Budget 2024-25

Question 1

The Budget is an estimate of income and expenditure for a future period of time. The estimated receipts and expenditures of the government of India in respect of each financial year are called the budget of GoI.

Which article specifies that no tax should be levied or collected except by the authority of law?

Answer 1

Article 265

Question 2

The Budget is prepared by the Budget Division, Department of Economic Affairs, Ministry of Finance.

Which article of the constitution specifies that the president of India shall present the Annual Financial Statement (Budget) of the estimated receipts and expenditures before the parliament for each financial year?

Answer 2

Article 112

Question 3

Which article deals with the Consolidated Funds of India?

Answer 3

Article 266

All the revenue received by the government by direct or indirect taxes and all the loans raised by the government from treasury bills, bonds, international institutes and foreign governments are credited under the CFI.

Whereas, all the expenditures incurred by the government by conducting its business, repayment of internal and external debts, and release of loans to state governments and UTs are debited from the CFI, no amount can be withdrawn from the fund without the authorization of the parliament.

Question 4

The railway budget was merged with the Union Budget in which financial year?

Answer 4

2017-18

Question 5

The total budget/Expenditure for FY2024-25 is estimated ₹___ wherein, total Revenue receipt is estimated ₹______and total Capital receipt is estimated at ₹_______?

Answer 5

₹48,20,512 crores.

Budget Breakup:

Total Revenue receipts- ₹31.29 lakh crore

Net Tax Receipts: ₹25.83 lakh crore

Non-Tax Receipts: ₹5.45 lakh crore

Total Capital Receipts- ₹16.91 lakh crore

Question 6

Capital Expenditure is estimated at ₹_____, ___% of the GDP, whereas Revenue Expenditure is estimated at ₹____?

Answer 6

Capita Expenditure- ₹11.11 lakh crore (3.4% of the GDP), 16.9% over revised estimates of 2023-24.

Revenue Expenditure- ₹37.09 lakh crore, thus totaling ₹48.20 lakh crore

Question 7

Gross tax receipts are estimated ₹____?

State share of taxes in BE 2024-25 is estimated at ₹_____,

Answer 7

** ₹38.40 lakh crore

** ₹12.47 lakh crore

Question 8

Total resources being transferred to the States including the devolution of
State’s share, Grants/Loans and releases under Centrally Sponsored
Schemes, etc in BE 2024-25 is ₹____, which shows an
increase of ₹____over Actuals of FY 2022-23?

Answer 8

is ₹22.91 lakh crore, which shows an
increase of ₹4.82 lakh crore over Actuals of FY 2022-23

Question 9

The GDP for Budget FY 2024-25 (Regular) is estimated at ₹_____crore which is ____% over the Provisional Estimates of FY 2023-24.

Answer 9

At ₹326.36 lakh crore which is 10.5% over the Provisional Estimates of FY 2023-24.

Question 10

Effective Capital Expenditure (Capital Expenditure + Grants for creation of capital assets) is estimated at ₹_____

Answer 10

₹15.01 lakh crore, 18.02% over RE
2023-24

Question 11

What are the tax revenue sources and Non-tax revenue sources respectively?

What are the various sources where rupee comes and goes respectively?

Answer 11

** Tax Revenue sources: Taxes on Income > GST > Corporation Tax >
Customs

Non-Tax Revenue sources: Dividends and Profits > other non-tax
revenue> Interest receipts

** Highest rupees come from: Borrowing and other liabilities (27%) > income
tax (19%) > GST (18%) > Corporation tax (17%)

Highest rupees goes to: State share of taxes & duties >Interest Payment >
Central sector scheme

Question 12

Fiscal Deficit in the FY2023-24 is estimated to be ____% of the GDP, While the Fiscal Deficit in the FY2024-25 is estimated at ___% of the GDP

Revenue Deficit in the FY2024-25 is estimated at ____% of the GDP

Primary Deficit is estimated at ____% of the GDP

Answer 12

• Fiscal Deficit in FY2023-24 -5.6% of the GDP

Fiscal Deficit for FY2024-25- 4.9% of the GDP, 16.13 lakh crore

• Revenue Deficit- 1.8% of the GDP, ₹5.80 lakh crore

Effective Revenue Deficit- 0.6% of the GDP

• Primay Deficit- 1.4% of the GDP

Fiscal Deficit = Total Expenditure-Total Receipts except borrowing

Revenue Deficit = Revenue Expenditure - Revenue Receipts

Effective Revenue Deficit = Revenue Deficit - Grants for creation
of capital assets

Primary Deficit = Fiscal Deficit - Net interest liabilities

Question 13

The Central Government shall endeavour to limit
the General Government Debt to ___% of the GDP and the Central
Government Debt to ___% of the GDP, by 31st March, 2025

Answer 13

General Government debt- 60% of the GDP

Central Government debt- 40% of the GDP

Question 14

The Gross and Net market borrowings through dated government securities are estimated at ₹______ and ₹_____ respectively

Answer 14

₹14.01 lakh crore and ₹11.63 lakh crore respectively

Question 15

Major Schemes Outlay for FY2024-25:

• MGNREGA: 86000 crs
• Ayushman Bharat (PMJAY): 7500 crs
• Pradhan Mantri Awas Yojna (PMAY)-Gramin: ₹54500crs

Pradhan Mantri Awas Yojna (PMAY)-U ₹30171 crs

• Swachh Bharat Mission: 5000 crs
• Samagra Shiksha: 37500 crs
• AMRUT : ₹8000 crs
• Smart Cities Mission: ₹2400 crore
• Jal Jeevan Mission (JJM): 70163 crs
• PM Kisan: ₹60000 crore
• FAME: ₹2671 crore
• GST Compensation Fund: ₹150000 crore
• National Green Hydrogen Mission: ₹600 crore

Question 16

The Revised Estimates of 2023-24, the total receipts other than borrowings is ₹______, and the total expenditure is estimated at ₹_____lakh crore?

