Consider the following statements about the targets prescribed under the Fiscal Responsibility and Budget Management Act, 2003:
1. The Central Government to reduce the fiscal deficit to 3% of GDP.
2. The Central Government to reduce its debt to the level of 40% of the GDP.
3. General Government Debt to be reduced to the level of 60% of the GDP.
4. The Central Government not to give additional guarantees with respect to any loan on security of the Consolidated Fund of India in excess of 0.5% of the GDP in any financial year.
Which of the statements given above are correct?
1 and 2 only
2 and 3 only
2, 3 and 4 only
1, 2, 3 and 4
• According to the Fiscal Responsibility and Budget Management Act, the Central Government shall:
o take appropriate measures to limit the fiscal deficit upto 3% of the GDP by 31st March 2021.
o endeavour to ensure that the General Government Debt does not exceed 60% of the GDP by the end of the financial year 2024-2025.
o the Central Government debt does not exceed 40% of the GDP by the end of the financial year 2024-2025.
o not give additional guarantees with respect to any loan on security of the Consolidated Fund of India in excess of 0.5% of the GDP in any financial year.
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