UPSC Daily Current Affairs

Parliamentary Control Over Public Finance in India:Explainer

Jun 13, 2024

In India, Parliament plays a crucial role in overseeing the government's financial activities. This control is exercised through a combination of constitutional provisions, statutory mechanisms, and parliamentary committees. This multifaceted approach ensures transparency, accountability, and efficient utilization of public funds. Let's delve into the various instruments of parliamentary control over public finance: Constitutional Mechanisms: Money Bill and Financial Bills Read More...

Understanding the Committee on Estimates

Jun 13, 2024

Q: What is the Committee on Estimates? A: The Committee on Estimates is a parliamentary committee consisting of 30 Lok Sabha members, elected annually, that examines the estimates of government expenditure to suggest economies, improvements, and administrative reforms. Q: Who appoints the Chairman of the Committee on Estimates? A: The Speaker of the Lok Sabha appoints the Chairman from among the committee members. ... Read More...

Public Accounts Committee (PAC):

Jun 13, 2024

Q: What is the Public Accounts Committee (PAC)? A: The PAC is the oldest parliamentary committee in India, established in 1921 to examine government accounts and expenditure. Q: Who chairs the PAC? A: The PAC is chaired by a member of the Opposition in Lok Sabha, a convention established in 1967. Q: How is the PAC constituted? A: The PAC consists of 22 members: 15 from Lok... Read More...

Essentials of India's Financial Funds: CFI, PAI, and CFI

Jun 13, 2024

Q: What is the Consolidated Fund of India (CFI)? A: The CFI is the primary government account where all revenues, loans, and repayments received by the Union government are deposited. It's like the government's main bank account. Q: What types of revenues are included in the CFI? A: The CFI includes all tax revenues (personal income tax, corporate tax, customs, excise duties) and non-tax revenues (license fees, RBI dividends, profits from public sector under... Read More...

Understanding Grants in Indian Parliamentary Process

Jun 13, 2024

Demands for Grants: ● These are requests for funds presented by each ministry or department to the Lok Sabha for approval. ● Generally, one demand is presented per ministry, but larger ministries may have multiple demands. ● Each demand outlines the total funds required for various types of expenditures, including revenue, capital, grants to states/UTs, and loans. ● They are introduced in the Lok Sabha on the prior recommendation of the President of India.They are to be p... Read More...

Money Bill, as specified in Article 110 of the Indian Constitution:

Jun 12, 2024

(b) The regulation of borrowing: This refers to laws governing how the Indian government can borrow money,including issuing bonds or taking loans from domestic or international sources. It also covers any guarantees the government might provide for such borrowings. (c) The custody of funds: This includes laws concerning the management and control of the Consolidated Fund of India (the primary government account) and the Contingency Fund (for urgent, unforeseen expenditures). It covers deposits, withdrawals, and overall safeguarding of these funds. Read More...

NITI Aayog: Advancing India's Development Agenda

Jun 12, 2024

Q: What is NITI Aayog? A: NITI Aayog, which stands for National Institution for Transforming India, is the premier policy think tank of the Government of India. It was established in 2015, replacing the Planning Commission. Q: Why was NITI Aayog formed? A: NITI Aayog was formed to better align with the needs of a modern, market-driven economy. It emphasizes cooperative federalism, giving states greater autonomy and recognizing their diverse needs. Read More...

Monetary Policy :Simplifier

Jun 12, 2024

Q: What is the primary objective of monetary policy? A: The primary objective of monetary policy is to maintain price stability, which means keeping inflation low and stable.High inflation erodes the value of money and disproportionately affects the poor. Q: How does monetary policy influence economic growth? A: Monetary policy can influence economic growth by adjusting interest rates. Lowering interest rates makes borrowing cheaper, encouraging businesses to i... Read More...

GDP - Gross Domestic Product and GNP- Gross National Product

Jun 12, 2024

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