The Fiscal Responsibility and Budget Management Act (FRBMA), 2003 sets fiscal rules that seek to foster fiscal discipline on the Central Government and achieving a balanced budget with effective revenue management. The Act sets targets and suggests means of reducing fiscal and revenue deficits....

Should India retain the distinction between revenue and capital classification in its Budget format? There is a constitutional provision for distinguishing between the two expenditures, revenue and capital, and various committees appointed by the Government of India have expressed their opinion...