13 PDFXNoTrimBoxError true13 PDFXTrimBoxToMediaBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXSetBleedBoxToMediaBox true13 PDFXBleedBoxToTrimBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXOutputIntentProfile ()13 PDFXOutputConditionIdentifier ()13 PDFXOutputCondition ()13 PDFXRegistryName ()13 PDFXTrapped False1313 CreateJDFFile false13 Description ltlt13 ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e55464e1a65876863768467e5770b548c62535370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt13 CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc666e901a554652d965874ef6768467e5770b548c52175370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt13 CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV 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 HUN ltFEFF0045007a0065006b006b0065006c0020006100200062006500e1006c006c00ed007400e10073006f006b006b0061006c002000fc007a006c00650074006900200064006f006b0075006d0065006e00740075006d006f006b0020006d00650067006200ed007a00680061007400f30020006d00650067006a0065006c0065006e00ed007400e9007300e900720065002000e900730020006e0079006f006d00740061007400e1007300e10072006100200061006c006b0061006c006d00610073002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740075006d006f006b006100740020006b00e90073007a00ed0074006800650074002e002000200041007a002000ed006700790020006c00e90074007200650068006f007a006f007400740020005000440046002d0064006f006b0075006d0065006e00740075006d006f006b00200061007a0020004100630072006f006200610074002000e9007300200061007a002000410064006f00620065002000520065006100640065007200200036002c0030002d0073002000e900730020006b00e9007301510062006200690020007600650072007a006900f3006900760061006c0020006e00790069007400680061007400f3006b0020006d00650067002egt13 ITA (Utilizzare queste impostazioni per creare documenti Adobe PDF adatti per visualizzare e stampare documenti aziendali in modo affidabile I documenti PDF creati possono essere aperti con Acrobat e Adobe Reader 60 e versioni successive)13 JPN 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 KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020be44c988b2c8c2a40020bb38c11cb97c0020c548c815c801c73cb85c0020bcf4ace00020c778c1c4d558b2940020b3700020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200036002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt13 LTH 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 LVI ltFEFF004c006900650074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200069007a0076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020007000690065006d01130072006f00740069002000640072006f01610061006900200075007a01460113006d0075006d006100200064006f006b0075006d0065006e0074007500200073006b00610074012b01610061006e0061006900200075006e0020006400720075006b010101610061006e00610069002e00200049007a0076006500690064006f0074006f0073002000500044004600200064006f006b0075006d0065006e00740075007300200076006100720020006100740076011300720074002c00200069007a006d0061006e0074006f006a006f0074002000700072006f006700720061006d006d00750020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200036002e003000200076006100690020006a00610075006e0101006b0075002000760065007200730069006a0075002egt13 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken waarmee zakelijke documenten betrouwbaar kunnen worden weergegeven en afgedrukt De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 60 en hoger)13 NOR 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 POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043F043E043B044C043704430439044204350020044D044204380020043F043004400430043C043504420440044B0020043F0440043800200441043E043704340430043D0438043800200434043E043A0443043C0435043D0442043E0432002000410064006F006200650020005000440046002C0020043F043E04340445043E0434044F04490438044500200434043B044F0020043D0430043404350436043D043E0433043E0020043F0440043E0441043C043E044204400430002004380020043F043504470430044204380020043104380437043D04350441002D0434043E043A0443043C0435043D0442043E0432002E00200421043E043704340430043D043D044B043500200434043E043A0443043C0435043D0442044B00200050004400460020043C043E0436043D043E0020043E0442043A0440044B0442044C002C002004380441043F043E043B044C04370443044F0020004100630072006F00620061007400200438002000410064006F00620065002000520065006100640065007200200036002E00300020043B04380431043E00200438044500200431043E043B043504350020043F043E04370434043D043804350020043204350440044104380438002Egt13 SKY ltFEFF0054006900650074006f0020006e006100730074006100760065006e0069006100200073006c00fa017e006900610020006e00610020007600790074007600e100720061006e0069006500200064006f006b0075006d0065006e0074006f007600200076006f00200066006f0072006d00e100740065002000410064006f006200650020005000440046002c0020006b0074006f007200e90020007300fa002000760068006f0064006e00e90020006e0061002000730070006f013e00610068006c0069007600e90020007a006f006200720061007a006f00760061006e006900650020006100200074006c0061010d0020006f006200630068006f0064006e00fd0063006800200064006f006b0075006d0065006e0074006f0076002e002000200056007900740076006f00720065006e00e900200064006f006b0075006d0065006e0074007900200076006f00200066006f0072006d00e10074006500200050004400460020006a00650020006d006f017e006e00e90020006f00740076006f00720069016500200076002000700072006f006700720061006d00650020004100630072006f0062006100740020006100200076002000700072006f006700720061006d0065002000410064006f006200650020005200650061006400650072002c0020007600650072007a0069006900200036002e003000200061006c00650062006f0020006e006f007601610065006a002egt13 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create high quality Adobe PDF documents suitable for a delightful viewing experience and printing of business documents Created PDF documents can be opened with Acrobat and Adobe Reader 70 and later)13 gtgt13gtgt setdistillerparams13ltlt13 HWResolution [600 600]13 PageSize [612000 792000]13gtgt setpagedevice13

