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The recommendations of the committee read that the government must target a fiscal deficit of 3 percent of the GDP in years up to March 31, 2020, subsequently cut it to 2.8 percent in 2020-21 and 2.5 percent by 2023. The FRBM Rules came into force from July 5, 2004. Finance Minister deferred the fiscal deficit target of 3.2% due to several factors such as low GST collections, spike in oil prices and pressure to spend more. Your email address will not be published. Indian Economy was weak as it had high Fiscal Deficit, high Revenue Deficit, and high Debt-to-GDP ratio. You may see headlines like ‘FRBM targets are missed’ or ‘FRBM targets are met’. This terminology was innovated by the NK Singh Committee on FRBM. Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 3.3 percent for the fiscal (FY 2019-20) year. It is important to keep reading newspaper articles and editorials on this subject as it can be asked directly or indirectly in the IAS exam. No. The Act provides room for deviation from the annual fiscal deficit target under certain conditions. Since then, every Budget includes a Medium Term Fiscal Policy Statement that specifies the annual revenue and fiscal deficit goals over a three-year horizon. Before we start the discussion of FRBM Act, you need to understand following terms: The FRBM Review Committee headed by former Revenue Secretary, NK Singh was appointed by the government to review the implementation of FRBM. Required fields are marked *, "Working 24*7 in the police for the last 5 years and been out of touch with the preparation, I took the guidance from your website, especially the ClearIAS prelims test series. The task was to review the performance of the FRBM Act and suggest the necessary changes to the provisions of the act. Adopt the 3 Strategies for Success in the UPSC Civil Services Exam. 3. Singh) submitted its report in January 2017. It was mandated by the act that the following must be placed along with the Budget documents annually in the Parliament: It was proposed that the four fiscal indicators i.e, revenue deficit as a percentage of. Revenue Deficit Target – revenue deficit should be reduced to 0.8% of GDP by March 31, 2023. 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