Question 1 · 10 marks · 163 words written
Opening · a definition
Fiscal policy refers to the policies undertaken by Government of India through various taxes, subsidies, incentives, etc.
Fiscal policy: Key Tool to reduce Income Inequality
Body · points
- Cash transfers to the poor and vulnerable sections e.g. PM-KISAN
- Boosting learning outcomes
e.g. Samagra Shiksha Abhiyan 3. Ensuring progressive taxation e.g. Income tax regime in India GST exemption on poor man's goods e.g. wheat 4. Subsidy on LPG, kerosene e.g. PM Ujjwala Yojana 5. Housing for All e.g. PM Awas Yojana
Fiscal Policy: Make Poorest Part of Country's Growth Story
Skilling and training workforce e.g. Skill India Mission, PM Kaushal Vikas
Ensuring access to cheap credit e.g. MUDRA, StandUp India
Providing formal employment to all e.g. PM Rozgar Protsahan Yojana, EPFO
Evolving cooperatives sector & use of civil society e.g. DAY- NRLM, SHG-Bank Linkage
Universal social security fund under revamped Labour Codes
Close · a summary
Thus, India's fiscal policy is a key tool to achieving goal of inclusive growth and $5 trillion economy.