000			01298nam a22001457a 4500
999			_c525627 _d525627
008			240328b ||||| |||| 00| 0 eng d
100			_aKamila, A., Bansal, R. and Mishra, R. _951473
245			_aA reformist thought to fiscal reform and budget management
260			_aVikalpa: The Journal for Decision Makers
300			_a48(4), Oct-Dec, 2023: p.247-254
520			_aThe Fiscal Reform and Budget Management (FRBM) Act 2003 (and its subsequent amendments) and similar fiscal responsibility laws were legislated to rein in fiscal deficits often driven by factors other than economic imperative. This paper shows that such laws have not promoted counter-cyclical fiscal policy because of a lacuna in design, viz. measurement of fiscal deficit-as-a-share of gross domestic product (GDP). The remedy lies in targeting the cyclically adjusted fiscal deficit-as-a-share-of potential GDP instead, which correctly reflects the true fiscal position, allowing elbowroom for appropriate fiscal action for macroeconomic-stabilisation. The paper discusses ways to institutionalise the same and way forward therein. – Reproduced https://journals.sagepub.com/doi/full/10.1177/02560909221144502
773			_aVikalpa: The Journal for Decision Makers
906			_aPUBLIC FINANCE
942			_cAR