Which article of the Indian Constitution is protecting and maintaining the Fiscal Discipline in the ...........

Economic and Social Issues Budgeting and Fiscal policy

15th Finance Commission’s Chairman NK Singh has pitched for an institutional mechanism like a ‘Fiscal Council’ to enforce fiscal rules and keep a check on the Centre's fiscal consolidation. According to International Monetary Fund (IMF), IFCs are now an indispensable part in the design of fiscal frameworks aimed at guiding fiscal policymakers’ discretion. An independent fiscal council can bring about much needed transparency and accountability in fiscal processes across the federal polity.Faster growth in nominal gross domestic product (GDP) usually leads to faster growth in tax collections. However, in India, tax buoyancy shows no stable pattern and hence, forecasting tax revenues is difficult.

Which article of the Indian Constitution is protecting and maintaining the Fiscal Discipline in the country?

Article 296

Article 292

Article 346

Article 158

Article 282

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Explanation:

The Article 292 of The Indian Constitution 1949 envisages fiscal responsibility in the form of legislation that obliges the government to have a ceiling on debt.Borrowing by the Government of India The executive power of the Union extends to borrowing upon the security of the Consolidated Fund of India within such limits, if any, as may from time to time be fixed by Parliament by law and to the giving of guarantees within such limits, if any, as may be so fixed.