theIASHub | 01 Feb, 2024
Context: The Centre’s fiscal deficit came in at 55% of the budget estimate (BE) in the first nine months of the current financial year, compared with 59.8% of the respective target in the year-ago period, the data released by the Controller General of Accounts.
Fiscal Deficit
oIt represents the extent to which the government has spent more than its earnings, usually presented as a percentage of the GDP.
1.Medium Term Fiscal Policy Statement
2.Macroeconomic Framework Statement
3.Fiscal Policy Strategy Statement.
oAim: To eliminate revenue deficit of the country (building revenue surplus thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008.
oTargets: The committee suggested using debt as the primary target for fiscal policy and that the target must be achieved by 2023.
oFiscal Council: The committee proposed to create an autonomous Fiscal Council with a chairperson and two members appointed by the Centre (not employees of the government at the time of appointment)
oDeviations: The committee suggested that the grounds for the government to deviate from the FRBM Act targets should be clearly specified.
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