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Fourteenth Finance Commission - FRBM Act
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In this lecture, Bhavin has discussed the utility of FRBM Act. Then he has discussed the reasons for postponement of its implementation. Finally he has discussed various recommendations of FFC on FRBM Act.

Bhavin Sangoi
BA Political Science and Psychology, Mumbai University. Teaching Polity, Economics and international relations for 7 years.

U
Unacademy user
नियंत्रण छड के रूप में Grafite की छड को काम लेते?
Sir, you are making so much important and informative lesson with easy to understand manner for everyone in simple words. Please Make some more useful courses on Polity and other related subjects, In which you feels comfortable to deliver the knowledge
One of the most underrated courses , all the courses by Bhavin sir are extremely important and full of dynamic analysis
Great course sir hats off to you sir it is one of the finest courses available.Thanks to you sir for spending your time for us .Thanks a lot sir
are those topics that you said in 14 FC is sufficient? or should we prepare any other topics from 14 FC.
  1. Course Name: In-depth study of Centre State Relations Lesson Name: Fourteenth Finance Commission - IIl Presented by Bhavin Sangoi


  2. About me B.A in Political Science & Psychology Appeared in UPSC CSE Mains Teaching Indian Polity, International Relations, economics &mental Ability since 5 years Experience of teaching for various competitive exams such as NTSE, CET& UPSC Rate, Review and Recommend Follow me on: https://Unacademy.in/user/BhavinSangoi


  3. FRBM Act FRBM Act was enacted in 2003, to bring fiscal discipline in the Union and state spendings Target of 3% fiscal deficit of GDP and elimination of Revenue Deficit, had to be achieved by 31st March 2008. However, due to growing spending on populist schemes and global recession this targets were defered by UPA government.


  4. Government should amend FRBM Act to omit the definition of Effective venue deficit from 1 April Establishment an independent fiscal council to undertake ex ante assessment of revenue deficit from 1 April the fiscal policy implications of budget proposals and their consistency with fiscal policy and rules.


  5. Government should take action to bring into effect section 7A of FRBM Act for the purpose of ex post assessment State government may also amend their FRBM Acts to provide for the statutory flexible limit on fiscal deficit


  6. To accord greater sanctity and legitimacy to fiscal management legislation union and state governments should replace existing FRBM Acts with a debt and fiscal responsibility legislation, invoking article 292 (for union) and article 293(1), for states


  7. Miscellaneous A total revenue deficit grant of Rs 1,94,821 should be awarded to eleven states Raise the ceiling limit of p Raise the ceiling limit of profession tax from Rs 2500 per annum to Rs 12,000 per annum


  8. Profession tax Amend article 276(2) to increase the limits on the imposition of profession tax by states. Allow parliament to fix the limit based on finance commission's recommendation and union government should prescribe a uniform limit for all states