Along with the Budget, the Finance Minister also places other documents before the Parliament which include “The Macro Economic Framework Statement’. The a

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

Answer: D

Explanation

Fiscal Responsibility and Budget Management (FRBM) became an Act in 2003. The objective of the Act is to ensure inter-generational equity in fiscal management, long run macroeconomic stability, better coordination between fiscal and monetary policy, and transparency in fiscal operation of the Government. It requires for the presentation of the following documents before the Parliament – the Medium Term Expenditure Framework Statement (MTEF), Medium-Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macroeconomic Framework Statement.