-Statement 1 is correct. Under Article 112 of the Constitution, the government has to present a statement of estimated revenue and expenditure for every fiscal. This statement is called the annual financial statement.
-Statement 2 is incorrect. The word budget is nowhere mentioned in the constitution. The constitution mentions the word annual financial statement.

-Statement 1 is correct. The Consolidated Fund of India includes the revenues received by the government and expenses made by it.
-Statement 2 is incorrect. It is created under Article 360 of the Indian Constitution. Article 360 deals with the imposition of Financial Emergency.
-Statement 3 is correct. No money can be withdrawn from Consolidated Fund of India for meeting expenses until the government gets the approval of the Parliament.

1 and 2 are correct.
3 is incorrect. Disbursements ‘charged’ on the Consolidated Fund of India is a special category within the Consolidated Fund of India which is not put to vote in the Parliament.
Salary and Allowances of the President, Speaker / Deputy speaker of Lok Sabha, Chairman/ Deputy chairman of Rajya Sabha, Salaries and Allowances of Supreme Court judges, Pensions of Supreme Court as well as High Court Judges, Salaries and Allowances of CAG, etc come under this category.

In Parliament, the Budget goes through six stages:
• Presentation of Budget.
• General discussion.
• Scrutiny by Departmental Committees.
• Voting on Demands for Grants.
• Passing of Appropriation Bill.
• Passing of Finance Bill.

-Both statements 1 and 2 are incorrect. While fiscal deficit indicates borrowing requirement inclusive of interest payment, the primary deficit indicates borrowing requirement exclusive of interest payment (i.e., amount of loan).

-In addition to the estimates of receipts and expenditure, the budget contains certain other elements. Overall, the budget contains the following:
1. Estimates of revenue and capital receipts;
2. Ways and means to raise the revenue;
3. Estimates of expenditure;
4. Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year; and
5. Economic and financial policy of the coming year, that is, taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.

-Statement 1 is correct. The Finance Bill is introduced to give effect to the financial proposals of the Government of India for the following year. It is subjected to all the conditions applicable to a Money Bill.
-Statement 2 is correct. Unlike the Appropriation Bill, the amendments (seeking to reject or reduce a tax) can be moved in the case of finance bill.

-Statement 1 is correct. A cess is imposed as an additional tax besides the existing tax. While, the revenue coming from cess is first credited to the Consolidated Fund, and the government may then, after due appropriation from Parliament, utilise it for the specified purpose.
-Statement 2 is incorrect. The proceeds of a cess may or may not be shared with the state governments.

-Statement 1 is incorrect. The forthcoming Census would be the first digital census in the history of India.
-Statement 2 is correct. For this, government has allocated this monumental and milestone-marking task, Rs. 3,768 crore in the year 2021-2022.

Statement 1 is incorrect while statement 2 is correct. The government has proposed to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% in Insurance Companies and allow foreign ownership and control with safeguards.
Under the new structure, the majority of Directors on the Board and key management persons would be resident Indians, with at least 50% of Directors being Independent Directors, and specified percentage of profits being retained as general reserve.

Both Statement 1 and statement 2 are correct.
States have been allowed a normal ceiling of net borrowing for the states at 4% of GSDP for the year 2021-2022.
A portion of this ceiling will be earmarked to be spent on incremental capital expenditure. Additional borrowing ceiling of 0.5% of GSDP will also be provided subject to conditions. States will be expected to reach a fiscal deficit of 3% of GSDP by 2023-24, as recommended by the 15th Finance Commission.

All 1, 2 and 3 are correct.
Objectives of Disinvestment/Strategic Disinvestment Policy
a) Minimising presence of Central Government Public Sector Enterprises including financial institutions and creating new investment space for private sector
b) Post disinvestment, economic growth of Central Public Sector Enterprises (CPSEs)/ financial institutions will be through infusion of private capital, technology and best management practices.
c) Disinvestment proceeds to finance various social sector and developmental programmes of the government.

Both statements 1 and 2 are correct.
By constructing a stringency index at the State level Survey show that the under-or-over performance in cases and deaths (compared to the expected) correlates strongly with the stringency of the lockdown.
Objective of the stringency index is to capture the strictness of ‘lockdown style’ policies of respective States that primarily restrict people’s behaviour.
The index measures government responses by tracking 12 indicators.

Z-shaped recovery: It is the most-optimistic scenario in which the economy quickly rises after an economic crash.
V-shaped recovery: It is the next-best scenario after Z-shaped recovery in which the economy quickly recoups lost ground and gets back to the normal growth trend-line.
U-shaped recovery: It is a scenario in which the economy, after falling, struggles around a low growth rate for some time, before rising gradually to usual levels.
W-shaped recovery: A W-shaped recovery is a dangerous creature. In this, growth falls and rises, but falls again before recovering, thus forming a W-like chart.
L-shaped recovery: In this, the economy fails to regain the level of GDP even after years go by.

All correct.
The Economic Survey mentions that the lockdown provided the necessary time to put in place the fundamentals of the ‘5 T’ strategy – Test, Track, Trace, Treat and Technology.

The counter-cyclical fiscal policy stabilizes the business cycle by being contractionary (reduce spending/increase taxes) in good times and expansionary (increase spending/reduce taxes) in bad times.
On the other hand, a pro-cyclical fiscal policy is the one wherein fiscal policy reinforces the business cycle by being expansionary during good times and contractionary during recessions.

Statement 1 is correct while statement 2 is incorrect.
Crowding out effect is an economic theory arguing that rising public sector spending drives down or even eliminates private sector spending.
It occurs when government adopts an expansionary fiscal policy stance and increases its spending to boost the economic activity.

Both the statements are incorrect. The Government’s debt portfolio is characterized by very low foreign exchange risk as the external debt is only 2.7 per cent of GDP ( 5.9 per cent of total Central Government liabilities)
Of the total public debt, 70 per cent is held by the Centre.

Statement 1 is correct while statement 2 is incorrect.
Gini coefficient:
-It is a measure of the distribution of income across a population.
-A higher Gini index indicates greater inequality, with high-income individuals receiving much larger percentages of the total income of the population.
-The Gini Coefficient can vary from 0 (perfect equality) to 1 (perfect inequality).
-A Gini Coefficient of zero means that everyone has the same income, while a Coefficient of 1 represents a single individual receiving all the income.

-Statement 1 is correct while 2 and 3 are incorrect.
Health Index is released by NITI Aayog.
Health Index is a composite score incorporating 23 indicators covering key aspects of health sector performance.
It is measured on a scale of 0-100 with higher score indicating better performance.