The Union Budget of India stands as a comprehensive Annual Financial Statement, meticulously detailing the government’s capital, revenue, and expenditures. As mandated by Article 112 of the Constitution, the Union Government presents a statement encompassing its estimated receipts and expenditures for the fiscal year, spanning from April 1 to March 31, before both Houses of Parliament. This budget is more than just numbers on paper; it’s a strategic roadmap that shapes the nation’s economic trajectory.
The term “budget” itself finds its roots in the old French word “Bougette,” which quite literally means a bag. Essentially, it signifies a quantified financial plan that encapsulates not just the present, but also the past and future revenues and expenditures of the Central Government. In the grand tapestry of India’s fiscal management, the Union Budget is the compass that guides the nation toward financial stability and prosperity.
50 GK Questions on Union Budget & Economic Survey
1. What is the Union Budget?
Answer: The Union Budget is the annual financial statement of the Government of India that outlines its revenue and expenditure for a fiscal year.
2. When is the Union Budget usually presented?
Answer: The Union Budget is typically presented in India on the last day of February.
3. Who presents the Union Budget in India?
Answer: The Union Budget is presented by the Finance Minister of India.
4. What is the Economic Survey of India?
Answer: The Economic Survey of India is an annual document prepared by the Ministry of Finance, providing an overview of the country’s economic performance.
5. When is the Economic Survey usually released?
Answer: The Economic Survey is typically released a day before the presentation of the Union Budget.
6. What is the fiscal year in India?
Answer: The fiscal year in India begins on April 1st and ends on March 31st of the following year.
7. What is the significance of the ‘Pink Economic Survey’?
Answer: The Pink Economic Survey is a gender-focused section of the Economic Survey that highlights gender-specific issues and policies.
8. What does “Gross Domestic Product” (GDP) represent in the Economic Survey?
Answer: GDP represents the total value of all goods and services produced within a country’s borders in a given year.
9. Which government department is responsible for preparing the Economic Survey?
Answer: The Economic Division of the Department of Economic Affairs under the Ministry of Finance prepares the Economic Survey.
Also Read: General Knowledge Questions
10. What is the “Fiscal Deficit” in the context of the Union Budget?
Answer: Fiscal Deficit is the difference between the government’s total expenditure and its total revenue, excluding borrowings, in a fiscal year.
11. Who is the author of the Economic Survey of India?
Answer: The Chief Economic Adviser, an economist appointed by the Government of India, is typically the author of the Economic Survey.
12. What is the “Nominal GDP” in the Economic Survey?
Answer: Nominal GDP is the GDP measured at current market prices, without adjusting for inflation or deflation.
13. What is the “Revenue Deficit” in the Union Budget?
Answer: Revenue Deficit is the difference between the government’s revenue expenditure and its revenue receipts.
14. How is the fiscal year 2023-24 represented in the Union Budget?
Answer: The fiscal year 2023-24 is represented as FY24 in the Union Budget.
15. What is the main objective of the “Make in India” campaign mentioned in the Economic Survey?
Answer: The main objective of the “Make in India” campaign is to encourage domestic manufacturing and reduce imports.
16. How is the budgetary deficit calculated in the Union Budget?
Answer: Budgetary Deficit is calculated as the difference between total expenditure and total revenue (including borrowings).
17. What are “Disinvestment” and “Privatisation” in the context of the Union Budget?
Answer: Disinvestment is the sale of a portion of the government’s ownership in public sector enterprises, while privatisation involves transferring ownership to the private sector.
18. What is the “Economic Survey Volume 2”?
Answer: The Economic Survey Volume 2 is an update to the first volume, typically released later in the year, providing a mid-year review of the Indian economy.
19. What is the “Goods and Services Tax” (GST) and how does it impact the Union Budget?
Answer: GST is a consumption-based tax that subsumes various indirect taxes. It impacts the Union Budget by changing the structure of indirect taxation.
20. What is the “Digital India” campaign, and how is it related to the Union Budget?
Answer: The “Digital India” campaign aims to promote digital infrastructure and technology. It is related to the Union Budget as it allocates funds for digital initiatives.
21. Who approves the Union Budget in India?
Answer: The Union Budget is approved by the Parliament of India after discussions and debates.
22. What is the “Rural Infrastructure Development Fund” (RIDF) mentioned in the Economic Survey?
Answer: The RIDF is a fund that supports the development of rural infrastructure in India.
23. How does the Union Budget impact common taxpayers?
Answer: The Union Budget can impact common taxpayers through changes in tax rates, exemptions, and government schemes that affect their income and expenses.
24. What is the “Goods and Services Tax Network” (GSTN)?
Answer: GSTN is a non-profit organisation that manages the technology backbone of the GST system in India.
