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Return path committed to fiscal consolidation without compromising on investment GN Bureau | February 1, 2021 With the clear intent of achieving fiscal targets and affirming the government’s commitment towards prudent fiscal management and boosting investments, finance minister Nirmala Sitharaman proposed several measures in the Union Budget 2020-21 in Parliament on Monday. The finance minister identified the fiscal deficit for FY 2019-20 at 3.8%(RE)  and pegged it at 3.5% (BE) for FY 2020-21 which is consistent with government’s abiding commitment to macroeconomic stability as part of Medium Term Fiscal Policy cum Strategy Statement 2020-21. She said, “Section 4(2) of the FRBM Act provides for a trigger mechanism for a deviation from the estimated fiscal deficit on account of structural reforms in the economy with unanticipated fiscal implications. Therefore, I have taken a deviation of 0.5%, consistent with Section 4(3) of FRBM Act, both for RE 2019-20 and BE 2020-21.”

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