Perspective planning refers to a blueprint consisting of the objectives and targets of long-run growth. A perspective plan is not just a plan. It is aimed to attain certain objectives and targets. Also, it is divided into certain smaller plans. In India, the planning is perspective.

Thus, the correct answer is A.

Economic planning refers to a mechanism which is focused on the allocation of resources in an efficient manner. Also, it aids us to achieve consistency among different economic objectives. Hence, it aims at accelerating the growth rate of the economy.

Thus, the correct answer is A.

Prime minister of India is the Ex-officio chairman of the planning commission. It was established on 15 March, 1950 in accordance with article 39 of the constitution which is a part of directive principles of state policy. The Planning Commission of India is a non-constitutional and non-statutory body, which was responsible to formulate India’s five years plans for social and economic development in India. 

The word budget has been derived from a French word Bougette. This word Bougette means 'little bag.' Furthermore, this word turned up in English in the fifteenth century, after having travelled through the French Bougette. Furthermore, after years of development, the budget was started getting prepared for every single country.

Thus, the correct answer is B.

The Union Budget of India is known as the annual budget of the Republic of India. The Finance Minister of India presents this budget before the Parliament before the commencement of new financial year. This is done so it can be discussed and passed by the respective Houses of the Parliament.

Thus, the correct answer is D.

The Chairman of Planning Commission in India is generally the Prime Minister of India. The Planning Commission helped to formulate the five-year plan. This institution of Government is established in the year of 1950.