 "fiscal")
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in August 2003, mandating the central government to reduce the gross fiscal deficit (GFD) to 3 per cent of gross domestic product (GDP) by 2008, with some escape clauses. In April 2018, the primary target of GFD of 3 per cent was replaced by the debt-GDP ratio of 40 per cent, with the GFD of 3 per cent being made the operational target.
After the FRBM Act was enacted, there have been two periods of fiscal consolidation efforts. In the first period, the GFD was reduced from
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