Answer 16

Ans-
* ₹32.07 lakh crore,

₹48.21 lakh crore respectively

Question 17

The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 mandated to limit Fiscal Deficit to ___% of the GDP by March 2021?

In line with the budget speech 2021-22, the government will attain a level of fiscal deficit lower than ___% of the GDP by FY2025-26?

The FRBM Act, 2003 further provides that the Central government should endeavour to limit the General Government debt to ___% of the GDP and the Central government debt to ___% of the GDP by 31 March 2025?

Answer 17

Ans-

• 3% of the GDP
• 4.5%
• General Government debt to 60% of the GDP and the Central government debt to 40% of the GDP by 31 March 2025

Question 18

What is the fiscal strategy of the government for the FY2024-25?

Answer 18

(a) Thrust on more inclusive, sustainable and resilient domestic economy;

(b) Resource allocation towards capital spending to sustain infrastructure
development momentum;

(c) Enhanced public infrastructure investments through support to States for
capital spending;

(d) Integrated and coordinated planning and implementation of infrastructure
projects, embracing the principles of PM GatiShakti;

(e) Prioritisation of expenditure towards the key developmental sectors and
social security viz., agriculture and farmers welfare, employment generation,
skilling, rural and urban housing, drinking water and sanitation, green
energy, health, education, agriculture, rural development etc. for welfare of
the citizens;

Question 19

What are the sources of financing fiscal deficit?

Total Central Sector Schemes expenditures in 2024-25 is ₹_____

Answer 19

** 1- Market Borrowings (G-sec) Highest Share

2-Securities against Small Savings (2nd highest share)

3- External Debt

4- State Provident Fund

** ₹15.16 lakh crore

Question 20

India’s
inflation continues to be low, stable and moving towards the 4%
target. Core inflation (non-food, non-fuel) currently is ___% and steps
are being taken to ensure supplies of perishable goods reach market
adequately.

Answer 20

3.1%

Question 21

The focus is on which four major castes?

Answer 21

• ‘Garib’ (Poor)
• ‘Mahilayen’ (Women)
• ‘Yuva’ (Youth) and

-‘Annadata’ (Farmer)

Question 22

What is the theme of the budget 2024-25?

Answer 22

employment, skilling, MSMEs, and the middle
class.

Question 23

The Finance Minister announced the Prime Minister’s package of 5
schemes and initiatives to facilitate employment, skilling and other
opportunities for _____ youth over a 5-year period with a central outlay of ₹___?

This year, ₹_____has been allocated for education,
employment and skilling?

Answer 23

** For 4.1 crore youth over a 5-year period with a central outlay of ₹2 lakh crore

** ₹1.48 lakh crore

Question 24

What are the 9 priorities of Budget 2024-25?

Answer 24

1. Productivity and resilience in Agriculture
2. Employment & Skilling
3. Inclusive Human Resource Development and Social Justice

4 Manufacturing & Services

5. Urban Development

6 Energy Security

7. Infrastructure

8 Innovation, Research & Development

9. Next Generation Reforms

Question 25

Answer the following based on the “Productivity and Resilience in Agriculture”

A) New ____high-yielding and climate-resilient varieties of ____field and
horticulture crops will be released for cultivation by farmers?

B) In the next two years, _____farmers across the country will be
initiated into natural farming supported by certification and branding. Implementation will be through scientific institutions and willing gram
panchayats?

C) ______need-based bio-input resource centres will be established?

D) Government will facilitate the implementation of the Digital Public
Infrastructure (DPI) in agriculture for coverage of farmers and their
lands in ___years?

E) Digital crop survey for Kharif using the DPI will be
taken up in ____districts?

F) The details of _____farmers and their lands will be brought into the
farmer and land registries?

G) The issuance of Jan Samarth based Kisan Credit Cards will
be enabled in __states?

H) Government has made a provision of ₹_____lakh crore for agriculture
and allied sector?

Answer 25

a) New 109 high-yielding and Climate-resilience varieties of 32 field and horticultural crops will be released for cultivation by farmers

b) 1 crore farmers

c) 10,000

d) 3 years

e) 400 districts

f) 6 crore farmers

g) 5 states

h) ₹1.52 lakh crore

Question 26

Answer the following based on the 3 schemes related to the Employment announced in the Union budget-

A) What benefits will be provided to first-time employees who are entering the formal workforce, and what is the outlay of the scheme?

B) Incentive will be provided to both employee and employer with respect to their EPFO contributions in the first ____years of employment under the “Job Creation in the Manufacturing sector” scheme?

What is the outlay and duration of the “Job Creation in the Manufactuing sector” scheme?

What are the eligibility criteria of the “Job Creation in the Manufacturing sector” scheme?

How will be the incentives paid in 4 years under the scheme?

C) What is the tenure and budget under the scheme C, “Support to Employers”?

What are the eligibility criteria of the scheme?

The government will reimburse to employers up
to ₹_____per month for 2 years towards
their EPFO contribution for each additional
employment provided, under the “Employer-focused” scheme?

