Indian Polity · Polity

With reference to the constitutional procedure relating to public expenditure in India, consider the following statements: I. The Annual Financial Statement is caused to be laid before both Houses of Parliament by the President and contains estimated receipts and expenditure for the financial year. II. Expenditure proposals included in the Annual Financial Statement are presented to the Lok Sabha in the form of Demands for Grants. III. No Demand for Grant can be made except on the recommendation of the President. IV. The Lok Sabha may either approve or refuse a Demand for Grant, but it cannot reduce the amount specified therein. How many of the above statements are correct?