Which one of the following was not stipulated in the Fiscal Responsibility and Budget Management Act, 2003 ?

The FRBM Act/Rules set explicit targets for revenue and fiscal deficits, not for the primary deficit. The Act (and Rules) required elimination of revenue deficit by 2008–09 and annual reduction paths, and sought reduction of fiscal deficit to 3% of GDP by 2008–09; it also restricted Central Government borrowing from the RBI (from 2006–07) and imposed limits on government guarantees as a percentage of GDP (e.g., 0.5% of GDP) — all of which are specified obligations under the Act/Rules [2]. Nowhere does the FRBM 2003 mandate elimination of the primary deficit by 2008–09; its focus was on revenue and fiscal deficit targets and related transparency/borrowing provisions [2].

Sources

1. [1] https://fincomindia.nic.in/asset/doc/commission-reports/13th-FC/english/Chapter4.pdf
2. [2] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 5: Indian Tax Structure and Public Finance > FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003 > p. 115