FRBM Act and Budget Documents
Question
Along with the Budget, the Finance Minister also places other documents before the Parliament which include 'The Macro Economic Framework Statement'. The aforesaid document is presented because this is mandated by
Options
Long standing parliamentary convention
Article 112 and Article 110(1) of the Constitution of India
Article 113 of the Constitution of India
Provisions of the Fiscal Responsibility and Budget Management Act, 2003
Explanation
The Macro-Economic Framework Statement, along with the Medium-Term Fiscal Policy Statement and the Fiscal Policy Strategy Statement, are mandated by the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 to be presented alongside the Union Budget. > One-line conceptual takeaway: FRBM Act binds the government to present specific macro-economic assessments to ensure fiscal discipline. Answer: (d).
Question details
Year
2020
Paper
GS Paper 1
Question
Q6
Subject
Economy
Sub-topic
Fiscal Policy, Taxation & Budget
Type
Factual single
Difficulty
Medium
Nature
Static
Source hint
FRBM Act 2003
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