As we all know some new initiatives were introduced in the area of Fiscal Management by the government of India. Which of the following acts was passed a few years back to keep a check on the fiscal indiscipline on macroeconomic parameters?

The Fiscal Responsibility and Budget Management Act (FRBMA) was passed in 2003 to institutionalize fiscal discipline and prevent macroeconomic imbalances. It mandates targets for fiscal deficit, revenue deficit, and debt reduction to ensure responsible budget management. FERA and FEMA deal with foreign exchange, while FRBMA specifically addresses fiscal discipline.