{"id":7351,"date":"2020-04-01T17:28:55","date_gmt":"2020-04-01T11:58:55","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=7351"},"modified":"2025-06-18T18:19:17","modified_gmt":"2025-06-18T12:49:17","slug":"fiscal-sustainability-framework-and-deficit-indicators","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/","title":{"rendered":"Fiscal Sustainability Framework and Deficit Indicators"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Fiscal_Sustainability_Framework_and_Deficit_Indicators\"><\/span><span style=\"font-family: georgia, palatino, serif;\">Fiscal Sustainability Framework and Deficit Indicators<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Relevant_For_GS_paper_III_Economy\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\"><strong>(Relevant For G.S paper III Economy)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"width: 810px;\" class=\"wp-video\"><video class=\"wp-video-shortcode\" id=\"video-7351-1\" width=\"810\" height=\"456\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2025\/05\/final-cse-result-ady.mp4?_=1\" \/><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2025\/05\/final-cse-result-ady.mp4\">https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2025\/05\/final-cse-result-ady.mp4<\/a><\/video><\/div>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >What's Inside this Blog!<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Fiscal_Sustainability_Framework_and_Deficit_Indicators\" title=\"Fiscal Sustainability Framework and Deficit Indicators\">Fiscal Sustainability Framework and Deficit Indicators<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Relevant_For_GS_paper_III_Economy\" title=\"(Relevant For G.S paper III Economy)\">(Relevant For G.S paper III Economy)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Introduction\" title=\"Introduction:\">Introduction:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Fiscal_Deficit_Estimated_vs_Actual\" title=\"Fiscal Deficit: Estimated vs Actual\">Fiscal Deficit: Estimated vs Actual<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Linkage_between_Fiscal_Deficit_and_Revenue_Deficit\" title=\"Linkage between Fiscal Deficit and Revenue Deficit:\">Linkage between Fiscal Deficit and Revenue Deficit:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Fiscal_Glide_and_Initiatives\" title=\"Fiscal Glide and Initiatives\">Fiscal Glide and Initiatives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Fiscal_Sustainability_and_Fiscal_Focus\" title=\"Fiscal Sustainability and Fiscal Focus\">Fiscal Sustainability and Fiscal Focus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#High_Fiscal_Deficit_Not_Advisable\" title=\"High Fiscal Deficit: Not Advisable\">High Fiscal Deficit: Not Advisable<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Way_Forward\" title=\"Way Forward:\">Way Forward:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/triumphias.com\/blog\/fiscal-sustainability-framework-and-deficit-indicators\/#Read_more_Blogs\" title=\"Read more Blogs:\">Read more Blogs:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-25807 size-full\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10.jpg\" alt=\"Fiscal Sustainability Framework and Deficit Indicators by Vikash Ranjan sir at Triumph IAS, UPSC Sociology\u00a0Optional\" width=\"1080\" height=\"1080\" srcset=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10.jpg 1080w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10-300x300.jpg 300w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10-1024x1024.jpg 1024w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10-150x150.jpg 150w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/04\/Untitled-design-10-768x768.jpg 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 2786px;\">\n<tbody>\n<tr style=\"height: 2786px;\">\n<td style=\"width: 100%; height: 2786px;\">\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Introduction:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 To achieve fiscal consolidation and prudent fiscal management, the Government of India has enacted FRBMA (Fiscal Responsibility and Budget Management Act-2003.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 The \u2018hygiene and sustainable\u2019 aspect of the budget can be measured through various deficits indicators and their ensuing impacts and incidences on the economy on the basis of macroeconomic outcomes.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Fiscal_Deficit_Estimated_vs_Actual\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Fiscal Deficit: Estimated vs Actual<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 It indicates the total borrowing obligation to finance its deficit during a particular fiscal year and used to measure fiscal discipline and governs the long-term economic policy of a country.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 In spite of a lot of pressing need, the budget has kept the targeted fiscal deficit at 3.5% of GDP.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 In addition to above, budget has also made provision for higher capital expenditure, with a clear indication towards positive outcome through sustainable development.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 However, the government has embraced \u2018Escape Clause\u2019 to deviate 0.5% in the set fiscal deficit to accommodate structural complexities and uncertain fiscal changes due to uncertain macroeconomic environment.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Owing to implementation of FRBMA as a mechanism and policy intervention, the estimated fiscal deficit has decreased till 2008-09, but later did not follow the path of fiscal discipline.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Linkage_between_Fiscal_Deficit_and_Revenue_Deficit\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Linkage between Fiscal Deficit and Revenue Deficit:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Revenue deficit indicates that the government is unable to meet its current\/revenue expenditure from its current\/revenue receipts. So, the government adheres to borrowing (fiscal deficit) to finance the revenue shortfall or in meeting the capital expenses.