Discussion Paper

Finances of the Central Government (2019-20 to 2024-25)

This note looks at certain trends in the finances of the central government for the period from 2019-20 onwards,
i.e., the period under the 17th Lok Sabha. The initial years of 2019-20 and 2020-21, were marked by economic
slowdown and the COVID-19 pandemic. The imposition of national lockdown in 2020-21, took a toll on
finances of the central government. Tax collection plummeted while fiscal and revenue deficits increased to
multi-year highs. However, some of the increase in the central government’s fiscal deficit was because of
clearing of unpaid subsidy dues from previous years.
In the post pandemic period, the central government has significantly increased budgetary expenditure on capital
outlay. It has also been providing interest free loans to states for capital expenditure. On the revenue side, the
central government’s gross tax revenue as percentage of GDP has remained broadly similar. However, it has
consistently fallen short of meeting its disinvestment estimates.
Capital expenditure of public sector at lower levels despite higher budgetary outlay
The central government undertakes capital outlay in various sectors such as defence, railways, roads, and
highways. Capital outlay leads to the creation of assets and increases the economy’s productive capacity along
with promoting efficiency.1 There are two broad ways of funding public sector capital outlay: (i) through direct
budgetary support by the central government, or (ii) mobilising resources by public enterprises and departmental
undertakings. Public enterprises and departmental undertakings (such as Indian Railways under the Ministry of
Railways) can mobilise resources for capital investment through various sources such as utilising internal
receipts, issuing bonds, and external commercial borrowings. These are also known as internal and extra-
budgetary resources (IEBR).
Figure 1: Capital expenditure by central government Between 2019-20 and 2024-25, budgetary support
and public enterprises (% of GDP) for capital outlay is seen increasing from 1.5% of
4.7% GDP to 2.9% of GDP. This has been supported by
5%
4.1% higher fiscal deficit by the Centre. At the same
4.0% 3.9%
3.6%
3.8% time, capital investments by public enterprises
4% financed through IEBR is seen decreasing from
3.2% 3.2% of GDP to 1% of GDP. This indicates
3% 2.9%
substitution of capital investment of public entities
by budgetary spending. Note that while budgetary
2% spending on capital outlay has increased, public
sector capital expenditure (including Centre and
1% 1.5% public entities) is estimated to decrease from 4.7%
1.0% of GDP in 2019-20 to 3.9% of GDP in 2024-25. A
0% significant portion of this substitution has
happened in railways and roads. Since 2019-20,
2019-20

2020-21

2021-22

2024-25 BE
2023-24 RE
2022-23

capital outlay on railways, roads, and defence have

accounted for over 70% of the budgetary spending
on capital outlay. In 2019-20, IEBR of railways
Central government Public enterprises and roads accounted for 24% of total IEBR. This
Public Sector Capex has reduced to 4% of total IEBR to be raised by
Note: RE is revised estimate and BE is budget estimate. Railways and none for roads in 2024-25.
Sources: Union Budget Documents; MoSPI; PRS.

One of the reasons for reducing the practice of raising funds through IEBR could be the increasing indebtedness
of certain public entities. For instance, the Ministry of Road Transport and Highways did not mandate the
National Highways Authority of India (NHAI) to raise funds from IEBR given its increasing debt servicing
obligations.2 As of February 28, 2023, NHAI’s total outstanding debt was Rs 3.43 lakh crore.3 Its debt
servicing as a share of total allocation was 25% in 2021-22 which is expected to decrease to 21% in 2027-28.2
The Standing Committee on Transport (2022) had noted that high budgetary support alone may not be sufficient
to meet the investment requirements of NHAI.4
Share of fertiliser subsidies increased while petroleum subsidies phased out
In 2024-25, the central government’s expenditure on providing subsidies is estimated to be 1.3% of GDP and
11% of its total revenue expenditure. The central government provides various subsidies such as food subsidy,
subsidised fertilisers, petroleum subsidy (for LPG), and interest subsidies.

