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Fiscal Responsibility and Budget Management (FRBM) Act, 2003

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Central or state Act — primary legislation passed by the legislature. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.

Summary

Legislation to institutionalise fiscal discipline by setting targets for reducing fiscal deficit to 3% of GDP and eliminating revenue deficit. Established a framework for responsible fiscal management by the central government.

Key Facts

TypeAct

SourceHistorical Record (Curated)

PublishedTuesday, 26 August 2003

Affected Population1.4 billion citizens, 63 million MSMEs

Key Numbers

GDP: $3.9 trillion (2025 est.)

Fiscal deficit target: 4.4% of GDP

GST collection: Rs 1.87 lakh crore/month avg

20 million central + state government employees

Key Authorities

Key Stakeholders

Government Context

NDA IIIBJP-led NDA

Centre-Right

LeftCentreRight

Explore Sectors

Finance & Economy671 tracked→Governance & Reform175 tracked→

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