[Economy Lecture] Budget 2015: Direct & Indirect Taxes, Public Debt, Fiscal Deficit & FRBM Targets

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Mitrapal Philosophy
  1. Prologue
  2. L4/P1: Fiscal policy: Direct Taxes & Budget 2015
  3. L4/P2: Indirect Taxes, Subsidies & Capital Part of Budget 2015
  4. L4/P3: Public Debt, Fiscal Deficit & FRBM Act Targets


  • The economic survey related articles will be published after I’m done reading and researching myself.
  • In the meantime, here’s the recoding of my lecture series on budget and economic survey at SPIPA, Ahmedabad.
  • First session 2:30 hours, I’ve split it into three parts.
  • PowerPoint of the lecture, available at Mrunal.org/Download
  • Medium of instruction- Hindi.
  • English version not possible for the moment, because I’m required to teach at this batch, in Hindi/Gujarati only. Besides, same content is available in English-text articles and English PPTs on the site.

L4/P1: Fiscal policy: Direct Taxes & Budget 2015

Budget 2015 direct taxes

  1. Budget versus economic survey: who prepares what?
  2. Economic survey 2014 – 15: how to approach its two volumes in a systematic manner for UPSC civil service provision?
  3. What is the theme of economic survey 2014?
  4. 3 documents in budget (annual financial statement, finance bill, appropriation Bill
  5. 3 Types of “Funds” in Budget: Consolidated fund, public account and contingency fund
  6. What is the difference between Vote on account and interim budget?
  7. Direct taxes of union and State governments.
  8. Direct taxes: on income or expenditure vs on those on assets and capital transactions
  9. List of abolished direct taxes, apart from wealth tax.
  10. Direct taxes: Merits and Demerits
  11. Direct taxes under budget 2015, and list of deductions
  12. Difference between cess and surcharge? How they are computed?
  13. Wealth tax: why was it abolished? 4 Canons of taxation is by Adam Smith
  14. Corporate tax, MAT and other direct taxes in budget-2015

Youtube Link: http://youtu.be/jRM1oC9FJXg

L4/P2: Indirect Taxes, Subsidies & Capital Part of Budget 2015

Subsidies in Budget 2015

  1. indirect taxes of union and State governments
  2. indirect taxes: merits and demerits
  3. Service Tax theory: negative list vs exempted list.
  4. How and Why does Jaitley want pruning of negative list?
  5. Cess provisions on custom duty, excise duty and service tax in budget 2015
  6. Reforms in indirect taxes to promote ease of doing business.
  7. Collection Ranking: direct and indirect taxes in revised estimates 2014-15 and budget estimates 2015-16 ascending and descending order.
  8. What is the difference between gross tax revenue and net tax revenue?
  9. Non-tax receipts of revenue budget and collection orders.
  10. Revenue expenditure: ascending, descending orders
  11. Subsidies: Major subsidies, Targets for budget-2015, ascending descending orders.
  12. Capital receipts and expenditure: major heads and ranking
  13. Plan versus non-plan expenditure.
  14. the larger picture: Classification of budget- old method vs new method.

Youtube Link: http://youtu.be/JSTsf50ytYs

L4/P3: Public Debt, Fiscal Deficit & FRBM Act Targets

Budget 2015 Fiscal Deficit FRBM Act

  1. formulas and figures for: revenue deficit, effective revenue deficit, fiscal deficit and primary deficit
  2. High level of fiscal deficit is bad for economy- why and how?
  3. Fiscal responsibility and budget Management act (FRBM): Jaitley target vs. Economic survey target vs. 14 finance commission target.
  4. Why does 14 finance commission want government to replace effective revenue deficit with revenue deficit in FRBM target list?
  5. remaining parts- in next lecture video…(continued)

Youtube Link: http://youtu.be/l8nh2cCrZ6k

Mrunal recommends

  1. (free) NCERT, NIOS, TN-Books 4 History,Geo,Sci
  2. Indian Polity M.Laxmikanth (Hindi | English)
  3. Spectrum: Modern History (Hindi | English)
  4. Maths: Quantam CAT Sarvesh Kumar
  5. Objective General English SP Bakshi
  6. Word Power made Easy -Norman Lowe
  7. Topic wise Solved Paperset by Disha

81 Comments on “[Economy Lecture] Budget 2015: Direct & Indirect Taxes, Public Debt, Fiscal Deficit & FRBM Targets”

  1. Dear Mrunal ,

    Your work is commendable but truly speaking its not possible to have huge data pack for listening and viewing vedios , if possible will you please make available your notes on your site as you used to do earlier .plsss

    1. seriously yaar, dongle users like myself are hard hit by this move..mrunal sir help your students out

      1. My dear friend, take a 2G plan which is dirt cheap these days , download the videos using ‘Youtube downloader’ and enjoy.

  2. Hey mrunal, you are doing a commendable job. But I really miss your articles. Do you plan to continue article format for atleast economy portion?

    Best regards. B

  3. Hello Mrunal

    You are work is truly inspiring for preparation. Videos take long time to prepare but you said english version is available.

    My suggestion while posting these video link, post English text version link of the same at the end from your archives because it is difficult to pin point a topic from the archives.

  4. Sir, i downloaded your video from youtube downloader, but sound does not work. Pls help.

  5. Sir, as you may be aware, thousands of students benefited and continue to benefit from your blog. Their WISHES and BLESSINGS from their parents and family members will give you VERY BEST in your LIFE; not only for you and for all your family members. MAY GOD BLESS YOU AND YOUR FAMILY MEMBERS. Our repeated request is: PLEASE……….. PLEASE ……… EXPLAIN THE RECENT ECONOMIC SURVEY, BUDGET, MONETARY POLICY, STRUGGLE BETWEEN RBI AND GOI and ALL MATTERS RELATING TO INDIAN ECONOMY, BANKING, FINANCE, AGRICULTURE…….. IN THE FORM OF ARTICLE, BESIDES YOUR YOU TUBE VIDEO. THANKS AND REGARDS

  6. power point link download not working.

  7. thank you. but can to post audio notes too as it takes a long time for the video to play in my area.

  8. Sir the powerpoint link is not working…plz help

  9. PPT not same as used in lectures……….

    1. sry………. they are same ……… thanx mrunal sir ……. god bless you

  10. sir whenever i search for written material ,i get the links of you tube vedios ,as i wanted to read material related to economy section civil service ,m not seeing the links of written material explained ,kindly let me know sir ,


  11. is ur archive topic of various subjects listed under previous year relevant to 2015 cse exam

  12. Sir plz upload d articles for economic survey and budget.reading is really quick dan watching videos +u can retain more,thank u sir

  13. Mrunal sir,

    i am not able to see the above ppts in your download section.Please guide me on the same.


  14. Dear mrunal sir
    Thanks you

  15. Good analysis…Thankyou Sir…God bless you


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