Q.State the major steps taken by the Government of India towards liberalization under the reforms period.

Balanced budget: estimated receipts = estimated expenditure (no surplus or deficit).

A balanced budget is one in which the government's estimated receipts are exactly equal to its estimated expenditure for the financial year. There is neither a budget surplus (receipts greater than expenditure) nor a budget deficit (expendit …

The New Economic Policy was announced in July 1991.

Facing a severe balance-of-payments and fiscal crisis in 1991, the Government of India (under Finance Minister Dr. Manmohan Singh) announced the New Economic Policy (NEP) in July 1991, launching the era of Liberalisation, Privatisation and Globalisation (L …

Industrial delicensing + reduced PSU reservation + disinvestment.

Under the reforms begun in 1991, the Government of India took several steps towards liberalisation: it abolished industrial licensing for all but a handful of industries, reduced the number of industries reserved exclusively for the public sector (from 17 to a very small list), permitted automatic approval for foreign technology agreements and foreign investment in many industries, and began disinvestment of its equity in public sector undertakings to raise resources and improve efficienc …

Non-tax revenue is the Dividend — option (c).

Non-tax revenue consists of revenue receipts of the government that do not arise from taxes — for example, dividends and profits from public-sector undertakings, interest receipts, fees, fines and external grants. Income tax (a) and corporate tax (b) are tax revenue, while debt …

In a balanced budget, estimated income and expenditure are equal.

A balanced budget is a budget in which the government's estimated receipts (revenue) are exactly equal to its estimated expenditure for the financial year. There is neither a surplus nor a defi …

Correct option: (A) a statement of revenue and expenditure of the Government for a year.

A Government Budget is an annual financial statement showing the government's estimated receipts (revenue receipts and capital receipts, including tax and non-tax revenue) and estimated expenditure for a financial year (1 April to 31 March in India). Option (B) and (C) each describe only one component of revenue, not the whole budget, and option (D) describes only the fiscal balance (deficit/surplus), …