Provisions of Fiscal Responsibility and Budget Management Act, 2003 & their purposes
Q. Match the documents under provisions of the Fiscal Responsibility and Budget Management Act, 2003 as per their purposes –
A) Macro-economic framework ------------------------------------ i) explains how the current policies are in conformity with sound fiscal management principles and gives the rationale for any major deviation in key fiscal measures.
B) Fiscal Policy Strategy Statement ------------------------------- ii) contains an assessment of the growth prospects of the economy
C) Medium Term Fiscal Policy Statement ------------------------ iii) sets out three-year rolling targets for four specific fiscal indicators in relation to GDP at market prices
D) Medium Term Expenditure Framework Statement -------- iv) provide a closer integration between budget and the FRBM Statements.- Published on 06 Aug 15a. A-i; B-ii; C-iii; D-iv
b. A-ii; B-i; C-iii; D-iv
c. A-i; B-iii; C-iv; D-ii
d. A-iv; B-iii; C-i; D-ii
ANSWER: A-ii; B-i; C-iii; D-iv
Under provisions of the Fiscal Responsibility and Budget Management Act, 2003, documents in the List 1 are to be presented along with the Union Budget. Medium-term Expenditure Framework Statement is presented separately in the session next to the session in which Budget is presented, i.e. normally in the Monsoon Session.
