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A Review of the FRBM Act

Charan Singh, Devi Prasad, K.K. Sharma and Shivakumara Reddy K
2017
Working Paper No
550
Body

The Fiscal Responsibility and Budget Management Act (FRBMA), 2003 sets fiscal rules that seek to foster fiscal discipline on the Central Government and achieving a balanced budget with effective revenue management. The Act sets targets and suggests means of reducing fiscal and revenue deficits. It has however, had limited success. The targets that were to be achieved by 2008-09 were relaxed because of financial crisis of 2008. However, strict implementation of FRBMA has been a matter of concern. This paper notes that there is an urgent requirement for greater transparency in budget preparation, making the medium-term framework more binding and greater capacity building on the part of government to promote budgetary and debt management institutions.

Key words
FRBMA, Medium-Term Framework, Effective Revenue Deficit, Balanced Budget
WP No. 550.pdf (390.07 KB)

A Review of the FRBM Act

Author(s) Name: Charan Singh, Devi Prasad, K.K. Sharma and Shivakumara Reddy K, 2017
Working Paper No : 550
Abstract:

The Fiscal Responsibility and Budget Management Act (FRBMA), 2003 sets fiscal rules that seek to foster fiscal discipline on the Central Government and achieving a balanced budget with effective revenue management. The Act sets targets and suggests means of reducing fiscal and revenue deficits. It has however, had limited success. The targets that were to be achieved by 2008-09 were relaxed because of financial crisis of 2008. However, strict implementation of FRBMA has been a matter of concern. This paper notes that there is an urgent requirement for greater transparency in budget preparation, making the medium-term framework more binding and greater capacity building on the part of government to promote budgetary and debt management institutions.

Keywords: FRBMA, Medium-Term Framework, Effective Revenue Deficit, Balanced Budget
WP No. 550.pdf (390.07 KB)