Indian Annual Financial Statement Quiz
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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?

    <p>1 April to 31 March (A)</p> Signup and view all the answers

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

    <p>Capital Account (A)</p> Signup and view all the answers

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

    <p>Conducting foreign relations (C)</p> Signup and view all the answers

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

    <p>Look East policy (A)</p> Signup and view all the answers

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

    <p>G-20 (D)</p> Signup and view all the answers

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

    <p>Influencing emerging and developed nations (A)</p> Signup and view all the answers

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

    <p>Maintaining a neutral stance (C)</p> Signup and view all the answers

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

    <p>Protecting India's national interests and promoting friendly relations with other states (D)</p> Signup and view all the answers

    What is the neighborhood-first policy embodied by SAARC?

    <p>An initiative to prioritize diplomatic relations with neighboring countries (C)</p> Signup and view all the answers

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

    <p>A pledge to never use nuclear weapons unless attacked by nuclear weapons first (B)</p> Signup and view all the answers

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

    <p>G-20 and IMF (D)</p> Signup and view all the answers

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

    <p>Exercising influence as a leading figure in a movement advocating for non-alignment in global affairs (D)</p> 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.

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