Union budget Flashcards
Q. In which article of the Indian Constitution is the annual financial statement mentioned? A) Article 112 B) Article 118 C) Article 122 D) Article 144
Answer : A
Q. When was the country’s first budget presented by James Wilson, the Finance Minister of the British Government? A) 1870 B) 1875 C) 1860 D) 1890
Answer : C
Q. Which budget of her tenure has Finance Minister Nirmala Sitharaman presented in July 2024? A) First B) Seventh C) Eighth D) Ninth
Answer : B
Q. Who presented the first budget of independent India? A) Jawaharlal Nehru B) Rajendra Prasad C) B. R. Ambedkar D) R. K. Shanmukham Chetty
Answer : D
Q. In which year did Finance Minister Nirmala Sitharaman give the longest budget speech ever? Α) 2021 Β) 2022 C) 2020 D) 2019
Answer : C
Q. Which main castes have been focused on in Budget 2024? A) Annadaata B) Poor C) Women D) Youth E) All of the above
Answer : E
Q. How many priorities has the government mentioned in Budget 2024? A) 08 B) 10 C) 09 D) 12
Answer : C
Q. What are the main themes of Budget 2024? A) Employment B) Skill training C) MSME D) Middle class E) All of the above
Answer : E
Q. What percentage of expenditure has been made by the government on defence? A) 8% B) 4% C) 3% D) 2%
Answer : A
Q. How much budget has been provided by the government for the defence sector? A) Rs 454773 crore B) Rs 554773 crore C) Rs 654773 crore D) Rs 354773 crore
Answer : A
Q. How much budget has been provided by the government for the education sector? A) Rs 325638 crore B) Rs 725638 crore C) Rs 125638 crore D) Rs 225638 crore
Answer : C
Q. How much budget has been provisioned for farmers and agriculture sector in Budget 2024? A) Rs 1.52 lakh crore B) Rs 2.52 lakh crore C) Rs 3.52 lakh crore D) Rs 4.52 lakh crore
Answer : A
Q. What has been the growth rate of India in the financial year 2024? Α) 8.2% Β) 7.5% C) 2.8% D) 9.8%
Answer : A
Q. What is the fiscal deficit in FY 2024? A) 1.3% B) 5.6% C) 8.8% D) 9.5%
Answer : B
Q. How much budget provision has been made for women and girls? A) 9 lakh crore rupees B) 8 lakh crore rupees C) 7 lakh crore rupees D) 3 lakh crore rupees
Answer : D
Q. What percentage of income tax will be levied on income of Rs 3 to 7 lakh in the new tax regime? A) 5% B) 8% C) 4% D) 9%
Answer : A
Q. In the new tax regime, what percentage of income tax will be levied on income of Rs 7 to 10 lakh? A) 5% B) 8% C) 4% D) 10%
Answer : D
Q. Duty on phones and chargers has been reduced to what percentage? A) 15% B) 4% C) 8% D) 12%
Answer : A
Q. How many industrial parks have been approved under the National Industrial Corridor Development Program? A) 18 B) 25 C) 35 D) 12
Answer : D
Q. Which scheme will be launched for the development of Bihar, Jharkhand, Bengal, Odisha and Andhra? A) Purvodaya Scheme B) Success Scheme C) Sarvodaya Scheme D) Gyanodya Scheme
Answer : A
Q. How much package has been provided to Bihar in Budget 2024? A) 41000 crores B) 78000 crores C) 52000 crores D) 70000 crores
Answer : A
Q. How much package has been given to Andhra Pradesh in Budget 2024? A) 17000 crores B) 19000 crores C) 15000 crores D) 18000 crores
Answer : C
Q. In how many cities will ready-made “plug and play” industrial parks be built? A) 200 Β) 300 C) 400 D) 100
Answer : D
Q. In which state a new 2400 MW power plant will be set up in Pirpainti at a cost of Rs 21,400 crore? A) Jharkhand B) Rajasthan C) Karnataka D) Bihar
Answer : D
Q. What percentage of income tax will be levied on income of Rs 10 to 12 lakh in the new tax regime? Α) 7.5% B) 12% C) 15% D) 10%
Answer : C
Q. What is the total estimated expenditure in the Union Budget for the financial year 2024-25? A) 44,90,486 crore B) 47,65,768 crore C) 11,11,111 crore D) 14,96,693 crore
Answer : B ✓ The total expenditure in the Budget is estimated at 47,65,768 crore (47.65 Lakh Crore)
Q. How much is the total capital expenditure in the Budget 2024-25? A) 9,50,246 crore B) 2,97,328 crore C) 14,96,693 crore D) 11,11,111 crore
Answer : D ✓ The total expenditure in the Budget is estimated at 47,65,768 crore(47.65 Lakh Crore), with a significant focus on capital expenditure, reaching 11,11,111 crore(11.11 Lakh Crore). ✓ This reflects a commendable increase of 16.9% in capital expenditure over the Revised Estimates (RE) for 2023-24.
