In 2003 ______ was passed to reduce the Gross Fiscal deficit by 0.5% of GDP in each financial year.

FRBM Act

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FERA

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FEMA

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FEPA

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Solution

The correct option is A FRBM Act
The Fiscal Responsibility and Budget Management Act, 2003 is an Act of the Parliament of India 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

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Q12) consider the following statements about the FRBM act of 2003

i) It mandates the government to ensure inter-generational equity, long term macro-economic stability, and effective debt management

ii) It mandates the government to reduce fiscal deficit by 0.3% of GDP every year and Revenue deficit by 0.5% GDP every year

iii) This act implies only to the center government

iv) The center government shall not borrow from RBI except by other ways and means advances.

Identify the correct statement/s

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