Ch 9Public Finance in India — Class 12 Economics, concept-first.

The earlier chapters of this Std XII Economics paper looked at how markets work — demand, supply, and the different forms of market structure that decide price and output in the private sector.

Public Finance is the branch of economics that studies how the government — at the central, state, and local levels — raises revenue, how it spends that revenue, and how it manages the resulting surpl…

Public Revenue refers to all the income the government receives from all sources during a given period, used to finance public expenditure.

Besides taxes, the government also earns revenue from a range of non-tax sources — receipts that are not compulsory levies but arise from the government's own commercial, administrative, and other act…

Public Expenditure refers to the expenses the government incurs for its own maintenance and for the preservation and welfare of society and the economy as a whole — from running the administration and…

Public Debt refers to the total borrowings of the government — from its own citizens and institutions, as well as from foreign governments and international institutions — undertaken to bridge the gap…

Meaning. A Government Budget is the annual financial statement of the estimated receipts and expenditure of the government for a financial year (in India, 1 April to 31 March).

In a developing economy like India, public finance is not merely a bookkeeping exercise of matching receipts to expenditure — it is one of the government's principal tools for accelerating growth, cor…

Sample papers and previous-year board questions for this subject.