Fundamental Duties
1. Location – Part IVA of the Constitution (Article 51A).
2. Origin – Added by the 42nd Amendment Act, 1976 on recommendation of the Swaran Singh Committee.
3. Nature – Moral obligations of citizens; aim to promote patriotism and uphold unity of India.
4. Total Duties – 11 Fundamental Duties (originally 10; one added by the 86th Amendment Act, 2002).
5. List of Duties –
1. Abide by the Constitution and respect its ideals, institutions, National Flag & Anthem.
2. Cherish noble ideals of the freedom struggle.
3. Uphold sovereignty, unity & integrity of India.
4. Defend the country & render national service.
5. Promote harmony & brotherhood beyond religious, linguistic, regional diversities.
6. Value & preserve rich heritage of culture.
7. Protect environment, forests & wildlife.
8. Develop scientific temper, humanism & spirit of inquiry.
9. Safeguard public property & abjure violence.
10. Strive towards excellence in all spheres.
11. Provide opportunities for education to children (added by 86th Amendment Act, 2002).
6. Enforcement – Not directly enforceable by courts, but Parliament can make laws to give effect to them.
7. Importance – Balance between rights & responsibilities; strengthen democratic fabric; promote discipline & commitment among citizens.
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1. Location – Part IVA of the Constitution (Article 51A).
2. Origin – Added by the 42nd Amendment Act, 1976 on recommendation of the Swaran Singh Committee.
3. Nature – Moral obligations of citizens; aim to promote patriotism and uphold unity of India.
4. Total Duties – 11 Fundamental Duties (originally 10; one added by the 86th Amendment Act, 2002).
5. List of Duties –
1. Abide by the Constitution and respect its ideals, institutions, National Flag & Anthem.
2. Cherish noble ideals of the freedom struggle.
3. Uphold sovereignty, unity & integrity of India.
4. Defend the country & render national service.
5. Promote harmony & brotherhood beyond religious, linguistic, regional diversities.
6. Value & preserve rich heritage of culture.
7. Protect environment, forests & wildlife.
8. Develop scientific temper, humanism & spirit of inquiry.
9. Safeguard public property & abjure violence.
10. Strive towards excellence in all spheres.
11. Provide opportunities for education to children (added by 86th Amendment Act, 2002).
6. Enforcement – Not directly enforceable by courts, but Parliament can make laws to give effect to them.
7. Importance – Balance between rights & responsibilities; strengthen democratic fabric; promote discipline & commitment among citizens.
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Fiscal Policy & Deficit Financing
🔹 What is Fiscal Policy?
- Fiscal policy refers to the government’s use of taxation, expenditure, and borrowing to influence the economy.
- Objectives: economic growth, employment generation, price stability, and equitable distribution of income.
- Managed by the Ministry of Finance.
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🔹 Types of Deficits
- Revenue Deficit → Revenue expenditure > revenue receipts.
- Fiscal Deficit → Total expenditure > total receipts (excluding borrowings).
- Primary Deficit → Fiscal deficit minus interest payments.
- Budget Deficit → Expenditure > revenue in the budget.
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🔹 Deficit Financing
- Means meeting fiscal deficit through borrowings or printing currency.
- In India, deficit financing is mainly through market borrowings and external loans.
- Printing money (monetization) is avoided due to inflationary risks.
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🔹 FRBM Act (2003)
- Fiscal Responsibility and Budget Management Act → Ensures fiscal discipline.
- Targets:
- Reduce fiscal deficit to sustainable levels.
- Limit revenue deficit.
- Transparency in fiscal operations.
- Amended in 2018 → focus on debt‑GDP ratio and medium‑term fiscal framework.
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🔹 Current Context (2026–27)
- Fiscal deficit projected at 5.1% of GDP for FY 2026–27.
- Govt aims to reduce it to 4.5% by FY 2027–28.
- Revenue deficit narrowing due to strong tax collections.
- Capital expenditure focus on infrastructure, green energy, and digital economy.
- Debate continues on balancing growth vs fiscal consolidation.
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🔹 Significance
- Fiscal policy is a key tool for macroeconomic stability.
- Deficit financing supports growth but must be managed to avoid inflation and debt burden.
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Union Executive
Location – Part V of the Constitution (Articles 52–78).
