The correct answer is option 'D' - 2003.

Explanation:
The Fiscal Responsibility and Budget Management (FRBM) Act was implemented in 2003 in India. It was introduced by the then Finance Minister, Mr. Jaswant Singh, as part of the government's efforts to bring fiscal discipline and ensure responsible budget management.

The FRBM Act aimed to establish a framework for sound fiscal management by setting targets and rules for the government's fiscal behavior. It aimed to reduce the fiscal deficit, which is the difference between government expenditure and revenue, in order to stabilize the economy and promote sustainable growth.

The Act had several key provisions:

1. Fiscal targets: The FRBM Act set targets for the fiscal deficit, revenue deficit, and other fiscal indicators. It aimed to reduce the fiscal deficit to 3% of GDP and eliminate the revenue deficit by a specified timeline.

2. Medium-term fiscal policy statement: The Act required the government to present a medium-term fiscal policy statement, which outlined its fiscal objectives and targets for the next three years. This statement provided transparency and accountability in fiscal planning.

3. Fiscal responsibility and budget management rules: The Act mandated the government to adhere to certain fiscal rules, such as limiting the growth of revenue expenditure, controlling borrowings, and reducing subsidies. These rules aimed to ensure prudent fiscal management and reduce the burden of public debt.

4. Fiscal responsibility and budget management review committee: The Act established a review committee to assess the government's compliance with fiscal targets and rules. This committee provided an independent assessment of the government's fiscal performance.

5. Transparency and accountability: The Act emphasized the importance of transparency and accountability in fiscal management. It required the government to present an annual fiscal policy statement, publish fiscal indicators, and provide explanations for deviations from fiscal targets.

Overall, the implementation of the FRBM Act in 2003 was a significant step towards promoting fiscal discipline and responsible budget management in India. It aimed to ensure that the government's fiscal policies were sustainable, transparent, and accountable, thereby contributing to the overall economic stability and growth of the country.

D