- The FRBM Act aims to institutionalize fiscal discipline and reduce fiscal deficits. - It mandates targets for fiscal deficit and revenue deficit. - The target for fiscal deficit has typically been set at 3% of GDP.
According to FRBM Act, India's fiscal deficit should not exceed:
Asked in HPPSC HPAS Prelims 2020 · Topic: Fiscal Policy & Revenue (Fiscal Responsibility and Budget Management (FRBM) Act)
More Economic Development questions
- Which of the following statements is/are correct about Fiscal Responsibility and Budget Management (FRBM) 2003?
- Consider the following statements: 1. The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) government by 2023; comprising 40% for the Central Government and 20% for the State Governments. 2. The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Governments. 3. As per the Constitution of India, it is mandatory for a State to take the Central Government's consent for raising any loan if the former owes any outstanding liabilities to the latter. Which of the statements given above is/are correct ?
- The Fiscal Responsibility and Budget Management Act, 2003 aims to bring down the fiscal deficit to a certain percentage of GDP. What is the target fiscal deficit as per the Act?
- The objective of the Fiscal Responsibility and Budget Management Act, 2004 is
- As per the recommendations of the Twelfth Finance Commission, the revenue deficit of the Centre and States by the year 2009-10 should be
- Fiscal responsibility and Budget Management Actwas enacter in India in the year
- Fiscal Responsibility and Budget Management (FRBM) Act does not Prescribe limits for fiscal and revenue deficits Prescribe certain vision statements to be laid along with the budgets Provide for penal provisions if deficit targets are not met Apply both at Central and State level
- Which year is considered as 'Golden Year of Fiscal Discipline' during the 2010s?