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Fiscal Responsibility and Budget Management Act, 2003
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalise financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget. The main purpose was to eliminate revenue deficit〔''Revenue Deficit'' is defined in the ''act'' as the difference between the revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets〕 of the country (building revenue surplus thereafter) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008. However, due to the 2007 international financial crisis, the deadlines for the implementation of the targets in the act was initially postponed and subsequently suspended in 2009. In 2011, given the process of ongoing recovery, Economic Advisory Council publicly advised the Government of India to reconsider reinstating the provisions of the FRBMA.
==Enactment==
The Fiscal Responsibility and Budget Management ''Bill'' (FRBM Bill) was introduced in India by the then Finance Minister of India, Mr.Yashwant Sinha in December, 2000. Firstly, the bill highlighted the terrible state of government finances in India both at the Union and the state levels under the statement of objects and reasons. Secondly, it sought to introduce the fundamentals of fiscal discipline at the various levels of the government.The FRBM bill was introduced with the broad objectives of eliminating revenue deficit by 31 Mar 2006, prohibiting government borrowings from the Reserve Bank of India three years after enactment of the bill, and reducing the fiscal deficit to 2% of GDP (also by 31 Mar 2006).〔 Further, the bill proposed for the government to reduce liabilities to 50% of the estimated GDP by year 2011. There were mixed reviews among economists about the provisions of the bill, with some criticising it as ''too drastic''. Political debate ensued in the country. Several revisions later, it resulted in a much relaxed and watered-down version of the bill (including postponing the date for elimination of revenue deficit to 31 March 2008) with some experts, like Dr Saumitra Chaudhuri of ICRA Ltd.〔Formerly Investment Information and Credit Rating Agency of India Limited〕〔(ICRA Ltd )〕(and now a member of Prime Ministers' Economic Advisory Council) commenting, ‘‘all teeth of the Fiscal Responsibility Bill have been pulled out and in the current form it will not be able to deliver the anticipated results.’’ This bill was approved by the Cabinet of Ministers of the Union Government of India in February, 2003 and following the due enactment process of Parliament, it received the assent of the President of India on 26 August 2003. Subsequently, it became effective on 5 July 2004. This would serve as the ''day of commencement of this Act''.
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