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In any country there are three policies,

• Fiscal policy
  • economic growth
• Monetary policy
  • price stability
• Extended Policy
  • exchange rate stability

1. Public Revenue: Taxation
   • Direct
   • Indirect
2. Expenditure
   • Revenue Expenditure (recurring e.g., salaries, pensions¹)
   • Capital Expenditure (one-time e.g., buildings, weapons)
   • Development
   • Planned
   • Non-planned
3. Financing, debt

Questions

Why food bill? What is tax buoyancy? How to calculate Fiscal deficit? Revenue Deficit? Primary Deficit? Budgetary Deficit? Primary Revenue Deficit? What is Net Fiscal Deficit? What is Net Primary Deficit? What is FRMB Act? What is Twin Deficit? What is Trade Deficit? What is Current Account Deficit?

How much are: CAD, NFD, NPD, Forex Reserve… and all the other values that you have read on?

Why are the values currently (or should be) what they are currently?

What is the realtionship between the three macro variables:

1. Interest Rates
2. Inflation
3. Exchange Rates (All permutations possbile)

What is the formula for debt? $D_t=GF{D}_t+D_{t-1}$

What is the difference between Debt and Liability?

Go through the glossary, and the explanation for the data in the RBI Handbook of Statisitcs

What is the difference between Excise duty and customs?

Footnotes

1. Issue with the pension scheme; old and new pension schemes. Why did they stop it? What did some states do about it? What scheme has government introduced (National Pension Scheme)? ↩