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 & Explanation
Correct answer: D. Provisions of the Fiscal Responsibility and Budget Management Act, 2003
The presentation of the Macro Economic Framework Statement is mandated by the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. This act aims to introduce fiscal discipline and transparency in public finances. The Macro Economic Framework Statement provides an assessment of the macroeconomic situation and its implications for fiscal stability, and is a key document presented alongside the Union Budget as per the FRBM Act.
Source: UPSC gs1 2020