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Bankers Adda: Economic glossary

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Economic glossary
Hello readers , we are presenting you notes on economic glossary defining
some of the common terms which all of you should know.

Union Budget
Under Article 112 of the constitution, a statement of estimated receipts
and expenditure, called the Annual Financial Statement, has to be placed
before Parliament for each financial year.

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This Statement is the main budget document. It is an estimate of the

Governments revenue and expenditure at the end of a fiscal year, which
runs from April 1 to March 31.

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A Union Budget is the most comprehensive report of the Governments

finances, in which revenues from all sources and outlays to all activities
are consolidated. The budget also contains estimates of the Governments
accounts for the next fiscal, called budgeted
estimates.
Capital Budget
The capital budget consists of capital receipts and payments. Capital
receipts are Government loans raised from the public, Government
borrowings from the Reserve Bank and treasury bills, divestment of equity
holding in public sector enterprises, loans received from foreign
Governments and bodies, securities against small savings, State provident
funds, and special deposits.

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Capital payments refer to capital expenditures on construction of capital

projects and acquisition of assets like land, buildings machinery and
equipment.
It also includes investments in shares, and loans and advances granted by
the Central Government to State Governments, Government companies,
corporations and other parties.
Revenue Budget
The revenue budget consists of revenue receipts of the Government and its
expenditure. Revenue receipts are divided into tax and non-tax revenue.
Tax revenues constitute taxes like income tax, corporate tax, excise,
customs, service and other duties that the Government levies.
The non-tax revenue sources include interest on loans, dividend on
investments etc.
Revenue expenditure is the expenditure incurred on the day-to-day running
of the Government and its various departments, and for services that it
provides.
It also includes interest on its borrowings, subsidies and grants given to
State Governments and other parties.

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This expenditure does not result in the creation of assets. In case the
difference between revenue receipts and revenue expenditure is negative,
there is a revenue deficit.
It shows the shortfall of the Governments current receipts over current
expenditure. If the capital expenditure and capital receipts are taken into
account too, there will be a gap between the receipts and expenditure in a
year. This gap constitutes the overall budgetary deficit, and it is covered
by issuing 91-day Treasury Bills, mostly held by the Reserve Bank.
Revenue surplus is the excess of revenue receipts over revenue
expenditure.

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Fiscal Deficit
This is the gap between the Governments total spending and the sum of
its revenue receipts and non-debt capital receipts.
It represents the total amount of borrowed funds required by the
Government to completely meet its expenditure. The gap is bridged
through additional borrowing from the Reserve Bank of India, issuing
Government securities etc. Fiscal deficit is one of the major contributors to
inflation.

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Finance Bill
The Government proposals for the levy of new taxes, alterations in the
present tax structure, or continuance of the current tax structure are
placed before the Parliament in this bill. The bill contains amendments
proposed to direct and indirect taxes.
Direct and Indirect Taxes
Direct taxes are levied on the incomes of individuals and corporates. For
example, income tax, corporate tax etc. Indirect taxes are paid by
consumers when they buy goods and services. These include excise duty,
customs duty etc.

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Some Other Terms

Central plan outlay : It refers to the allocation of monetary resources
among the different sectors in the economy and the ministries of the
Government.
Public account : The Government acts like a banker for transactions
relating to provident funds, small savings collection etc.

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Primary Deficit
The primary deficit is the fiscal deficit minus interest payments. It tells
how much of the Governments borrowings are going towards meeting
expenses other than interest payments.

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The funds that the Government thus receives from its bank like operations
are kept in the public account, from which the related disbursements are
made.
These funds do not belong to the Government and have to be paid back to
the persons and authorities who have deposited them.

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Ad-valorem duties : These are the duties determined as a certain

percentage of the price of products.
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Balance of payments : Balance of payments is the difference between
the demand for, and supply of, a countrys currency on the foreign
exchange market.

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Budget estimates : It is an estimate of fiscal and revenue deficits for the

year. The term is associated with the estimates of the Centres spending
during the financial year and the income received through taxes.
Capital receipt : Loans raised by the Centre from the market.
Government borrowings from the Reserve Bank and other parties, sale of
Treasury Bills, and loans received from foreign governments form a part of
capital receipt.

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Other items that also fall under this category include recovery of loans
granted by the Centre to State Governments and proceeds from
disinvestments of Government stake in public sector undertakings.
Consolidated fund : Under this, the Government pools all its funds
together.

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It includes all Government revenues, loans raised, and recoveries of loans

granted.
All expenditure of the Government is incurred from the consolidated fund
and no amount can be withdrawn from the fund without authorisation of the
Parliament.
Contingency fund : This is a fund used for meeting emergencies where
the Government cannot wait for an authorisation of the Parliament. The

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Government subsequently obtains Parliamentary approval for the

expenditure. The amount spent from the contingency fund is returned to
the fund later.
Monetary policy : This comprises actions taken by the central bank to
regulate the level of money or liquidity in the economy, or change the
interest rates.

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