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Fiscal Responsibility and Budget Management Act Video Lecture | Crash Course for UPSC Aspirants

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FAQs on Fiscal Responsibility and Budget Management Act Video Lecture - Crash Course for UPSC Aspirants

1. What is the Fiscal Responsibility and Budget Management Act?
Ans. The Fiscal Responsibility and Budget Management Act is an Indian law enacted in 2003 to ensure fiscal discipline, reduce the country's fiscal deficit, and manage government finances effectively.
2. What are the objectives of the Fiscal Responsibility and Budget Management Act?
Ans. The main objectives of the Fiscal Responsibility and Budget Management Act are to reduce fiscal deficit, promote transparency in fiscal operations, and ensure long-term macroeconomic stability.
3. How does the Fiscal Responsibility and Budget Management Act impact government spending?
Ans. The Fiscal Responsibility and Budget Management Act imposes restrictions on government borrowing, limits the fiscal deficit, and encourages prudent management of public finances to prevent overspending.
4. What are the consequences of violating the Fiscal Responsibility and Budget Management Act?
Ans. Violating the Fiscal Responsibility and Budget Management Act can result in penalties, including potential restrictions on government borrowing, as well as damage to the country's fiscal credibility and stability.
5. How does the Fiscal Responsibility and Budget Management Act benefit the economy and taxpayers?
Ans. The Fiscal Responsibility and Budget Management Act helps to maintain fiscal discipline, control inflation, and create a stable economic environment that benefits taxpayers through reduced government debt and better financial management.
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