Match List-I with List-II:List-IList-II(A)Keynes(I)Introduced Article…

Match List-I with List-II:

List-I		List-II
(A)	Keynes	(I)	Introduced Article 246A for laws on GST
(B)	David Ricardo	(II)	Statement of estimated receipts and expenditures to be presented before Parliament every financial year
(C)	Article 112 of the Constitution	(III)	Government fiscal policy should be used to stabilise output and employment
(D)	101st Constitution Amendment Act	(IV)	People save more in the face of high deficits

Choose the correct answer from the options given below:

Answer & explanation

Correct answer: option 1

The correct answer is Option (1) → (A) - (III), (B) - (IV), (C) - (II), (D) - (I)

Two items are economists and their ideas; two are parts of the Constitution tied to the budget and to GST.

List-I	List-II	Reason
(A) Keynes	(III) Government fiscal policy should be used to stabilise output and employment	This was one of Keynes’s main ideas in The General Theory.
(B) David Ricardo	(IV) People save more in the face of high deficits	The view is named Ricardian equivalence after him.
(C) Article 112 of the Constitution	(II) Statement of estimated receipts and expenditures to be presented before Parliament every financial year	This statement is the Annual Financial Statement, the main budget document.
(D) 101st Constitution Amendment Act	(I) Introduced Article 246A for laws on GST	Article 246A lets Parliament and State Legislatures make laws on GST.

NCERT (2026-27): “5.1 Government Budget — Meaning and its Components 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. …”

“Box 5.1: Fiscal Policy One of Keynes’s main ideas in The General Theory of Employment, Interest and Money was that government fiscal policy should be used to stabilise the level of output and employment. …”

“… This view is called Ricardian equivalence after one of the greatest nineteenth century economists, David Ricardo, who first argued that in the face of high deficits, people save more. …”

“Box 5.3: GST: One Nation, One Tax, One Market … The 101th Constitution Amendment Act received assent of the President of India on 8 September, 2016. The amendment introduced Article 246A in the Constitution cross empowering Parliament and Legislatures of States to make laws with reference to Goods and Service Tax imposed by the Union and the States. …”