{"id":69499,"date":"2024-04-20T10:43:12","date_gmt":"2024-04-20T10:43:12","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=69499"},"modified":"2024-04-20T10:43:12","modified_gmt":"2024-04-20T10:43:12","slug":"the-fiscal-responsibility-and-budget-management-frbm-act-aims-to-ensure-2","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-fiscal-responsibility-and-budget-management-frbm-act-aims-to-ensure-2\/","title":{"rendered":"The Fiscal Responsibility and Budget Management (FRBM) Act aims to ensure:"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9720fcbb9fd\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Prudent fiscal management                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Reduction of fiscal deficit                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Transparency in public finance                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    All of the above                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>d) All of the above<\/strong><\/p>\n<p>The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 is an Act of the Parliament of India enacted with the objective of ensuring macroeconomic stability and fiscal prudence in the country. The Act sets out a medium-term fiscal framework for the central government and prescribes limits on the fiscal deficit and revenue deficit. The Act also provides for transparency in public finances and accountability of the <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> government for its fiscal performance.<\/p>\n<p>The FRBM Act has been successful in achieving its objectives of fiscal consolidation and macroeconomic stability. The fiscal deficit and revenue deficit have been brought down significantly since the enactment of the Act. The Act has also helped to improve transparency in public finances and accountability of the government for its fiscal performance.<\/p>\n<p>The FRBM Act has been amended twice, in 2005 and 2012. The amendments have made the Act more flexible and responsive to the changing economic conditions. The Act has also been supplemented by a number of other fiscal reforms, such as the introduction of the Goods and Services Tax (GST) and the Direct Tax Code (DTC).<\/p>\n<p>The FRBM Act has been a landmark reform in the Indian fiscal system. It has helped to improve the country&#8217;s macroeconomic stability and fiscal prudence. The Act has also helped to improve transparency in public finances and accountability of the government for its fiscal performance.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>Prudent fiscal management<\/strong> means that the government should spend within its means and avoid borrowing too much money. This will help to keep the country&#8217;s debt levels under control and avoid a fiscal crisis.<\/li>\n<li><strong>Reduction of fiscal deficit<\/strong> means that the government should reduce the difference <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> between its revenue and expenditure. This will help to improve the country&#8217;s fiscal position and make it more sustainable in the long run.<\/li>\n<li><strong>Transparency in public finance<\/strong> means that the government should disclose all of its financial information in a timely and accurate manner. This will help to ensure that the public is aware of the government&#8217;s financial position and can hold it accountable for its spending.<\/li>\n<li><strong>All of the above<\/strong> means that the FRBM Act aims to ensure all of the above objectives.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[974],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Fiscal Responsibility and Budget Management (FRBM) Act aims to ensure:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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