We seldom worry about the macro part of the budgetabout terms such as fiscal deficit and tax-to-gross domestic product (GDP) ratio
The Fiscal Responsibility and Budget Management (FRBM) Committee submitted its report on 23 January 2016, a bit over seven months after it was set up. Read more on the origin of FRBM here: bit.ly/2klLFki. Though the report is not public, news reports say that the panel has recommended fiscal consolidation, but not at the expense of growth. Reports say that it tells the government not to worry if the fiscal deficit stays at, or just above, 3%. If your eyes are glazing over, unglaze them, because we’ll find out what this means and how it affects our lives.