Budget Deficit | Budget Deficit Definition | Budget Deficit and Fiscal Deficit |Budget Deficit 2020-21

Budget Deficit

A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations.

The government budget balance can be broken down into the primary balance and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the structural balance (also known as cyclically-adjusted balance) and the cyclical component: the structural budget balance attempts to adjust for the impact of cyclical changes in real GDP, in order to indicate the longer-run budgetary situation.

The government budget surplus or deficit is a flow variable, since it is an amount per unit of time (typically, per year). Thus it is distinct from government debt, which is a stock variable since it is measured at a specific point in time. The cumulative flow of deficits equals the stock of debt.

       

Revenue Deficit:                                                                                                   

A revenue deficit occurs when realized net income is less than the projected net income. This happens when the actual amount of revenue and/or the actual amount of expenditures do not correspond with budgeted revenue and expenditures. This is the opposite of a revenue surplus, which occurs when the actual amount of net income exceeds the projected amount.

Revenue Deficits = Revenue Expenditures - Revenue Receipts

Expenditures are divided into two parts:

i.                  Revenue Scheme Expenditures
ii.               Revenue Non Scheme Expenditures

Revenue receipts are divided into two parts:

iii.             Net Tax Revenue
iv.             Non Tax Revenue 

           

Fiscal Deficit:    

Fiscal Deficit = [ Total Expenditure(Revenue + Capital)] - [Total Receipts(Revenue + Capital)]

Note: 

•      In total receipts we include-

i.              Sales of assets

ii.            Recovery of loans

•      In total receipts we exclude-

i.              Borrowing

ii.            Other liabilities

                 

Primary Deficit:

Primary Deficit = Fiscal Deficit – Interest Payment

Effective Revenue Deficit:

Introduced in the Union Budget 2011-12 by the then Finance Minister Pranab Mukherjee

Effective Revenue Deficit = Revenue Deficit – Grants for creation of Capital assets

Monetized Deficit :

Monetized Deficit is that part of fiscal deficit which is met by RBI’s monetary credit to the government.

Structural Deficit:

The structural reasons behind low revenue of the government and high expenditure by the Government.

Twin Deficit:

Twin Deficit is a situation of two simultaneous deficits in the economy

i.    A deficit in the Government budget, arising out of a gap between domestic savings & expenditure. 

ii.   A deficit in the current account of foreign trade, arising out of a gap between exports & imports.

 Budget Structure:

Revenue Receipts- 140

a- Tax revenue- 110

b- Non-Tax revenue -30

Capital Receipts- 60

a- Recovery of loans- 5

b- Borrowing & other liabilities- 55

Total Receipts -200

Revenue Expenditure- 175

i.       Interest payment- 50

ii.     Grants for creation of capital assets- 15

iii.     Others

Capital Expenditure- 25

Total Expenditure -200

Calculation of deficits:

Fiscal Deficit = [200 – (140+5)] = 55

Primary Deficit = [55 – 50] = 05

Revenue Deficit = [175 – 140] = 35

Effective Revenue Deficit = [35 – 15] = 20

Tolerable limit of Deficit:

Tolerable Limit of Deficit is indicative of that stage beyond which its ill-effects overshadow its benefits. There are four ways of financing the deficit –

i.                 Domestic borrowings – higher interests rate & crowding out

ii.               Foreign borrowing – external debt crisis

iii.            Running down foreign exchange reserves – exchange crisis

iv.            By printing money – inflation

•      Sukhmoy Chakravorty Committee of RBI on the working of monetary system – under 4% of GDP

•      IMF – arround 4% of GDP

•      Raja J. Chelliah – 4% to5% of GDP

•      S.S. Tarapore Committee of RBI on the capital account convertibility –

3.5% of GDP.

•      Fiscal Responsibility & Budget Management Act 2003 – under 3% of GDP.

Thirteenth Finance Commission :

Fiscal Deficit For States - The States that attained Zero Revenue Deficit or Revenue Surplus in 2007-08, should achieve fiscal deficit of 3% of Gross State Domestic Product by 2011-12.