<\/span><\/p>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Fiscal consolidation can be possible through revenue augmentation, without curtailing of the development expenditure.<\/span><\/p>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Containing fiscal deficit at its set target by reducing expenditure at the cost of socio-economic well-being of the nation; can never be a welcome step. That\u2019s why; the only and the ultimate way to reduce the fiscal deficit is to reduce revenue deficit.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Fiscal_Glide_and_Initiatives\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Fiscal Glide and Initiatives<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 The first phase of fiscal deficit reduction followed a steady path up to 2008-09, but later fiscal deficit has shot up to 6.8% of GDP in 2009-10 and remained above 4.6% for the next four years due to adoption of expansionary fiscal stimulus package to combat ill effect of global meltdown.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Further, Kelkar Committee (2012) has recommended that the fiscal deficit should be kept at 3% of GDP by 2016-17, by the end of 12th plan. However, it was delayed by next two years to house the fiscal and structural challenges like demonetization and global uncertainties.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Post-budget 2017-18, the Finance Minister set a committee under the leadership of N. K. Singh to appraise the FRBM act after a gap of 13 years.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 The committee recommended the shifting the focus of budget analysis in terms of \u2018fiscal deficit\u2019 to \u2018debt-GDP ratio\u2019 and set the target to keep the same at 60% by 2023 and keeping fiscal deficit at 3% for next three years.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Further, the government has suggested to have the value of fiscal deficit to be in a \u2018range\u2019 than a \u2018fixed value\u2019; in order to provide fiscal space to the government to accommodate any global shocks and economic uncertainties.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Fiscal_Sustainability_and_Fiscal_Focus\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Fiscal Sustainability and Fiscal Focus<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Budget has set the fiscal deficit target of 3.5% of GDP, with a plan for augmented capital expenditure.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Besides, emphasis is given to rationalizing and scrutinising all kind of revenue expenditure in tune which the long-term fiscal goals and adhering to quality expenditure. This is where, the beauty of quality and sustainability intersects.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 The current budget provides fiscal space to the policymakers in augmenting agriculture, health, education and infrastructure development. Increase in sharing of fund for capital expenditure symbolizes the fiscal outlook of the current budget.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Besides, net market borrowing of the government is restricted to Rs. 5.36 lakh crore which indicates the intent of the government to restrict the debt liabilities.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"High_Fiscal_Deficit_Not_Advisable\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">High Fiscal Deficit: Not Advisable<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Another \u2018School of Thought\u2019 opines that continuous adherence to high fiscal deficit over the set deficit reflects fiscal distress of an economy.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Based on the historical perspective (2003-04 to 2020-21), fiscal deficit in India will continue to be a concern over the years to come; unless supported by corresponding increase in capital expenditure and rationalization of revenue expenditure.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 The crowding out effects of private investment on account of high fiscal deficit shout not suppress the benefits of higher capital expenditure. The debt liabilities (both principal and interest payment) always pose threat to an economy and hence fiscal consolidation is the main aim to achieve long-term growth.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Way_Forward\"><\/span><span style=\"color: #333333; font-family: georgia, palatino, serif;\">Way Forward:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif;\">\u2022 Fiscal deficit can be reduced to its desired level only by reducing the revenue deficit, not the capital expenditure. This can be possible through revenue augmentation and expenditure rationalization.<\/span><br \/>\n<span style=\"font-family: georgia, palatino, serif;\">\u2022 Efficient management of expenditure is the key to fiscal consolidation; centrally sponsored schemes are restructured for greater synergy and effective implementation by which unnecessary overlapping expenditure can be curbed.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: georgia, palatino, serif;\"><strong><span class=\"amp-wp-303d451\" data-amp-original-style=\"font-family: 'times new roman', times, serif;\">To Read more topics<\/span><span class=\"amp-wp-303d451\" data-amp-original-style=\"font-family: 'times new roman', times, serif;\">,\u00a0<\/span><\/strong><span class=\"amp-wp-303d451\" data-amp-original-style=\"font-family: 'times new roman', times, serif;\"><strong>visit:<\/strong>\u00a0<a href=\"https:\/\/triumphias.com\/blog\/?amp=1\">www.triumphias.com\/blogs<\/a><\/span><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Read_more_Blogs\"><\/span><span style=\"font-family: georgia, palatino, serif;\"><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" class=\"ez-toc-section\"><\/span><span id=\"Read_more_Blogs\" 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