The Fiscal Responsibility and Budget Management Act 2003 mandates the central government to lay before both houses of parliament which of the three statements along with the Annual Financial Statement?

Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Management and The Macroeconomic Framework Statement.

The correct answer is Option (1) → Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Management and The Macroeconomic Framework Statement.

"eral, social and economic services provided by the government. The budget is not merely a statement of receipts and expenditures. Since Independence, with the launching of the Five-Year Plans, it has also become a significant national policy statement. The budget, it has been argued, reflects and shapes, and is, in turn, shaped by the country’s economic life. Along with the budget, three policy statements are mandated by the Fiscal Responsibility and Budget Management Act, 2003 (FRBMA). The Medium-term Fiscal Policy Statement sets a three year rolling target for specific fiscal indicators and examines whether revenue expenditure can be financed through revenue receipts on a sustainable basis and how productively capital receipts including market borrowings are being utilised. The Fiscal Policy Strategy Statement sets the priorities of the government in the fiscal area, examining current policies and justifying any deviation in important fiscal measures. The Macroeconomic Framework Statement assesses the prospects of the economy with respect to the GDP growth rate, fiscal balance of the central government and external balance".