Question
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
(a) Long-standing parliamentary convention
(b) Article 112 and Article 110(1) of the Constitution of India
(c) Article 113 of the Constitution of India
(d) Provisions of the Fiscal Responsibility and Budget Management Act, 2003
Answer:
D
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Explanation:
The presentation of the Macro Economic Framework Statement along with the Budget is mandated by the Fiscal Responsibility and Budget Management Act, 2003. This statement provides an overview of the economy, including assessments of the fiscal balance, price fluctuations, GDP growth rate, and external sector balance. It is a requirement to ensure transparency and provide information on the economic framework to the Parliament. The statement also includes an assessment of the growth prospects of the economy along with the underlying assumptions.