01245pab a2200157 454500008004000000100001900040245008000059260000900139300001600148362001000164520082200174650002700996650001901023650001101042773003401053180718b2006   xxu||||| |||| 00| 0 eng d  aRakshit, Mihir  aBudgetary rules and plan financing: revisiting the fiscal responsiblity act  c2006  ap.4547-552.  a4 Nov  aIn the approach paper to the eleventh five - year plan, the planning commission has proposed a redefinition of the revenue deficit, concentration only on the primary and fiscal deficits as control variables, and an adjustment of the deficits for cyclical variations in gross domestic product. Importantly, the PC has also questioned the very compatability of the targets under the fiscal responsibility and Budget Management Act with the imperatives of plan expenditure and its phasing over time. All this have drawn adverse criticism from the finance ministry and the reserve bank of India. After setting out the basics pertaining to the various budget deficits and the economic reasons for their targeting, this artic le examines the main issue in the debate among the three policy formulating bodies. - Reproduced.  aPublic finance - India  aBudget - India  aBudget  aEconomic and Political Weekly