What does 'F' stand for in FRBM Act, 2003 of Indian economy?

Fiscal Financial  Freedom Functional

Fiscal

The Fiscal Responsibility and Budget Management Act (FRBM Act), 2003, establishes financial discipline to reduce fiscal deficit.   The FRBM Bill was introduced by the then finance minister, Yashwant Sinha, in 2000. The Bill, approved by the Union Cabinet in 2003, became effective from July 5, 2004.   The FRBM Act aims to introduce transparency in India's fiscal management systems. The Act’s long-term objective is for India to achieve fiscal stability and to give the Reserve Bank of India (RBI) flexibility to deal with inflation in India. The FRBM Act was enacted to introduce more equitable distribution of India's debt over the years.   Additional Information -    Key features of the FRBM Act -    The FRBM Act made it mandatory for the government to place the following along with the Union Budget documents in Parliament annually:   1. Medium Term Fiscal Policy Statement   2. Macroeconomic Framework Statement   3. Fiscal Policy Strategy Statement   The FRBM Act proposed that revenue deficit, fiscal deficit, tax revenue and the total outstanding liabilities be projected as a percentage of gross domestic product (GDP) in the medium-term fiscal policy statement.   FRBM Act exemptions -    On grounds of national security, calamity, etc, the set targets of fiscal deficits and revenue could be exceeded.