Statutory bodies are established by acts which Parliament and State Legislatures can pass. These bodies are entities shaped by an… Continue reading Statutory Bodies: Establishment, Functions, Examples

Lead Bank Scheme After the Nationalisation of the commercial Banks, the government took the initiative for extending banking facilities in… Continue reading Nationalisation of Banks

Development Finance Institutions The Need of DFIs Classification of DFIs All India DFIs Special DFIs Investment Institutions Refinance Institutions State… Continue reading Development Finance Institutions: IFCI, ICICI, SIDBI, IDBI, UTI, LIC, GIC

The budgetary procedure in India involves four different operations that are Preparation of the budget Enactment of the budget Execution… Continue reading Budgetary procedure in India

India embraced an economic model which has the features of both free market capitalism and socialism. The policy makers called… Continue reading The Role of the Government in the Economy

Balance Budget versus Unbalanced Budget Balanced Budget Unbalanced Budget A balanced budget is a situation, in which estimated revenue of… Continue reading Types of Budgets in India

Revenue Account The revenue account shows the current receipts of the government and the expenditure that can be met from… Continue reading The Government Budget: Revenue Budget, Capital Budget, Government Deficits

Goods and Services Tax The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the… Continue reading Goods and Services Tax

The Summary of India’s Tax Reforms Income Tax In 1973-74, there were 11 income tax slabs, ranging from 10 per… Continue reading Tax Reforms in India

Key Concepts Relating to Taxation Tax Incidence The key to imposing the tax is who bears its burden. If the… Continue reading Concept Related to Taxation: Tax Incidence, Tax Evasion, Laffer Curve, CESS and Surcharge

Special Category Status to States Various Chief Ministers across the nation have been demanding special status for their respective states… Continue reading Special Category Status, Role of Finance Commission, Centrally Sponsored Schemes, National Counter Terrorism Centre, GST, Federalism and Foreign policy

The Indian Constitution has elaborate provisions regarding the distribution of revenues between the Union and the States. Article 268 to… Continue reading Financial Relations between Centre and State (Art. 268 to 293)

The framers of Indian Constitution made detailed provisions in the Constitution in regard to administrative relations between the Centre and… Continue reading Administrative Relations between Centre and State (Art. 256 to 263)

The Role of the Governor (Discretionary Power and Appointment Issues), Reservation of Bills for Consideration of President Misuse of Article 356… Continue reading Issues and Challenges pertaining to the federal structure

Article 356 is the most contentious article of the Constitution.It offers for State emergency or President’s rule in State if… Continue reading Misuse of Article 356 by Central Government

Role of the Governor The Governor is appointed by the President of India for five years. But he remains in the… Continue reading The Role of the Governor (Discretionary Power and Appointment Issues), Reservation of Bills for Consideration of President