Fiscal Federalism

How many states are in India

• 38

• 28

• 27

• 31

How many Union Territories are there in India

• 7

• 8

• 9

• 10

Total Money alloted for the Union Budget 2023-24

• 28 lakh crores

• 33 lakh crores

• 45 lakh crores

• 39 lakh crores

Who created the theory of Fiscal Federalism?

• Richard Musgrave

• Lyndon B. Johnson

• Franklin D. Roosevelt

• Adam Smith

Fiscal Federalism refers to

• sharing of political power between centre and states

• organizing and implementing economic plans

• division of economic functions and resources among different layers of government

• none of these

Fiscal Federalism attempts to define the financial relationship between federal or central government with what?

• State or local governments

• Individuals

• The military

• Schools

The theory of fiscal federalism assumes

• a federal system of government can be efficient and effective in solving problems.

• a federal government will be able to bring about economic stability allocation of resources.

• since states and localities are not equal in their income, federalism is helpful.

• all of the above

The role of the Finance Commission in Central-State fiscal relations has been undermined by

• the state governments

• the zonal councils

• NITI AAYOG

• the election commission

In India GST was introduced in the year

• 2016

• 2017

• 2018

• 2019

finance commission was established in the year 1951

• Yes

• No