Section 3 of FRBM Act : Section 3: Fiscal Policy Statements To Be Laid Before Parliament

Explanation using Example

Imagine that the government of India is preparing for the upcoming financial year. To ensure transparency and fiscal discipline, they are required to present several key documents to both houses of Parliament. These documents are crucial for lawmakers, economists, and the public to understand the government's financial strategy and economic outlook.

For instance, the Finance Minister is set to present the Union Budget. Along with the budget, they must also lay out the Medium-term Fiscal Policy Statement, which outlines the government's fiscal objectives for the next three years, such as reducing the fiscal deficit to a certain percentage of the GDP.

Furthermore, the Fiscal Policy Strat...

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