The Haryana Fiscal Responsibility and Budget Management Act was enacted in which year?
- A.1998
- B.2003
- C.2005
- D.2012
Correct answer
Explanation
The correct answer is C, 2005. Haryana enacted its Fiscal Responsibility and Budget Management Act in 2005, following the Twelfth Finance Commission's advice that states pass such laws to qualify for debt relief; the Act commits the state to keep its fiscal deficit within about 3 per cent of gross state domestic product, to eliminate the revenue deficit and to cap its debt, with relaxations when the Centre permits extra borrowing. Option B, 2003, is the year of the Union's own Fiscal Responsibility and Budget Management Act, and mixing the central law with the state law is the usual mistake. Option A, 1998, is too early, as the fiscal responsibility idea took statutory form only in the following decade. Option D, 2012, is too late and belongs to the period of amendments rather than of enactment. Remember: Centre 2003, Haryana 2005.
Read the full article: Economy and State Budget of Haryana: Facts and Articles
Practice Questions
View allWhich sector contributes the largest share to the gross state value added of Haryana?
- A.Agriculture
- B.Mining and quarrying
- C.Industry
- D.Services
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As in India as a whole, the services sector, which covers trade, transport, real estate, finance, information technology and public administration, contributes the largest share of Haryana's gross state value added, and the corporate and information technology economy of Gurugram is a large part of it.
Read the full explanation →Which city is Haryana's main information technology and corporate hub and its largest contributor of state revenue?
- A.Gurugram
- B.Ambala
- C.Karnal
- D.Hisar
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Lying in the National Capital Region next to Delhi, Gurugram holds the state's largest concentration of information technology and business process management firms, corporate head offices, malls and high-value real estate, and it also has car manufacturing, so it yields the biggest share of the state's goods and services tax…
Read the full explanation →Panipat in Haryana is best known for which traditional industry?
- A.Plywood and paper
- B.Handloom and textile furnishings
- C.Brassware
- D.Footwear and ceramics
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Panipat is called the city of weavers and is a national centre for handloom products such as blankets, carpets, durries and furnishings, much of it made from recycled yarn, and the trade grew after refugee weavers settled there following Partition.
Read the full explanation →The Panipat refinery located in Haryana belongs to which public sector company?
- A.Bharat Petroleum Corporation Limited
- B.Hindustan Petroleum Corporation Limited
- C.Indian Oil Corporation Limited
- D.Oil and Natural Gas Corporation
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The Panipat refinery, commissioned in 1998, is an Indian Oil refinery and is the only refinery in Haryana; a naphtha cracker and petrochemical complex were later built alongside it, which makes Panipat an energy and petrochemical centre as well as a textile town.
Read the full explanation →The Annual Financial Statement of a state, that is the state budget, is laid before the legislature under which Article of the Constitution?
- A.Article 112
- B.Article 199
- C.Article 202
- D.Article 266
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Article 202 requires the Governor to cause the Annual Financial Statement, the estimated receipts and expenditure of the state for a financial year, to be laid before the House or Houses of the legislature, and this statement is what is called the budget of Haryana.
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