GK
BANKING AWARENESS AND SEBI
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Question
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Fiscal Responsibility and Budget Management
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Fiscal Responsibility and Business management
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Financial Responsibility and Budget Management
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Financial Responsibility and Business management
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Detailed explanation-1: -It 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.
Detailed explanation-2: -The Financial Responsibility and Budgeting Management Act (FRBM Act) was implemented by the Indian Parliament to integrate fiscal stability, mitigate India’s fiscal deficit, uplift macroeconomic stability, and regulate funds of the public by presenting a balanced budget and reintegrating fiscal frugality.
Detailed explanation-3: -(1) These rules may be called the fiscal Responsibility and Budget Management Rules, 2004. (2) They shall come into force on the 5th day of July, 2004.
Detailed explanation-4: -The objective of the Fiscal Responsibility and Budget Management Act, 2004 is. to reduce revenue deficit. to reduce fiscal deficit. to ensure that public debt does not exceed 50% of the GDP of the year from 2011.