Budgets are usually discussed in trillions of rupees. But the most intuitive way to understand public finance is far simpler: What does one rupee of government income actually consist of? And where does that rupee finally go? Comparing the composition of a single rupee in FY 2020-21 and FY 2024-25 reveals how India’s fiscal structure has evolved, and why some recent policy choices make sense in that context. Part 1: Where One Rupee Comes From - A Shift Within Tax Revenues Tax

Budgets are usually discussed one year at a time. But governments don’t operate in single-year snapshots, they evolve through multi-year compounding trends. Looking at CAGR growth between FY 2020-21 and FY 2024-25 offers a far more reliable way to understand how India’s revenue engines and spending priorities have actually changed. This piece focuses on what has consistently grown, what has slowed, and what has structurally declined, and why these patterns matter more than an