According to the provisions of the Fiscal Responsibility and Budget Management (FRBM). Act, 2003 and FRBM Rules, 2004, the Government is under obligation to present three statement s before the Parliament along with the Annual Budget. Which one of the following is not one of them?

Under Section 3(1) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, the Central Government is mandated to lay three specific fiscal policy statements before both Houses of Parliament along with the Annual Financial Statement [c1][t4]. These are: (a) the Macro-economic Framework Statement, (b) the Fiscal Policy Strategy Statement, and (c) the Medium-term Fiscal Policy Statement [t2][t4]. The Macro-economic Framework Statement provides an assessment of the economy's growth prospects, while the Fiscal Policy Strategy Statement outlines the government's priority areas for the upcoming year [c2][t1]. The Medium-term Fiscal Policy Statement sets three-year rolling targets for key fiscal indicators [c2][t2]. While a 'Medium-term Expenditure Framework Statement' was later added by amendment to be presented in the session following the budget, there is no provision for a 'Statement showing Short term Fiscal Policy' under the FRBM Act or Rules [t4][t5].

Sources

1. [1] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Main Features > p. 82
2. [2] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > Capital Expenditure > p. 70
3. [3] https://www.indiabudget.gov.in/budget2024-25(I)/doc/frbm1.pdf
4. [4] https://www.pib.gov.in/newsite/erelcontent.aspx?relid=2246
5. [5] https://www.indiacode.nic.in/bitstream/123456789/2064/1/a2003-39.pdf
6. [6] https://dea.gov.in/files/budget_division_documents/FRBM_Act_2003_and_FRBM_Rules_2004.pdf