Indian Annual Financial Statement Quiz

Questions and Answers

What is the main budget document of the Indian government?

Annual Financial Receipts

Revenue Budget

Annual Financial Statement (correct)

Capital Account

Which account includes the receipts and expenditure of the government for the current financial year only?

Public Goods Account

Government Welfare Fund

Revenue Account (correct)

Capital Budget

Which function of the government budget involves providing goods and services that cannot be provided by the market mechanism?

Public Goods Account (correct)

National Defence Account

Government Administration Fund

Roads and Infrastructure Budget

What is the duration of the financial year in India?

1 April to 31 March Signup and view all the answers

Which document relates to the assets and liabilities of the government?

Capital Account Signup and view all the answers

What is the main responsibility of the Ministry of External Affairs (MEA) in India?

Conducting foreign relations Signup and view all the answers

Which policy aims to forge more extensive economic and strategic relationships with East Asian countries?

Look East policy Signup and view all the answers

In which intergovernmental organization is India a member along with the United Nations and BRICS?

G-20 Signup and view all the answers

What is the main economic influence exerted by India as a founding member of the Non-Aligned Movement?

Influencing emerging and developed nations Signup and view all the answers

What is India's position on the Russo-Ukrainian War as part of its strategic ambiguity policy?

Maintaining a neutral stance Signup and view all the answers

What is the main purpose of Indian diplomacy according to the Ministry of External Affairs (MEA)?

Protecting India's national interests and promoting friendly relations with other states Signup and view all the answers

What is the neighborhood-first policy embodied by SAARC?

An initiative to prioritize diplomatic relations with neighboring countries Signup and view all the answers

What does India's 'no first use' nuclear policy entail?

A pledge to never use nuclear weapons unless attacked by nuclear weapons first Signup and view all the answers

In which intergovernmental organizations is India a member along with the United Nations and BRICS?

G-20 and IMF Signup and view all the answers

What role does India play as a founding member of the Non-Aligned Movement?

Exercising influence as a leading figure in a movement advocating for non-alignment in global affairs Signup and view all the answers

Study Notes

Indian Government Budget

The main budget document of the Indian government is the Union Budget.
The Appropriation Account reflects the receipts and expenditure of the government for the current financial year only.
The budget function providing goods and services unattainable by market mechanisms is known as Public Welfare.

Financial Year in India

The duration of the financial year in India runs from April 1 to March 31.

Government Assets and Liabilities

The Financial Accounts document details the government's assets and liabilities.

Ministry of External Affairs (MEA)

The primary responsibility of the MEA is to manage foreign relations and international diplomacy.

Economic Policy

The Look East Policy aims to enhance economic and strategic relationships with East Asian countries.

International Organizations

India is a member of several intergovernmental organizations, including the United Nations and BRICS.
As a founding member of the Non-Aligned Movement (NAM), India influences global diplomacy by promoting peace and independence from major power blocs.

Position on Global Issues

India's strategic ambiguity policy results in a nuanced stance on the Russo-Ukrainian War, avoiding direct alignment with either party.

Purpose of Indian Diplomacy

The main purpose of Indian diplomacy, according to the MEA, emphasizes advancing national interest and promoting global peace and stability.

Neighborhood-First Policy

The neighborhood-first policy, as embodied by the South Asian Association for Regional Cooperation (SAARC), focuses on fostering relations with India's neighboring countries.

Nuclear Policy

India’s 'no first use' nuclear policy indicates a commitment to never be the first to use nuclear weapons, reflecting a strategic restraint approach.

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Description

Test your knowledge about the Indian Annual Financial Statement, its constitutional requirement and impact on subsequent years. Understand the significance of the main budget document of the government.