Fiscal Responsibility and Budget Management (FRBM) Act, 2003
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Policy framework or directive — a strategic document setting direction, principles, and objectives for governance. Guides the design of schemes, legislation, and implementation strategies.
Summary
Legislation to institutionalise fiscal discipline by setting targets for reducing fiscal deficit to 3% of GDP and eliminating revenue deficit. Established a framework for responsible fiscal management by the central government.
Key Facts
TypeAct
SourceHistorical Record (Curated)
PublishedTuesday, 26 August 2003
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
20 million central + state government employees
Key Authorities
Key Stakeholders
Government Context
NDA IIIBJP-led NDA
LeftCentreRight