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The Fiscal Responsibility and Budget Management Bill (FRBM Bill) was introduced in India by the then Finance Minister of India, Yashwant Sinha [1] in December 2000. Firstly, the bill highlighted the terrible state of government finances in India both at the Union and the state levels under the statement of objects and reasons. [2]
The Ministry of Finance (IAST: Vitta Maṃtrālaya) is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India.In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, currency regulation, banking service, centre and state finances, and the Union Budget.
Fiscal management, as a new criterion has been introduced with 5% weightage by discarding the earlier Tax effort criterion which was given 10% weightage in old Gadgil formula. Fiscal management criterion is to be assessed on the basis of a state's actual resource mobilization for its plan in comparison with the target agreed upon the Planning ...
The pandemic shock is largely a temporary income shock, said the IMF report, adding that a temporary fiscal policy intervention was the fiscally appropriate way to absorb a large part of the shock. Consumption growth (an important determinant of poverty) was found to be higher in 2014-19 than the robust growth observed in 2004-2011.
The total non-merit subsidies for the year 1994-95 amounted to 10.71% of GDP at market prices, resulting in a combined fiscal deficit of 7.3% for the centre, States and Union Territories. Therefore, if these subsidies were phased out, the same would have a discernible impact on the fiscal deficit.
Based on substantive research, extensive deliberations in the Commission and in its Working Groups, interaction with policy makers, regulators, experts and stakeholders; the Commission has evolved a tentative framework on the legal–institutional structure required for the Indian financial sector in the medium to the long run.
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue ) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity .
Other schools of economic thought, such as new classical macroeconomics, [citation needed] hold that countercyclical policies may be counterproductive or destabilizing, and therefore favor a laissez-faire fiscal policy as a better method for maintaining an overall robust economy. When the government adopts a countercyclical fiscal policy in ...