Indian Annual Financial Statement Quiz

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.