PREFACE

Project work is something that every Management student should carry out seriously at any organization irrespective of their topic they choose to do. This is a part of complete management study and carrying out such a project work is required by the examination and evaluation Department of different Universities necessary for the partial fulfillment of Master of Business Administration. Carrying and completing such a project work is not an easy task. One must be careful before gathering the data required otherwise the very essence of the project will get lost in the midway and the real and correct idea will remain unexposed before the reader. I have done my project on Critical Analysis Of The Fiscal Policies And The Budgets Of The Union Government. In this report I tried to study the impact of budget and fiscal policy of the Union Government on the economy as a whole. In this report I have also tried to concentrate on the analysis of the fiscal budgets of the Union Government which will probe the reasons of increase in fiscal deficit of the central government. The project has played a significant role in my life in gaining knowledge in the field of Finance.

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ACKNOWLEDGEMENT
A drop of ink makes million think Any research work is never an individual effort. It is contributory effort of many hearts and heads. I owe a profound sense of gratitude towards my institute, which provides the students, like me with the opportunity to undergo through seminars, presentations and report compilation so that the students can get a feeling of what actually happens in an industry, market and management. This not only breaks the monotonicity of the classroom teaching but also strengthens ones fundamentals that are taught in the class and widens ones perspective. I am so indebted to my family because it is due to them that I have been associated with such a renowned institute, which is engaged in the noble cause of rising dreams of our generation into reality. I would like to express my deep sense of gratitude to Dr. Balram Dogra, Director, Apeejay Institute of Management and to my mentor Dr Rajesh Bagga, Senior Lecturer in Management. Without their timely guidance, valuable support and encouragement this report would not have been possible. This project report wouldnt have been completed without his able guidance and the precious time he has given from his busy schedule.

DATE:

Surinder Beri

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TABLE OF CONTENTS
Certificate by Guide Preface Acknowledgement CHAPTER NO. 1 2 3 4 5 6 7 References CHAPTER TITLE Introduction Review of Literature Need, Scope and Objectives of the Study Research Methodology Data Analysis and Interpretation Findings of the Study Conclusion of the Study i ii iii PAGE NO. 1-17 18-23 24-25 26-28 29-50 51-53 54-55 56-57

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LIST OF TABLES
Table No. 5.1 5.2 Trends In Fiscal Deficit Receipts Table Title Page No. 37 41

LIST OF FIGURES
Figure No. 1.1 1.2 5.1 5.2 5.3 5.4 5.5 5.6 5.7 Figure Title Types Of Fiscal Policies National Income GDP Composition Undergoing A Drastic Change Interest Expenses Rising Significantly GDP Growth Reflecting Global And Domestic Slowdown Expenditure Growth Still Higher Than Revenue Growth Fiscal Deficit Temporarily Worsening In Order To Sustain Growth Interest Expenditure Is Driving Up Net Tax Revenue As A Percentage Of GDP Of Its Highs Page No.

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12 33 44 44 45 45 46 46

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