Answer 26

A) - First time employers will be provided with direct benefit transfer of the one month salary up to ₹15000 in 3 instalments.

The scheme Expects to cover approximately 1 crore persons per annum and 210 lakh beneficiaries

The scheme will be implemented for 2 years with expenditure duration of 3 years

The outlay of the scheme is ₹23000 crore

• Eligibility: Should be registered in the EPFO

Employees salary should be ₹1 lakh per month

b) ** first 4 years of employment. The scheme is expected to benefit 30 lakh
youth entering employment, and their
employers.

** The scheme will be implemented for 2 years with expenditure duration of 6 years

Outlay: ₹52000 crore

** - All employers which are corporate entities and those non-corporate entities with a 3 year track record of EPFO contribution will be eligible.

• The employer must hire either 50 non-EPFO workers or 25% of the baseline (previous year’s number of EPFO employees) whichever is lower
• Employees with a wage/ salary of up to Rs. 1 lakh per month will be eligible, subject to contribution to EPFO. For those with wages/salary greater than Rs. 25,000/month, incentive will be calculated at Rs. 25,000/month.
• Subsidy to be refunded by employer if the employment to first timer
  ends within 12 months of recruitment.
• Employers must maintain the threshold level of enhanced employment throughout
  the scheme’s duration, or they will lose the subsidy benefit.

** Incentives will be paid to both employee and employers as per their contribution to the EPFO in the following manner:

1st year- 24% of the wage

2nd year- 24% of the wage

3rd year- 18% of the wage

4th year- 8% of the wage

c) ** - The scheme will be implemented for 2 years and expenditure duration of 6 years covering 50 lakh beneficiaries

Budget ₹32000 crore

** Applicable to employer who Increases employment above the baseline (previous year’s number of
EPFO employees) by at least 2 employees (for those with less than
50 employees) or 5 employees (for those with 50 or more employees)
and sustains the higher level,

• For employees whose salary does not exceed ₹1,00,000 per month
• New employees under this Part need not be new entrants to EPFO

**- up to ₹3000 per month will be reimbursed by the government for 2 years for additional employees hired in the previous year

• If the employer creates more than 1000 jobs, Reimbursement will be done quarterly for the previous quarter and Subsidy will continue for the 3rd and 4th year on the same scale as Employer benefit in Part-B

Question 27

Under new 4th scheme in the PM’s Package for skilling, ______youth will be trained over a 5-year period through Industrial Training Institutes (ITIs)?

______Industrial Training Institutes will be upgraded in hub and spoke
arrangements with an outlay of ?

The “Model Skill Loan” Scheme will be revised to facilitate loans up to
₹____with a guarantee from a government promoted Fund?

Answer 27

** 20 lakh youth will be trained over a 5-year period

** 1000 ITIs will be developed with an outlay of ₹60000 crore which includes Central Govt- ₹30000 crore, State Govt- ₹20000 crore and Industry- ₹10000 crore

** ₹7.5 lakh. This measure is expected to help 25,000 students every year

Question 28

What financial support will be given to youth who have not been eligible for any benefit under government schemes & policies?

Answer 28

For helping the youth, who have not been eligible for any benefit under
government schemes and policies, Government announced a financial
support for loans up to ₹10 lakh for higher education in domestic
institutions.

E-vouchers for this purpose will be given directly to 1 lakh students
every year for annual interest subvention of 3% of the
loan amount.

Question 29

What is the name of the plan which will be implemented for the all round development of the eastern region of country and it will cover which states?

Answer 29

“Purvodaya” plan will be implemented for all-round development of the easter region covering Bihar,
Jharkhand, West Bengal, Odisha and Andhra Pradesh.

Question 30

Which Industrial Corridor will be supported by developing an industrial node at Gaya, Bihar?

Several road projects in Bihar will be supported at a cost of ₹______?

Power projects, including setting up of a new _____MW power plant at
Pirpainti, will be taken up at a cost of ₹____?

Answer 30

** - “Amritsar-Kolkata Industrial Corridor” will be supported and will catalyze the industrial development for the eastern region

• This model shall showcase “Vikas bhi Virasat bhi” in our
  growth trajectory.

** ₹26000 crore, namely,

Patna-Purnea Expressway

Buxar-Bhagalpur Expressway

Bodhgaya, Rajgir, Vaishali and Darbhanga spurs,

additional 2-lane bridge over river Ganga at Buxar

** A new 2400 Mw power plant at Pirpainti, will be taken up at a cost of ₹21400 crore

Apart from this, New airports, medical colleges and sports infrastructure in Bihar will be constructed.

An additional allocation to support capital investments will be
provided.

The requests of Bihar Government for external assistance from
multilateral development banks will be expedited.

Question 31

₹_____will be allocated for the Andhra Pradesh Reorganization Act in the FY2024-25?

Answer 31

₹15000 crore

Question 32

_____ additional houses under the PM Awas Yojana in rural and
urban areas in the country have been announced, for which the
necessary allocations are being made

Answer 32

3 crore

Question 33

For promoting women-led development, the budget carries an
allocation of more than ₹_____ for schemes benefitting
women and girls?

Answer 33

More than ₹3 lakh crore

Question 34

For improving the socio-economic
condition of tribal communities, government will launch the Pradhan
Mantri Janjatiya Unnat Gram Abhiyan by adopting saturation coverage
for tribal families in tribal-majority villages and aspirational districts
covering _____villages and benefitting ____tribal people?

