01296pab a2200181 454500 180718b2006 xxu||||| |||| 00| 0 eng d Rakshit, Mihir Budgetary rules and plan financing: revisiting the fiscal responsiblity act 2006 p.4547-552. 4 Nov In 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. Public finance - India Budget - India Budget Economic and Political Weekly 72113 72113 72113 0 0 0 0 IIPA IIPA 2018-07-19 Volume no: 41, Issue no: 43-44 AR72573 2018-07-19 2018-07-19 AR