ПОЛИТИКА, ЭКОНОМИКА И ИННОВАЦИИ № 3 (50), 2023 УДК 336.02(100)
Муругаппан Мутуканнан, студент международного медицинского института Курского государственного медицинского университета, Курск, Россия
Email: kannanm015@gmail.com
Муругапанди Джегадип Панди, студент международного медицинского института Курского государственного медицинского университета, Курск, Россия
Email: m.jegadeep@gmail.com
ФИНАНСОВАЯ ПОЛИТИКА В ИНДИИ И США
Аннотация: в статье рассматриваются правила, принципы и инструменты финансовой политики в Индии и США.
Ключевые слова: финансовая политика, Индия, США.
Murugappan Muthukannan, student of the International Medical Institute, Kursk State Medical University, Kursk, Russia
Email: kannanmO 15 @gmail .com
Murugapandi Jegadeep Pandi, student of the International Medical Institute, Kursk State Medical University, Kursk, Russia
Email: m.jegadeep@gmail.com
THE FINANCIAL POLICY IN INDIA AND THE USA
Abstract: the article examines the rules, principles and tools of financial policy in India and the USA.
Key words: financial policy, government.
ПОЛИТИКА, ЭКОНОМИКА И ИННОВАЦИИ № 3 (50), 2023
Governments utilise financial policy in order to make an impact on the level of aggregate demand within the economy, so that specific economic goals such as price stability, economic growth, and full employment are achieved.
Total expenditure of the Indian government is estimated as Rs 39,44,909 crore during 2022-23. This is an increase of 4.6% over the revised estimate of2021-22. Out of the total expenditure, revenue expenditure is estimated to be Rs 31,94,663 crore (0.9% increase) and capital expenditure is estimated to be Rs 7,50,246 crore (24.5% increase). The increase in capital expenditure is mainly due to a substantial increase in loans and advances to state governments. Loans and advances by the central government are estimated to be Rs 1,40,057 crore in 2022-23, an increase of 153% over the revised estimates for 2021-22 [1].
Government receipts (excluding borrowings) are estimated to be Rs 22,83,713 crore, an increase of 4.8% over the revised estimates of 2021-22. The gap between these receipts and the expenditure will be plugged by borrowings, budgeted to be Rs 16,61,196 crore, an increase of 4.4% over the revised estimate of 2021-22 [2].
The central government will transfer Rs 16,11,781 crore to states and union territories in 2022-23. This is a marginal increase of 0.5% over the revised estimates of 2021-22.
Revenue deficit is targeted at 3.8% of GDP, and fiscal deficit is targeted at 6.4% of GDP in 2022-23. The target for primary deficit (which is fiscal deficit excluding interest payments) in 2021-22 is 2.8% of GDP.GDP growth estimate: The nominal GDP is estimated to grow at a rate of 11.1% in 2022-23 [3].
The budget of the United States: total is $5.8 trillion for fiscal 2023, including $1.6 trillion in discretionary spending. The budget also projects a $1.2 trillion deficit in fiscal 2023 - a significant drop from the last two years. The budget covers a wide range of policy and funding priorities for the administration, including the following highlights: Focus on deficit reduction - part of an effort from the administration to appeal to moderate Democrats as they negotiate the broader social spending and tax package previously called the Build Back Better agenda, which has stalled in the Senate.[4] This budget would reduce deficit spending by $1 trillion over the decade, in ISSN: 2414-0309 2
ПОЛИТИКА, ЭКОНОМИКА И ИННОВАЦИИ № 3 (50), 2023 large part because of major proposed tax increases on corporations and the wealthy.Climate initiatives span several agencies - including the U.S. Departments of Agriculture, Energy, and the Interior, and the Environmental Protection Agency. In the Agriculture Department, the budget proposes backing as much as $6.5 billion in loans to rural electricity providers that are transitioning to clean energy, including support for energy storage and transmission projects. The budget would increase the Interior Department's funding for renewable energy development by almost 150% and allocate $5 billion to climate adaptation [5]. Health proposals address cancer research and mental health - the budget asks for $5 billion for Biden's proposed Advanced Research Projects Agency for Health, which would invest heavily in cancer research as part of Biden's Cancer Moon shot and other breakthrough treatments research. Another focus of the U.S. Department of Health and Human Services budget request is mental health. The budget asks for $3.5 billion for new mental health mandatory funding proposals, including applying mental health parity requirements to Medicare and expanding enforcement of existing laws that require insurers to provide the same level of coverage as they do for physical care.
There's also money for mental health included in other agencies - like $1 billion for the U.S. Department of Education to increase the number of mental health professionals in schools, especially following pandemic disruptions. Domestic manufacturing programs boosted - including a major boost for the National Institute of Standards and Technology's manufacturing programs to expand domestic manufacturing and ease supply chain woes. The request includes $372 million for NIST manufacturing programs, which is about a $206 billion increase from fiscal year 2021.Several major proposals not included: There isn't new funding for Covid-19 or for the war in Ukraine. The budget doesn't include the formerly called Build Back Better agenda, but it does have a deficit-neutral reserve fund to serve as a placeholder to fully pay for whatever plan they turn to next [7].
ПОЛИТИКА, ЭКОНОМИКА И ИННОВАЦИИ № 3 (50), 2023
References :
1. https://www.euractiv.com/section/economy-jobs/news/germany-heading-towards-stagflation-in-2023/
2. https://www.google.com/amp/s/economictimes.indiatimes.com/news/ne wsblogs/pre-budget-2023-news-live-and-latest-updates-22-jan-2023/amp_liveblog/97218851.cms
3. https://www.india.gov.in/spotlight/union-budget-fy-2022-2023
4. https://about.bgov.com/presidents-budget-2023/
5. https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Fiscal-
Policy#:~:text=Fiscal%20policy%20is%20the%20use,sustainable%20growth%20and %20reduce%20poverty.
6. https://www.doi.gov/budget/appropriations/2023/highlights
7. https://www.aicgs.org/2022/05/a-new-fiscal-policy-regime-germanys-fiscal-policy-in-the-wake-of-the-pandemic/