What is Fiscal Responsibility and Budget Management (FRBM) Act ? Has Government of India followed it? [Answer Limit: 50 words] [UKPSC 2023]
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Fiscal discipline is imposed by the Fiscal Responsibility and Budget Management (FRBM) Act 2003 which sets targets for reductions in both fiscal and revenue deficits. Still, during these economic crises, these targets are neither achieved nor met, thereby raising criticism about its strict implementation during government efforts.
The Fiscal Responsibility and Budget Management (FRBM) Act aims to ensure fiscal discipline by setting targets for reducing fiscal deficits and public debt. The Government of India has partially followed it, but flexibility has been exercised during crises like COVID-19, leading to deviations from the set targets.