Fiscal Responsibility & Budget Management Act, 2003

This comprehensive edition presents the full text of the Fiscal Responsibility & Budget Management Act, 2003 (FRBM Act)—one of India’s most significant fiscal reform legislations aimed at strengthening financial discipline and ensuring long-term macroeconomic stability. The book explains the Act’s framework for reducing fiscal deficits, controlling government debt, and mandating transparency in budgetary processes through structured reporting obligations. It covers key features such as medium-term fiscal policy statements, fiscal indicators, contingent liabilities, and fiscal correction paths, along with amendments that have shaped India’s evolving fiscal architecture, including provisions relating to escape clauses and flexibility during economic shocks. With clear, section-wise insights, the edition provides an accessible understanding of compliance obligations imposed on the Central Government and the mechanisms designed to enhance accountability and public financial management. Ideal for academicians, financial analysts, civil servants, legal researchers, and students, this resource offers a precise, practical, and authoritative guide to the FRBM Act and its role in India’s fiscal governance framework.