Tag: economics of planning

Two budgets were presented in the year 1947. The first budget was presented in the month of March. Jawaharlal Nehru, Rajiv Gandhi and Indira Gandhi were the three Prime-Ministers who have presented budgets.

Thus, the correct answer is A.

The rolling plan refers to the plan where there is no fix time period of the commencement and end of the plan. The rolling plan is resourceful to overcome the rigidity. This can be done by mending the targets. 

In India, the first rolling plan was introduced in 1978-80. The rolling plan emphasised on the annual review of progress in the implementation of plans.

Thus, the correct answer is D.

IFCI is Industrial Finance Corporation of India. It is a Non-banking financial company established in the year 1948. Furthermore, SFC ( State Financial Corporation) was established in the year 1951. Another financial institution, EXIM (Export and Import) Bank of India was established in the year 1982. UTI ( Unit Trust of India) was established in the year 1964.

Thus, the correct answer is A 

Finance Commission: Article-$280$ of the Constitution of India provides for Finance Commission as a quasi-judicial body. It is constituted by the President of India every fifth year or at such earlier time as be considers necessary. The Finance Commission consists of a chairman and four other members to be appointed by the Presidents.
The Finance Commission is required to make recommendations to the President of India on the following matters.
$1$. The distribution of net proceeds of taxes to be shared between the Centre and the States, and the allocation between the States of the respective shares of such proceeds.
$2$. The Principles that should govern the grant in aid to the States by the Centre(i.e., out of the Consolidated Fund of India).
$3$. The measures needed to augment the Consolidated Fund of a state to supplement the resources of the panchayats and the municipalities in the State on the basis of the recommendations made by the state finance commission.
$4$. Any other matter referred to it by the President in the interests of sound finance.

Finance Commission is a commission which defines the terms of eligibility, qualification, disqualification and the powers of the Finance Commission. It was established as per Article 280 of the Constitution. The first Finance Commission was appointed in the year 1951. The President of India appointed the same for the period 1952-1957.

Thus, the correct answer is C.

Finance Commission has been established by the President of India in the year 1951. It was constituted to define the financial relations between the central government and individual state governments of India. Moreover, it was established under Article 280 of the Indian Constitution.

Thus, the correct answer is B.

Finance Commission is a commission that defines the terms of qualification, disqualification, eligibility and the powers of the Finance Commission. The Commission was established in the year 1951. The same was established under Article 280 of the Indian Constitution. It was appointed for the period 1952-1957. It was chaired by KC Neogy.

Thus, the correct answer is D.

Finance Commission (FC) is appointed directly by the President. The major function of FC is to keep a  vertical balance between the financial revenues of taxes collected by the central govt, it recommends how the distribution should be among the union and states also grants distribution. It is on the recommendation of this institution that the financial decisions are taken hence it could be described as recommending agency.  

The budget is a statement prepared by the government. It says how much money the government plans to spend on particular things in the next year. Moreover, it also states how the government plans to collect money. It is made for a particular period of time. Furthermore, the budget is traditionally submitted on the last day of the month of February.

The correct answer is A.

Under the Indian Constitution, the Finance Commission is required to submit its report to the President, and it typically operates on a five-year cycle, but the specific reporting requirement is usually within the timeframe set by the President, often interpreted as one year for specific tasks.