Consider the following statements regarding the Economic Survey and Budget of India i ...........

Economic Affairs Public Finance and Debt Management

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Consider the following statements regarding the Economic Survey and Budget of India.

i) The Constitution of India does not use the term "Budget" anywhere

ii) The presentation of Economic Survey is neither a constitutional or statutory obligation

iii) The presentation of Economic Survey is mandated as per the provisions of the FRBM Act, 2003

Which of the above statements are incorrect?

iii only

ii only

i and ii only

None of the above

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Explanation:

3rd statement is incorrect in relation to Economic Survey.
The Economic Survey was prepared by the Economic Division of the Department of Economic Affairs in the Finance Ministry under the overall guidance of the Cheif Economic Adviser. After receiving inputs from the senior officers in the Ministry of Finance, the final version of the Economic Survey is scrutinized by the Finance Secretary and finally approved by the Union Finance Minister.