Fiscal Responsibility and Budget Management Act (FRBM)

The Fiscal Responsibility and Budget Management (FRBM) Act is an Indian law aimed at promoting fiscal discipline by setting targets for reducing fiscal deficits and controlling government debt. It encourages transparent and responsible fiscal policies, ensuring that government borrowing remains within sustainable limits. The act aims to create a balanced budget, foster economic stability, and ensure that public funds are managed prudently, ultimately contributing to overall economic health and reducing the risk of financial crises.