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On February 1, 2024, in the Lok Sabha, Finance Minister Nirmala Sitharaman delivered the Union Budget 2024. When preparing for competitive exams such as bank, UPSC, SSC, etc., the Union Budget 2024 is an important topic for the Economy/Financial awareness segment. Candidates can ace the bank exams with high marks in the general awareness portion of the main test by preparing the questions listed below. Additionally, candidates can prepare for interviews by using the Questions on Budget listed below.
Table of Contents
Who are the four major castes focused on for upliftment in the Interim Union Budget 2024-25?
a) Brahmin, Kshatriya, Vaishya, Shudra
b) Garib, Mahilayen, Yuva, Annadata
c) General, OBC, SC, ST
d) Urban, Rural, Youth, Elderly
Answer: b) Garib, Mahilayen, Yuva, Annadata
How many people were assisted out of multi-dimensional poverty in the last 10 years according to the budget?
a) 10 crore
b) 15 crore
c) 20 crore
d) 25 crore
Answer: d) 25 crore
What is the savings amount for the Government through the Direct Benefit Transfer (DBT) using PM-Jan Dhan accounts?
a) Rs. 1.2 lakh crore
b) Rs. 2.7 lakh crore
c) Rs. 3.5 lakh crore
d) Rs. 5 lakh crore
Answer: b) Rs. 2.7 lakh crore
Which scheme provides credit assistance to street vendors, with some receiving credit for the third time?
a) PM-KISAN SAMMAN Yojana
b) PM-SVANidhi
c) PM-JANMAN Yojana
d) PM-Vishwakarma Yojana
Answer: b) PM-SVANidhi
What is the primary focus of PM-KISAN SAMMAN Yojana?
a) Financial assistance to women entrepreneurs
b) Crop insurance for farmers
c) Upliftment of tribal groups
d) Financial assistance to farmers
Answer: d) Financial assistance to farmers
Under PM Awas Yojana (Grameen), what is the target for the number of houses despite COVID challenges?
a) 2 crore
b) 3 crore
c) 4 crore
d) 5 crore
Answer: b) 3 crore
How many houses are planned to be taken up in the next five years under PM Awas Yojana (Grameen)?
a) 1 crore
b) 1.5 crore
c) 2 crore
d) 2.5 crore
Answer: c) 2 crore
What is the expected monthly free electricity for 1 crore households through rooftop solarization?
a) 200 units
b) 250 units
c) 300 units
d) 350 units
Answer: c) 300 units
Who will be covered under the extension of healthcare coverage in the Ayushman Bharat scheme?
a) All government employees
b) ASHA workers, Anganwadi Workers, and Helpers
c) Only farmers
d) Students below 18 years
Answer: b) ASHA workers, Anganwadi Workers, and Helpers
How many farmers have benefited from Pradhan Mantri Kisan Sampada Yojana, according to the budget?
a) 20 lakh
b) 38 lakh
c) 50 lakh
d) 75 lakh
Answer: b) 38 lakh
Questions on Budget: Direct and Indirect Taxes, Economy
What is the proposed fiscal deficit for the year 2024-25?
a) 4.8%
b) 5.1%
c) 5.5%
d) 6.0%
Answer: b) 5.1%
What is the estimated total market borrowings through dated securities in 2024-25?
a) Rs. 10.5 lakh crore
b) Rs. 11.75 lakh crore
c) Rs. 13 lakh crore
d) Rs. 14.5 lakh crore
Answer: b) Rs. 11.75 lakh crore
For how many years is the fifty-year interest-free loan proposed to be continued for capital expenditure to states?
a) 25 years
b) 30 years
c) 40 years
d) 50 years
Answer: d) 50 years
What is the key proposal for direct taxes in the budget?
a) Increase in tax rates
b) Retaining the same tax rates
c) Reduction in tax rates
d) Introduction of new tax categories
Answer: b) Retaining the same tax rates
What is the primary focus of the GST as mentioned in the budget?
a) Increasing tax rates
b) Reducing tax rates
c) Unifying the indirect tax regime
d) Abolishing indirect taxes
Answer: c) Unifying the indirect tax regime
What has been the impact of GST on the average monthly gross GST collection according to the budget?
a) Decreased
b) Remained constant
c) Doubled
d) Tripled
Answer: c) Doubled
How much has the GST tax base doubled, according to the budget?
a) 50%
b) 75%
c) 100%
d) 150%
Answer: c) 100%
What is the opinion of 94% of industry leaders regarding the transition to GST?
a) Negative
b) Neutral
c) Positive
d) No opinion
Answer: c) Positive
What is the reduction in average processing time of tax returns compared to 2013-14?
a) 20 days
b) 30 days
c) 50 days
d) 83 days
Answer: d) 83 days
What is the primary focus of the government in 2014, as mentioned in the budget?
a) Attract investments
b) Increase taxes
c) Decrease spending
d) Privatize government services
Answer: a) Attract investments
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Ministry Wise Questions on Budget 2024
Q: What is the allocated budget for Defence in the Union Budget 2023?
