Question

.Reforms which are related to government revenue and expenditure are called:
(a) Fiscal reforms
(b) Economic reforms (c) Trade reforms
None of these​

Answer 1

Reforms which are related to government revenue and expenditure are called Fiscal reforms.

• Fiscal means 'related to government's revenue(taxes)'. Therefore, fiscal reforms means reforms related to government's revenue and expenditure. Such reforms are undertaken by the government for the welfare of public, growth of the economy and social justice. Such reforms are continuous reforms.
• Economic reforms are the reforms that do fundamental changes in the economy. Such reforms are long term reforms. Such reforms are undertaken to undo the existing government policies that are not yielding benefits or are creating problems. e.g.- economic liberalization in India 1991.
• Trade reforms are the reforms that are specifically related to changes related to trade of a country. e.g.- undoing of trade barriers, increasing exports etc.