Option 3: 2003 -> The Fiscal Responsibility and Budget Management Act (FRBMA) was enacted by the Parliament of India in 2003. This act was introduced to institutionalize financial discipline, reduce fiscal deficits, and improve macroeconomic management. It came into force on July 5, 2004, and aimed to ensure inter-generational equity in fiscal management and long-term sustainability of fiscal policy. The Act mandated the government to reduce fiscal deficit and revenue deficit as a percentage of GDP within specified timelines. -> correct