(BatchPCB4) Mrunalrsquos Economy Pillar2D Budget rarr Disinvestment amp Deficits rarr 39





























Deficit)




growth





स ाज पर





















money in $ currency














not worry much
































Terms



















Cat-II




















































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0





























































































































































Deficit)




growth





स ाज पर





















money in $ currency














not worry much
































Terms



















Cat-II




















































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0



























































































































































not worry much
































Terms



















Cat-II




















































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0




































































































































































Terms



















Cat-II




















































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0







































































































































































































shareholding

























to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0








































































































































































to LIC

















दरसचार)









company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0






























































































































































company here





Budget 2017 2018 2019 2020 2021









initiative etc



























privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0











































































































































































privatization then









Govt
















































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0






















































































































































ltlt13 ASCII85EncodePages false13 AllowTransparency false13 AutoPositionEPSFiles true13 AutoRotatePages All13 Binding Left13 CalGrayProfile (Gray Gamma 22)13 CalRGBProfile (sRGB IEC61966-21)13 CalCMYKProfile (US Web Coated 050SWOP051 v2)13 sRGBProfile (sRGB IEC61966-21)13 CannotEmbedFontPolicy Warning13 CompatibilityLevel 1613 CompressObjects All13 CompressPages true13 ConvertImagesToIndexed true13 PassThroughJPEGImages true13 CreateJobTicket false13 DefaultRenderingIntent Default13 DetectBlends true13 DetectCurves 0100013 ColorConversionStrategy LeaveColorUnchanged13 DoThumbnails false13 EmbedAllFonts true13 EmbedOpenType false13 ParseICCProfilesInComments true13 EmbedJobOptions false13 DSCReportingLevel 013 EmitDSCWarnings false13 EndPage -113 ImageMemory 104857613 LockDistillerParams false13 MaxSubsetPct 10013 Optimize true13 OPM 113 ParseDSCComments true13 ParseDSCCommentsForDocInfo true13 PreserveCopyPage true13 PreserveDICMYKValues true13 PreserveEPSInfo false13 PreserveFlatness true13 PreserveHalftoneInfo false13 PreserveOPIComments false13 PreserveOverprintSettings true13 Start3 SubsetFonts true13 TransferFunctionInfo Apply13 UCRandBGInfo Remove13 UsePrologue false13 ColorSettingsFile ()13 AlwaysEmbed [ true13 ]13 NeverEmbed [ true13 ]13 AntiAliasColorImages false13 CropColorImages true13 ColorImageMinResolution 15013 ColorImageMinResolutionPolicy OK13 DownsampleColorImages true13 ColorImageDownsampleType Bicubic13 ColorImageResolution 30013 ColorImageDepth -113 ColorImageMinDownsampleDepth 113 ColorImageDownsampleThreshold 15000013 EncodeColorImages true13 ColorImageFilter DCTEncode13 AutoFilterColorImages true13 ColorImageAutoFilterStrategy JPEG13 ColorACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 ColorImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000ColorACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000ColorImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasGrayImages false13 CropGrayImages true13 GrayImageMinResolution 15013 GrayImageMinResolutionPolicy OK13 DownsampleGrayImages true13 GrayImageDownsampleType Bicubic13 GrayImageResolution 30013 GrayImageDepth -113 GrayImageMinDownsampleDepth 213 GrayImageDownsampleThreshold 15000013 EncodeGrayImages true13 GrayImageFilter DCTEncode13 AutoFilterGrayImages true13 GrayImageAutoFilterStrategy JPEG13 GrayACSImageDict ltlt13 QFactor 04013 HSamples [1 1 1 1] VSamples [1 1 1 1]13 gtgt13 GrayImageDict ltlt13 QFactor 07613 HSamples [2 1 1 2] VSamples [2 1 1 2]13 gtgt13 JPEG2000GrayACSImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 JPEG2000GrayImageDict ltlt13 TileWidth 25613 TileHeight 25613 Quality 1513 gtgt13 AntiAliasMonoImages false13 CropMonoImages true13 MonoImageMinResolution 120013 MonoImageMinResolutionPolicy OK13 DownsampleMonoImages true13 MonoImageDownsampleType Bicubic13 MonoImageResolution 120013 MonoImageDepth -113 MonoImageDownsampleThreshold 15000013 EncodeMonoImages true13 MonoImageFilter CCITTFaxEncode13 MonoImageDict ltlt13 K -113 gtgt13 AllowPSXObjects false13 CheckCompliance [13 None13 ]13 PDFX1aCheck false13 PDFX3Check false13 PDFXCompliantPDFOnly false13 PDFXNoTrimBoxError true13 PDFXTrimBoxToMediaBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXSetBleedBoxToMediaBox true13 PDFXBleedBoxToTrimBoxOffset [13 00000013 00000013 00000013 00000013 ]13 PDFXOutputIntentProfile ()13 PDFXOutputConditionIdentifier ()13 PDFXOutputCondition ()13 PDFXRegistryName ()13 PDFXTrapped False1313 CreateJDFFile false13 Description ltlt13 ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e55464e1a65876863768467e5770b548c62535370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt13 CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc666e901a554652d965874ef6768467e5770b548c52175370300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200036002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt13 CZE 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 DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200075006d002000650069006e00650020007a0075007600650072006c00e40073007300690067006500200041006e007a006500690067006500200075006e00640020004100750073006700610062006500200076006f006e00200047006500730063006800e40066007400730064006f006b0075006d0065006e00740065006e0020007a0075002000650072007a00690065006c0065006e002e00200044006900650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000520065006100640065007200200036002e003000200075006e00640020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt13 ESP ltFEFF005500740069006c0069006300650020006500730074006100200063006f006e0066006900670075007200610063006900f3006e0020007000610072006100200063007200650061007200200064006f00630075006d0065006e0074006f0073002000640065002000410064006f00620065002000500044004600200061006400650063007500610064006f007300200070006100720061002000760069007300750061006c0069007a00610063006900f3006e0020006500200069006d0070007200650073006900f3006e00200064006500200063006f006e006600690061006e007a006100200064006500200064006f00630075006d0065006e0074006f007300200063006f006d00650072006300690061006c00650073002e002000530065002000700075006500640065006e00200061006200720069007200200064006f00630075006d0065006e0074006f00730020005000440046002000630072006500610064006f007300200063006f006e0020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200036002e003000200079002000760065007200730069006f006e0065007300200070006f00730074006500720069006f007200650073002egt13 ETI ltFEFF004b00610073007500740061006700650020006e0065006900640020007300e400740074006500690064002c0020006500740020006c0075007500610020005000440046002d0064006f006b0075006d0065006e00740065002c0020006d0069007300200073006f00620069007600610064002000e4007200690064006f006b0075006d0065006e00740069006400650020007500730061006c006400750073007600e400e4007200730065006b0073002000760061006100740061006d006900730065006b00730020006a00610020007000720069006e00740069006d006900730065006b0073002e00200020004c006f006f0064007500640020005000440046002d0064006f006b0075006d0065006e0074006500200073006100610062002000610076006100640061002000760061006900640020004100630072006f0062006100740020006a0061002000410064006f00620065002000520065006100640065007200200036002e00300020006a00610020007500750065006d006100740065002000760065007200730069006f006f006e00690064006500670061002egt13 FRA 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 GRE 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 HEB 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 HRV 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 HUN 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 ITA (Utilizzare queste impostazioni per creare documenti Adobe PDF adatti per visualizzare e stampare documenti aziendali in modo affidabile I documenti PDF creati possono essere aperti con Acrobat e Adobe Reader 60 e versioni successive)13 JPN 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 KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020be44c988b2c8c2a40020bb38c11cb97c0020c548c815c801c73cb85c0020bcf4ace00020c778c1c4d558b2940020b3700020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200036002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt13 LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken waarmee zakelijke documenten betrouwbaar kunnen worden weergegeven en afgedrukt De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 60 en hoger)13 NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create high quality Adobe PDF documents suitable for a delightful viewing experience and printing of business documents Created PDF documents can be opened with Acrobat and Adobe Reader 70 and later)13 gtgt13gtgt setdistillerparams13ltlt13 HWResolution [600 600]13 PageSize [612000 792000]13gtgt setpagedevice13














































