UPPSC/UPPCS Mains- Answer writing practice
Discuss the salient features of the FRBM Act 2003. (125 words)
FRBM अधिनियम 2003 की मुख्य विशेषताओं पर चर्चा करें। (125 शब्द)
The salient features of the The Fiscal Deficit and Budget Management Act, 2003 were:
· Every year, the government will bring down revenue deficit by 0.5% and eliminate it by 2008-09.
· Every year, the government will bring down fiscal deficit by 0.3% and bring it down by 3% by 2008- 09.
· Total liabilities of the Union Government should not rise by more than 9% per annum.
· Union Government would not give guarantee to loans raised by PSUs and State Governments for more than 0.5% of the GDP in aggregate.
· Union Government would place three more documents along with the budget documents i.e. Macroeconomic Framework Statement, Medium Term Fiscal Policy Statement and Fiscal Policy Strategy Statement.
· At the end of the 2nd quarter, the Finance Minister would make a statement on the trend of fiscal indicators and corrective measures taken thereof.
However, the government has not been able to achieve the targets particularly post 2008 financial crises.
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