•      Manipur, Nagaland, Sikkim, Uttrakhand by 2013-14

•      Jammu and Kashmir, Mizoram by 2014-15

•      Revenue Deficit For States – The States that attained Zero Revenue Deficit or Revenue Surplus in 2007-08, should eliminate Revenue Deficit by 201112 & Maintain surplus thereafter.

•      For other states by 2014-15

•      Revenue Deficit of the centre needs to be progressively reduced and eliminated, followed by emergence of a revenue surplus by 2014-15.

•      A target of 68% of GDP for combined debt of the centre & states should be achieved by 2014-15. The fiscal consolidation path embodies steady reduction in the augmented debt stock of the centre to 45% of GDP by 2014-15, and by the states to less than 25% of GDP by 2014-15.

What may be the causes of  Deficit:

•        Fiscal Activism

•        The effect of pay revision

•        The increasing interest payment

•        Increasing defence expenditure

•        Increasing Subsidies (Three Fs – Food, Fertilizer, Fuel)

•        Increasing transfer payment to states

•        Shortfall in disinvestment receipts

•        Huge pending tax arrears

•        Foregone Tax Revenue (Tax exemption incentives)

•        One Rank, One Pension Scheme

•        Expenditure on loan waiver

•        Lack of effective governance

•        The twin global shocks – the global commodity price shock particularly in crude petroleum & the global financial crisis – and the resultant slowdown in the economy led to a policy response of fiscal expansion in the latter half of 2008-09 which continued through the 2009-10. US in 2008 & EU in 2011.

•        Three Stimulus packages (7 Dec. 2008, 2 Jan. 2009 & 24 Feb. 2009) for conscious fiscal expansion composed of both tax cuts & expenditure hikes

(3%of GDP – Rs. 1,86,000 Cr.)

How Deficits can be controlled?

There are two methods to control Deficit: Either by decreasing expenditure or increasing revenue or by both. Let’s see how these two methods can be used to control deficits.

i.               By Decreasing Expenditures:

• K. P. Geethakrishanan Commissionon expenditure reforms (2000)-

❖ Rationalization of Subsidies (Specially Food Subsidy & Fertilizer Subsidy)

❖ Optimising Govt. Staff Strength

❖ Optimising the size of Ministries & Departments

• New Pension Scheme (from 1st Jan. 2004)

• No Loans to State Govt. (recommended by the 12th Finance Commission)

• Zero based Budget from 1986-87.

• Direct benefit transfer

• Reduction in number of centrally sponsored scheme (B. K. Chaturvedi Committee on Rationalisation of CSS, September 2011.), from 147 to 66

• Shivraj Singh Chauhan Committee of  NITI Aayog reduced it from 66 to 30 (Union Cabinet reduced it to 28)

         

   

i i.            By Increasing Revenue:

• Introduction of New Taxes

• Service Tax

• Securities Transaction Tax

• Commodities Transaction Tax

•  Fringe Benefit Tax

•  Minimum Alternate Tax

•  Banking Cash Transaction Tax

• Tonnage Tax

• Google Tax

• Surcharge on Super Rich

• Improvement in Tax Administration

•  PAN

•  E-filing

•  Sampark Schem

•  AIR (Annual Information Report)

•  Disinvestment Process

• Goods & Services Tax

• GAAR (General Anti Avoidance Rules)

•  Decontrol of Petrol Prices

•  Partial Decontrol of Diesel Prices

Some Important Types of Budget:             

•      Performance Budget – introduced in 1975-76.

•      Zero Base Budget introduced in 1999-2000. It is a system of total rejustification of every activity from base zero.

•      Outcome Budget – Presented for the 1st time for 2005-06. It is a preexpenditure instrument (presented in May).

•      Gender Budget – introduced in 2005-06. It is a system of presentation of budget data which clearly present the Gender sensitivities.

BUDGET 2020-21: 

Deficit	2018-19 Actual	2019-20 Budget Estimate	2019-20 Revised Estimate	2020-21 Budget Estimate
Revenue Deficit Fiscal Deficit Primary Deficit Effective Revenue Deficit	2.4%	2.3 %	2.2 %	2.7 %
	3.4%	3.3 %	3.8%	3.5 %
	0.4 %	0.2 %	0.7 %	0.4%
	1.4 %	1.3 %	1.5 %	1.8 %

GDP for 2020-21 ( in Feb. 2020)  has been projected at Rs. 2,24,89,420 Cr. (Rs.

