- Statement (i) is correct: An Interim Budget (also known as a Vote on Account) is presented during a transition period, especially before general elections, to allow the government to meet necessary expenditures until a full budget is presented by the new government. - Statement (ii) is correct: By convention, an Interim Budget typically does not propose major policy changes, new taxes, or new schemes. Its primary focus is on authorizing essential government spending. - Statement (iii) is incorrect: The Economic Survey is traditionally presented one day before the presentation of the full Union Budget, not the Interim Budget. In an election year, the outgoing government may not present a full Economic Survey, or it might be released later by the new government. - Statement (iv) is correct: The core purpose of an Interim Budget is to obtain parliamentary approval for government expenditure for a limited period (usually a few months) until a regular budget is passed. This authorization is called a 'Vote on Account'.
Pick up the wrong statement/statements regarding an Interim Budget in India. (i) It provides continuity in governance during transition period between two governments. (ii) The government cannot propose new taxes or policy reforms in the Budget. (iii) The 'Economic Survey' is presented one day before the presentation of the Interim Budget. (iv) It is an authorization for incurring specific expenditure necessary until a new government is formed. Select the correct answer using the codes given below.
Asked in APSC CCE Prelims Exam 2023 · Topic: The Parliament (Budget in Parliament: Financial Procedures and Funds)
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