Indian Politics Questions

The late Yashwantrao Balwantrao Chavan of the Congress(I) known as YB Chavan was given the official status of the Leader of the Opposition, with the rank of a Cabinet Minister, in the Lok Sabha, in 1977 by the janata Government.

Yashwantrao Balwantrao Chavan was the first Chief Minister of Maharashtra after the division of Bombay State and the fifth Deputy Prime Minister of India. He was a strong Congress leader, co-operative leader, social activist and writer. He was popularly known as Leader of Common People

Hence, Chavan was thus the first opposition leader to enjoy this status.

In India, Fiscal Policy is formulated by the Ministry of Finance.

Fiscal policy is playing an important role on the economic and social front of a country. Traditionally, fiscal policy is concerned with the determination of state income and expenditure policy. But with the passage of time, the importance of fiscal policy has been increasing continuously for attaining rapid economic growth.

An effective fiscal policy is composed of policy decisions relating to the entire financial structure of the government including tax revenue, public expenditures, loans, transfers, debt management, budgetary deficit, etc.