25. What is the “Fiscal Responsibility and Budget Management (FRBM) Act” mentioned in the Economic Survey?
Answer: The FRBM Act is a legislative framework that aims to ensure fiscal discipline and sustainability in the government’s financial management.
26. How does the Economic Survey assess the “Ease of Doing Business” in India?
Answer: The Economic Survey assesses the ease of doing business based on factors like business regulations, taxation, and infrastructure.
27. What is “Zero-Based Budgeting” in the Union Budget?
Answer: Zero-Based Budgeting is an approach where each budget cycle starts from a zero base, and all expenses must be justified from scratch.
28. How does the Union Budget address social welfare and poverty alleviation programs?
Answer: The Union Budget allocates funds for various social welfare programs and poverty alleviation schemes to support the underprivileged sections of society.
29. What are “Monetary Policy” and “Fiscal Policy” in the context of the Economic Survey?
Answer: Monetary Policy is controlled by the central bank (RBI) and deals with money supply and interest rates. Fiscal Policy is controlled by the government and deals with taxation and government spending.
30. What is the “Gender Gap Index” mentioned in the Economic Survey?
Answer: The Gender Gap Index assesses gender disparities in areas like education, economic participation, and health.
31. What is the “Current Account Deficit” (CAD) mentioned in the Economic Survey?
Answer: CAD is the difference between a country’s total exports and total imports of goods, services, and transfers.
32. How does the Economic Survey evaluate India’s “Human Development Index” (HDI)?
Answer: The Economic Survey assesses India’s HDI based on factors like life expectancy, education, and income.
33. What is the “Minimum Support Price” (MSP) in the context of the Union Budget?
Answer: MSP is the price at which the government purchases agricultural produce from farmers to ensure they receive a fair income.
34. How does the Union Budget promote infrastructure development?
Answer: The Union Budget allocates funds for infrastructure projects like roads, railways, airports, and digital connectivity to boost economic growth.
36. What is the “Pradhan Mantri Jan Dhan Yojana” and how does it relate to the Union Budget?
Answer: The Pradhan Mantri Jan Dhan Yojana is a financial inclusion scheme aimed at providing banking services to all. The Union Budget allocates funds to support this initiative.
37. How does the Union Budget influence inflation and price stability?
Answer: The Union Budget can influence inflation and price stability through its policies on taxation, subsidies, and expenditure.
38. What is “Foreign Direct Investment” (FDI) and how does it impact the Economic Survey?
Answer: FDI is investment in a business by an entity from another country. It impacts the Economic Survey by contributing to economic growth and development.
39. How does the Union Budget support education and skill development?
Answer: The Union Budget allocates funds for education and skill development programs to enhance human capital and employability.
40. What is the “National Health Mission” mentioned in the Economic Survey?
Answer: The National Health Mission is a government initiative to provide accessible and affordable healthcare services. The Union Budget allocates funds for this mission.
41. How does the Union Budget address the issue of unemployment in India?
Answer: The Union Budget may allocate resources to job creation programs, skill development, and labour market reforms to address unemployment.
42. What is the “Green Budget” concept and how does it relate to the Union Budget?
Answer: The Green Budget focuses on environmentally sustainable policies and resource allocation. It relates to the Union Budget through funding for green initiatives.
43. What is the “Minimum Alternative Tax” (MAT) and how does it affect businesses in India?
Answer: MAT is a tax levied on companies that show a book profit but do not pay any income tax due to deductions and exemptions. It affects businesses’ tax liabilities.
44. How does the Union Budget impact foreign trade and exports?
Answer: The Union Budget can affect foreign trade and exports through changes in customs duties, export incentives, and trade policies.
45. What is the “National Infrastructure Pipeline” (NIP) mentioned in the Economic Survey?
Answer: NIP is a government initiative to develop infrastructure projects in various sectors, including energy, water, and transportation.
46. How does the Union Budget aim to reduce the digital divide in India?
Answer: The Union Budget may allocate funds for expanding digital infrastructure and providing internet access in rural and underserved areas.
47. What is the “Revenue Expenditure” in the Union Budget?
Answer: Revenue Expenditure represents the government’s expenses on day-to-day operations, such as salaries, pensions, and subsidies.
48. How does the Union Budget support the agricultural sector in India?
Answer: The Union Budget allocates funds for agricultural development, irrigation, crop insurance, and support to farmers.
49. What is the “Exchange Rate” and how does it influence the Economic Survey?
Answer: The exchange rate is the rate at which one currency can be exchanged for another. It influences the Economic Survey by affecting trade and capital flows.
50. What is the “Public Debt” in the context of the Union Budget?
Answer: Public Debt includes the government’s borrowings from various sources to finance its expenses and investments.
51. How does the Union Budget promote inclusive growth and development in India?
Answer: The Union Budget promotes inclusive growth by allocating resources for social programs, infrastructure development, and poverty reduction to benefit all sections of society.
