... governments and provided for large debt relief for the states, linked to their adopting the prescribed fiscal responsibility framework. savings and investment rates fiscal responsibility legislations Twelfth Finance Commission macro-stabilization fiscal deficit revenue deficit debt sustainability...

... on their countercyclical role in minimizing the impact of economic cycles. The role of fiscal responsibility legislations (FRLs), as they evolved and are applied in India, is also discussed in the context of recent global economic slowdowns. fiscal policy growth macro stabilization fiscal responsibility legislations...