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Is the FRBM Act applicable to states?

Yes, the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 is applicable to all states. It was first implemented by Karnataka in 2002. West Bengal and Sikkim were the last two states to implement the FRBM Act in 2010. All other states had enacted the FRBM Act between 2002 to 2007. You can read about the Fiscal Responsibility & Budget Management (FRBM) Act in the given link.

Further readings:

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

Related Links

FRBM Review Committee (NK Singh Committee) Recommendations

Monetary Policy – Objectives, Roles and Instruments

Union Budget 2021 Summary

Fiscal Policy in India – Objectives, Components

Fiscal Deficit – Components, Calculation

Fiscal Consolidation – 3 tools of Fiscal Policy

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