Multiple Choice Questions on With reference to Fiscal Responsibility and Budget Management FRBM Act consider following statements........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to Fiscal Responsibility and Budget Management FRBM Act consider following statements...........

Economic Affairs Public Finance and Debt Management
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    With reference to Fiscal Responsibility and Budget Management (FRBM) Act, consider following statements

    1. It aimed for eliminating both revenue deficit and fiscal deficit
    2. It aimed for giving flexibility to RBI for inflation management

    Select the correct statement.

    1 only

    Incorrect Answer

    2 only

    Correct Answer

    Both

    Incorrect Answer

    None

    Incorrect Answer
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    Explanation:

    FRBM Act had the objective of ensuring prudence in fiscal management by eliminating revenue deficit, REDUCING ( and not eliminating ) fiscal deficit hence 1st is incorrect, establishing improved debt management and improving transparency in a medium term framework with quantitative targets to be adhered by the state with regard to deficit measures and debt management. The act was also expected to give necessary flexibility to Reserve Bank of India(RBI) for managing inflation in India.

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