Which of the following statements is not true regarding the Fiscal Responsibility and Budget Management (FRBM) Act and its impact on fiscal policy in India?
1
The FRBM Act mandates the government to reduce the fiscal deficit and eliminate the revenue deficit.
2
It requires the government to present a Medium-term Fiscal Policy Statement along with the annual budget.
3
The Act includes provisions for fiscal transparency and accountability.
4
The FRBM Act permits unlimited borrowing by the government to manage fiscal deficits.
5
The Act was introduced to ensure inter-generational equity in fiscal management.