The correct answer is All of the above. Explanation & Key Takeaways: Fiscal Responsibility and Budget Management Act, 2003 • The act was enacted in 2003 • The key objective of the act is to reduce the fiscal deficit to 3% of GDP • The main Objectives of the FRBM act are • To make the government responsible to ensure inter-generational equity in fiscal management and long-term macro-economic stability • To make the government responsible for removing fiscal impediments to the effective conduct of monetary policy • To limit government borrowing under a time-bound program to altogether eliminate revenue deficit and bring down fiscal deficit to prudent limits • Improving transparency in fiscal operations of the government in order to avoid any window dressing the deficit targets • Hence all the given statements are correct.