📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Consider the following statements about Fiscal

      Responsibility and Budget Management (FRBM) Act : I. The FRBM Act strengthens financial discipline and fiscal prudence II. The committee under the chairmanship of NK Singh was set up to review the FRBM Act. III. FRBM Bill was introduced in India by the then Finance Minister of India, Pranab Mukherjee. Which of the statements given above is/are not correct?
      A I only Correct Answer Incorrect Answer
      B II only Correct Answer Incorrect Answer
      C III only Correct Answer Incorrect Answer
      D I and II only Correct Answer Incorrect Answer
      E I and III only Correct Answer Incorrect Answer

      Solution

      The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in 2003 which set targets for the government to reduce fiscal deficits and strengthen financial discipline and fiscal prudence. Hence, statement 1 is correct. The N.K. Singh panel to review India’s fiscal discipline rules has recommended a debt-to-GDP ratio of 38.7% for the central government, 20% for the state governments together and a fiscal deficit of 2.5% of GDP (Gross Domestic Product), both by financial year 2022-23. The Fiscal Responsibility and Budget Management Bill (FRBM Bill) was introduced in India by the then Finance Minister of India, Mr.Yashwant Sinha.

      Practice Next
      More Economic and Social Issues ESI Questions

      Relevant for Exams:

      ask-question