FRBM Act: Fiscal Prudence vs. Contingent Compulsions
The Fiscal Responsibility and Budget Management (FRBM) Act aims to ensure fiscal prudence by limiting deficits and debt levels. Balancing this with contingent compulsions such as economic crises and developmental needs poses significant challenges for policymakers.
Key Features of FRBM Act |
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Fiscal Targets |
Sets specific targets to reduce fiscal and revenue deficits over a stipulated period. |
Medium-Term Fiscal Policy |
Emphasizes a medium-term fiscal policy framework outlining strategies and targets for five years. |
Binding Nature |
The government is legally obligated to adhere to the fiscal targets set by the act. |
Fiscal Responsibility Statements |
Requires central and state governments to publish fiscal responsibility statements detailing strategies to achieve .... |
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