The Fiscal Responsibility and Budget Management Act (FRBMA) was introduced in the year ____________.

Correct option is B

The correct answer is (b) 2003

Explanation:

. The Fiscal Responsibility and Budget Management (FRBM) Act was enacted by the Indian Parliament in 2003.

. It received Presidential assent on 26 August 2003.

. The Act aimed to institutionalize financial discipline in public finances.

. It sought to reduce fiscal deficit, revenue deficit, and overall public debt.

. The Act laid down fiscal targets and rules for responsible budget management.

Information Booster:

. The FRBM Act provides a legal framework for fiscal consolidation in India.

. It includes provisions for transparency, medium-term fiscal policy statements, and an escape clause during exceptional circumstances.