ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Fiscal Consolidation, Macro Fundamentals and Growthin Budget 2013-14

Due to the tight monetary policy stance adopted by the Reserve Bank of India for a sustained period of time to control infl ation, the burden of correcting macroeconomic imbalances and reviving growth seems to have fallen entirely on the Union Budget and fi scal policy. The fi scal consolidation proposed in the Union Budget for 2013-14 is a combination of a marginal reduction in aggregate non-Plan expenditure and buoyant revenue growth. If revenue targets are not met, fi scal consolidation can go off the track as the scope for expenditure contraction is limited.

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