Check fiscal recklessness

Our economy is in a very bad shape, and our fiscal deficit situation is not looking very much better. The central government’s track record in implementing the Fiscal Responsibility and Budget Management (FRBM) Act passed by Parliament in 2003 has been dismal. After ten years, the target of 3 per cent of GDP is still to be met. The medium-term projection for the current year’s budget indicates that this target will not be realised even in 2015-16.

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