Answer 34

Covering 63000 villages and benefitting 5 crore tribal people

Question 35

More than ____branches of India Post Payment Bank will be set up in
the North East region to expand the banking services.

Answer 35

More than 100

Question 36

This year government has made a provision of ₹____ for
rural development including rural infrastructure?

Answer 36

₹2.66 lakh crore

Question 37

A Credit Guarantee Scheme will be launched for financing machine and equipment without collateral and a credit guarantee cover of up to ₹_____ will be provided?

Answer 37

up to ₹100 crore

• The borrower will have to provide an upfront guarantee fee and an annual guarantee
  fee on the reducing loan balance
• The scheme will operate on pooling of credit risks of such MSMEs.

-

Question 38

Info!!

New assessment model for MSME credit:

• Public sector banks will build their in-house capability to assess
  MSMEs for credit, instead of relying on external assessment.
• Public sector banks will develop a new credit assessment model,
  based on the scoring of digital footprints of MSMEs in the in the economy. This is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria.
• That will also cover MSMEs without a formal accounting system

Question 39

Info!!

Credit Support to MSMEs during Stress Period:

• A new mechanism for facilitating continuation of bank credit to MSMEs
  during their stress period. While being in the ‘special mention
  account’ (SMA) stage for reasons beyond their control, MSMEs need
  credit to continue their business and to avoid getting into the NPA
  stage.
• Credit availability will be supported through a guarantee from a
  government promoted fund.

Question 40

The limit of Mudra loans will be enhanced to ₹ ___ from the
current ₹ ____for those entrepreneurs who have availed and
successfully repaid previous loans under the ‘Tarun’ category?

Answer 40

to ₹20 lakh from current ₹10 lakh

Question 41

For facilitating MSMEs, Government has proposed to reduce the
turnover threshold of buyers for mandatory onboarding on the TReDS
platform from ₹___to ₹____?

This measure will bring ____more CPSEs and _____more companies
onto the platform. Medium enterprises will also be included in the
scope of the suppliers

Answer 41

** From ₹500 crore to ₹250 crore

** This measure will bring 22 more CPSEs and 7000 more companies onto the platform

Question 42

Info!!

To enable MSMEs and traditional artisans to sell their products in international
markets, E-Commerce Export Hubs will be set up in public-private-partnership
(PPP) mode.

Question 43

Info!!

• SIDBI will open new branches to expand its reach to serve all major
  MSME clusters within 3 years, and provide direct credit to them.
• With the opening of 24 such branches this year, the service coverage
  will expand to 168 out of 242 major clusters

Question 44

Info!!

• Financial support for setting up of 50 multi-product food irradiation
  units in the MSME sector will be provided.
• Setting up of 100 food quality and safety testing labs with National
  Accreditation Board for Testing and Calibration Laboratories
  (NABL) accreditation will be facilitated.

Question 45

What benefits and incentives will be provided under the Internship scheme which will be provided to youth?

Answer 45

• As the 5th scheme under the Prime Minister’s package, the
  government will launch a comprehensive scheme for 5 years for providing
  internship opportunities in 500 top companies to 1 crore youth aged between 21 to 24 years.
• They will gain exposure for 12 months to real-life business
  environment, varied professions and employment opportunities.
• An internship allowance of ₹5000 per month along with a one-time assistance of ₹6000 will be provided.

Total outlay of the scheme is ₹60000 crore, which includes:

• Government: ₹54000 towards monthly allowance (plus Rs. 6,000
  grant for incidentals)

-Companies: ₹6000 from CSR funds towards monthly allowance

Companies will be expected to bear the training cost and 10% of the internship cost from their CSR fund

Phase 1 of the scheme will be for 2 years (30 lakhs beneficiaries)
followed by Phase 2 for 3 years (70 lakhs beneficiaries).

Question 46

Info!!

• 12 Industrial Parks will be constructed under the National Industrial Corridor Development Programme (NICDP) and the government plans to facilitate the development of investment-ready (Plug and Play) industrial parks with complete infrastructure in or near 100 cities
• Rental housing with dormitory type accommodation for industrial workers
  will be facilitated in Public Private Partnerships (PPP) mode with
  Viability Gap Funding (VGF) support and commitment from anchor
  industries.

Question 47

What financial support is provided under the VGF scheme for financial support to PPP’s in the social sector domain?

Answer 47

• Up to 60% of the project cost (including up to 30% of the project cost by the centre and state government each) will be provided in the social sectors such as health, education, water supply, waste water management, solid waste management etc
• Up to 80% of the project cost (including up to 40% of the project cost by the centre and state government each) will be provided for pilot projects under the health and education sectors
• The VGF up to ₹200 crore will be be sanctioned for eligible infrastructure projects

Eligibility: The scheme applies to PPP projects proposed by central ministries, state governments, and statutory authorities.

The Scheme is administered by the Empowered Committee.

Question 48

Info!!

• An integrated Technology Platform will be set up for improving the
  outcomes under the Insolvency and Bankruptcy Code (IBC)
• The Centre for Processing Accelerated Corporate Exit (C-PACE) services will be extended to facilitate the voluntary closure of LLPs to reduce the closure time

These reforms are part of a broader effort to strengthen the insolvency framework, making it easier and faster for businesses to exit the market when necessary.

Question 49

The Insolvency and Bankruptcy Code (IBC) has resolved how many cases and resulted in the direct recovery of what amount to creditors?

Answer 49

• The IBC has resolved more than 1,000 companies, resulting in direct
  recovery of over Rs. 3.3 lakh crore to creditors.
• In addition, 28,000 cases involving over Rs. 10 lakh crore have been disposed of, even prior to admission.

