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A sharper fiscal target would serve us better Premium Share Via Read Full Story That our Fiscal Responsibility and Budget Management (FRBM) Act is in need of rework has been rather obvious over the past year. Ever since the law’s enactment in 2003, successive governments have moved one step forth and two steps back on the fiscal deficit goal of 3% of gross domestic product (GDP) specified by it. Till this year’s budget, ‘off-balance sheet’ expenses were the standard workaround. Even so, that target was seldom achieved. In this year’s budget speech, the finance minister said that the Act would be amended. This is a good time, though, for us to review the law. Its premise is fine. A sovereign state does need to be kept from spending too much beyond its means. Else, public debt could spin out of control and the repayment burden could exhaust its resources. In India’s case, the covid crisis has raised our consolidated debt of both the Centre and states to almost 90% of GD

Indian economyFiscal targetPublic debtFrbm actFiscal deficitIndia gdpCovid crisisGdp growthஇந்தியன் பொருளாதாரம்நிதி இலக்குபொது கடன்நிதி பற்றாக்குறைஇந்தியா ஜீடீபீஜீடீபீ வளர்ச்சி