Fiscal Responsibility and Budget Management

The Fiscal Responsibility and Budget Management (FRBM) Act of 2003 was introduced in India to address the persistent problem of fiscal deficit and ensure prudent management of public finances

Fiscal Responsibility and Budget Management

What are the reasons for introduction of Fiscal responsibility and Budget Management (FRBM) act, 2003? Discuss critically its salient features and their effectiveness. (150 Words, 10 Marks)