FRBM Act and Fiscal Rules — Mains Questions

Critically analyze the evolution of the FRBM Act, 2003, highlighting the key changes introduced by the N.K. Singh Committee recommendations and their implications for India's fiscal sustainability. (250 words, 15 marks)

Examine the challenges faced by the FRBM Act in ensuring fiscal discipline, particularly in the context of the COVID-19 pandemic and the ongoing debate on fiscal space for capital expenditure. Suggest reforms to make the framework more robust and adaptable. (250 words, 15 marks)

Compare and contrast India's FRBM framework with international fiscal rules, such as the EU's Stability and Growth Pact. What lessons can India draw from global experiences in strengthening its fiscal responsibility regime? (250 words, 15 marks)