Question
In FRBM Act 2003, what does ‘B’ stands for?Â
Solution
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficitof the country (building revenue surplus thereafter) and bring down the fiscal deficit.Â
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