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As the govt's debt rises, will it need another fiscal escape clause soon?

Understanding the circumstances under which the finance minister chose to use the escape clause under the FRBM Act will be a useful exercise

A K Bhattacharya 

A K Bhattacharya

While presenting her second Union Budget on February 1, Finance Minister Nirmala Sitharaman justified the slippage of 0.5 percentage point in fiscal deficit on the ground that the deviation was consistent with the escape clause provisions in the Fiscal Responsibility and Budget Management (FRBM) Act.

Instead of the promised fiscal deficit of 3.3 per cent of gross domestic product (GDP) in 2019-20, she presented a revised estimate of 3.8 per cent, and instead of the earlier fiscal deficit projection of 3 per cent for 2020-21, she proposed a deficit of 3.5 per cent of GDP. Understanding ...

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First Published: Wed, February 12 2020. 00:57 IST
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