224.89 Trillion) assuming 10.0%  growth over the estimated GDP of Rs.

2,04,42,233 Cr. (Rs. 204.42 Trillion) for 2019-20

Total Expenditure – Rs. 30,42,230 Billion

Revenue Expenditure	Capital Expenditure
Rs. 26,30,145 Billion (86.45%)	Rs. 4,12,085 Billion (13.55%)

Some Items of Expenditure

Interest payments :                                                  Rs. 7.08 Trillion

Defence expenditure :                                             Rs. 4.71 Trillion

Subsidy :                                                                 Rs. 2.62 Trillion

Grants in Aid for creation of capital assets :           Rs. 2.06 Trillion

BUDGET 2020-21:

Deficit	2018-19 Actual	2019-20 Budget Estimate	2019-20 Revised Estimate	2020-21 Budget Estimate
Revenue Deficit Fiscal Deficit Primary Deficit Effective Revenue Deficit	15,52,916	19,62,761	18,50,101	20,20,926
	6,49,418	7,03,760	7,66,846	7,96,337
	6,6,770	43,289	1,41,741	88,134
	2,62,702	2,77,686	3,07,807	4,02,719

Revenue Receipts :                    Rs. 20,20,926 Billion

Tax Revenue :                            Rs. 16,35,909 Billion

Non-Tax Revenue :                    Rs. 3,85,017 Billion
Revenue Deficit :                        Rs. 6,09,219 Billion (Rs. 4,99,544)
Fiscal Deficit :                             Rs. 7,96,337 Billion (Rs. 3,66,846) 

Union Budget 2020-21 Total Subsidies:

Food Subsidy                                            Rs. 1,15,570   Crore

Fertilizer Subsidy                                      Rs. 71,309      Crore

Petroleum Subsidy                                    Rs. 40,915      Crore

Other Subsidies                                         Rs. 34,315      Crore

TOTAL                                                     Rs. 2,62,109   Crore

Summary of Disinvestment since 1991-92:

            

Domestic Balance & Foreign Balance:

Revenue                                     Expenditure       

1.  Domestic Revenue                 3. Domestic Expenditure

2.  Foreign Grants                       4. Foreign Expenditure

Budget Balance = (Expenditure) – (Revenue)  = (3 + 4) – (1 + 2)
= 5 (Net borrowing)

Since,          Total Receipts = Total Expenditure

Therefore             1 + 2 + 5 = 3 + 4

                                      Or, 
                                   5 = 3 + 4 – 1 – 2
                                     Or,
                                  5 = (3 – 1) + (4 – 2) 

(3  – 1) = Domestic Balance

(4  – 2) = Foreign Balance
5 = Domestic Balance + Foreign Balance

Therefore,

Domestic balance = 5 –Foreign Balance

Foreign balance= 5–Domestic Balance 

Budgetary Procedure:

The budgetary procedure involves four different operations – 

      • Preparation of the budget

•        Enactment of the budget

•        Execution of the budget

•        Parliamentary control over finance

Parliamentary Procedure of the Budget:

Finance Bill (Article 117):

Finance Bill is introduced in Parliament by the order of the President of India. This contains the Government’s proposals for levy of new taxes, modification of the

existing tax structure or continuance of the existing tax structure beyond the period approved by parliament. It is submitted to parliament along with the Budget for its approval.

Demands for Grants:

It is statement of estimates of expenditure from the consolidated Fund and is required to be voted by the Lok Sabha. Generally one ‘demand for grant’ is presented in respect of each ministry or department .

Appropriation Bill:

After the Grants have been made, the Appropriation Bill is presented to the Lok Sabha for its approval so that the Govt. can withdraw from the consolidated Fund of India, the amounts required for meeting the expenditure charged on the fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is enacted. Money Bill:

After getting clearance from the Lok Sabha, it is certified by the Speaker as Money Bill & sent to Rajya Sabha. Rajya Sabha has neither power of amending is nor rejecting it.

Finance Act:

After the assent of the President of India, it is called the Finance Act.

