FinMin to brief PMO on FRBM, change in financial year

The FRBM committee had recommended a fiscal deficit target of 2.5% of GDP

Finance ministry officials are likely to meet officials of the Prime Minister’s Office (PMO) on Wednesday to discuss the recommendations of the fiscal responsibility and budget management (FRBM) report and a possible change in the financial year. 

These are two of the biggest fiscal issues that policymakers in the government are mulling over. 

The FRBM committee had recommended a fiscal deficit target of 2.5 per cent of gross domestic product, and a revenue deficit of 0.8 per cent by fiscal year 2022-23, the end of its six-year medium-term fiscal road map. Other recommendations included setting up of a fiscal council and giving