5 Lcr 585 Lcr





9 Lcr 989 Lcr








Repayment Currency





































127819127819 1278191278191) Demanding






128188 128188 2) Borrowing





happen in India




not happen in India

128424128424 1284241284243) Printing

More money







































































A1


























































employment amp GDP








































































Redemption

(भगतान)



Sinking Fund

(नप नध)




Conversion

restructuring






Repudiation

























































































As per

128212128212128212128212ES21




₹17 Lcr

2020-May



₹11 lakh cr


































2019-20 33 38 2020-21 3 35





















temporarily






















Commission report












025 10



025 7


025 2


025 None



050 --



--





















as of GDP

(Actual) 2018-19

(TARGET) 2019-20

(TARGET) 2020-21

(TARGET) 2024-25


30 (reality 35)

30


00 (reality 04)

00



40







2021-22 2022-23

2023-24

2024-25

2025-26


65 (reality 68)

6 55 5 45


6 55 5 45 4


6 55 5 4 35































however in reality


122019)


122020)




2447 Lcr 2349 Lcr 2350 Lcr128560128560







Year 2012 2020







































































128209128209Pillar1B2)















Private sector





- Drastically















their privatization

Infrastructure


पास नही


- Population has



quality of roads


finance





crore a year

Welfare











growth have gt20)










rarr salaries have





























































and pensions




carrier)







बजट






















via e-utthaangovin










₹ 400 crores








₹ 0





















































































































































