Fiscal Responsibility refers to the obligation of governments to manage public finances prudently. It involves maintaining sustainable budget deficits and managing public debt. In India, this principle is enshrined in the Fiscal Responsibility and Budget Management Act. It aims to promote transparency, accountability, and economic stability. Adhering to fiscal responsibility helps ensure long-term growth and financial health for the nation.
Amid the din around the Union Budget, trade negotiations with the US and the EU, and the rupee’s fluctuations, two developments with far-reaching implications for India’s federal economy...
