Macroeconomic stability is an indispensable precondition for growth. Like most of the states of India the fiscal situation of Orissa deteriorated in the early 1980s and 1990s. The enactment of the Fiscal Responsibility and Budget Management (FRBM) Act in 2005 helped the Government of Orissa to...

Macroeconomic stability is an indispensable precondition for economic growth. Fiscal situations of the low income states deteriorated during the early 1980s and 1990s. With enactment of the Fiscal Responsibility and Budget Management (FRBM) Act many of the states reduce their deficits and...