Public Finance

• Meaning and Scope,
• Distinction between Private and Public finance.
• Role of public finance in augmenting allocative efficiency, distribution justice and economic stability in the economy
• Principles of Maximum Social Advantage: Dalton’s Pigou and Musgraves condition of maximum social advantage.
• Practical: Role-play scenarios to understand public finance concepts

• Meaning, Nature and significance
• Canons of Public expenditure.
• Effects of Public Expenditure on economic stabilization, production, distribution and economic growth.
• Public Budget: kinds of budget, economic and functional classification of the budget; Balanced and unbalanced budget, Steps of Preparation of union budget.
• Practical: Presentation on the effects of public expenditure, incorporating case studies for analysis

• Meaning, Canons of taxation,
• Incidence and Effect of Taxation,
• Classification of Taxes(Single vs. Multiple, Proportional vs. Progressive, Direct and Indirect Tax).VAT, GST, concept and implications.
• Problem of tax evasion and black money, Role od direct and indirect taxes in developing countries
• Practical: Debate on tax policies, followed by report writing on the implications of taxes like VAT and GST.

 Meaning, Types of Debt, Effects of Public debts- production, distribution and consumption.
 Deficit Financing: Various concepts of Deficit Financing- Revenue deficit, Fiscal deficit, and Primary deficit.
 Practical: Analyze case studies on public debt management, then present findings on deficit financing implications.

• Meaning of federal finance principles of federal finance, Centre- State financial relations in India.
• Finance Commission-Introduction , Structure and functions,
,Recommendations of recent Finance Commission. Present fiscal policy of India
• Practical: Simulate Finance Commission meetings to grasp federal financial relations, followed by reports on their recommendations and fiscal policy implications