What is the difference between “vote on account” and “interim budget”? 1. The provision of a “vote-on-account” is used by a regular Government, while an “interim budget” is a provision used by a caretaker Government. 2. A “vote-on-account” only deals with the expenditure in Government’s budget, while an “interim budget” includes both expenditure and receipts. Which of the statements given above is/are correct?

Suppose the revenue expenditure is ₹80,000 crores and the revenue receipts of the Government are ₹60,000 crores. The Government budget also shows borrowings of ₹10,000 crores and interest payments of…

With reference to the Indian economy, what are the advantages of "Inflation-Indexed Bonds (IIBs)"? 1. Government can reduce the coupon rates on its borrowing by way of IIBs. 2. IIBs provide protectio…

Consider the following statements: I. Capital receipts create a liability or cause a reduction in the assets of the Government. II. Borrowings and disinvestment are capital receipts. III. Interest re…

With reference to the Finance Commission of India, consider the following statements: 1. The Finance Commission is a statutory body. 2. The Finance Commission was set up under Article 280 of the Cons…

What is the name of the difference between the total revenue and total expenditures of a country in a year?