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Mains Daily Question
Nov. 3, 2020

  1. What were the reasons for the introduction of Fiscal Responsibility and Budget Management (FRBM) Act, 2003? What were the shortcomings in the Act that undermined its effectiveness?

Approach:

  • Briefly discuss FRBM in the introduction

  • Explain the need of FRBM act

  • Discuss the various shortcomings in the Act that made it less effective

  • Conclude with suggestions

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