Tushar Chakrabarty
February 1, 2024
[email protected]
PRS Legislative Research ◼ Institute for Policy Research Studies
3rd Floor, Gandharva Mahavidyalaya ◼ 212, Deen Dayal Upadhyaya Marg ◼ New Delhi – 110002
Tel: (011) 23234801, 43434035 ◼ www.prsindia.org
 Finances of the Central Government PRS Legislative Research

Between 2019-20 and 2024-25, expenditure on Figure 2: Expenditure on major subsidies as % of

fertiliser subsidy is estimated to increase annually by GDP
15%. Petroleum subsidy reduced from Rs 38,529 1.6% 1.4%
crore in 2019-20 to Rs 11,925 crore in 2024-25 as per
1.4% 1.2%
budget estimates, and is now mainly for providing
LPG to poor families. Food subsidy, after adjusting 1.2% 1.0%
1.0% 0.9%
for National Small Savings Fund (NSSF) loans, 0.7%
increased by 4% annually in the same period. Food 0.8% 0.6%
0.7% 0.6%
0.9%
subsidy is provided to: (i) the FCI for distribution of 0.6%
0.4% 0.6%
foodgrains under the National Food Security Act 0.4% 0.5%
0.19%
(NFSA), 2013 and (ii) states for decentralised 0.2% 0.01% 0.03% 0.04% 0.04%
procurement of foodgrains.5 In the past, various 0.0%
0.19%
recommendations have been made to rationalise the

2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE
increasing expenditure on food subsidy. These
include: (i) revising the central issue price and (ii)
providing direct transfer of cash subsidy to
beneficiaries.5,6,7 Between April 2020 and December
Food Fertiliser Petroleum
2022, the central government provided additional
foodgrains to NFSA beneficiaries for free. In Note: Food subsidy has been adjusted to reflect NSSF loans as part
November 2023, the central government decided to of subsidy in 2019-20 and 2020-21. RE is revised estimate and BE
provide free foodgrains to NFSA beneficiaries for five is budget estimate.
Sources: Union Budget Documents; MoSPI; PRS.
years from January 1, 2024 onwards at a cost of Rs
11.8 lakh crore.8
Fertiliser subsidy is paid to manufacturers and importers who sell fertilisers to farmers at less than market
prices.5 In the production of fertilisers, India is heavily dependent on imports for procuring raw materials. 5 The
15th Finance Commission had noted that such dependence makes India vulnerable to volatility in international
prices and makes fertiliser subsidies unsustainable.5 In the past, the central government has resorted to off-
budget financing to defer payment of fertiliser subsidy.9 The Standing Committee on Chemicals and Fertilizers
(2020) had observed that several fertiliser plants operate with very old technology. 10 Thus, the government
bears the cost of this inefficiency in terms of higher subsidy. It recommended that farmers should receive
fertiliser subsidy directly in their bank accounts while manufacturers should be free to produce and sell
fertilisers as per their own system.10
Most revenue receipts spent on committed expenditure, subsidies, grants, key schemes
Figure 3: Share of revenue receipts spent on certain key Revenue expenditure implies spending on items
items which do not lead to creation of assets. Some
160% of the major items of revenue expenditure for
the central government include committed
140% expenditure (interest, pension, salaries),
120% subsidies, finance commission grants to states,
100% and certain key schemes. Between 2019-20
and 2024-25, the central government’s
80% expenditure on these items is estimated to
60% account for over 90% of its revenue receipts.
40% In this period, the central government
consistently spent more than 65% of its revenue
20% receipts on interest, salaries, and pension. This
0% was followed by spending on food, fertiliser,
and petroleum subsidies. Since 2020-21, the
2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE

Centre has spent at least 10% of its revenue

receipts on four schemes—MGNREGS, Jal
Jeevan Mission, Pradhan Mantri Awas Yojana,
Interest Pension Pay and Allowance and PM-KISAN. Note that these components
Major Subsidies FC Grants Key Schemes do not include revenue expenditure on other
Note: Major subsidies include food, fertiliser, and petroleum. Key schemes centrally sponsored schemes, central sector
include MGNREGS, Pradhan Mantri Awas Yojana, Jal Jeevan Mission, schemes, and establishment expenditure.
and PM-KISAN. RE is revised estimate and BE is budget estimate.
Sources: Union Budget Documents; PRS.

