IEcoS (Economic Services) Indian Economics Budgeting and Fiscal Policy-Fiscal Responsibility and Budget Management (FRBM) Act Study Material (Page 3 of 3)

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FRBM: Amendments to FRBM Act

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Amendments to FRBM Act

  • The amendments have been made to the Fiscal Responsibility and Budget Management Act, 2003 by the Finance Act of 2012. Consequently, it was decided that another document should be laid down by the Central Government which is the Medium-Term Expenditure Framework Statement (MTEF) .
  • It should be presented before both Houses of Parliament in the Session immediately followed by the Session of Parliament in which Medium-Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macroeconomic Framework Statement are being presented.
  • The amendments to the FRBM Act were introduced taking into account the recommendations of 13th Fina…

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Budget Line

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Budget Constraint

A budget constraint represents all the combinations of goods and services that a consumer may purchase at current given prices within his/her given income.

Here we will take the case of two goods for our simplicity so that we can present them graphically but in real life there are number of goods. We will indicate the consumers consumption by here represents good 1 and repre…

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