Q.3 The Fiscal Responsibility and Budget Management (FRBM) Act has become outdated; the economic dynamism of the day requires new approaches. Discuss.(10 Marks)

Mentor’s Comments-

  • Introduce by describing the FRBM Act and its provisions.
  • In the body of the answer discuss why the act seems to be outdated in light of heightened economic dynamism. In the next part of the body suggest ways to enhance fiscal prudence.
  • Conclude by emphasizing NK Singh committee’s recommendations.
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