Other revenue expenditure not included in Figure 3 have accounted for at least 30% of the central government’s
revenue receipts between 2019-20 and 2024-25. Incurring revenue expenditure in excess of revenue receipts
implies that the central government has continued to be in revenue deficit since 2019-20 (see page 4). To
maintain a revenue balance, the central government either would have to increase revenue receipts or reduce
revenue expenditure. Note that committed expenditure on interest, salaries, and pension is difficult to

February 1, 2024 -2-

 Finances of the Central Government PRS Legislative Research

rationalise in the short to medium term. Finance commission grants given to states are also broadly unchanged
once the recommendations are accepted by the central government.
Central government’s gross tax revenue has remained largely unchanged
In 2019-20 and 2020-21, the central government’s Figure 4: Gross tax revenue and revenue from
gross tax revenue decreased to around 10% of GDP on major taxes as % of GDP
account of economic slowdown and the COVID-19 14%
pandemic respectively. It has since then recovered to 11.0%
11.5% 11.2% 11.6% 11.7%
reach around 11% of GDP which was the rate prior to 12% 10.0% 10.2%
2019-20. Income tax, corporation tax, and goods and 10%
services tax (GST) have accounted for over 70% of 8%
the central government’s gross tax revenue since
6%
2018-19. In 2024-25, revenue from each of these
three tax sources is estimated to be around 3% of 4%
GDP. In recent years, there has been a decrease in the 2%
contribution of corporate tax to the gross tax revenue. 0%
This has been driven by the reduction in corporate tax

2018-19

2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE
rates to attract investment and support economic
growth.11 Revenue from income tax has seen an
increase in this period. The 15th Finance Commission
had noted that India’s tax base was very narrow.12 Income Tax Corporation Tax
With effect from 2020-21, the central government
introduced a new personal income tax regime where GST Gross Tax Revenue
tax rates will be reduced if tax payers forgo certain Note: RE is revised estimate and BE is budget estimate.
exemptions and deductions.12 Sources: Union Budget Documents; MoSPI; PRS.

GST was introduced in July 2017 and subsumed various taxes at the level of the Centre and states. Some of the
central taxes which were subsumed under GST include central excise duty, service tax, and central sales tax.12
Revenue from GST has remained stable at around 3% of GDP since 2018-19 except in 2020-21 when it had
reduced to 2.8% of GDP. The 15th Finance Commission had made various recommendations to improve the
efficiency of GST. These include: (i) correcting the inverted duty structure (GST rate on intermediates being
higher than final goods), (ii) improving compliance, (iii) minimising exemptions, and (iv) operating with a
three-rate structure by merging tax rates.12
Significant revenue raised through cesses and surcharges impacting funds devolved to states
The Constitution allows the central government to Figure 5: Share of revenue from cesses and
levy cesses and surcharges. However, they do not surcharges in Centre's GTR
form a part of the divisible pool of taxes from which 40% 37%
35% 35% 35%
revenue is devolved to states as per finance 35%
32% 33%
31% 32% 32%
29%
commission recommendations.13 A cess is levied for 27%
30%
a specific purpose to provide financial support to a
sector or area.12 Surcharges are also levied for short 25%
periods.12 In recent years, the central government has 20%
15% 20%
mobilised a significant amount of its revenue by 18%
15% 16%
levying cesses and surcharges. In 2020-21 and 2021- 10% 15% 14%
12% 13% 11% 13%
22, the share of revenue raised by levying various 5% 9%
cesses and surcharges was 20% and 18% respectively 0%
in the central government’s gross tax revenue (GTR)
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22

2024-25 BE
2023-24 RE
2022-23

(see Figure 5). Between 2017-18 and 2024-25, the

central government’s revenue from cesses and
surcharges is estimated to increase at an annual rate Share of cess and surcharge in GTR
of 15% while the growth in the total gross tax States' share in GTR
revenue is estimated to be lower at 10% per year. Note: Figures exclude GST compensation cess. RE is revised
estimate and BE is budget estimate.
Sources: RBI; Union Budget Documents; PRS.

The increase in cesses and surcharges has led to a decrease in devolution to states as share of the gross tax
revenue. Thus, the finance commission formula for devolving 41% of the divisible pool has translated into 32%
of the gross tax revenue in 2024-25 as per budget estimates. In 2019, the Reserve Bank of India (RBI) noted
that levying cesses and surcharges neutralises the increase in tax devolution recommended by successive finance
commissions.14 The RBI observed that new cesses on imports had been levied to make up for the cesses which
were subsumed under the GST. Revenue raised from cess and surcharges is estimated to decrease to 14% of
gross tax revenue in 2024-25.

