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UPSC GS III · Revision notes · Economy

Budget & Fiscal Policy — Summary

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Economy notes

Budget & Fiscal Policy

A compact revision sheet for GS III budget vocabulary.

Key ratios

  • Fiscal deficit — total expenditure minus non-debt receipts
  • Revenue deficit — revenue expenditure minus revenue receipts
  • Primary deficit — fiscal deficit minus interest payments

Policy levers

  1. Tax vs non-tax receipts
  2. Capex vs revenue spending
  3. FRBM glide path
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