Questions

If some action has started in the past and is still continuing, then present perfect continuous tense should be used instead of present continuous tense. So, the phrase ‘am living’ needs to be replaced with ‘have been living’ to make the sentence contextually correct. Thus, the correct formation would be, ‘I have been living in Bombay for the last ten years’.

In India, Fiscal Policy is formulated by the Ministry of Finance.

Fiscal policy is playing an important role on the economic and social front of a country. Traditionally, fiscal policy is concerned with the determination of state income and expenditure policy. But with the passage of time, the importance of fiscal policy has been increasing continuously for attaining rapid economic growth.

An effective fiscal policy is composed of policy decisions relating to the entire financial structure of the government including tax revenue, public expenditures, loans, transfers, debt management, budgetary deficit, etc.