Module 1 : The Role of Government in an Economy (15 hours)
♦ Meaning and Scope of Public Finance, Major Fiscal Functions: Allocation Function, Distribution Function and Stabilization Function
♦ Principle of Maximum Social Advantage: Dalton and Musgrave Views – The Principle in Practice, Limitations
♦ Relation Between Efficiency, Markets and Governments

Module 2 : Public Revenue (15 hours)
♦ Sources of Public Revenue: Tax and Non-Tax Revenues, Objectives of Taxation – Canons of Taxation – Types of Taxes : Direct Tax and Goods and Services Tax – Tax Base and Rates of Taxation : Proportional, Progressive and Regressive Taxation
♦ Shifting of Tax Burden: Impact and Incidence of Taxation – Processes – Factors Influencing Incidence of Taxation
♦ Economic Effects of Taxation: On Income and Wealth, Consumption, Savings, Investments and Production. Redistributive and Anti-Inflationary Nature of Taxation and Their Implications

Module 3 : Public Expenditure and Public Debt (15 hours)
♦ Public Expenditure: Canons – Classification – Economic Effects of Public Spending – on Production, Consumption, Distribution, Employment and Stabilization
♦ Theories of Public Expenditure: Wagner’s Hypothesis and Wiseman Peacock Hypothesis – Causes for Public Expenditure Growth – Significance of Public Expenditure : Low Income Support and Social Insurance Programmes
♦ Public Debt: Classification – Burden of Debt Finance : Internal and External – Public Debt and Fiscal Solvency

Module 4 : Fiscal Policy and Management (15 hours)
♦ Fiscal Policy: Meaning, Objectives, Constituents and Limitations, Contra Cyclical Fiscal Policy and Discretionary Fiscal Policy : Principles of Sound and Functional Finance
♦ Budget – Meaning, Objectives and Types – Structure of Union Budget – Deficit Concept
♦ Inter-Governmental Fiscal Relations: Fiscal Federalism and Fiscal Decentralization – Central – State Financial Relations, Recommendations of Recent Finance Commission