Appropriate changes to the IBC, reforms and strengthening of the
tribunal and appellate tribunals will be initiated to speed up insolvency
resolution.

Additional tribunals will be established. Out of those, some will be
notified to decide cases exclusively under the Companies Act.

Question 50

Transit Oriented Development plans (TOD) for ___large cities with a population above ____will be formulated, along with an implementation and financing strategy?

What are the primary goals of the Transit Oriented Development (TOD) plans?

Answer 50

** for 14 large cities with a population of above 30 lakh will be formulated

** To maximize the amount of residential, business, and leisure space within walking
distance of public transport

Question 51

What are the provisions for PM Awas Yojana Urban 2.0 as per the budget 2024-25?

Answer 51

• 1 crore urban poor households will be provided with a financial assistance of ₹10 lakh crore, including ₹2.2 lakh crore from the central government over the next 5 years
• Interest subsidy will be provided to facilitate loans at affordable rates, making housing more affordable for the targeted group
• policies and regulations will be enabled for efficient and
  transparent rental housing markets with enhanced availability.

Question 52

In partnership with the State Governments and Multilateral Development Banks, Government will promote water supply, sewage treatment and solid waste management projects and services for
____large cities through bankable projects?

Answer 52

100 large cities

These projects will also envisage use of treated water for irrigation
and filling up of tanks in nearby areas.

Question 53

Info!!

Building on the success of PM SVANidhi Scheme in transforming the
lives of street vendors, Government envisions a scheme to support
each year, over the next five years, the development of 100 weekly
‘haats’ or street food hubs in select cities.

Government will encourage states which continue to charge high stamp
duty to moderate the rates for all, and also consider further lowering
duties for properties purchased by women. This reform will be made
an essential component of urban development schemes.

Question 54

PM Surya Ghar Muft Bijli Yojana
has been launched to install rooftop solar plants to enable ____households obtain free electricity up to ____units every month?

What is the maximum Central Financial Assistance provided under the scheme?

The scheme has generated remarkable response with more than ___crore registrations and ____applications?

The scheme aims to add ___Gw of solar capacity?

Answer 54

** To enable 1 crore households obtain free electricity up to 300 units every month

** The maximum CFA is capped at 3kw up to ₹78000

** with more than 1.28 crore registrations and 14 lakh applications

** 30 Gw

Question 55

Info!!

A policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable & intermittent nature in the overall energy mix

Question 56

The government will partner with the private sector to set up Bharat Small Modular Reactors (SMR) and research and development of newer technologies for the nuclear energy. What budget is allocated for this purpose?

Answer 56

₹1 trillion

SMRs can be used for various purposes, including power generation, process heat, desalination, and other industrial uses2

Question 57

Info!!

• The development of indigenous technology for Advanced Ultra Super
  Critical (AUSC) thermal power plants with much higher efficiency has been completed.
• A joint venture between NTPC and BHEL will set up a full scale 800MW commercial plant using AUSC technology.

Question 58

Info!!

Infrastructure Investment by the Central Government:

• A roadmap for moving the ‘hard to abate’ industries from ‘energy efficiency’ targets to ‘emission targets’ will be formulated. These industries will be transitioned from the current ‘Perform, Achieve and Trade (PAT)’ mode to the ‘Indian Carbon Market’ mode
• Traditional micro and small industries in 60 clusters will undergo energy audits and financial support will be provided to help these industries transition to cleaner energy forms. The scheme will be replicated in another 100 clusters in the next phase

Question 59

Info!!

Significant investment, the Central Government has made over the years in building and improving infrastructure has had a strong multiplier effect on the economy.

The Government will endeavour to maintain strong fiscal support for infrastructure over the next 5 years, in conjunction with imperatives of other priorities and fiscal consolidation.

Question 60

A provision of ₹_____ for long-term interest free loans has
been made this year to support the states in their resource allocation for infrastructure development and capital expenditure

Answer 60

₹1.5 lakh crore

Question 61

Phase IV of PMGSY (Pradhan Mantri Gram Sadak Yojana) will be launched to provide all-weather connectivity to ____rural habitations which have become eligible in
view of their population increase?

Answer 61

to 25000 rural habitations

Question 62

For irrigation and flood mitigation programmes, the government will provide financial support for projects with estimated cost of ₹______such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes including barrages, river pollution abatement and irrigation projects?

Answer 62

₹11500 crore

In addition, survey and investigation of Kosi (Nepal) related flood mitigation and irrigation projects will be undertaken as Bihar has frequently suffered from floods, many of them originating outside the country.

Question 63

Info!!

• Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor in Bihar will be supported, modelled on the successful Kashi Vishwanath Temple Corridor, to transform them into world class pilgrim and tourist destinations.
• A comprehensive development initiative for Rajgir (Bihar) will be undertaken as it holds immense religious significance for Hindus, Buddhists and Jains. The 20th Tirthankara Munisuvrata temple in the Jain Temple complex is ancient. The Saptharishi or the
  7 hotsprings form a warm water Brahmakund that is sacred.
• Government will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature. Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches make it an ultimate tourism destination. Our government will provide assistance for their development

Question 64

The government will set up a mechanism for spurring private sector-driven research and innovation at commercial scale with a financing pool of ₹_____in line with the announcement in the interim budget?

Answer 64

₹1 lakh crore

Question 65

Government will operationalize the Anusandhan National Research Fund for basic research and prototype development. It will be developed at a cost of ₹______?