A: ₹5.94 lakh crores.
Q: What is the percentage increase in the Defence budget from the previous year?
A: 13%.
Q: Why is the increased allocation for Defence significant?
A: Considering the situation along the Line of Actual Control (LAC).
Q: What areas will the increased allocation for Defence be used for?
A: Advancing weapon systems, ships, aircraft, emergency procurement of critical ammunition and spares, etc.
Q: How much has been allocated to the Ministry of Road Transport and Highways in Budget 2023?
A: ₹2.7 lakh crores.
Q: What master plan will receive a significant boost with this allocation?
A: PM Gati Shakti master plan.
Q: What is the outlay for the Ministry of Railways in FY 2023-24?
A: ₹2.4 lakh crores.
Q: Where will Vande Bharat trains be manufactured with the increased outlay?
A: Chennai, Sonipat, Rae Bareilly, and Latur.
Q: When is a hydrogen-powered train expected to be ready?
A: December 2023.
Q: What is the allocated amount for the Ministry of Consumer Affairs?
A: ₹2,05,764 crores.
Q: How much has been allocated to the Ministry of Home Affairs?
A: ₹1,96,034 crores.
Q: What is the allocated budget for the Ministry of Chemical & Fertilisers?
A: ₹1,78,481 crores.
Q: What is the allocated budget for the Ministry of Rural Development?
A: ₹1,59,964 crores.
Q: What is the allocated budget for the Ministry of Agriculture & Farmer’s Welfare?
A: ₹1,25,035 crores.
Q: What is the allocated budget for the Ministry of Communications?
A: ₹1,23,393 crores.
Q: What is the allocated budget for the Ministry of Education?
A: ₹1,12,899 crores.
Q: What is the allocated budget for the Ministry of Health in the Union Budget 2023-24?
A: ₹89,155 crores.
Q: How much higher is the allocated budget compared to the previous year?
A: 3.43%.
Q: How much has been earmarked for the Department of Health and Family Welfare out of the total allocation?
A: ₹86,175 crores.
Q: What amount has been allocated for the Department of Health Research?
A: ₹2,980 crores.
Q: What is the allocated budget for the Ministry of Science & Technology?
A: ₹16,361.42 crores.
Q: What is the percentage increase in the budget compared to the previous year?
A: 15%.
Q: How much has the Department of Science and Technology (DST) received in this allocation?
A: ₹7,931.05 crores.
Q: What is the percentage increase for the DST compared to the previous year?
A: 32.1%.
Sector Wise Questions on Budget 2024
Q: According to Article 112 of the Constitution of India, what does the Union Budget represent?
A: A statement of the estimated expenditure and receipts of the Government for a particular year. Budget
Q: When is the Union Budget typically presented?
A: On 1st February.
Q: In what year was the tradition of presenting the railway budget separately broken?
A: 2017.
Q: What are the two main categories into which the Union Budget is divided?
A: Revenue Budget and Capital Budget.
Q: When is the Economic Survey of India released about the presentation of the Budget?
A: Ahead of the presentation of the Budget.
Q: What is the estimated economic growth rate for India in FY 2022-23?
A: 7%.
Q: According to the Union Budget, by which year does the government plan to reduce the Fiscal Deficit below 4.5%?
A: 2025-26.
Q: By what percentage has the Capital Expenditure outlay increased for FY 2023-24 compared to FY 2022-23?
A: 33%.
Q: What was the total Foreign Direct Investment (FDI) inflow in India during the first six months of FY23?
A: US $39 billion.
Q: What is the vision for the period till 2047, known as Amrit Kaal?
A: To create a technology-driven and knowledge-based economy.
Q: How many key priorities did the Union Finance Minister list for the Budget 2023-24?
A: Seven.
Q: What does the Union Budget 2023-24 aim to formulate a blueprint for?
A: India@100.
Q: What is the projected baseline GDP growth for FY24 according to the Economic Survey 2022-23?
A: 6.5%.
Q: What is the estimated Fiscal Deficit as a percentage of GDP for FY 2023-24?
A: 5.9%.
Q: What percentage of the GDP does the Capital Expenditure for FY 2023-24 account for?
A: 3.3%.
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