Budget 2025: What is FRBM Act and why it is always discussed during Budget talks?
fiscal discipline by reducing the fiscal deficit, achieving fiscal stability, and so much more.
When was the FRBM Bill introduced?
The FRBM Bill was first introduced in 2000 by then finance minister Yashwant Sinha. It was subsequently adopted by the Union Cabinet in 2003 and thus, came into effect as from July 5, 2004.
Important Features of the FRBM Act
It obliges the government to lay before Parliament specific financial documents along with the Union Budget which includes:
- Medium Term Fiscal Policy Statement
- Macroeconomic Framework Statement
- Fiscal Policy Strategy Statement
It also includes projections on fiscal deficit, revenue deficit and tax revenue and liabilities as a percentage of GDP.
FRBM Act Exemption
The Act allows to deviate from the fiscal deficit and revenue targets, subject to special cases like:
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