Answer 65

₹1 lakh crore

Question 66

on expanding the space economy by 5
times in the next 10 years, a venture capital fund of ₹______will be set up?

Answer 66

₹1000 crore

Question 67

Info!!

Economic Policy Framework:

Government will formulate an Economic Policy Framework to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment
opportunities and sustaining high growth.

The government will initiate and incentivize reforms for:

1- improving productivity of factors of production, and

2- facilitating markets and sectors to become more efficient.

These reforms will cover all factors of production, namely land, labour, capital and entrepreneurship, and technology as an enabler of improving total factor productivity and bridging inequality.

For promoting competitive federalism and incentivizing states for faster implementation of reforms, Government proposes to earmark a significant part of the 50-year interest-free loan.

Question 68

Info!!

Land-related reforms and actions, both in rural and urban areas, will cover

(1) land administration, planning and management, and
Land-related reforms by state governments

(2) urban planning, usage and building by laws.

These will be incentivized for completion within the next 3 years through appropriate fiscal support.

Rural Land related actions will include:

(1) assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands,

(2) digitization of cadastral maps,

(3) survey of map sub-divisions as per current ownership,

(4) establishment of land registry, and

(5) linking to the farmers registry.

These actions will also facilitate credit flow and other agricultural services

Urban Land related actions will include:

1) Land records in urban areas will be digitized with GIS mapping.

2) An IT based system for property record administration, updating, and tax administration will be established.

These will also facilitate improving the financial position of urban local
bodies

Question 69

Infor!!

Labour related reforms:

Government will facilitate the provision of a wide array of services to labour, including those for employment and skilling. A comprehensive integration of e-shram portal with other portals will facilitate such one-stop solution

Open architecture databases for the rapidly changing labour market, skill requirements and available job roles, and a mechanism to connect job aspirants with potential employers and skill providers will be covered in
these services.

Question 70

Info!!

Financial sector vision and strategy:
For meeting financing needs of the economy, government will bring out a
financial sector vision and strategy document to prepare the sector in terms of size, capacity and skills.

This will set the agenda for the next 5 years and guide the work of the government, regulators, financial institutions and market participants.

Question 71

Info!!

Government will develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation.

This will support achievement of the country’s climate commitments and green transition.

Question 72

Info!!

The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to:

(1) facilitate foreign direct investments,

(2) nudge prioritization, and

(3) promote opportunities for using Indian Rupee as a currency for overseas investments

Question 73

Info!!

NPS-Vatsalya, a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly
into a normal NPS account.

Question 74

Info!!

For improving data governance, collection, processing and
management of data and statistics, different sectoral data bases, including those established under the Digital India mission, will be utilized with active use of technology tools.

Question 75

Average monthly Gross GST collections
doubled to ₹____in FY2024?

Answer 75

₹1.66 lakh crore

Question 76

There was an Increase in tax buoyancy of State revenue from ____(2012-16) to ____in
the post-GST period (2017-23)

Answer 76

from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23)

Question 77

What was the decline in import release time since 2019 at Inland Container Depot, Air Cargo Complexes and Sea ports respectively?

Answer 77

• 47% at Inland Container Depots
• 28% at Air Cargo complexes
• 27% at Sea
  Ports

Question 78

With a three-fold increase in domestic
production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, Government proposes to reduce the BCD (Basic Custome Duty) on mobile phone, mobile PCBA (Printed Circuit Board Assembly) and mobile charger to ___%?

Answer 78

15%

Question 79

Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear
energy, renewable energy, space, defence,
telecommunications, and high-tech electronics. Government proposes to fully exempt customs
duties on ____critical minerals and reduce BCD on two of them?

What are the objectives of Critical Mineral mission?

Answer 79

** On 25 critical minerals

** The Critical Mineral Mission focuses on domestic production, recycling, overseas acquisition of critical mineral assets, technology development, and workforce
skills.

Question 80

India’s seafood exports in the last financial year touched an all-time high of more than ₹____?

To enhance their competitiveness,
government proposes to reduce BCD on certain broodstock, polychaete worms, shrimp and fish feed to ___%?

Answer 80

** More than ₹60000 crore. Frozen shrimp accounted for about two-thirds of
these exports

** 5%

Question 81

Government proposes to reduce customs
duties on gold and silver to ___% and
that on platinum to ___%

Answer 81

Gold & Silver- 6%

Platinum- 6.4%

Question 82

There will be Nil BCD on ferrous scrap and nickel cathode and
concessional BCD of ___% on copper
scrap

Answer 82

concessional BCD of 2.5% on copper scrap

Question 83

BCD on ammonium nitrate increased from ___% to ___%

Answer 83

from 7.5% to 10%

Question 84

PVC flex banners are non-biodegradable and hazardous for environment and health. To curb
their imports, government has raised the BCD on
them from __% to ____%

Answer 84

from 10% to 25%

Question 85

To incentivize domestic manufacturing, BCD
increased from __% to ___% on PCBA (Printed Circuit Board Assembly) of
specified telecom equipment?

Answer 85

from 10% to 15%

Question 86

To promote domestic aviation and boat & ship MRO, the Government proposes to extend the period
for export of goods imported for repairs from ____to ___?

The time-limit for re-import of goods for repairs under warranty increased from ____to ____?

Answer 86

** From 6 months to 1 year

** from 3 years to 5 years

Question 87

The maximum amount for filing an appeal with the appellate authority is reduced to?

