Constraints imposed by the FRBM Act on fiscal and revenue deficit are just an excuse used by the government to hide its unwillingness to act on urgent and important public issues like employment crisis. In reality, government constantly cheats on the FRBM Act, through increased "off-budget" expenditures, misstatement of receipts, and holding back payments that pushes the debt onto other entities.

* This article was originally published in the Quartz India on January 28, 2019.