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 Finances of the Central Government PRS Legislative Research

Receipts from disinvestments have consistently fallen short of budget estimates

Figure 6: Receipts from disinvestment (Rs crore) Disinvestment involves the sale of government’s
2,50,000
shareholding in public sector enterprises. It is the
dominant source of capital receipts for the central
2,00,000 government. In February 2021, the central
government notified the new public sector enterprise
1,50,000 (PSE) policy.15 The policy envisages reducing the
presence of central PSEs across sectors through
1,00,000 privatisation, merger, or closure. Only a bare
minimum presence of CPSEs will be maintained in
50,000 strategic sectors such as defence, power, and
banking.15 PSEs in non-strategic sectors will be
0 privatised or closed.16 However, between 2019-20
and 2023-24, the central government has consistently
2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE
fallen short of achieving its budget target for
disinvestment. In 2023-24, the central government’s
BE Actuals revised disinvestment receipts are estimated to be
51% lower than the budget estimates. In 2024-25,
Note: RE is revised estimate and BE is budget estimate. the Centre has budgeted to raise Rs 50,000 crore
Sources: Union Budget Documents; PRS. from disinvestment.
The central government has discontinued the sale of its shareholding in one PSU to another PSU which was one
of the ways in which it had met its disinvestment targets in the past. In 2017-18 and 2018-19, when the Centre
exceeded its budgeted disinvestment targets, 37% and 17% of such receipts accrued from PSUs buying the
government’s shareholding in other PSUs.17 Similar transactions were also done in 2019-20. In 2020, the
Comptroller and Auditor General (CAG) of India had noted that such transactions only resulted in transfer of
resources with the public sector to the government.18 It did not lead to any change in the stake of the public
sector/government in the disinvested PSUs.18 Since 2020-21, the central government has not executed
transactions involving sale of one PSU to another PSU.
Deficits and debts are at an elevated level
Revenue and fiscal deficit of the central government Figure 7: Revenue deficit and fiscal deficit as % of
increased substantially in 2020-21. However, some GDP
of the increase (1.7% of GDP) was due to clearing 10% 9.2%
off loans given to FCI for food subsidy dues from 9%
previous years. Since then, deficits have reduced. 8% 6.7% 6.4%
However, the Centre has continued to incur a 7% 5.8%
substantial revenue deficit. Revenue deficit implies 6% 7.3% 5.1%
4.6%
that the government is borrowing to finance 5%
expenditure which does not lead to creation of assets 4%
3% 4.4%
or reduces liabilities. The FRBM Review Committee 3.9%
2% 3.3%
(2017) said that financing recurring expenditure 2.8%
1% 2.0%
through borrowings is not desirable and they should 0%
be financed through tax revenues.19 The Fiscal
2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE

Responsibility and Budget Management Act, 2003

required the central government to limit its fiscal
deficit to 3% of GDP by March 31, 2021.20 In 2021,
the Centre proposed to amend the Act to reflect the Revenue Deficit Fiscal Deficit
redrawn fiscal consolidation roadmap.21 The
announced fiscal deficit target for 2025-26 is below Note: RE is revised estimate and BE is budget estimate.
4.5% of GDP.21 Sources: Union Budget Documents; PRS.

Along with elevated revenue and fiscal deficits, the central government’s liabilities have also reached beyond
limits prescribed under the FRBM Act. In 2018, the FRBM Act was amended to limit general government debt
(Centre and states) at 60% of GDP.20 Out of this, central government debt was capped at 40% of GDP which
was to be achieved by 2024-25. This was in line with the recommendations of the FRBM review committee. 19
In 2018-19, the Centre’s debt to GDP ratio was at 48% of GDP which increased to 61% of GDP in 2020-21,
following economic slowdown and the impact of COVID-19 on government spending and revenue. Since then,
it is estimated to reduce to 57% of GDP in 2024-25. High level of debt has contributed to the central
government spending a significant portion of its revenue receipts on interest payments. In 2019-20, the central
government spent 36% of its revenue receipts on interest payments which is estimated to increase to 40% of
revenue receipts as per budget estimates of 2024-25.

