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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