The Pre-deposit amount limit for the Appellate Tribunal is reduced to?

Answer 87

** CGST- from ₹25 crore to ₹20 crore

IGST- from ₹25 crore to ₹20 crore

** It was decreased from 20% up to ₹50 crore CGST and ₹50 crore SGST to 10% of up to ₹20 crore CGST and ₹20 crore SGST

Question 88

___% of corporate tax
came from the simplified tax
regime in financial year 2022-23?

Direct Tax Collections more than trebled in last 10 years and
Number of return filers swelled to ____times?

There was a Reduction in average processing time of returns from ___days in
2013-14 to ___days in 2023-24?

Answer 88

** 58% of corporate tax

Similarly, as per data available till
now for the last fiscal, more than
two-thirds have availed the new
personal income tax regime

** 2.5 times

** from 93 days in 2013-14 to 10 days in 2023-24

Question 89

As per the new provisions, the Income tax assessment can be reopened beyond 3 years under what conditions?

The budget proposes to reduce the time limit for reopening assessments in search cases from ___years to ____years before the year of the search, to reduce tax uncertainity and disputes?

Answer 89

** The Inome tax assessment can be reopened up to a maximum of 5 years if, the escaped Income (Income escaped from assessment) is ₹50 lakh or more

** from 10 years to 6 years

Question 90

Which two tax exemption regimes for charities are proposed to be merged?

TDS rate on e-commerce operators is proposed to be reduced from ___% to ___%?

Answer 90

** The 5% TDS rate on many payments is being merged
into the 2% TDS rate and the 20% TDS rate on repurchase of units by mutual funds or UTI is being withdrawn.

** from 1% to 0.1%

Question 91

Short term gains on certain
financial assets such as equity shares, units of equity-oriented mutual funds, and units of business trusts shall henceforth attract a tax rate of ___%, while that on all other financial assets and all non-financial assets
shall continue to be taxed at their applicable tax rates?

Answer 91

** 20%. This is an increase from the previous rate of 15%

Question 92

Indexation Benefit has been removed and to compensate for the removal of the indexation, the LTCG tax rate has been reduced from ___% to ___%?

Answer 92

From 20% to 12.5%. This means that the capital gains will be taxed at a lower rate, but without the adjustment for inflation.

Indexation is the process in which the cost of acquisition of asset can be adjusted for inflation using the Cost Inflation Index (CII). The purpose of indexation is to ensure that the capital gains tax is levied only on the real gain, after accounting for the erosion in the value of money due to inflation, rather than the nominal gain.

Question 93

For the benefit of the lower and middle-income classes,
Government proposes to increase the limit of exemption of capital gains on certain financial assets to ₹ ____per year?

Answer 93

To ₹1.25 lakh per year

Question 94

Info!!

Listed financial assets held for more than a year will be
classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term. Unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, however, will attract tax on capital gains at applicable rates.

Question 95

Info!!

All the major tax payer services
under GST and most services
under Customs and Income Tax
have been digitalised.

All remaining services of
Customs and Income Tax
including rectification and order
giving effect to appellate orders shall be digitalized and made paper-less over the next two years.

Question 96

Government proposes to
increase monetary limits for
filing appeals related to direct
taxes, excise and service
tax in the Tax Tribunals,
High Courts and Supreme
Court to ₹ ___, ₹ ____and ₹ _____respectively?

Answer 96

• ₹60 lakh for the Tax Tribunals
• ₹2 crore for High Courts, and
• ₹5 crore for the Supreme Court.

This move aims to reduce the number of pending cases and ensure that only significant tax disputes are litigated further.

Question 97

Info!!

It is proposed that the income from buy-back
of shares by companies be chargeable in the hands of recipient investor as dividend, instead of the current regime of additional income-tax in the hands of the company. Further, the cost of such shares shall be treated as a capital loss to the investor.

Question 98

It is proposed to increase the rates of STT (Securities Transaction Tax) on sale of an option in securities from ___% to ___%of the option premium, and on sale of a
futures in securities from ___% to ___% of the
price at which such futures are traded?

Answer 98

Option- from 0.0625% to 0.1%

Futures- 0.0125% to 0.02%

Question 99

Payments made by firm to its partner in the nature of salary, remuneration, commission, bonus and interest, etc shall be subject to TDS at the rate of ___% for aggregate amounts more than ₹______in a financial year?

Answer 99

at the rate of 10% for aggregate amounts more than ₹20000 in a financial year

Question 100

To enable TCS on luxury goods, it is proposed to levy TCS of ___% on notified goods of value exceeding ₹_____?

Answer 100

TCS of 1% on notified goods of value exceeding ₹10 lakh

Question 101

TDS is proposed on interest exceeding
₹______on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 or any other notified security of the
Central or State Governments?

It is proposed to increase the rate of
simple interest from____% to ___% on delayed payments of TCS after collection, as in the case of TDS?

Answer 101

** On Interest exceeding ₹10000 on FRSB 2020

** from 1% to 1.5%

Question 102

What are proposals to promote investment and foster employment?

Answer 102

• Angel tax for all classes of investors have
  been abolished to bolster the Indian startup eco-system, boost the entrepreneurial
  spirit and support innovation.
• A simpler tax regime for foreign shipping
  companies operating domestic cruises in
  the country.
• Safe harbour rates for foreign mining
  companies selling raw diamonds in the
  country.
• Reduction of the corporate tax rate on
  foreign companies from 40% to 35%

Question 103

NPS contribution by employers is proposed to be increase from ___% to ____% of the employee’s salary?

