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Glossary Terms
| Term (EN) | Definition | Exam Relevance |
|---|---|---|
| State Budget | Annual financial statement of Rajasthan government showing estimated receipts and expenditures (Article 202) | Rajasthan Budget 2025-26: ₹2,09,633.99 crore |
| Fiscal Deficit | Excess of total government expenditure over total receipts excluding borrowings | Rajasthan: ₹65,580 crore = 4.31% of GSDP (2023-24) |
| Revenue Deficit | Excess of revenue expenditure over revenue receipts; funds consumed, not assets created | Rajasthan: ₹38,955 crore (2023-24) |
| Capital Outlay | Government spending on asset creation (roads, buildings, equipment); productive investment | Rajasthan: ₹26,646 crore, +34.6% (2023-24) |
| Revenue Receipts | Tax + non-tax receipts that do not create liability; recurring income of government | Rajasthan: ₹2,03,276 crore (2023-24) |
| Own Tax Revenue (OTR) | State-collected taxes: SGST, stamps, excise, vehicle tax, entertainment tax | Rajasthan: ₹94,086 crore; SGST grew 12.50% (2023-24) |
| State Goods and Services Tax (SGST) | State's share of GST on intra-state supply of goods and services | Largest single source of Rajasthan's own tax revenue |
| Non-Tax Revenue | Government receipts not from taxes: mining royalties, fees, IGNP water charges, dividends | Rajasthan earns significantly from mining royalties |
| Central Transfers | Funds from Centre to states: devolution of divisible pool + grants-in-aid | 15th FC: Rajasthan's share 5.979% of divisible pool |
| Committed Expenditure | Unavoidable revenue expenditure on salaries, pensions, and interest payments | ~60% of Rajasthan's revenue expenditure; limits fiscal space |
| Developmental Expenditure | Expenditure on economic and social services that promote growth | Rajasthan: ₹1,91,190 crore = 71% of total (2023-24) |
| FRBM Act (Rajasthan) | Rajasthan Fiscal Responsibility and Budget Management Act, 2005 — sets fiscal targets | Fiscal deficit target: 3% of GSDP; debt ceiling: 35% of GSDP |
| Fiscal Liabilities | Total outstanding debt of state government including internal debt and loans from Centre | Rajasthan: ₹5,71,639 crore = 37.57% of GSDP (2023-24) |
| 15th Finance Commission | Constitutional body (Chairman: N.K. Singh) determining Centre-state fiscal transfers 2021-26 | Rajasthan share: 5.979% of divisible pool |
| State Finance Commission (SFC) | State-level body (Article 243-I) recommending devolution to PRIs and ULBs | 6th SFC: 2020-25; ₹621.07 crore transferred in 2024-25 |
| Schematic Expenditure | Expenditure under specific government schemes with allocated budgets | Rajasthan: ₹1,56,867 crore (+10.27%) in 2023-24 |
| Revenue-Expenditure Ratio | Proportion of expenditure covered by revenue receipts (higher = better fiscal health) | Rajasthan: 75.49% in 2023-24 |
| SPFM Project | World Bank's Strengthening Public Financial Management project (US$31 million) for Rajasthan | Fiscal reform tool; improves accounting, audit, budget systems |
| Surplus Budget | Budget where receipts exceed expenditure (rare for Rajasthan; state typically runs deficits) | Conceptual contrast to Rajasthan's persistent fiscal deficit |
| Contingency Fund | Fund for unforeseen emergencies enabling executive spending pending legislature approval | Article 267 (national); state equivalent for Rajasthan |
| Consolidated Fund | All government revenues and borrowings — expenditures require legislative authorisation | Article 266; basis of Rajasthan's budget appropriations |
| Disinvestment | Government sale of equity in state public enterprises to raise non-debt capital receipts | Revenue-diversification tool; limited use in Rajasthan |
| Excise Revenue | State revenue from alcohol and intoxicants — major component of Rajasthan's OTR | Second-largest own tax after SGST for Rajasthan |
| Vehicle Tax | State tax on motor vehicles; grew 9.39% in 2023-24 for Rajasthan | Indicator of motorisation; growing revenue head |
| Stamps and Registration | Revenue from property transactions; grew 12.12% in 2023-24 | Real estate activity indicator; key revenue source |