In which year did the Indian Parliament enact the Fiscal Responsibility and Budget Management (FRBM) Act to promote fiscal prudence?
2003
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted by the Indian Parliament in 2003.
Its aim was to institutionalise fiscal discipline by setting targets to reduce the fiscal deficit and eliminate the revenue deficit, thereby ensuring long-term macroeconomic stability.
Although passed in 2003, the Act came into force in 2004 with its rules.
Hence, the FRBM Act was enacted in the year 2003.
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