The Fiscal Responsibility And Budget Management (FRBM) Act
Consider the following statements:
- The Fiscal Responsibility and Budget Management (FRBM) Act is a law enacted by the Government of India in 2003 to ensure fiscal discipline – by setting targets including reduction of fiscal deficits and elimination of revenue deficit.
- Under the Act, Escape clauses provide flexibility to governments to overshoot fiscal deficit targets in times of need, enabling them to respond to economic shocks.
Both 1 and 2
Neither 1 nor 2