Vote-on-account (Article 116)

▪  This is the sanction of Parliament for withdrawl of money from the Consolidated Fund of India for a part of the year.

▪  In the normal course the budget is presented on February 28, after which there is a discussion and Parliamentary Procedure.

▪  Usually the actual budget gets passed in the middle of May.
▪  The full budgeting is done from April 1 to March 31. So, the sanction that the government gets from Parliament for spending expires on March 31. But the new Budget gets passed in only mid May. So, after the budget is presented on February 28, the Government moves a vote-on-account which gets its parliament sanction to spend money for another 2 months or so (this period does not exceed 6 months). 

▪ The vote account deals only with the expenditure side of the Government budget.

Interim Budget

▪  When there is an caretaker government, or the country is in the middle of the election, or may even be after a new government is sworn in, an interim budget is presented.

▪  The interim budget is a complete set of accounts, including both – Expenditure & Receipts.

Supplementary Budget (Article 115)

▪  The budget estimates of the coming year are based on future possibilities with regard to revenue and expenditure.

▪  It is not always possible to foresee and provide for all the emergencies or uncertainties.

▪  In these circumstances the Government may find necessary to present in the Parliament a supplementary budget to deal with such eventualities.

Government Account:

The financial management of any organization must have a prudent financial system backed by sound and effective accounting procedure and internal controls. A well-designed and well managed accounting system helps ensure proper control over funds.

Accounting policies and procedures and designed to compile accounts fulfilling legal/procedural requirements that govern financial control. Accounts are an integral part of financial management of activities. On the basis of accounts, the Government determines the shape of its monetary and fiscal policies.

Structure of Accounts and Flow of Funds:

The accounts of Government are kept in three parts :- 

1. Consolidated Funds of India

2.  Contingency Funds of India

3.  Public Account

Consolidated Fund Of India:

All revenues received by the Government by way of taxes like Income Tax,

Central Excise, Customs and other receipts flowing to the Government in connection with the conduct of Government business i.e. Non Tax Revenues are credited into the Consolidated Fund constituted under Article 266(1) of the Constitution of India. Similarly, all loans raised by the Government by issue of Public notifications, treasury bills (internal debt) and loans obtained from foreign governments and international institutions (external debt) are credited into this fund.

All expenditure of the government is incurred from this funds and no amount can be withdrawn from the Fund without authorization from the Parliament.
Consolidated Fund of India is divided into two main divisions –
1. A Revenue Section – It is divided into two sub-divisions
(a) revenue receipts   
(b) revenue expenditure.

2. A Capital Section – It is divided into two sub-divisions
(a) capital receipts (including internal & external debt)                                
(b) capital expenditure

Contingency Fund Of India:

The Contingency Fund of India records the transaction connected with

Contingency Fund set by the Government of Indian under Article 267(1) of the Constitution of India. The corpus of this fund is Rs. 500 crores. Advances from the funds are made for the purpose of meeting unforeseen expenditure which are resumed to the Funds to the full extent as soon as Parliament authorizes additional expenditure. Thus, this fund acts more or less like an intrest account of Government of India and is held on behalf of President by the Secretary to the Government of India, Ministry of Finance, Department of Economics Affairs.

Public Account:

In the Public Account constituted under Article 266 (2) of the Constitution, the transactions relate to debt other than those included in the Consolidated Fund of India. The transactions under Debt, Deposits and Advances in this part are those in respect of which Government insure a liability to repay the money received or has a claim to recover the amounts paid. The transaction relating to ‘Remittance’ and ‘Suspense’ shall embrace all adjusting heads. The initial debits or credits to these heads will be cleared eventually by corresponding receipts of Government. Parliamentary authorization for payments form the Public Account is therefore not required. Public Account is divide into 6 sub-divisions :-

1. Small Savings, Provident Funds etc.

2.  Reserve Funds

3.  Deposits and Advances

4.  Suspense and Miscellaneous

5.  Remittances

6.  Cash Balance

Public Debt: 

The public debt is how much a country owes to lenders outside of itself. These can include individuals, businesses, and even other governments. The term "public debt" is often used interchangeably with the term sovereign debt.

