FRBMAFiscal Responsibility and Budget Management Act
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The FRBMA mandates elimination of revenue deficit by 2009 and bringing down the fiscal deficit to 3 per cent of GDP the same year.
All in all, it would seem that the constraints imposed by the FRBMA have led to soaring off-budget expenditure, bringing the consolidated fiscal deficit (including off-budget items) to 10% of GDP in fiscal year 2009.
There is no financial implication for Government of India as the borrowings are made by the respective State Governments within the fiscal deficit limits laid down by Finance Commission and incorporated in FRBMA of the States.