February 1, 2024 -4-

 Finances of the Central Government PRS Legislative Research

Figure 8: Centre's outstanding liabilities as % of Figure 9: Interest payments as % of revenue

GDP receipts
70% 45% 42%
61% 39% 39% 40%
57% 56% 58% 57% 40% 36% 37%
60%
51% 35%
48%
50%
30%
40% 25%
30% 20%
15%
20%
10%
10% 5%
0% 0%
2018-19

2019-20

2020-21

2021-22

2022-23

2019-20

2020-21

2021-22

2022-23

2024-25 BE
2024-25 BE
2023-24 RE

2023-24 RE
Note: RE is revised estimate and BE is budget estimate. Note: RE is revised estimate and BE is budget estimate.
Sources: Economic Survey 2022-23; Union Budget Documents; Sources: Union Budget Documents; PRS.
PRS.

Centre has been reporting off-budget loans; however, issues persist with disclosures
Off-budget borrowings refer to borrowings that are not directly made by the government, but where principal
and interest are serviced from the government budget. Such borrowings are typically raised by government-
owned entities such as public sector enterprises. As these borrowings are not part of the government budget
documents, they lead to understatement of fiscal deficit. CAG(2018) had noted that the central government had
resorted to off-budget financing for items such as food subsidy bills and implementation of irrigation schemes. 9
It recommended that the central government may put in place a framework to disclose off-budget financing.9
Since 2019-20, the central government has Figure 10: Central government’s fiscal deficit
provided a statement disclosing off-budget including off-budget borrowings (% of GDP)
borrowings raised by public enterprises. These 9.4%
10%
were raised by: (i) issuing bonds by public
enterprises which were serviced by the central 9%
8% 6.8%
government and (ii) providing loans to public 9.2%
7% 6.4%
enterprises from the NSSF. For instance, 5.8%
5.5%
between 2016-17 and 2020-21, loans worth Rs 6% 5.1%
4.3 lakh crore were provided to the Food 5% 4.4%
4.0% 4.0%
Corporation of India from the NSSF. They were 4%
provided in lieu of food subsidy dues owed by the 4.6%
3%
Centre to the FCI. These loans to the FCI 3.5% 3.5% 3.4%
accounted for 67% of the total off-budget 2%
borrowings raised during this period. Had these 1%
loans been included in the Centre’s borrowings, 0%
2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2024-25 BE
2023-24 RE

its actual fiscal deficit would have been higher

than the reported fiscal deficit between 2016-17
and 2020-21 (see Figure 10). In 2018-19 and
Reported Fiscal Deficit
2019-20, Centre’s fiscal deficit after accounting Fiscal Deficit including off budget loans
for off-budget borrowings would have been
Note: Fiscal deficit as percentage of GDP calculated as per latest GDP
almost one percentage point higher than the figures. RE is revised estimate and BE is budget estimate.
reported fiscal deficit. Sources: Union Budget Documents, MoSPI; PRS.

CAG has highlighted issues in the disclosure of off-budget borrowings by the central government. It noted that
the Centre did not include an amount of Rs 14,985 crore in its disclosure which was raised by Air India Assets
Holding Limited in 2019-20.22 Servicing of this debt was to be done through budgetary support provided by the
Ministry of Civil Aviation. Similarly, a one-time financing arrangement of Rs 50,551 crore for the railways
through the Indian Railways Finance Corporation (IRFC) Limited should have also been included in the
Centre’s disclosure for 2020-21.22 Note that if these items are included in off-budget borrowings, then the
adjusted fiscal deficit as shown in Figure 10 would be higher by 0.1 percentage point and 0.3 percentage point in
2019-20 and 2020-21 respectively.

