The FRBM Act, 2003 aimed at reducing revenue deficit by _____ $%$ or more of the GDP per annum from the year 2004-05

2

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1

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0.5

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3

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Solution

The correct option is B $0.5$
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) 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. It aimed at reducing the revenue deficit by 0.5% or more of GDP each year from 2004-05.

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Similar questions

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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