 "What is FRBM Act")
FRBM Act
What is FRBM Act
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Latest Updates on FRBM Act
Centre authorises release of Rs 1.39 trn tax devolution to states for June
The Centre on Monday authorised the release of tax devolution of Rs 1,39,750 crore to states for June.
 "Centre authorises release of Rs 1.39 trn tax devolution to states for June")
Meghalaya govt accepts FRBM Act amendment, allows Rs 400 cr borrowing boost
The cabinet also approved the proposal for the "adaptation of NCERT textbooks with modifications in certain subjects" to be carried out by the Meghalaya Board of School Education
 "Meghalaya govt accepts FRBM Act amendment, allows Rs 400 cr borrowing boost")
Govt may not amend FRBM Act again, but aims for 5.5-6% deficit in FY24
The Finance Ministry is likely to stick to its internal fiscal consolidation roadmap
 "Govt may not amend FRBM Act again, but aims for 5.5-6% deficit in FY24")
'Parliamentary illiteracy' on fiscal issues needs to be overcome: N K Singh
Former finance commission chairman calls for having a fiscal council to debate policy issues
 "'Parliamentary illiteracy' on fiscal issues needs to be overcome: N K Singh")
As freebies debate rages, a look at states' contingent liabilities
The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies
 "As freebies debate rages, a look at states' contingent liabilities")
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
Amending the FRBM Act
For two years running, the finance ministry has excused itself from providing a projection of its fiscal consolidation plan
 "Amending the FRBM Act")
Fiscal consolidation: States lack the flexibility that the Centre enjoys
While the Centre has an escape clause to deviate from the fiscal consolidation road map by 0.5 percentage point of GDP in times of exigency, states were not given any such escape clause
 "Fiscal consolidation: States lack the flexibility that the Centre enjoys")
Banking on slower recovery
The Centre's current deficit glide path reveals a conservative stance on growth
 "Banking on slower recovery")
In search of a new fiscal road map
Budget 2021 must overhaul the existing FRBM Act to set feasible targets on deficit and debt
 "In search of a new fiscal road map")
Govt may have to apply brakes on existing fiscal consolidation road map
Centre may have to amend FRBM Act once again to achieve this, which isn't an issue as such an amendment does not require a two-third or three-fourth majority
 "Govt may have to apply brakes on existing fiscal consolidation road map")
Barking up the wrong tree
Strengthening the revenue forecasting system will yield better results than fixing deficit targets within a range
 "Barking up the wrong tree")
Centre, states may welcome N K Singh's plan for fiscal deficit range
The 15th Finance Commission Chairman had pushed for a range instead of a fixed number, saying it is more realistic and will lead to less accounting engineering
 "Centre, states may welcome N K Singh's plan for fiscal deficit range")
UP to bring ordinance to raise borrowing limit to 5% of state GDP
The state gets additional elbow of Rs 35,000 crore amid lockdown
 "UP to bring ordinance to raise borrowing limit to 5% of state GDP")
India must shed its protectionist attitude: Ex-CEA Arvind Subramanian
If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.
 "India must shed its protectionist attitude: Ex-CEA Arvind Subramanian")
Covid-19: FRBM framework will need to be updated, says Arvind Subramanian
Addressing a webinar organised by EY India, Subramanian further said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers
PM hints at lockdown extension till Apr 30; industrial activity may begin
The motto of the government earlier was "jaan hai to jahaan hai", but now it is "jaan bhi jahaan bhi", the PM said
 "PM hints at lockdown extension till Apr 30; industrial activity may begin")
Little option for govt other than amending FRBM Act to widen fiscal deficit
It has already exhausted the escape clause, which allows for a maximum deviation of 0.5% from consolidation road map
 "Little option for govt other than amending FRBM Act to widen fiscal deficit")
Understanding Budget policy
Its objectives are clear. But the reality in recent years has not cooperated with the government's plans
 "Understanding Budget policy")
Odisha tables revenue surplus budget with total outgo pegged at Rs 1.5 trn
Budget estimates fiscal deficit to be at 3.4%, within permissible limit of FRBM target
 "Odisha tables revenue surplus budget with total outgo pegged at Rs 1.5 trn")