February 1, 2024 -5-

 Finances of the Central Government PRS Legislative Research

1
State Finances: A Study of Budgets of 2022-23, Reserve Bank of India, January 2023,
https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/0STATEFINANCE2022233E17F212337844888755EFDBCC661812.PDF.
2
Report no. 342: “Demand for Grants (2023-24) of Ministry of Road Transport and Highways”, Standing Committee on Transport,
Tourism, and Culture, Rajya Sabha, March 13, 2023,
https://sansad.in/getFile/rsnew/Committee_site/Committee_File/ReportFile/20/173/342_2023_3_15.pdf?source=rajyasabha.
3
Unstarred Question no. 2471, Ministry of Road Transport and Highways, Rajya Sabha, March 22, 2023,
https://sansad.in/getFile/annex/259/AU2471.pdf?source=pqars.
4
Report no. 317: ““Demand for Grants (2022-23) of Ministry of Road Transport and Highways”, Standing Committee on Transport,
Tourism, and Culture, Rajya Sabha, March 14, 2022,
https://sansad.in/getFile/rsnew/Committee_site/Committee_File/ReportFile/20/166/317_2022_9_11.pdf?source=rajyasabha.
5
Report of the 15th Finance Commission, Volume-III, The Union, October 2020, https://fincomindia.nic.in/asset/doc/commission-
reports/XVFC-Vol%20III-Union.pdf.
6
Volume-2, Economic Survey 2020-21, January 2021, https://www.indiabudget.gov.in/budget2021-
22/economicsurvey/doc/echapter_vol2.pdf.
7
“Recommendations of High-Level Committee on restructuring of FCI”, Press Information Bureau, Ministry of Consumer Affairs, Food
and Public Distribution, January 22, 2015, https://pib.gov.in/newsite/PrintRelease.aspx?relid=114860.
8
“Free Foodgrains for 81.35 crore beneficiaries for five years: Cabinet Decision”, Press Information Bureau, Ministry of Consumer Affairs,
Food and Public Distribution, November 29, 2023, https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1980689.
9
Report of the Comptroller and Auditor General of India on Compliance of the Fiscal Responsibility of the Fiscal Resposnbility and Budget
Management Act, 2003 for the year 2016-17, Report No. 20 of 2018, Comptroller and Auditor General of India,
https://www.cag.gov.in/uploads/download_audit_report/2018/Report_No_20_of_2018_Compliance_of_the_Fiscal_Responsibility_and_Bud
get_Management_Act_2003_Department_of_Economic_Affairs_Minis.pdf.
10
Report no. 5: “Study of System of Fertiliser Subsidy”, Standing Committee on Chemicals and Fertilizers, Lok Sabha, March 17, 2020,
https://sansad.in/getFile/lsscommittee/Chemicals%20&%20Fertilizers/17_Chemicals_And_Fertilizers_5.pdf?source=loksabhadocs.
11
“Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal
reliefs”, Press Information Bureau, Ministry of Finance, September 20, 2019, https://pib.gov.in/Pressreleaseshare.aspx?PRID=1585641.
12
Report of the 15th Finance Commission, Volume-I, Main report, October 2020, https://fincomindia.nic.in/asset/doc/commission-
reports/XVFC%20VOL%20I%20Main%20Report.pdf.
13
Article 270, The Constitution of India,
https://cdnbbsr.s3waas.gov.in/s380537a945c7aaa788ccfcdf1b99b5d8f/uploads/2023/05/2023050195.pdf.
14
State Finances: A Study of Budgets of 2019-20, Reserve Bank of India, September 2019,
https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/STATEFINANCE201920E15C4A9A916D4F4B8BF01608933FF0BB.PDF.
15
No. DPE/3(1)/2021-DD, Department of Public Enterprises, Ministry of Finance, December 13, 2021,
https://dpe.gov.in/sites/default/files/DPE_OM_DTD_13.12.21_Guidelines_on_New_PSE_Policy_0.pdf.
16
Unstarred Question No. 1670, Ministry of Finance, Rajya Sabha, August 3, 2021,
https://sansad.in/getFile/annex/254/AU1670.pdf?source=pqars.
17
Past Disinvestments, Department of Investment and Public Asset Managamanet, Ministry of Finance, as accessed on January 28, 2024,
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18
Report of the Comptroller and Auditor General of India for the year 2018-19, Comptroller and Auditor General of India,
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05f808ecd3a8165.55898472.pdf.
19
Volume-I, FRBM Review Committee Report, January 2017,
https://dea.gov.in/sites/default/files/Volume%201%20FRBM%20Review%20Committee%20Report.pdf.
20
Fiscal Responsibility and Budget Management Act, 2003,
https://dea.gov.in/sites/default/files/FRBM%20Act%202003%20and%20FRBM%20Rules%202004.pdf.
21
Speech of Nirmala Sitharaman, Budget 2021-22, February 1, 2021, https://www.indiabudget.gov.in/budget2021-
22/doc/Budget_Speech.pdf.
22
Report of the Comptroller and Auditor General of India on Compliance of the Fiscal Responsibility and Budget Management Act, 2003
for the year 2020-21, Comptroller and Auditor General of India, December 20, 2022,
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