WHAT IS FISCAL POLICY STRATEGY STATEMENT Fiscal Policy Strategy Statement The Fiscal Policy Strategy Statement, presented to Parliament under Section 3(4) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, outlines the strategic priorities of the government in the fiscal area for the ensuing financial year relating to taxation, expenditure, lending and investments, administered pricing, borrowings and guarantees. The statement explains how the current policies are in conformity with sound fiscal management principles and gives the rationale for any major deviation in key fiscal measures.
The Interim Budget did not outline such a statement. Here's what the government aimed to achieve in its Fiscal Policy Strategy Statement of Budget 2018: