India's first budget was announced in Pre-India, i.e. on April 7, 1860, when Scottish economist and politician Jawar Wilson of East India company presented it to the British Crown. However India's first Budget after independence was presented on November 26, 1947 by the finance Minister R.K. Shaumu Khan Chetty. It is also true that the first Prime Minister who has presented the Budget due to the resignation of finance Minister, is Mr. J.L Nehru. The Budget of all economy is considered as vision for nearest future as it is an annual financial statement showing otherwise estimates of expected revenue and expenditure of the Government  during a financial year. In the beginning of the year, the government presented before the Lok Saba by stating its estimated receipts and expenditure. The Budget impacts the economy and society at three level (I) it promotes the aggregate fiscal discipline through controlled expenditure (II) Allocation of resources on the basis of social priorities and also (III) effective and efficient programmes for delivery of goods services to achieve maximum utility among the society. Due to economic showdown in Post-Covid environment, it is very difficult for the government to control its fiscal deficit or the expenditure are high and the present Government has targeted its financial deficit upto 16.61 Lakh crore i.e. 6.4% GDP of India for the fiscal year ended 31st March, 2023. The  budget of a economy generally consists of Annual Financial Statements and demand for grants. The high fiscal deficit may cause economic failure for an economy. Therefore government tries to minimise its fiscal deficit.

Identify the item/term which is not the part of Government Budget of India.

Net visible external trade statement

The correct answer is option (1) : Net visible external trade statement

• Demand of grants: This refers to the estimates of expenditure presented to the Parliament for approval.
• Finance Bill: This is a part of the budget that includes provisions related to taxation, expenditure, borrowing, etc.
• Annual financial statements: These are part of the budget documents that provide details of the government's actual receipts and expenditure during the fiscal year.

Net visible external trade statement, on the other hand, typically refers to the balance of trade or current account balance in the balance of payments statement, which is not part of the core government budget documents presented in India.