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Thread: Budget in graphics: How key parameters compare

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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Default Budget in graphics: How key parameters compare

    A look at how some of the key parameters have compared over the previous budgets.
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Tax revenue: The revenue the government raises by imposing taxes, both direct and indirect.
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Subsidies: A financial assistance extended by the government to a particular sector or industry to keep it afloat or to encourage production and expansion of the industry. India's policy of extending significant subsidies across sectors has been blamed for causing inefficiency and distortionary effects in the economy
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Service tax: It is an indirect tax levied on a certain finite set of services, as defined by the government. Over years, the government may include or exclude certain services from the taxation purview. Services tax helps the government mop up revenues through an alternate source of income and reduce taxation pressure on other sectors.


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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Revenue receipt: Together with capital receipts, revenue receipts measure the revenues of the government. Revenue receipts include tax revenues and non-tax revenues of the government.
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Revenue deficit: A revenue deficit occurs when the government's projected revenue falls short of the target. This can happen if the government's expenditure is more than planned.
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Gross domestic product: GDP is the market value of all goods and services produced within a country. GDP is commonly used as an indicator of the country's economic health as well as national productivity.

    While the Reserve Bank of India has projected growth rate of 5.5 per cent for the current financial year, the International Monetary Fund (IMF) has pegged it at 5.4 per cent.

    The Finance Ministry had earlier reduced the growth projection for the current fiscal year to 5.7-5.9 per cent from the original estimate of 7.6 per cent.
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    The Lone Ranger Lieutenant General rishabhd's Avatar
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    Fiscal deficit: Fiscal deficit is the difference between the government's expenditure and its revenues. A higher fiscal deficit severely impacts the ability of the government to invest in public welfare projects. The government has revised upwards the fiscal deficit target for 2012-13 to 5.3 per cent of the GDP from the 5.1 per cent earlier because of increasing expenditure and lower-than-estimated revenue realization.

    International investors and credit rating agencies attach a significant weightage to the fiscal deficit when deciding on investing in a country or giving a sovereign rating. If the fiscal situation of a country deteriorates, international investors give a low rating to the country.
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    Factory output: Measured as the Index of Industrial Production (IIP), it assesses output at factories, mines and utilities, and is a widely accepted indicator of the health of the country's industrial production.

    The manufacturing sector constitutes about 76 per cent of India's industrial production.

    Industrial output contracted by 0.6 per cent in December 2012, according to government data, registering the second consecutive month of decline.
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    Excise duty: An inland tax levied on the products manufactured and consumed within the country. It is an indirect tax. Some examples of an excise duty are the tax imposed on alcohol as well as cigarettes.
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    Customs duty: A customs duty is a tax (or tariff) imposed on the export or import of goods and services. The duty helps raise revenues for the government and also curbs unlawful trade, both exports and imports.

    The Central Board of Excise and Customs, a part of the Department of Revenue under the Finance Ministry, formulates laws dealing with the levy and collection of customs duties, among others.
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    Current account deficit: The current account deficit (CAD) measures the difference between imports and exports (of goods and services). A high CAD in the balance of payments is harmful for a country because it stunts growth.

    According to the Reserve Bank of India, a CAD of 2.5 per cent of the gross domestic product is ideal. India posted its second highest ever monthly trade deficit of $20 billion in January as imports surged to record highs. The CAD hit an all-time high of 5.4 per cent of gross domestic product in the July-September quarter due to slowing exports and heavy oil and gold imports.

    India will have to pursue domestic policy initiatives to help achieve any near-term improvement in current account deficit as global growth may only be slightly better in 2013 and commodity prices are unlikely to ease sharply, Moody's Investor Service has said.
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    Wholesale price inflation: Inflation is the increase in the prices of goods and services in the economy across a finite period of time. The wholesale price index measures the wholesale price increase across a select basket of commodities. The Reserve Bank of India uses the WPI to decide its monetary policy. If inflation increases, the RBI holds its key bank rates which curbs consumer spending, in an attempt to rein in any further increase in prices.
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