Q. What is the total resources transferred to the States in the Budget 2024-25, including devolution, grants, loans, etc.? A) 22,22,264 crore B) 4,13,848 crore C) 2,97,328 crore D) 44,90,486 crore
Answer : A ✓ In the fiscal year 2024-25, resources transferred to states, including devolution, grants, loans, and centrally sponsored schemes, amount to 22,22,264 crore(22.22 Lakh Crore). ✓ This represents a noteworthy increase of 4,13,848 crore over the Actuals of FY 2022-23.
Q. What is the percentage increase in Effective Capital Expenditure in Budget 2024-25 over the Revised Estimates for 2023-24? A) 15.2% B) 17.7% C) 20.5% D) 14.3%
Answer : B ✓ The effective capital expenditure for 2024-25 is projected at `14,96,693 crore, showcasing a substantial increase of 17.7% over the RE for 2023-24.
Q. Which category accounts for the highest expenditure in the Budget for 2024-25? A) Pension B) Interest C) Defence D) Tax Administration
Answer : B ✓ With ₹11,90,440 crore allocated, managing interest payments remains a critical component of fiscal planning.
Q. What is the projected fiscal deficit for the fiscal year 2024-25 as a percentage of Nominal GDP? A) 5.1% B) 2.0% C) 3.0% D) 1.5%
Answer : A ✓ The fiscal deficit for 2024-25 is projected at `16,85,494 crore, constituting 5.1% of the Nominal GDP
Q. Which sector receives the highest allocation in the Budget for 2024-25? A) Education B) Transport C) Rural Development D) Defence
Answer : D ✓ Defence Ministry receives the highest allocation with ₹6.1 lakh crore.
Q. What is the budget estimate for the Mahatma Gandhi National Rural Employment Guarantee Program (MGNREGA) in the fiscal year 2024-2025? A) ₹60,000 B) ₹80,000 C) ₹86,000 D) ₹90,000
Answer : C ✓ Mahatma Gandhi National Rural Employment Guarantee Program: ₹86,000 crore.
Q. What is the budget estimate for the Pradhan Mantri Awas Yojna (PMAY) in 2024-2025? A) 60,000 crore B) 80,671 crore C) 79,590 crore D) 54,103 crore
Answer : B ✓ Pradhan Mantri Awas Yojna (PMAY): ₹80,671 crore
Q. How much is allocated for the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) in the Revised Estimates for 2023-2024? A) ₹60,000 B) ₹58,254 C) ₹40,000 D) ₹50,000
Answer : A ✓ Pradhan Mantri Kisan Samman Nidhi: ₹60,000 crore
Q. How much is allocated for the Urea Subsidy in the year 2024-2025? A) ₹1,19,000 B) ₹1,31,100 C) ₹1,28,594 D) ₹1,65,217
Answer : A ✓ Urea Subsidy: ₹1,19,000 crore
Q. What is the proposed budget allocation for the Scheme for Bhutan in the fiscal year 2024-2025? A) ₹2,467 crore B) ₹2,401 crore C) ₹2,399 crore D) ₹2,069 crore
Answer : D ✓ The government has allocated 2,069 Crore amount for the Scheme for Bhutan in the proposed budget, reflecting its commitment to bilateral relations and cooperation with Bhutan
Q. What is the proposed budget allocation for the Scheme for Nepal in the fiscal year 2024-2025? A) ₹434 crore B) ₹550 crore C) ₹650 crore D) ₹700 crore
Answer : D ✓ The government has earmarked 700 Crore amount for the Scheme for Nepal in the proposed budget, emphasizing the ongoing support and collaboration between India and Nepal ✓ Other Allocation ✓ Nepal – ₹700 crore ✓ Sri Lanka – ₹245 crore ✓ Seychelles – ₹30 crore ✓ Bhutan – ₹2,068.56 crore ✓ Myanmar – ₹250 crore ✓ Mauritius – ₹370 crore ✓ Mongolia – ₹5 crore ✓ Bangladesh – ₹80 crore ✓ Afghanistan – ₹200 crore ✓ Maldives – ₹400 crore
Q. What is the proposed budget allocation for the National Investment and Infrastructure Fund (NIIF) in the fiscal year 2024-2025? A) ₹1,683 crore B) ₹2,000 crore C) ₹1,501 crore D) ₹1,701 crore
Answer : C ✓ The government has allocated 1,501 Crore amount for NIIF in the proposed budget, aiming to support infrastructure development and investment in strategic projects
Q. What is the allocated budget for the Education sector in the fiscal year 2024-2025? A) ₹1,24,638 crore B) ₹1,30,000 crore C) ₹1,15,500 crore D) ₹1,40,000 crore
Answer : A ✓ Education: A significant allocation of ₹1,24,638 crore underscores the importance of investing in education for national progress
Q. What is the increased limit for mudra loans? A) Rs 10 Lakh B) Rs 15 Lakh C) Rs 20 Lakh D) Rs 25 Lakh
Answer : C
