FRBM Act and Fiscal Rules — Prelims Questions

Which of the following statements about the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, is/are correct? 1. It mandates the Central Government to eliminate the revenue deficit. 2. The N.K. Singh Committee recommended replacing the revenue deficit target with a debt-to-GDP ratio target. 3. The Act includes an 'escape clause' allowing deviation from targets under specific circumstances. 4. State governments are not allowed to enact their own FRBM-like legislations.

Consider the following statements regarding the N.K. Singh Committee's recommendations on the FRBM Act: 1. It recommended retaining the 3% fiscal deficit target for the Central Government. 2. It proposed a general government debt-to-GDP ratio of 60% by 2023. 3. It suggested eliminating the concept of an 'escape clause' to ensure stricter fiscal discipline. Which of the statements given above is/are correct?

Which of the following statements best describes the 'effective revenue deficit' introduced in the FRBM (Amendment) Act, 2012?

What is the current target for the Central Government's fiscal deficit as per the Budget 2024-25 roadmap?

Which of the following is NOT a statement mandated to be presented along with the annual budget under the FRBM Act?