Parliament on Tuesday approved the long-awaited fiscal responsibility legislation after Finance Minister Jaswant Singh promised there would be no lowering of developmental expenditure and fiscal deficit would be contained through revenue mop-up and expenditure control.

The Fiscal Responsibility and Budget Management Bill, which was passed by Lok Sabha in the Budget session, was approved by Rajya Sabha on Tuesday by voice vote.

Winding up the two-day debate on the Bill, Singh admitted that it was a "hesitant" step in containing fiscal deficit as Parliamentary Standing Committee had diluted some of the stringent provisions.

He announced the government would present in Parliament a quarterly review of the economy before the conclusion of monsoon session.

The review would encompass revenue generation and expenditure details as also indicating deficits, he said.

The Bill, which was first introduced in Parliament in 2001, was approved by Parliament after incorporating most of the recommendations of the Standing Committee on Finance.