In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund, and general spending is paid out of the consolidated fund.
In the Westminster system, a money bill or supply bill is a bill that solely concerns taxation or government spending, as opposed to changes in public law.
The Golden Rule is a guideline for the operation of fiscal policy. The Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending. In layman's terms this means that on average over the ups and downs of an economic cycle the government should only borrow to pay for investment that benefits future generations. Day-to-day spending that benefits today's taxpayers should be paid for with today's taxes, not with leveraged investment. Therefore, over the cycle the current budget must balance or be brought into surplus.
The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India. This document is presented to both Houses of Parliament during the Budget Session.
A government budget is a projection of the government's revenues and expenditure for a particular period, often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes while expenditures consist of government spending. A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees, and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution. The budget in itself does not appropriate funds for government programs, hence the need for additional legislative measures. The word budget comes from the Old French brunette.
Government financial statements are annual financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities, a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
India has a robust social security legislative framework governing social security, encompassing multiple labour laws and regulations. These laws govern various aspects of social security, particularly focusing on the welfare of the workforce. The primary objective of these measures is to foster sound industrial relations, cultivate a high-quality work environment, ensure legislative compliance, and mitigate risks such as accidents and health concerns. Moreover, social security initiatives aim to safeguard against social risks such as retirement, maternity, healthcare and unemployment while tax-funded social assistance aims to reduce inequalities and poverty. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.
Part XII of constitution of India is a compilation of laws pertaining to Finance, Property, Contracts and Suits for Republic of India.
The Ministry of Statistics and Programme Implementation (MoSPI) is a ministry of Government of India concerned with coverage and quality aspects of statistics released. The surveys conducted by the Ministry are based on scientific sampling methods.
Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India, Sponsored Bank and concerned State Government in the ratio of 50:35:15 respectively. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.
The 2010 Union budget of India was presented by Finance minister Pranab Mukherjee in the Lok Sabha on Friday, February 26, 2010.
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA. N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government policy. The budget statement is one of two statements made by the Chancellor of the Exchequer in the House of Commons, with the Spring Statement being made the following year.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The 2017 Union Budget of India is the
The national debt of Pakistan, or simply Pakistani debt, is the total public debt, or unpaid borrowed funds carried by the Government of Pakistan, which includes measurement as the face value of the currently outstanding treasury bills (T-bills) that have been issued by the federal government.
Pradhan Mantri Garib Kalyan Anna Yojana is a food security welfare scheme announced by the Government of India on March 26 2020, during the COVID-19 pandemic in India. The program is operated by the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution. But the nodal ministry is Ministry of Finance.The scale of this welfare scheme makes it the largest food security program in the world benefiting 81.35 crore in India.
The 2021 Union Budget of India was presented by the Minister of Finance on 1 February 2021. The budget is the first one to be presented orally due to ongoing COVID pandemic.
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. The budget was accepted the next day. The Federal Budget entailed the raising of the Petroleum Development Levy (PDL) and lifting of all restrictions on imports. These revisions came after talks between the Prime Minister Shehbaz Sharif and IMF Director Kristalina Georgieva. The total budget outlay (expenditure) of the new budget was Rs 14.46 trillion, 51% higher than the previous year. Federal Revenue for the budget was budgeted as Rs 12.163 trillion, with Rs 5.276 trillion being transferred to the provinces, leading to a net revenue of Rs 6.887 trillion, 36.9% higher than the previous year. The FBR's budgetary target was set at Rs 9.200 trillion, 23% than last year's target. The fiscal deficit being estimated at Rs 6.923 trillion or 6.54% of the GDP. The budget claimed it added no new taxes, no increases in duties on import of essential items, exemptions of custom duties on certain agricultural goods, and an increase in government wages and minimum wage proposals. The budget included funding for a number of development initiatives to increase the nation's economic growth rate. The original outlays for the PDSP being estimated at Rs. 2.66 trillion for the development programme, which included a Rs 950 billion federal Public Sector Development Programme (PSDP), that was approved by the Annual Plan Coordination Committee (APCC). The PDSP would later be further increased to Rs. 2.709 trillion, with Rs. 1.150 trillion being allocated to the Federal Portion, an increase of 58.2% from the previous budget of the development program. The government claimed to alleviate fiscal restrictions and boost sector growth, setting a GDP growth rate of 3.5 percent. This is despite claims of the government engaging in "poll politics", seen in the large Federal Development Budget. Ishaq Dar stated that "This budget should not be seen as an 'election budget' – it should be seen as a 'responsible budget'" By the end of the financial year, Pakistan's real GDP growth rate was reduced to 0.3 percent.
