The purpose of the Fiscal Responsibility and Budget Management Act is among other things ........

General Studies(Punjab Allied) Indian Economy

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The purpose of the Fiscal Responsibility and Budget Management Act is, among other things

To regulate government borrowing

To allow urban local bodies to incur debts

To make the State governments responsible for the implementation of Central schemes

None of the above

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Explanation:

- Option 1: To regulate government borrowing

- The Fiscal Responsibility and Budget Management (FRBM) Act primarily aims to reduce fiscal deficits and public debt levels of the government. It sets targets on how much the government can borrow, making this option the central purpose of the FRBM Act.

- This option is correct.

- Option 2: To allow urban local bodies to incur debts

- The FRBM Act is not specifically designed to address the financial activities of urban local bodies, such as municipalities. It focuses on central government fiscal policies.

- Option 3: To make the State governments responsible for the implementation of Central schemes

- The FRBM Act does not impose responsibilities on State governments regarding the implementation of Central schemes. It concentrates on the central fiscal discipline.

- Option 4: None of the above

- This is incorrect because option 1 accurately describes one of the primary purposes of the FRBM Act.