In the FRBM Act what does FRBM stands for ........

Economic and Social Issues Budgeting and Fiscal policy

15th Finance Commission’s Chairman NK Singh has pitched for an institutional mechanism like a ‘Fiscal Council’ to enforce fiscal rules and keep a check on the Centre's fiscal consolidation. According to International Monetary Fund (IMF), IFCs are now an indispensable part in the design of fiscal frameworks aimed at guiding fiscal policymakers’ discretion. An independent fiscal council can bring about much needed transparency and accountability in fiscal processes across the federal polity.Faster growth in nominal gross domestic product (GDP) usually leads to faster growth in tax collections. However, in India, tax buoyancy shows no stable pattern and hence, forecasting tax revenues is difficult.

In the FRBM Act, what does FRBM stands for?

Financial Relations and Budget Management

Financial Rights and Budget Monetization

Fiscal Relations and Budget Management

Fiscal Rights and Budget Monitoring

Fiscal Responsibility and Budget Management

छोटे Courses बड़े Results

Master Budgeting and Fiscal policy

Prepare through Micro-courses

Try Now

Explanation:

Since 2003 FRBM law came into effect, there have been four pauses in the deficit targets enshrined in it and many occasions where the targets have been flouted.It stands forFiscal Responsibility and Budget Management and is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence.