The first economic Survey was reportedly presented for the financial year 1951-52 and since has been presented every year as a review of the economy by the government. Over the years, the Economic Survey has transformed from a mere representation of facts to a more suggestive document giveing out advice.
The ordinary man confuses the finance minister's budget speech for the annul budget.But as laid down in the constitution, the budget actually refers to the annual financial statement tabled in parliament along with the 13-15 other documents. Divided into three parts-consolidated Fund, Contingency Fund and public Account-it has a statement of receipts and expenditure of each.
Conceptually, we can think of the fiscal deficit as a measure of the extent to which a government is spending beyond its means. In precise mathematical terms, fiscal deficit is the difference between the total expenditure of the government, and sum of all its "revenue receipts" as well as those "capital receipts", which do not create any payment obligations for the future. Revenue receipts constitute regular streams of revenue that do not have future paymant implications.
Svereign debt crisis means the sovereign government's borrowing from domestic and external markets is in excess of its capacity to repay, resulting in loan defaulys requiring rescheduling of loan or bailout package from other countries or multilater institutions such as IMF.
Money laundering by banks and insurance companies is more widespread than earlier thought, another expose by an online news website has revealed. This development is bound to force banks to undertake a fresh round of verification of the identity of almost all account holders, an exercise called 'Know Your Customer'.