Public debt usually only refers to national debt. Some countries also include the debt owed by states, provinces, and municipalities. Therefore, be careful when comparing public debt between countries to make sure the definitions are the same.

Regardless of what it's called, public debt is the accumulation of annual budget deficits. It's the result of years of government leaders spending more than they take in via tax revenues. A nation’s deficit affects its debt and vice-versa.

There are three sets of Public Debt :–

(i) Internal Debt

(a)   Market Loans

(b)   Short Terms Borrowing

(c)    Other medium & long terms borrowings .

The Internal Debts includes market loans, bonds, special securities, Treasury Bills issued to commercial banks, Financial Institutions, State Governments, etc.

(ii)      External Debt

Its includes loans received from foreign governments and bodies.

(iii)   Other Liabilities

It includes other interest bearing obligations of government such as post office saving deposits under small saving scheme, Provident funds, interest bearing reserve funds of departments like railways & communication & certain other deposit.

“Other liabilities” of the government arise in government’s account more in capacity as a banker rather than as a borrower. Hence, such borrowings, not secured under the Consolidated Fund of India are shown as part of Public Account. The Internal Debt & The External Debt are the parts of the Consolidated Fund of India.

FRBM ACT:               

FRBM ACT is the acronym of  Fiscal Responsibility and Budget Management ACT. It was firstly Proposed by Raja J. Chelliah in 1997. The Bill, approved by the Union Cabinet in 2003, became effective from July 5, 2004.

The FRBM Act aims to introduce transparency in India's fiscal management systems. The Act’s long-term objective is for India to achieve fiscal stability and to give the Reserve Bank of India (RBI) flexibility to deal with inflation in India. The FRBM Act was enacted to introduce more equitable distribution of India's debt over the years.

The FRBM Act made it mandatory for the government to place the following along with the Union Budget documents in Parliament annually: 

▪ Medium Term Fiscal Policy Statement

▪ Macroeconomic Framework Statement 

▪ Fiscal Policy Strategy Statement

Dr. Vijay Kelkar Task Force drew up the medium term framework for fiscal policies to achieve the FRBM targets

.

 The enactment of FRBM Act marks a watershed is fiscal reforms. The Act provides an institutional framework binding the Government to pursue a prudent Fiscal Policy. The FRBM Act proposed that revenue deficit, fiscal deficit, tax revenue and the total outstanding liabilities be projected as a percentage of gross domestic product (GDP) in the medium-term fiscal policy statement.

FRBM Act exemptions: 

On grounds of national security, calamity, etc, the set targets of fiscal deficits and revenue could be exceeded ( for example- due to COVID 19 FRBM ACT is exempted).

Main features of FRBM ACT, 2003

▪ Revenue Deficit = Nil by 2008-09 and thereafter create revenue surplus. Reduction of Revenue Deficit by an amount equivalent of 0.5% or more of GDP at the end of each financial year, beginning with 2004-05.

▪ Fiscal Deficit of not more than 3%of GDP by 2008-09 Reduction of Fiscal Deficit by an amount equivalent of 0.3% or more of GDP at the end of each financial year, beginning with 2004-05

▪ The Central Government shall not borrow from the Reserve Bank of India except by way of advances to meet temporary excess of cash disbursements over cash receipts.

▪ The Reserve Bank of India not to subscribe to the primary issues of the Central Government securities form the year 2006-07.

▪ No Assumption of additional liabilities (including external debt) at current exchange rate in excess of 9% of GDP for the financial year 2004-05 & progressive reduction of this limit by at least 1% point of GDP in each subsequent year.

▪ The Finance Minister to lay in each financial year before both Houses of Parliament three statements viz., Medium Term Fiscal Policy Statement, Fiscal Policy Strategy statement and Macro economics Framework Statement along with the Annual Financial Statement.

▪ The Revenue Deficit and Fiscal Deficit may exceed the targets specified in the rules only on grounds of national security or national calamity or such other exceptional grounds as the Central Government may specified.

▪ The Finance Minister to make a quarterly review trends in receipts and expenditure in relation to the Budget and place the review before both Houses of Parliament.

▪ In the course of the year the Central Govt. would introduce and amendment to the FRBM Act, 2003, laying down the fiscal roadmap for the next five years.

