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Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
5. Critically Examine the role of Fiscal Responsibility and Budget Management Act (FRBMA), 2003 in institutionalizing financial discipline and reducing India’s fiscal deficit. What changes are needed to the act in the post pandemic recovery phase? (250 words)
Difficulty level: Tough
Reference: Insights on India
Why the question:
The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.
Key Demand of the question:
To write about the performance of FRBMA and changes needed to it post pandemic.
Directive word:
Critically examine – When asked to ‘Examine’, we have to look into the topic (content words) in detail, inspect it, investigate it and establish the key facts and issues related to the topic in question. While doing so we should explain why these facts and issues are important and their implications. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a fair judgment.
Structure of the answer:
Introduction:
Begin by writing about the aims and objectives of FRBMA
Body:
First, write about the performance of FRBMA since its inception especially during phases of low economic growth and volatility in global economy. Mention the pros and cons of its performance. Also, mention the various changes made to the act.
Next, write about the changes needed to the act as India recovers from the impact of the pandemic.
Conclusion:
Conclude by writing a way forward.
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