UPSC Previous Year Question | Prelims GS | 2020

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

  1. Long standing parliamentary convention
  2. Article 112 and Article 110(1) of the Constitution of India
  3. Article 113 of the Constitution of India
  4. Provisions of the Fiscal Responsibility and Budget Management Act, 2003

Answer

Correct Answer

Provisions of the Fiscal Responsibility and Budget Management Act, 2003

Explanation

The FRBM Act, 2003 requires the government to lay before Parliament the Medium-term Fiscal Policy Statement, the Fiscal Policy Strategy Statement and the Macro-economic Framework Statement along with the Budget.

Topics: budget & financial legislation, frbm act 2003 - macro-economic framework statement, polity & governance, union legislature (parliament)