Question : The Fiscal Responsibility and Budget Management Act (FRBM) was enacted in the year:
Option 1: 2001
Option 2: 1998
Option 3: 2003
Option 4: 1996
Correct Answer: 2003
Solution : The correct answer is 2003 .
Enacted in the year 2003, the Fiscal Responsibility and Budget Management Act (FRBM Act) serves as a crucial tool in instilling financial discipline by targeting the reduction of fiscal deficit. This legislative framework is designed not only to bring transparency to India's fiscal management but also to promote fiscal stability. The FRBM Act also extends the Reserve Bank of India (RBI) the flexibility needed to address inflationary concerns.
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