Article 280 of the Constitution of India requires the Constitution of a Finance Commission every five years, or earlier. It is established by President of India. It consists of a chairman and four other members to be appointed by the president. The first finance commission was established in 1951.

Correct Option: C

Article 280 of the Constitution of India requires the Constitution of a Finance Commission every five years, or earlier. It is established by President of India. It consists of a chairman and four other members to be appointed by the president. The first finance commission was established in 1951.

As per Article 151 of Indian constitution, the reports of the Comptroller and Auditor-General of India relating to the accounts of the Union shall be submitted to the President, who shall cause them to be laid before each House of Parliament. The same article adds that the reports relating to the accounts of a State shall be submitted to the Governor of the State.

Correct Option: C

As per Article 151 of Indian constitution, the reports of the Comptroller and Auditor-General of India relating to the accounts of the Union shall be submitted to the President, who shall cause them to be laid before each House of Parliament. The same article adds that the reports relating to the accounts of a State shall be submitted to the Governor of the State.

Arvind Panagariya, the Professor of Indian Political Economy at Columbia University, is Vice-Chairman, Niti Aayog. He is a former Chief Economist of the Asian Development Bank and Professor of Economics at the University of Maryland at College Park.

Correct Option: C

Arvind Panagariya, the Professor of Indian Political Economy at Columbia University, is Vice-Chairman, Niti Aayog. He is a former Chief Economist of the Asian Development Bank and Professor of Economics at the University of Maryland at College Park.

If the state legislature refuses to pass annual budget, then it will mean the government of the day has lost the faith of the legislature, i.e. it does not have majority of the legislature. In such a scenario, the council of ministers along with the Chief Minister has to resign.

Correct Option: C

If the state legislature refuses to pass annual budget, then it will mean the government of the day has lost the faith of the legislature, i.e. it does not have majority of the legislature. In such a scenario, the council of ministers along with the Chief Minister has to resign.

The National Development Council comprises the Prime Minister, the Union Cabinet Ministers, Chief Ministers of all States or their substitutes, representatives of the Union Territories and the members of the NITI Aayog. The President of India is not a part of this body for decision making and deliberations on development matters in India.

Correct Option: D

The National Development Council comprises the Prime Minister, the Union Cabinet Ministers, Chief Ministers of all States or their substitutes, representatives of the Union Territories and the members of the NITI Aayog. The President of India is not a part of this body for decision making and deliberations on development matters in India.