Structure:

• Fiscal Policy & Union Budget Basics (Q1–6) — budget date, Consolidated Fund, Appropriation Bill vs Finance Bill, Department of Economic Affairs/Budget Division
• Capital Account (Q7–13) — capital expenditure/receipts, disinvestment, internal vs external debt (~95%/5% split)
• Revenue Account (Q14–20) — taxes, non-tax revenue, dividends, interest paid/received
• Grant for Creation of Capital Assets (GCCA) (Q21–24) — why it’s revenue not capital expenditure, Rangarajan Committee
• Revenue Deficit & Effective Revenue Deficit (Q25–29) — golden rule of borrowing, ERD formula
• Fiscal Deficit & Primary Deficit (Q30–35) — NHAI example, why PD is more “qualitative”
• Applied/Practice Questions (Q36–41) — the actual in-lecture MCQs (parliamentary approval, budget department myth, constitutional amendment myth, 3% FD target)
• Miscellaneous (Q42–45) — SWIFT platform, debt-creating vs non-debt-creating receipts