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India: Central Government Budgets - 1947-48 to 2003-04 : [With 2004-05 (Interim) and 2005-06 Final Budget supplement]
By M.M. Sury

First Published : 2003
ISBN : 8177080571
Pages : 828
Binding : Hardbound
Size : 7 x 9
Price : US$ 130
ABOUT THE BOOK

Government budgeting is a subject of increasing importance and interest in India. The high level of administrative, welfare and developmental activities of the Central Government make for colossal amounts of both receipts and disbursements. Such large-scale public transactions through the budget affect the economy in various ways.

This book explains the concepts and processes involved in the budgetary exercise of  the  Government of India. It  describes the Parliamentary procedures and controls applicable to budgetary activities of the Government, the structure of the Central budget, and the interface between the Central and State finances. It also explains the relatively technical aspects of the Central budget, viz. its functional, economic and cross-classification. More importantly, it also brings at one place, carefully selected extracts from the budget speeches of the Union Finance Ministers since Independence.

Furthermore, it provides a ready source of comprehensive statistical information on Central Government finances in India. It would be useful for a cross-section of academic community and researchers, both in India and  abroad. The data has been suitably condensed, edited, excerpted, recast and formatted for easy comprehension by the users.

This work, it is hoped, would prove useful for the students of economics, commerce, public administration and business management. An understanding of the mechanics of governmental financial transactions will also serve the needs of legislators, administrators and those in industry and trade. In short, the book will be useful for those who want to understand the processes involved in government budgeting.


CONTENTS
     
Part I: Government Budgeting in India: Procedures and Structure - By the Editor
 
1. Government Budgeting: Theoretical Settings
1.1 Economic Responsibilities of the State
1.1.1 Classical Economists on the Economic Role of the State
1.1.2 Keynesian Economics and Compensatory Finance
1.1.3 Limitations of Market Mechanism
A. Market Failure for Social Goods
1.1.4 Special Economic Role of the State in Developing Countries
1.2 Modes of State Intervention
1.2.1 Direct Intervention
1.2.2 Indirect Intervention
A. Fiscal Policy
B. Monetary Policy
C. Industrial Policy
D. Commercial Policy
1.3 Fiscal Policy
1.3.1 Resource Mobilisation
1.3.2 Resource Allocation
1.3.3 Distributive Justice
A. Determinants of Economic Power
1.3.4 Stabilisation
1.4 Fiscal Policy-Monetary Policy Interaction
1.5 Significance of Government Budgeting
1.6 Government Budgeting versus Private Budgeting
1.7 Canons of Government Budgeting
1.8 Zero-base Budgeting (ZBB)
1.8.1 Essential Elements of ZBB
1.8.2 Limitations of ZBB
 
2. Constitutional Provisions and Indian Budgetary Procedures
2.1 Annual Financial Statement
2.2 Accounts of the Government
2.2.1 Consolidated Fund of India
2.2.2 Contingency Fund
2.2.3 Public Account
2.3 Financial Emergency
2.4 Phases of Budgetary Cycle
2.4.1 Preparation of the Budget
2.4.2 Legalisation of the Budget
A. Presentation of the Budget
B. General Discussion
C. Demands for Grants
(i) Voted and Charged Expenditures
(ii) Plan and Non-Plan Expenditures
(iii) Cut Motions
(iv) The Principle of Guillotine
D. Appropriation Bill
(i) Vote on Account
(ii) Vote of Credit
(iii) Excess Grant
E. Finance Bill
(i) Money Bills
F. Supplementary Budget
2.4.3 Execution of the Budget
A. Maintenance of Accounts
2.4.4 Auditing of Accounts
2.5 Performance Budgets
2.5.1 Budget Implementation
2.6 Parliamentary Control Over the Budget
2.6.1 Public Accounts Committee
2.6.2 Estimates Committee
2.6.3 Committee on Public Undertakings
 
3. Structure of the Central Government Budget
3.1 Revenue Budget
3.1.1 Revenue Receipts
A. Tax Revenue
B. Non-Tax Revenue
3.1.2 Revenue Expenditure
A. General Services
B. Social and Community Services
C. Economic Services
D. Unallocable
3.1.3 Major Items of Non-Plan Revenue Expenditure
A. Interest Payments
B. Defence
C. Subsidies
(i) Food Subsidy
(ii) Fertiliser Subsidy
3.2 Capital Budget
3.2.1 Capital Receipts
A. Market Loans
B. Special Deposits
C. External Assistance
D. Recovery of Loans and Advances
E. Small Savings
F. Provident Funds
G. Other Receipts
3.2.2 Capital Expenditure
A. Plan Capital Expenditure
B. Non-Plan Capital Expenditure
(i) General Services
(ii) Social and Community Services
(iii) Economic Services
(iv) Loans and Advances
3.3 Various Measures of Budget Deficit and Their Significance
3.3.1 Overall Deficit (or Budgetary Deficit)
A. Treasury Bills Replaced by WMA
3.3.2 Fiscal Deficit
3.3.3 Revenue Deficit
A. Revenue Surplus Turned into Revenue Deficit
3.3.4 Primary Deficit
3.3.5 Monetised Deficit
3.4 Fiscal Responsibility and Budget Management Bill
3.5 Deficit Financing: Magnitude and Timing
3.6 Budget-Plan Integration
3.7 Budget and the External Sector
 
