Fiscal Policy & Taxation
Economic & Social Development · PYQ 2018
Consider the following Statements:
1.The Fiscal responsibility and the budget Management Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) Government by 2023, comprising 40% for the Central government and 20% for the State Government.
2.The Central government has domestic liabilities of 21% of GDP as compared to 49% of GDP of the State Governments.
3.As per the Constitution of India, it is mandatory for the state to take Central government's consent for raising any loans if the former owes any liabilities to the latter.
Which of the given statement is/are correct?