GENERAL KNOWLEDGE

GK

INDIAN POLITICS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which one of the following is responsible for the preparation and presentation of Union Budget to the Parliament?

A	Department of Revenue
B	Department of Economic Affairs
C	Department of Financial Services
D	Department of Expenditure

Explanation:

Detailed explanation-1: -The correct answer is Department of Economic Affairs. Union Budget: Article 112 to the Indian Constitution defines the term ‘Financial Statement’ also referred to as the Union Budget.

Detailed explanation-2: -The correct answer is option 1 i.e, Department of Economic affairs.

Detailed explanation-3: -Now, the term is used for an annual financial statement of income and expenditure of a government. The budget is prepared by the Finance Minister with the assistance of number of advisors and bureaucrats. The Finance Minister seeks the view of the industry captains and economists prior to preparation.

Detailed explanation-4: -On 1 February 2021, Finance Minister Nirmala Sitharaman presented the first paperless budget. This was done due to the ongoing COVID-19 pandemic in India.

There is 1 question to complete.