How effective has the FRBM Act been?

Several years have passed since the FRBM Act was enacted, but the Government of India has not been able to achieve targets set under it. The Act has been amended several times.

 

In 2013, the government introduced a change and introduced the concept of effective revenue deficit. This implies that effective revenue deficit would be equal to revenue deficit minus grants to states for the creation of capital assets. In 2016, a committee under N K Singh was set up to suggest changes to the Act. According to the government, the targets set under FRBM Act previously were too rigid.

N K Singh Committee's recommendations were as follows:

 

Targets: The committee suggested using debt as the primary target for fiscal policy and that the target must be achieved by 2023.

 

Fiscal Council: The committee proposed to create an autonomous Fiscal Council with a chairperson and two members appointed by the Centre (not employees of the government at the time of appointment)

 

Deviations: The committee suggested that the grounds for the government to deviate from the FRBM Act targets should be clearly specified

 

Borrowings: According to the suggestions of the committee, the government must not borrow from the RBI, except when...

a.   the Centre has to meet a temporary shortfall in receipts 

b.  RBI subscribes to government securities to finance any deviations

c.   RBI purchases government securities from the secondary market

N. K. Singh Committee (May 2016 – Nov. 2016)-New Fiscal Framework:

•  Maintaining Fiscal Deficit at 3% GDP for the next Financial Year

•  A leeway of 0.5% of GDP for the Deficit , by clearly identifying the triggers & including unavoidable fiscal situations.

•  Bringing down the Debt to GDP ration to 60% by 2023, of which 40% would be the Centre’s & 20% the States.

•  Bringing down the Debt to GDP ration to 60% by 2023, of which 40% would be the Centre’s & 20% the States.

There is table on the basis of  N.K. Singh committee on the revenue deficit and fiscal deficit-

Year	Fiscal Deficit	Revenue Deficit
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23	3.0 %	2.1 %
	3.0 %	1.8 %
	3.0 %	1.6 %
	2.8 %	1.3%
	2.6 %	1.1 %
	2.5%	0.8 %

Conclusion:

We can conclude that budget is the most important player of the economy. It plays a very big role in sustainable development( poverty, gender inequality, income inequality, environment etc.), defence, growth rate, and so on…We knew in this assignment the process of formation of budget, importance, component of budget and their role in the economy. We knew the Departments related to budget and how We knew in this assignment the process of formation of budget, importance, component of budget and their role in the economy. We knew the Departments related to budget and what are their roles.

In the second part of this assignment we learned about budget deficit, its type, etc. We see why budget deficit controlling is important . We also learned the methods to control deficit. We learned how to calculate deficit with a example. We also knew some special types of budget like gender budget etc which shows that budget is not only related to economic growth but also for sustainable development and to make the society or country equal in every perspective: economically, socially, politically, etc.

           

References:

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•      NITI Ayog, retrieved from, https://niti.gov.in/, on 03 june 2020

•      NITI Ayog, retrieved from, https://niti.gov.in/index.php/the-strategy-fornew-india, on 03 june 2020

•      NITI Ayog, retrieved from, https://niti.gov.in/index.php/annual-reports, on 03 june 2020

•      DIPAM, Ministry of Finance, retrieved from, https://dipam.gov.in/, on 03 june 2020

•      Ministry of Finance, retrieved from, https://finmin.nic.in/, on 03 june 2020

•      Investopedia Blog, retrieved from,https://www.investopedia.com/terms/b/budget.asp,on 03 june 2020

•      Wikipedia website, retrieved from, https://en.wikipedia.org/wiki/Budget, on 03 june 2020

•      Wikipedia website, retrieved from, https://en.wikipedia.org/wiki/Government_budget_balance, on 03 june 2020

•      FRBM ACT 2003, Business Standard e-newspaper, retrieved from, https://www.business-standard.com/about/what-is-frbm , on 10 june 2020

•      Fiscal Deficit, Economics times e-newspaper, retrieved from, https://economictimes.indiatimes.com/definition/Fiscal-Deficit, on 10 june 2020

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•      Public Debt, The Balance Bog, retrieved from, https://www.thebalance.com/what-is-the-public-debt, on 10 june 2020

•      Etc……………………….

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