CSEET · Economic and Business Environment · Indian Union Budget
Under Article 112 of the Constitution of India, the document laid before Parliament each year showing the Government's estimated receipts and expenditure is formally called the:
The Annual Financial Statement is the formal constitutional name for the Union Budget under Article 112. It shows estimated receipts and expenditure for the coming financial year. The Economic Survey is a separate review of the economy and has no constitutional status as the budget.
- AAnnual Financial StatementCorrect
- BAppropriation Account
- CEconomic Survey
- DFinance Commission Report
Explanation
Article 112 requires the President to lay before Parliament an Annual Financial Statement, which is the Union Budget. The Economic Survey is only a review of the economy and is not a constitutional requirement. The Appropriation Account records actual spending against grants and is prepared later.
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