Fiscal Responsibility and Budget Management Act, 2003
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. The main purpose was to eliminate revenue deficit of the country (building revenue surplus thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the
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Fiscal Responsibility and Budget Management Act, 2003
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. The main purpose was to eliminate revenue deficit of the country (building revenue surplus thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the
has abstract
The Fiscal Responsibility and ...... (India), Government of India.
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Wikipage page ID
30,975,742
Wikipage revision ID
741,422,019
citation
date assented
2003-08-26
date commenced
2004-06-05
date enacted
2003-08-26
enacted by
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introduced by
Mr.Yashwant Sinha
long title
An Act to provide for the resp ...... erewith or incidental thereto.
short title
The Fiscal Responsibility and Budget Management Act, 2003
status
subject
hypernym
type
comment
The Fiscal Responsibility and ...... to reconsider reinstating the
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label
Fiscal Responsibility and Budget Management Act, 2003
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