4. Functional, Economic and Cross-classification of the Budget
4.1 Functional Classification of the Budget
4.1.1 Uses and Limitations
4.2 Economic Classification of the Budget Since 1957-58
4.2.1 Meaning and Rationale
4.2.2 Limitations of Economic Classification
4.3 Cross-classification of the Budget Since 1967-68
 
5. Budget and Fiscal Federalism
5.1 Financial Relations Under the Constitution
5.2 Centrally Biased Constitution
5.2.1 Supremacy of Union Legislative Power
5.2.2 Union Control Over State Legislation
5.2.3 Emergency Provisions
5.2.4 Restrictions on States’ Taxation Powers
5.2.5 President’s Rule
5.3 Mechanism of Transfers
5.4 Transfer of Resources Through the Finance Commission
5.5 Main Recommendations of the Eleventh Finance Commission
5.5.1 Devolution of Central Taxes/Duties to the States
A. Share of States (Vertical Devolution)
B. Distribution of States' Share Inter Se (Horizontal Distribution)
5.5.2 Grants-in-aid of the Revenues of States (Article 275)
A. Grants-in-aid to Cover Non-plan Gap on Revenue Account
B. Grants-in-aid for Upgradation of Standards of Administration and
Special Problems of States
C. Grants to States for Financing Local Bodies
5.5.3 Financing of Calamity Relief Expenditure
5.5.4 National Calamity Contingency Fund (NCCF)
5.5.5 Debt Relief to States
5.5.6 Ceiling on Total Revenue Account Transfers
5.6 Transfer of Resources Through the Planning Commission
5.6.1 Gadgil Formula
5.7 Nature of Plan Transfers
5.8 Centrally Sponsored Schemes
5.9 Size and Pattern of Central Transfers
 
Part II: Extracts from the Budget Speeches of the Union Finance Ministers: 1947-48 to 2003-04
 
1947-48 Mr. R.K. Shanmukham Chetty, Finance Minister
1948-49 Mr. R.K. Shanmukham Chetty, Finance Minister
1949-50 Mr. John Mathai, Finance Minister
1950-51 Mr. John Mathai, Finance Minister
1951-52 Mr. C.D. Deshmukh, Finance Minister
1952-53 Mr. C.D. Deshmukh, Finance Minister (Interim)
1952-53 Mr. C.D. Deshmukh, Finance Minister
1953-54 Mr. C.D. Deshmukh, Finance Minister
1954-55 Mr. C.D. Deshmukh, Finance Minister
1955-56 Mr. C.D. Deshmukh, Finance Minister
1956-57 Mr. C.D. Deshmukh, Finance Minister
1957-58 Mr. T.T. Krishnamachari, Finance Minister (Interim)
1957-58 Mr. T.T. Krishnamachari, Finance Minister
1958-59 Mr. Jawaharlal Nehru, Prime Minister and Finance Minister
1959-60 Mr. Morarji Desai, Finance Minister
1960-61 Mr. Morarji Desai, Finance Minister
1961-62 Mr. Morarji Desai, Finance Minister
1962-63 Mr. Morarji Desai, Finance Minister (Interim)
1962-63 Mr. Morarji Desai, Finance Minister
1963-64 Mr. Morarji Desai, Finance Minister
1964-65 Mr. T.T. Krishnamachari, Finance Minister
1965-66 Mr. T.T. Krishnamachari, Finance Minister
1966-67 Mr. Sachindra Chaudhuri, Finance Minister
1967-68 Mr. Morarji Desai, Deputy Prime Minister and Finance Minister (Interim)
1967-68 Mr. Morarji Desai, Deputy Prime Minister and Finance Minister
1968-69 Mr. Morarji Desai, Deputy Prime Minister and Finance Minister
1969-70 Mr. Morarji Desai, Deputy Prime Minister and Finance Minister
1970-71 Mrs. Indira Gandhi, Prime Minister and Finance Minister
1971-72 Mr. Y.B. Chavan, Finance Minister (Interim)
1971-72 Mr. Y.B. Chavan, Finance Minister
1972-73 Mr. Y.B. Chavan, Finance Minister
1973-74 Mr. Y.B. Chavan, Finance Minister
1974-75 Mr. Y.B. Chavan, Finance Minister
1975-76 Mr. C. Subramaniam, Finance Minister
1976-77 Mr. C. Subramaniam, Finance Minister
1977-78 Mr. H.M. Patel, Finance Minister (Interim)
1977-78 Mr. H.M. Patel, Finance Minister
1978-79 Mr. H.M. Patel, Finance Minister
1979-80 Mr. Charan Singh, Deputy Prime Minister and Finance Minister
1980-81 Mr. R. Venkataraman, Finance Minister (Interim)
1980-81 Mr. R. Venkataraman, Finance Minister
1981-82 Mr. R. Venkataraman, Finance Minister
1982-83 Mr. Pranab Mukherjee, Finance Minister
1983-84 Mr. Pranab Mukherjee, Finance Minister
1984-85 Mr. Pranab Mukherjee, Finance Minister
1985-86 Mr. V.P. Singh, Finance Minister
1986-87 Mr. V.P. Singh, Finance Minister
1987-88 Mr. Rajiv Gandhi, Prime Minister and Finance Minister
1988-89 Mr. N.D. Tiwari, Finance Minister
1989-90 Mr. S.B. Chavan, Finance Minister
1990-91 Mr. Madhu Dandavate, Finance Minister
1991-92 Mr. Yashwant Sinha, Finance Minister (Interim)
1991-92 Mr. Manmohan Singh, Finance Minister
1992-93 Mr. Manmohan Singh, Finance Minister
1993-94 Mr. Manmohan Singh, Finance Minister
1994-95 Mr. Manmohan Singh, Finance Minister
1995-96 Mr. Manmohan Singh, Finance Minister
1996-97 Mr. Manmohan Singh, Finance Minister (Interim)
1996-97 Mr. P. Chidambaram, Finance Minister
1997-98 Mr. P. Chidambaram, Finance Minister
1998-99 Mr. Yashwant Sinha, Finance Minister (Interim)
1998-99 Mr. Yashwant Sinha, Finance Minister
1999-00 Mr. Yashwant Sinha, Finance Minister
2000-01 Mr. Yashwant Sinha, Finance Minister
2001-02 Mr. Yashwant Sinha, Finance Minister
2002-03 Mr. Yashwant Sinha, Finance Minister
2003-04 Mr. Jaswant Singh, Finance Minister

