Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Macro Economics: Government Budget and Economy

Question:

Time period of a financial year in India is________________.

Options:

1 January - 31 December

13 April - 13 March

1 April - 31 March

14 January - 31 December

Correct Answer:

1 April - 31 March

Explanation:

There is a constitutional requirement in India (Article 112) to present before the Parliament a statement of estimated receipts and expenditures of the government in respect of every financial year which runs from 1 April to 31 March. This ‘Annual Financial Statement’ constitutes the main budget document of the government.