Consider the following statements about Fiscal Responsibility and Budget Management Act (FRBM):
1. FRBM act targets to reduce the fiscal deficit to 3.1% of the GDP by March 2023.
2. It sets limits on the Central government’s fiscal policy in a medium-term framework.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 or 2