Budget 2024-25 Flashcards by Hemant Tomar

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?

Article 265

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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?

Article 112

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Which article deals with the Consolidated Funds of India?

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and external debts, and release of loans to state governments and UTs are debited from the CFI, no amount can be withdrawn from the fund without the authorization of the parliament.

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

2017-18

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

₹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

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

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

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Gross tax receipts are estimated ₹____?

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

** ₹38.40 lakh crore

** ₹12.47 lakh crore

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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?

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

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

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

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

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

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

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

** 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

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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

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

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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

General Government debt- 60% of the GDP

Central Government debt- 40% of the GDP

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

₹14.01 lakh crore and ₹11.63 lakh crore respectively

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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

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

Ans-
* ₹32.07 lakh crore,

₹48.21 lakh crore respectively

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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?

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

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

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

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

(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;

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What are the sources of financing fiscal deficit?

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

** 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

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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.

3.1%

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The focus is on which four major castes?

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

-‘Annadata’ (Farmer)

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What is the theme of the budget 2024-25?

employment, skilling, MSMEs, and the middle
class.

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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?

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

** ₹1.48 lakh crore

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What are the 9 priorities of Budget 2024-25?

Productivity and resilience in Agriculture
Employment & Skilling
Inclusive Human Resource Development and Social Justice

4 Manufacturing & Services

Urban Development

6 Energy Security

Infrastructure

8 Innovation, Research & Development

Next Generation Reforms

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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?

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

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?

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

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?

** 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

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

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.

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?

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

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 ₹____?

** - "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.

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

₹15000 crore

_____ 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

3 crore

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

More than ₹3 lakh crore

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?

Covering 63000 villages and benefitting 5 crore tribal people

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

More than 100

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

₹2.66 lakh crore

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?

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. -

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

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.

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?

to ₹20 lakh from current ₹10 lakh

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

** From ₹500 crore to ₹250 crore ** This measure will bring 22 more CPSEs and 7000 more companies onto the platform

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.

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

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.

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

- 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).

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.

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

- 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.

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.

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

- 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.

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?

** 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

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

- 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.

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?

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

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.

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?

** 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

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

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?

₹1 trillion SMRs can be used for various purposes, including power generation, process heat, desalination, and other industrial uses2

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.

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

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.

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

₹1.5 lakh crore

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?

to 25000 rural habitations

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?

₹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.

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

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?

₹1 lakh crore

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

₹1 lakh crore

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

₹1000 crore

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.

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

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.

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.

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.

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

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.

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.

Average monthly Gross GST collections doubled to ₹____in FY2024?

₹1.66 lakh crore

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

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

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

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

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 ___%?

15%

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?

** On 25 critical minerals ** The Critical Mineral Mission focuses on domestic production, recycling, overseas acquisition of critical mineral assets, technology development, and workforce skills.

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 ___%?

** More than ₹60000 crore. Frozen shrimp accounted for about two-thirds of these exports ** 5%

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

Gold & Silver- 6% Platinum- 6.4%

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

concessional BCD of 2.5% on copper scrap

BCD on ammonium nitrate increased from ___% to ___%

from 7.5% to 10%

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 ____%

from 10% to 25%

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

from 10% to 15%

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 ____?

** From 6 months to 1 year ** from 3 years to 5 years

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?

** 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

___% 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?

** 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

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?

** 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

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 ___%?

** 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%

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?

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

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

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.

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?

To ₹1.25 lakh per year

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.

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.

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?

- ₹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.

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.

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?

Option- from 0.0625% to 0.1% Futures- 0.0125% to 0.02%

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?

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

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

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

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?

** On Interest exceeding ₹10000 on FRSB 2020 ** from 1% to 1.5%

What are proposals to promote investment and foster employment?

- 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%

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?

** from 10% to 14% ** up to 14%

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

up to ₹20 lakh

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

- 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.

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.

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

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

** Agriculture and Allied Activities: 151851 crs ** Rural Development: 265808 crs ** Social Welfare: 56501 crs

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?

** ₹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),

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.

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

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

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

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

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

100 cities

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