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The Full Form of FRBM is Fiscal Responsibility and Budget Management. FRBM was put into action by the Government of India in 2003, this legislation aimed to institutionalise fiscal discipline, promote transparency in fiscal operations as well as make sure that there is long-term macroeconomic stability. Moreover, the FRBM is an important tool for fiscal management, hence it guides the Government’s expenditure and revenue policies to maintain sustainable economic growth.
Also Read: What is the Full Form of GSDP?
What is the Role of FRBM?
Furthermore, the primary role of the FRBM is to have fiscal discipline in the government. Additionally, the other roles are:
- It sets targets for decreasing the fiscal deficit and achieving fiscal sense.
- FRBM aspires to manage inflationary pressures, promote savings and investment, and create a favourable environment for economic growth. It does so by limiting the government’s borrowing and spending.
- Moreover, FRBM improves accountability and transparency in fiscal management.
- It requires the government to publish regular reports on:
- Fiscal indicators
- Revenue projections
- Expenditure plans
- It requires the government to publish regular reports on:
Thus promoting stakeholders to assess the government’s fiscal performance objectively.
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