Part III: Time-series Budgetary Data
 
Table 1: Combined Tax Revenue, Break down Between Direct and Indirect Taxes with Percentage Shares, and Tax-GDP Ratios: 1950-51 to 2001-02.
Table 2: Gross Central Taxes, Breakdown Between Direct and Indirect Taxes with Percentage Shares, and Tax-GDP Ratios: 1950-51 to 2001-02.
Table 3: Share of States in Central Taxes Breakdown Between Direct and Indirect Taxes with Percentage Shares, and Tax-GDP Ratios: 1950-51 to 2001-02.
Table 4 : Net Central Taxes, Breakdown Between Direct and Indirect Taxes with Percentage Shares, and Tax-GDP Ratios: 1950-51 to 2001-02.
Table 5: Trends in the Level and Composition of Tax Collections of the Central Government: Selected Years.
Table 6: Central Government Tax Revenue as Per Cent of GDP in Selected Developed and Developing Countries: 1998.
Table 7: Income Tax (Including Corporation Tax) Collections: 1950-51 to 2003-04.
Table 8: Trends in the Basic Exemption Limit for Individual Income Taxpayers: 1947-48 to 2003-04.
Table 9: Trends in the Maximum Marginal Rate of Individual Income Tax: 1973-74 to 2003-04.
Table 10: Wealth Tax Revenue: 1957-58 to 2003-04.
Table 11: Trends in the Maximum Marginal Rate of Wealth Tax: 1973-74 to 2003-04.
Table 12: Gift Tax Revenue: 1958-59 to 2003-04.
Table 13: Central Excise Collections: 1950-51 to 2003-04.
Table 14: Revenue from Customs Duties: 1950-51 to 2003-04.
Table 15: Trends in the Relative Shares of Import and Export Duties in Total Customs Duties: Selected Years.
Table 16: Estimated Additional Resource Mobilisation Through Taxation by the Central Government: Selected Years.
Table 17: Key Deficit Indicators of the Central Government: 1970-71 to 2003-04.

Part IV: Appendices
 
Appendix 1: Constitutional Provisions Pertaining to Taxes in India
Appendix 2: Methodology of Economic Classification of the Central Government Budget
Appendix 3: System of Financial Transfers from the Centre to the
States Prior to the Recommendations of the Eleventh Finance Commission
 
Part V: Glossary of Budgetary Terms

Bibliography

ABOUT THE AUTHOR
     

M.M. Sury received his B.A. (Hons.), M.A., and Ph.D. degrees in economics from the University of Delhi. Specialising in fiscal economics, he has published widely on the Indian fiscal system in national and international journals. He was a Visiting Fellow at the International Bureau of Fiscal Documentation, Amsterdam (May 1989), a Fellow at the Indian Institute of Advanced Study, Shimla (1991-92) and a Visiting Fellow in the Department of Law and Management, University of Mauritius, Mauritius (September-October, 2000). He was Economic Adviser, Delhi State Finance Commission (1996-97). Presently, he is a Reader  in the Department of Economics, A.R.S.D. College, University of Delhi. He is also the President of the Indian Tax Foundation.


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