Secrets to consolidating debt

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Civil courts of the country had no jurisdiction for enforcement of this act or decisions made therein.The power to remove difficulties was also entrusted to the Central Government.In FY 2011–12, it was almost certain that government would cross the budgetary fiscal deficit target of 4.6% and it would be around 5%.The tenth plan of the Planning Commission of India highlighted the need for fiscal discipline at the level of the states. Reserve Bank of India(RBI),in its role as the ultimate financial authority in India, was also a keen supporter of the concept and publicly highlighted the need for state level fiscal responsibility legislation in India.However, other viewpoints insisted that the act would benefit the country by maintaining stable inflation rates which in turn would promote social progress.Some others have drawn parallel to this act's international counterparts like the Gramm-Rudman-Hollings Act (US) and the Growth and Stability Pact (EU) to point out the futility of enacting laws whose relevance and implementation over time are bound to decrease.Subsequently, the Terms of Reference were enlarged to seek the committee's views on certain recommendations of the Fourteenth Finance Commission and the Expenditure Management Commission.These primarily related to strengthening the institutional framework on fiscal matters as well as certain issues connected with new capital expenditures in the budget.

More recently, in February 2011, the PMEAC recommended the need for reinstatement of fiscal discipline of the Government of India, starting 2011–12 financial year.Some quarters, including the subsequent Finance Minister Mr. Chidambaram, criticised the act and its rules as adverse since it might require the government to cut back on social expenditure necessary to create productive assets and general upliftment of rural poor of India.The vagaries of monsoon in India, the social dependence on agriculture and over-optimistic projections of the task force in-charge of developing the targets were highlighted as some of the potential failure points of the Act.Further, the bill proposed for the government to reduce liabilities to 50% of the estimated GDP by year 2011.There were mixed reviews among economists about the provisions of the bill, with some criticising it as too drastic.(and now a member of Prime Ministers' Economic Advisory Council) commenting, "all teeth of the Fiscal Responsibility Bill have been pulled out and in the current form it will not be able to deliver the anticipated results." The Act further required the government to develop measures to promote fiscal transparency and reduce secrecy in the preparation of the Government financial documents including the Union Budget.

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