The Fiscal Responsibility and Budget Management (FRBM) Act, 2003, is an Act of the Parliament of India that sets targets for the government to establish financial discipline, reduce the fiscal deficit, and improve macroeconomic management. Section 3(1) of the Act requires the Central Government to lay before both Houses of Parliament certain documents along with the Annual Financial Statement (Budget). These documents include the Macro Economic Framework Statement, the Medium Term Fiscal Policy Statement, and the Fiscal Policy Strategy Statement.
Along with the Budget, the Finance Minister also places other documents before the Parliament which include ‘The Macro Economic Framework Statement’. The aforesaid document is presented because this is mandated by
Asked in UPSC IAS 2020 · Topic: The Parliamentary Act (Budgetary Process and Financial Control by Parliament)
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Answer: D. Provisions of the Fiscal Responsibility and Budget Management Act, 2003
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