Budgeting and Fiscal policy

Indian Economy

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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

Long convention standing parliamentary

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:

Every year, a macro-economic framework statement is presented before Parliament at the time of Union Budget presentation. This is under Section 3(5) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003.
The FRBM Act instructs the government to make an assessment of growth prospects for the economy with regards to specific underlying assumptions. The statement contains an overview of the economy. This includes an assessment regarding the GDP growth rate, fiscal balance of the central government and the external sector balance of the economy.

Hence option 4th is correct.

By: Abhipedia

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