Background: Union Finance Minister Nirmala Sitharaman announced during her Budget speech that the Centre would reduce its fiscal deficit to 4.9% of gross domestic product (GDP) in 2024-25. She further added that the fiscal deficit would be reduced to below …
About FRBM Act The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in 2003. It is concerned with the maintenance of a balance between government revenue and government spending. The Act set targets for the government to reduce fiscal …