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Which of the following fiscal policy statements are required to be laid before the Parliament under the Fiscal Responsibility and Budget Management Act, 2003 (FRBMA)?
Medium-term F iscal Policy
Fiscal Policy Strategy
Outcome Budget
Medium-term Expenditure Framework
Select the correct answer using the code given below.
- a)1 and 3 only
- b)1, 2 and 4 only
- c)2 and 4 only
- d)1, 2, 3 and 4
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Which of the following fiscal policy statements are required to be la...
- 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.
- The introduction of Outcome Budget is an executive action by the government. From the year 2017-18 onwards, it has been decided that the output and outcomes of the schemes of 68 Ministries and Departments will be available along with the financial outlays as a part of the Budget documents, so that clearly defined objectives and goals for each scheme can be seen by all.
- Hence, option (b) is the correct answer.
Most Upvoted Answer
Which of the following fiscal policy statements are required to be la...
Under the Fiscal Responsibility and Budget Management Act, 2003 (FRBMA), certain fiscal policy statements are required to be laid before the Parliament. These statements help in ensuring fiscal discipline and transparency in the management of public finances. The correct answer is option B, which includes statements 1, 2, and 4.
The statements required to be laid before the Parliament under the FRBMA are as follows:
1. Medium-term Fiscal Policy Statement: This statement provides a comprehensive overview of the government's fiscal policy objectives, strategies, and targets for the medium term. It includes details about the government's revenue and expenditure plans, fiscal deficit targets, and debt management strategies. The medium-term fiscal policy statement helps in promoting fiscal stability and sustainability.
2. Fiscal Policy Strategy Statement: This statement outlines the government's fiscal policy priorities and strategies for the upcoming financial year. It includes details about the government's revenue and expenditure plans, tax policy changes, and measures to promote economic growth and development. The fiscal policy strategy statement helps in aligning the government's fiscal policy with its broader economic objectives.
4. Budget: The budget is a key fiscal policy statement that presents the government's expenditure and revenue plans for the upcoming financial year. It includes details about the government's spending priorities, tax proposals, and measures to promote economic growth and welfare. The budget is presented in the form of the Finance Bill, which is discussed and approved by the Parliament.
The Medium-term Expenditure Framework (MTEF) statement mentioned in the options is not specifically required to be laid before the Parliament under the FRBMA. However, the MTEF is an important tool for fiscal planning and budgeting, as it provides a medium-term perspective on government expenditure priorities and enables better allocation of resources.
In conclusion, under the FRBMA, the required fiscal policy statements to be laid before the Parliament include the Medium-term Fiscal Policy Statement, Fiscal Policy Strategy Statement, and the Budget. These statements help in promoting fiscal discipline, transparency, and accountability in the management of public finances.
The statements required to be laid before the Parliament under the FRBMA are as follows:
1. Medium-term Fiscal Policy Statement: This statement provides a comprehensive overview of the government's fiscal policy objectives, strategies, and targets for the medium term. It includes details about the government's revenue and expenditure plans, fiscal deficit targets, and debt management strategies. The medium-term fiscal policy statement helps in promoting fiscal stability and sustainability.
2. Fiscal Policy Strategy Statement: This statement outlines the government's fiscal policy priorities and strategies for the upcoming financial year. It includes details about the government's revenue and expenditure plans, tax policy changes, and measures to promote economic growth and development. The fiscal policy strategy statement helps in aligning the government's fiscal policy with its broader economic objectives.
4. Budget: The budget is a key fiscal policy statement that presents the government's expenditure and revenue plans for the upcoming financial year. It includes details about the government's spending priorities, tax proposals, and measures to promote economic growth and welfare. The budget is presented in the form of the Finance Bill, which is discussed and approved by the Parliament.
The Medium-term Expenditure Framework (MTEF) statement mentioned in the options is not specifically required to be laid before the Parliament under the FRBMA. However, the MTEF is an important tool for fiscal planning and budgeting, as it provides a medium-term perspective on government expenditure priorities and enables better allocation of resources.
In conclusion, under the FRBMA, the required fiscal policy statements to be laid before the Parliament include the Medium-term Fiscal Policy Statement, Fiscal Policy Strategy Statement, and the Budget. These statements help in promoting fiscal discipline, transparency, and accountability in the management of public finances.
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Which of the following fiscal policy statements are required to be laid before the Parliament under the Fiscal Responsibility and Budget Management Act, 2003 (FRBMA)? Medium-term F iscal Policy Fiscal Policy Strategy Outcome Budget Medium-term Expenditure Framework Select the correct answer using the code given below.a)1 and 3 onlyb)1, 2 and 4 onlyc)2 and 4 onlyd)1, 2, 3 and 4Correct answer is option 'B'. Can you explain this answer?
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