Components – President, Vice President, Prime Minister, Council of Ministers, Attorney General of India.
🔹 President of India
- Article 52 → Office of President.
- Head of State; constitutional head, real powers lie with Council of Ministers.
- Election → Indirect, by Electoral College (Lok Sabha, Rajya Sabha, State Assemblies).
- Tenure → 5 years; eligible for re‑election.
- Powers → Executive, Legislative, Judicial, Emergency, Diplomatic.
- Impeachment → For violation of Constitution (Article 61).
🔹 Vice President of India
- Article 63 → Office of Vice President.
- Ex‑officio Chairman of Rajya Sabha.
- Election → By members of both Houses of Parliament.
- Tenure → 5 years.
- Acts as President in absence until new President is elected.
🔹 Prime Minister & Council of Ministers
- Article 74 → Council of Ministers headed by PM aids & advises President.
- Prime Minister → Real executive authority; leader of Lok Sabha; head of government.
- Council of Ministers → Responsible to Lok Sabha; collectively accountable.
- Types of Ministers → Cabinet, Ministers of State, Deputy Ministers.
🔹 Attorney General of India
- Article 76 → Highest law officer of India.
- Appointed by President; must be qualified to be a Supreme Court judge.
- Functions → Advises Union Government on legal matters; represents in Supreme Court.
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Location – Part V of the Constitution (Articles 52–78).
Components – President, Vice President, Prime Minister, Council of Ministers, Attorney General of India.
🔹 President of India
- Article 52 → Office of President.
- Head of State; constitutional head, real powers lie with Council of Ministers.
- Election → Indirect, by Electoral College (Lok Sabha, Rajya Sabha, State Assemblies).
- Tenure → 5 years; eligible for re‑election.
- Powers → Executive, Legislative, Judicial, Emergency, Diplomatic.
- Impeachment → For violation of Constitution (Article 61).
🔹 Vice President of India
- Article 63 → Office of Vice President.
- Ex‑officio Chairman of Rajya Sabha.
- Election → By members of both Houses of Parliament.
- Tenure → 5 years.
- Acts as President in absence until new President is elected.
🔹 Prime Minister & Council of Ministers
- Article 74 → Council of Ministers headed by PM aids & advises President.
- Prime Minister → Real executive authority; leader of Lok Sabha; head of government.
- Council of Ministers → Responsible to Lok Sabha; collectively accountable.
- Types of Ministers → Cabinet, Ministers of State, Deputy Ministers.
🔹 Attorney General of India
- Article 76 → Highest law officer of India.
- Appointed by President; must be qualified to be a Supreme Court judge.
- Functions → Advises Union Government on legal matters; represents in Supreme Court.
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Monetary Policy & Inflation
🔹 What is Monetary Policy?
- Monetary policy refers to the RBI’s regulation of money supply and interest rates to maintain economic stability.
- Objectives: control inflation, stabilize currency, promote growth, and ensure financial stability.
- Framework: Flexible Inflation Targeting under the Monetary Policy Committee (MPC).
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🔹 Tools of Monetary Policy
- Quantitative Tools → Affect overall money supply.
- Repo rate, reverse repo rate, cash reserve ratio (CRR), statutory liquidity ratio (SLR), open market operations.
- Qualitative Tools → Target specific sectors.
- Credit rationing, margin requirements, directives to banks.
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🔹 Inflation in India
- Definition: Sustained rise in general price level.
- Measurement:
- Consumer Price Index (CPI) → headline inflation.
- Wholesale Price Index (WPI).
- Types:
- Demand‑pull inflation → excess demand.
- Cost‑push inflation → rising input costs.
- Imported inflation → global commodity prices.
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🔹 Current Context (2026–27)
- CPI inflation averaging around 4.8%, within RBI’s target band (4% ± 2%).
- Food inflation remains volatile due to climate shocks and supply chain issues.
- RBI repo rate at 6.25% to balance growth and inflation.
- Global factors: oil price fluctuations, US Fed policy, and geopolitical tensions influencing inflation.
- RBI focusing on digital rupee rollout and regulating fintech lending.
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🔹 Significance
- Monetary policy ensures price stability and economic growth.
- Inflation control protects purchasing power and investor confidence.
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