Budget 2025: What is FRBM Act and why it is always discussed during Budget talks?

The Fiscal Responsibility and Budget Management Act, 2003, enacted to maintain fiscal discipline in India, faced challenges and amendments. Introduced in 2000 and implemented in 2004, the act aimed to reduce fiscal deficit and promote transparency. The COVID-19 pandemic disrupted fiscal targets, leading to a revised consolidation plan aiming for deficit reduction by 2025-26.