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The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence.
Large fiscal deficits combined with the fixed exchange rate had a spillover effect on the trade deficit culminating in an external payments crisis. By the end of the 1980s, India was in serious economic trouble. External debt of India (1970–2020) One of the main causes of the crisis was the accumulation of foreign debt.
Total revenues stood at ₹171.15 crore, and the fiscal deficit was ₹24.59 crore. The total expenditure was estimated at ₹197.29 crore with Defence expenditure at ₹92.74 crore. The union budgets for the fiscal years 1959–61 to 1963–64, inclusive of the interim budget for 1962–63, were presented by Morarji Desai.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
1.94 lakh Crores is to be used as the post devolution revenue deficit grant for the 11 states with gaping Revenue Deficits. Fiscal Deficit is to be reduced to 3% of GDP, Revenue Deficit to be 0% by 2017. Medium term fiscal plan (MTFP) is to be the statement of commitment instead of the statement of intent.
The 2024 Interim-Union Budget of India [1] provides comprehensive information regarding the projected revenue and government spending for the fiscal year 2024–25, commencing on 1 April 2024 and concluding on 31st March 2025. [2] [3] [4]
Fiscal deficit pegged at 6.9% in 2009-10 as against 7.8% in the previous fiscal. Government's net borrowing to be ₹ 3,45,010 crore for 2010-11. Income-tax department ready with two-page Saral-2 returns form for individual salaried assesses. Personal income-ax rates pruned: Income up to ₹ 1.6 lakh — nil
Fiscal deficit to come down to 5.2% in FY11; Exports estimated to increase to $230 billion in FY2010-11; Current account deficit to be 3% of GDP; Budgeted fiscal and revenue deficit beyond comfort zone; Capital inflows projected at $64.6 billion this fiscal; Investment rate expected to be 37%; Domestic savings rate expected to be 34%