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Fiscal Responsibility and Budget Management Act Video Lecture | Crash Course for UPSC Aspirants
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193 videos|121 docs|4 tests
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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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