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While presenting her Budget for 2021-22, Finance Minister Nirmala Sitharaman had announced the government’s intention to amend the Fiscal Responsibility and Budget Management (FRBM) Act. Importantly, she had also hinted at the likely glide path that the amended law would outline for fiscal consolidation. The amendment would be aimed at “achieving the Central Government fiscal deficit along the broad path that I have already indicated,” she had said.
What was the nature of that broad path? According to the finance minister, the Union government’s fiscal deficit should see a gradual reduction from 9.5 per cent of gross domestic product or GDP
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