Fiscal Deficit, FRBM, and N K Singh Committee

  • Fiscal Deficit: It is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure. A fiscal deficit situation occurs when the government’s expenditure exceeds its income.
  • Fiscal Responsibility and Budget Management (FRBM) Act:It was enacted in 2003 which set targets for the government to reduce fiscal deficits. The Budget 2021 has pegged the fiscal deficit for the year 2021-22 at 6.8% of GDP.
  • NK Singh Committee: The Committee was setup to review the FRBM Act in 2016. Following were its important recommendations –
    • Committee recommended that the combined debt-to-GDP ratio of Centre and States ....
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