The candidates at the post-graduate level are expected to analyze various issues pertaining to India’s economic development. The performance of the economy is to be assessed on the backdrop of various Five Year Plans implemented in the economy. Wherever possible, critical appraisal is expected by taking cognizance of the contemporary developments in the economy.

Role and functions of the Government in an economy have been changing with the passage of time. The term ‘Public Finance’ has traditionally been applied to the package of those policies and operations which involve the use of tax and expenditure measures while budgetary policy is an important part to understand the basic problems of use of resources, distribution of income, etc. There are vast areas of fiscal institutions — tax systems, expenditure programmes, budgetary procedures, stabilization instruments, debt issues, levels of government, etc., which raise a spectrum of issues arising from the operation of these institutions.