What are the features of Fiscal Responsibility and Budget Management Act, (FRBMA) 2003?

To reduce fiscal deficit to not more than 3 percent of GDP

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To ensure greater transparency in fiscal operations.

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To eliminate the revenue deficit by March 31, 2009

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All the above

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Solution

The correct option is D All the above
The FRBMA is an act which institutionalizes and regulates financial discipline and help manage public funds in order to strengthen India's fiscal position. The purpose of FRBMA was to reduce fiscal deficit.

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Similar questions

67) Which among the following statements is correct?

i) The Fiscal responsibility legislation capped the overall deficit for all states at 3% of GSDP

ii) The Fiscal responsibility legislation mandates that states must eliminate revenue deficit by 2008-9 (later extended to 2009/10)

Q. Consider the following statements related to the Fiscal Responsibility & Budget Management(FRBM) Act in India:

Which of the above statements are correct?

What is fiscal deficit? Can there be fiscal deficit without revenue deficit?

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