Fiscal consolidation: States lack the flexibility enjoyed by the Center

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While the Center has a safeguard clause to deviate from the fiscal consolidation roadmap by 0.5 percentage point of GDP in times of crisis, states have not been granted such a clause. backup.

The subjects
Indian economy | Tax consolidation | State Budget

While the Center eased its budget deficit target for the current fiscal year to 9.5% of India’s gross domestic product (GDP), far higher than the safeguard clause allowed by the previous accountability law Fiscal and Budgetary Management (FRBM), states have obtained the Center’s approval to increase it to five percent of their respective gross domestic product (GDPD) from the three percent targeted, subject to certain amendments.

While the Center has been granted a safeguard clause to deviate from the fiscal consolidation roadmap by 0.5 percentage point of GDP in times of crisis, …

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First published: Wed Mar 17, 2021. 5:04 p.m. IST


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