Public finance is a method of managing public finances in a country’s economy that plays a critical part in the nation’s development and progress both domestically and globally, and it affects every stakeholder in the country, whether or not that stakeholder is a citizen. Every country needs money to run its country; the country’s revenue is derived from the collection of various taxes and investment returns, and the government’s expenditures are derived from the revenue collection. Healthcare, medical facilities, pay for staff, members, and other expenses are among them. The public collects or pays for all revenue and expenditures. As a result, finance is referred to as public finance, because the public plays a significant role in terms of contribution. It is concerned with revenue and expenditure at all levels where the public is involved, whether at the state and national level.
Objectives of Public Finance
Taking care of public needs:
The main goal is to manage the public’s basic needs, such as food, shelter, health, infrastructure, and education. All of this is the government’s job in order to provide the basic necessities of the public and contribute to the economy’s development.
Growth of the economy:
Proper management leads to economic development, which in turn leads to national growth.
It also aims to eliminate inequality through efficient resource allocation, i.e., offering relief to the poor by collecting taxes from the wealthy.
Allocation of Resources:
Public finance is a powerful tool that the government can use to distribute natural and man-made resources effectively. It coordinates resource allocation between the public and private sectors. As a result, the government is imposing an increasing number of taxes on things that are less desired or in demand. Taxes are levied at a reduced rate and even subsidies are granted for more desirable goods.
Government finance also plays a vital part in the nation’s balanced development. The government uses revenue and expenditure to bridge the gap between urban and rural regions, as well as the agricultural and industrial sectors. The government sets aside funds for the development of rural infrastructure and the provision of a variety of economic benefits to the rural people.
Full-time employment provision: The goal of public finance is to improve job prospects for all citizens of the country. It assists companies in increasing their activities and achieving growth by aiding the general development of the economy.
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