MACRO-ECONOMIC FRAMEWORK STATEMENT 2021-22 …
Statements of Fiscal Policy as required under the Fiscal Responsibility and Budget Management Act, 2003 i V i MINISTRY OF FINANCEBUDGET DIVISIONNirmala SitharamanMinister of FinanceFebruary, 2022GOVERNMENT OF INDIATABLE OF CONTENTSSl. No. StatementsPage FRAMEWORK Statement2Medium Term Fiscal Policy cum Fiscal Policy StrategyStatements(i)16PREFACEThe Fiscal Responsibility and Budget Management (FRBM) Act, 2003 was enactedwith a view to provide a legislative FRAMEWORK for reduction of deficit and debt, of theCentral Government to a sustainable level so as to ensure inter-generational equity infiscal management and long term MACRO-ECONOMIC stability. The FRBM Act, 2003 andthe FRBM Rules, 2004 made under the Act have come into force with effect from 5thJuly, FRBM FRAMEWORK mandated Central Government to limit the fiscal deficitupto three per cent of gross domestic product by the 31st March, 2021.
activity to the Covid-19 pandemic. From the demand side, private consumption expenditure is estimated to contract at 9.5 percent in 2020-21 as against a growth of 5.3 percent in 2019-20 and fixed investment is estimated to decline by 14.5 percent in 2020-21 as against 2.8 percent in 2019-20. Government consumption final
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