2024 · Q100
What is the percentage weightage assigned to Forest and Ecology in the devolution formula given by the Fifteenth Finance Commission of India for sharing of Union tax revenue with the States?
indian-polity-economyeconomy-fundamentals
- A10%
- B15%
- C7.5%
- D2.5%
Explanation
The Fiscal Responsibility and Budget Management (FRBM) Act was enacted in 2003 to institutionalise fiscal discipline, mandating the Central Government to reduce the fiscal deficit and eliminate the revenue deficit within a defined timeframe. It was not enacted in 1993, 2013 or 2023. Hence 2003 is correct.