Transcription of MACRO-ECONOMIC FRAMEWORK STATEMENT 2021-22 …
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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 DIVISIONN irmala SitharamanMinister of FinanceFebruary, 2022 GOVERNMENT OF INDIATABLE OF CONTENTSSl. No. StatementsPage FRAMEWORK Statement2 Medium Term Fiscal Policy cum Fiscal Policy StrategyStatements(i)16 PREFACEThe 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.
GDP and 2.7 percent of GDP respectively. The BE 2020-21 envisaged a tax to GDP ratio of 10.8 percent and total expenditure to GDP ratio of 13.5 percent. The envisaged growth for Gross Tax Revenue was 12 percent over 2019-20 Revised Estimates (RE). The total expenditure in BE 2020-21 was estimated to increase by 12.7 percent over 2019-20 RE.
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