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The Fiscal Responsibility and Budget Management Act, 2003 mandates that Central Government shall lay in each financial year before both Houses of Parliament the following statements of the fiscal policy along with the annual financial statement and demands for grants except the Medium-term Expenditure Framework Statement, namely:— (a) the Medium-term Fiscal Policy Statement; (b) the Fiscal Policy Strategy Statement; (c) the Macro-economic Framework Statement; (d) the Medium-term Expenditure Framework Statement.
Macro-economic Framework Statement provides an overview of the economy containing an assessment regarding the fiscal balance of the Central Government, Price related fluctuations, GDP growth rate, and the external sector balance of the economy.
The FRBM Act further mandates that the Macro-economic Framework Statement shall contain an assessment of the growth prospects of the economy with the specification of underlying assumptions.
