Indian Economy

General Studies ( Prelim)

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Indian Economy - Understanding the basics of Indian economic system

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Consider the following statements

The National Small Savings Fund (NSSF) was established within the Public Account of India.
The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.

Select the correct statement.

1 only

2 only

Both

None

Explanation:

The National Small Savings Fund (NSSF) within the Public Account of India was established in 1999.

The objective of the creation of the NSSF was to de-link small savings transactions from the Consolidated Fund of India and ensure their operation in a transparent and self-sustaining manner.
Since NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
The Fund is administered by the Government of India, Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President of India under Article 283 (1) of the Indian Constitution.

Hence both statements are correct.

By: Shubham Tiwari

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