 "Figure 1: Decomposition of Reduction in Fiscal, Primary and Revenue Deficit before and after States’ FRL")
The Economic Survey 2016-17 presented in the Parliament on Tuesday has highlighted the need for fiscal prudence, both by the Centre as well as the states, in order to maintain the overall fiscal health of the economy, said the government in an official release. The Economic Survey also stated that the Centre’s Fiscal Responsibility and Budget Management (FRBM) Act was mirrored by Fiscal Responsibility Legislations (FRLs) being adopted in the states.
According to the Economic Survey, there has been an improvement in the financial position of the states over the last few years. The average revenue deficit has been eliminated,
