[Mains Pipudi/GSM2] Compare Budget approval in Parliaments of India vs USA. UPSC Answer Writing

Timestamp
00:00 Intro & PYQ about Constitution Comparison
02:02 prerequisites
03:20 Shoot and Schoot
04:22 Brainstorm
06:21 Basics of Budget
08:00 FRBM Act India
10:00 USA Debt Ceiling
14:00 Answer Introduction
15:15 Body Points
20:00 Debt Ceiling Problem in USA
21:49 Conclusion
22:00 Mistake in Ans Writing

- UPSC Mains GSM2 Mock Q: Compare / Contrast the budget approval process in the Parliament of India and USA. Which one is better according to you, and why?
- - भारत और अमेरिका की संसद में बजट अनुमोदन प्रक्रिया की तुलना करें। आपके अनुसार कौन सा बेहतर है और क्यों? (250 words)
- - Topic in news due to Debt Ceiling in USA.

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# Answer Introduction
- Define Budget: Budget is an annual financial statement containing estimated revenues and expenditures for the next financial year. Budget is the primary tool used by Govt to implement its fiscal policy. (अनुमानित राजस्व और व्यय का वार्षिक वित्तीय विवरण, जिसकी मदद से सरकार राजकोषीय नीति को लागू क्रियान्वित है). (OR)
- Origin: In India, the budget is presented on the first working day of February. Whereas in USA, it is presented in January.
- Following are the similarities and differences between the budget approval process in India and USA.
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# Debt Ceiling in USA - problems
- 1917: American Parliament enacted debt limit.
- every once in a while, they increase the limit.
- 2023: Limit was at $31 trillion but likely to cross.
- Reasons- student loan-waiver, subsidy on e-vehicles, food-healthcare subsidies, Corona fiscal stimulus package etc.
- if the American Parliament does not approve it then salaries will stop, administration will come to a standstill.
- although later on compromise to reach between the Republicans and the Democrats in the LS & RS.

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# Conclusion (Indian is better)
- American system for budget approval is more rigid, messy and full of uncertainty. (अमेरिकी बजट प्रणाली अधिक कठोर, अव्यवस्थित और अनिश्चितता से भरी है।)
- Both during the Trump administration and Biden administration, there have been negative news about budget logjam.
- It created negative consequences on financial markets and administration. (वित्तीय बाजार और प्रशासन के लिए अच्छी बात नहीं)
- Indian system is relatively more stable, predictable, faster and smoother. (भारतीय व्यवस्था ज्यादा सुचारू है)
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