What was the main objective of the FRBM Act which was enacted by Parliament in 2003?
What was the main objective of the FRBM Act which was enacted by Parliament in 2003?
What are the objectives of the FRBM Act? The FRBM Act aims to introduce transparency in India’s fiscal management systems. The Act’s long-term objective is for India to achieve fiscal stability and to give the Reserve Bank of India (RBI) flexibility to deal with inflation in India.
What is the importance of FRBM Act?
NEW DELHI: The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 sets a target for the government to establish financial discipline in the economy, improve the management of public funds and reduce fiscal deficit. Enacted in 2003, the Act sets target for the government to bring down fiscal deficit.
What were the reasons for adopting the Fiscal Responsibility and Budget Management Frbm Act 2003?
The FRBM Act is a law enacted by the Government of India in 2003 to ensure fiscal discipline – by setting targets including reduction of fiscal deficits and elimination of revenue deficit. It is considered as one of the major legal steps taken in the direction of fiscal consolidation in India.
Who is the chairman of Frbm?
N. K. Singh
N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
What is the full form of R in Frbm Act 2003?
1. FISCAL RESPONSIBILITY AND. BUDGET MANAGEMENT ACT, 2003.
What were the reasons for adopting the Fiscal Responsibility and Budget Management FRBM Act 2003?
Who was the Chairman of Frbm of 2002 in India?
N. K. Singh is currently the Chairman of the review committee for Fiscal Responsibility and Budget Management Act, 2003, under the Ministry of Finance (India), Government of India.
What is the difference between revenue deficit and fiscal deficit?
Revenue deficit Primary deficit is referred to as the difference that exists between the fiscal deficit of the current year and the interest payment that was needed to be paid in the previous fiscal year. A revenue deficit is the excess of revenue expenditure over revenue receipts.