Similarly, deduction of up to ____% of the salary from the income of employees in private sector, public
sector banks and undertakings, opting for the new tax regime, is proposed to be provided?

Answer 103

** from 10% to 14%

** up to 14%

Question 104

Indian professionals working in multinationals
get ESOPs and invest in social security
schemes and other movable assets abroad.
Non-reporting of such small foreign assets has
penal consequences under the Black Money
Act. Such non-reporting of movable assets up
to ₹____is proposed to be de-penalised

Answer 104

up to ₹20 lakh

Question 105

What are the changes in the deduction of Salaried employees and family pension for pensioners respectively?

Answer 105

• The standard deduction for salaried employees is
  proposed to be increased from ₹50,000/- to ₹75,000/-.
• Similarly, deduction on family pension for pensioners is
  proposed to be enhanced from ₹ 15,000/- to ₹ 25,000/-.

This will provide relief to about four crore salaried
individuals and pensioners.

Question 106

Info!!

New Tax Structure:

₹0-3 lakh- Nil

₹3-7 lakh- 5%

₹7-10 lakh- 10%

₹10-12 lakh- 15%

₹12-15 lakh- 20%

Above ₹15 lakh - 30%

Thus, The highest tax rate of 30%
applies to income exceeding ₹15 lakh

As a result of these changes, a salaried employee in the new tax regime stands to save up to ₹ 17,500/- in income tax.

As a result of these proposals, revenue of about ₹ 37,000 crore, ₹ 29,000 crore in direct taxes and ₹ 8,000 crore in indirect taxes will be forgone while revenue of about ₹ 30,000 crore will be additionally mobilized. Thus, the total revenue forgone is about ₹ 37,000 crore annually.

Question 107

Info!!

The Fiscal Responsibility and Budget Management Act, 2003 was
enacted with a view to provide a legislative framework for reduction of deficit and thereby debt, of the Central Government to a sustainable level over a medium term so as to ensure inter-generational equity in
fiscal management and long term macro-economic stability

The FRBM act, 2003 and the Fiscal Responsibility and Budget Management Rules, 2004 made under Section 8 of the Act have come into force with effect from 5th July 2004.

The FRBM framework mandates Central Government to limit the Fiscal Deficit upto 3% of GDP by the 31st March,
2021.

• It further provides that, the Central Government shall endeavour to limit
  the General Government Debt to 60% of GDP and the Central
  Government Debt to 40% of GDP, by 31st March, 2025.
• Further, in line with the commitment made in the Budget Speech for FY 2021-22, the Government would pursue a broad path of fiscal consolidation to attain a level of Fiscal Deficit lower than 4.5%
  of GDP by FY 2025-26

Question 108

What is the outlay for Agriculture & Allied Activities, Rural Development and Social Welfare respectively?

Answer 108

** Agriculture and Allied Activities: 151851 crs

** Rural Development: 265808 crs

** Social Welfare: 56501 crs

Question 109

Capital expenditure to the Defence Forces for FY 2024-25 is ₹____, which is ___% higher than the actual expenditure of FY 2022-23?

Ministry of Defence (MoD) has been allocated ₹_____, the highest among the Ministries?

Answer 109

** ₹1.72 lakh crore, which is 20.33% higher than the actual expenditure of FY2022-23

** ₹ 6,21,940.85 crore (approx.
US $75 Billion),

Question 110

Info!!

Capital Expenditure:

Those expenses of the government which either creates assets (physical or financial) or reduces liabilities are called capital expenditures. Capital expenditures include acquisition of land,
building, machinery, equipment, Capital Outlay of the Defence Services, purchase of shares, by the government and loans and advances by the central government to state and union territory governments, PSUs and other parties.

Question 111

Info !!

Capital Receipts:

Those receipts of the government which either creates liability or reduces the
assets (physical or financial) are called capital receipts. ‘
The main items of capital receipts are loans raised by the government from the public (market
borrowings), borrowing by the government from the RBI, commercial banks and other financial
institutions through the sale of government securities (treasury bills and dated securities), loans
received from foreign governments and international organizations, and recovery of loans
previously granted by the central government. It also includes small savings schemes (Post office
savings accounts, National Savings Certificates etc.), Provident Funds and net receipts obtained
from the sale of shares in PSUs (disinvestment).

• Debt Receipts (Net):
• Market Borrowings (G-sec)
• Short term Borrowing (T- Bill etc.)
• Securities against Small Savings
• State Provident Funds
• External Debt

-Gold Bonds, Gold Monetisation etc

• Non-Debt Receipts (Net):
• Recoveries of loans and advances
• Disinvestment Receipts of Government stake in Public Sector Banks/PSUs and
  Financial Institutions

Non-debt creating capital receipts are those receipts which are not borrowings and, therefore, do
not give rise to debt. Examples are recovery of loans and the proceeds from the sale of PSU

Question 112

Funds will be allocated for infrastructure
development in the Kopparthy node on the _______Industrial Corridor?

Answer 112

On the Vishakhapatnam-Chennai Industrial Corridor, which is part of Andhra Pradesh and the southern region

Question 113

Info!!

The budget aims to improve the shipping industry through reforms related
to ownership, leasing, and flagging to boost its share and create employment.

Question 114

Government is targeting ____cities for Promoting water supply, sewage treatment, and solid waste management projects and services?

Answer 114

100 cities

Question 115

Info !!

Income from renting out a house or a part of it will be taxed under the head ‘income
from house property’ only.