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The 'Fiscal Responsibility and Budget Management (FRBM) Act' in India was enacted in which year?
2000
2003
2005
2008
2003
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in India in August 2003. Its primary objective was to institutionalize financial discipline, reduce India's fiscal deficit, and macro-economically manage public funds responsibly over the long term.
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in India in August 2003. Its primary objective was to institutionalize financial discipline, reduce India's fiscal deficit, and macro-economically manage public funds responsibly over the long term.
The FRBM Act, 2003, gives legal backing to the targets for eliminating revenue deficit and reducing fiscal deficit, aligning closely with the mandate of fiscal federalism and sound economic governance in India.
Enacted in August 2003 to ensure inter-generational equity in fiscal management.
Aim was to achieve a balanced budget and eliminate revenue deficit over time.
Mandated the central government to present three statements annually: Medium-Term Fiscal Policy, Fiscal Policy Strategy, and Macroeconomic Framework.
The Act came into force from July 5, 2004.
It has undergone multiple amendments over the years, notably in 2012, 2015, and 2018, to accommodate shifting economic realities and escape clauses during downturns.
Option B (2003) is correct because the Act received presidential assent in that year; Options A, C, and D represent other years and are incorrect.
B is correct тАФ The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in the year 2003.
In Indian Economy questions, always link the FRBM Act with the recommendations of successive Finance Commissions and Union Budget fiscal consolidation roadmaps frequently asked in RRB and UPSC exams.
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