Is FRBM act successful?

Yes, the FRBM Act did help in improving the fiscal performance of states and centre. In 2021-22, the government has not provided a target for the next three years and will amend the FRBM Act to accommodate the higher fiscal deficit. You can read about the Fiscal Responsibility & Budget Management (FRBM) Act in the given link.

The Fiscal Responsibility and Budget Management (FRBM) Bill was introduced in the parliament of India in the year 2000 by Atal Bihari Vajpayee Government.

Further readings:

1. Previous Years Economic Mains Questions for UPSC GS-3
2. Indian Economy Notes For UPSC