Fiscal Responsibility and Budget Management Act: Its aim

The Fiscal Responsibility and Budget Management Bill introduced by the NDA government of India in 2000, translated into Fiscal Responsibility and Budget Management Act in 2003.

It was enacted by the Parliament of India to institutionalise financial discipline, reduce India's fiscal deficit and improve macroeconomic management.

It also aims at overall management of the public funds by moving towards a balanced budget. The main purpose of this act was to eliminate revenue deficit.  The Gramm - Rudman - Hollings Balanced Budget Act of the USA and Stability and Growth Pact of the European Union are widely considered as the international forerunners to this act.

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