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The FRBM is an act of the parliament that set targets for the Government of India to establish financial discipline, improve the management of public funds, strengthen fiscal prudence and reduce its fiscal deficits. This video is highly rated by UPSC students and has been viewed 1 times. to aim for fiscal stability for India in the long run. The full form of FRBM is Fiscal Responsibility and Budget Management. The primary objective was the elimination of revenue deficit and bringing down the fiscal deficit. Many economists then warned the government that this condition is not sustainable. He is the author of many best-seller books like 'Important Judgments that transformed India' and 'Important Acts that transformed India'. Indian Economy was weak as it had high Fiscal Deficit, high Revenue Deficit, and high Debt-to-GDP ratio. The Report was made public in April 2017. Escape clause refers to the situation under which the central government can flexibly follow fiscal deficit target during special circumstances. I bought it and found it to be the best available online." Fiscal Deficit Target – fiscal deficit should be reduced to 3% of GDP by March 31, 2015. This bill was passed by the Indian Parliament in 2003 and came to be known as the Fiscal Responsibility and Budget Management Act. Alex Andrews George is a mentor, author, and entrepreneur. The FRBM Act seeks to achieve long-term macroeconomic stability, while generating budget surpluses, prudential debt management, limiting borrowings to cut down deficits and debt, greater transparency, removal of fiscal impediments and providing a medium-term framework for budgetary implementation. Adopt the 3 Strategies for Success in the UPSC Civil Services Exam. The minimum annual reduction target was 0.5% of GDP. Background After the presentation of the Fiscal Responsibility and Budget Management (FRBM) Act in 2003 and the related FRBM Rules in 2004, the target fiscal deficit to GDP ratio of 3% for the Union government was achieved only once, in 2007-08, when it was 2.5%. The targets were put off several times. Implementing the act, the government had managed to cut the fiscal deficit to 2.7% of GDP and revenue deficit to 1.1% of GDP in 2007–08. What exactly is FRBM? Aspirants can complement their reading with the following related articles: The latest information related to the FRBM Act for the 2019-20 Financial year is given below: This is an important topic in the UPSC exam and other government exams like banking, SSC, RRB, etc. The Committee suggested using debt as the primary target for fiscal policy. High fiscal deficit was the one major macroeconomic problem faced … The targets were breached time and again. In 2020, Finance Minister, Nirmala Sitharaman used the escape clause provided under the FRBM Act to allow the relaxation of the target. Though the Act aims to achieve deficit reductions prima facie, an important objective is to achieve inter-generational equity in fiscal management. The requirement of ‘Medium Term Expenditure Framework Statement’ was also added via amendment in FRBMA. This terminology was innovated by the NK Singh Committee on FRBM. 39 OF 2003 [26th August, 2003] An Act to provide for the responsibility of the Central Government to ensure inter-generational equity in fiscal management and long-term macro-economic stability by [omitted]1 removing fiscal impediments in the effective conduct of monetary policy and This included the Medium-term Fiscal Policy Statement, Fiscal Policy Strategy Statement, Macro-economic Framework Statement, and Medium-term Expenditure Framework Statement. to introduce transparent fiscal management systems in the country. FRBM became an Act in 2003 which provides a legal-institutional framework for fiscal consolidation. Yes, I want ClearIAS to help me score high! Fiscal Responsibility and Budget Management (FRBM) became an Act in 2003. No. The FRBM Review Committee was formed in 2016 under the chairmanship of N.K.Singh with a mandate to review the Fiscal Responsibility & Budget Management (FRBM) Act. The committee will also propose alterations for the time ahead. Fiscal Responsibility and Budget Management (FRBM) Act was enacted by Parliament in 2003 to progressively cut fiscal deficit to 3 percent levels by 2008. Fiscal Deficit (FD)- The Fiscal deficit as per the Indian Budget 2020-21 was estimated, Revenue Deficit (RD)- The Revenue Deficit as per the Indian Budget 2020-21 was estimated, Effective Revenue Deficit (ERD)- The effective revenue deficit as per the, Debt to GDP ratio (Central Government): 50.1. 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