In which year did the Indian Parliament enact the Fiscal Responsibility and Budget Management Act to institutionalise financial discipline and ensure long-term macroeconomic stability?
2003
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted by the Indian Parliament in 2003 to bring discipline to government finances by setting targets for reducing the fiscal deficit and revenue deficit.
Although the Bill was introduced in 2000, it became law only in 2003, and its rules came into force from July 2004, providing a statutory framework for long-term macroeconomic stability.
Hence, the Fiscal Responsibility and Budget Management Act was enacted in 2003.
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Important Questions from Economic and Financial Affairs
As per the Union Budget 2021-22, the government plans to continue on the path of fiscal consolidation, achieving a fiscal deficit level below 4.5% of GDP by ______.
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As per the Economic Survey 2021, in which of the following states did the proportion of households that had health insurance decrease by 12% from 2015-16 to 2019-20?
As per Economic Survey 2020-2021, India’s real GDP is estimated to grow by ______ in financial year 2021-22.
As per the Economic Survey of India 2020-21, India is expected to have a Current Account Surplus of ______ GDP in FY21.
