Our GK Quiz on Union Budget 2024 offers a unique opportunity to explore the intricacies and highlights of the Union Budget 2024. This quiz is designed for anyone interested in understanding how the government plans its finances and the impact of these decisions on various sectors such as education, defense, and healthcare.
The Union Budget 2024 is crucial as it outlines the government’s fiscal strategies and spending priorities for the upcoming year. Participating in the GK Quiz on Union Budget 2024 is an excellent way for students, professionals, and general knowledge enthusiasts to assess their understanding of these plans. It helps to gauge how well one comprehends the budget’s provisions and their potential effects on the economy and individual lives.
This quiz covers a wide range of topics within the Union Budget 2024, from specific allocations to broader economic policies. It’s designed to challenge participants while also providing valuable insights into the financial blueprint of one of the world’s largest economies.
Engaging with this quiz will enhance your knowledge and keep you informed about the latest financial policies that could impact both the national economy and individual financial planning. So, dive into the GK Quiz on Union Budget 2024 to test and expand your understanding of India’s fiscal directions and strategies.
General Knowledge Questions on Union Budget 2024
Ques 1. How many times has Nirmala Sitharaman presented the Union Budget as of 2024?
Answer: 6 times.
Ques 2. What is the percentage increase in the Defence Outlay as announced in Budget 2024?
Answer: 11.1%.
Ques 3. What is the revised estimate of the fiscal deficit as a percentage of GDP in Budget 2024?
Answer: 5.8%.
Ques 4. How does the revised fiscal deficit in Budget 2024 compare to the previous estimate?
Answer: Increased by 0.5%.
Ques 5. What is the main challenge mentioned regarding Compressed Biogas (CBG) blending mandate?
Answer: Limited availability and transport challenges for CBG.
Ques 6. What is the significance of the 11.1% higher capex budgeted for infrastructure, despite being lower than the run rate in previous years?
Answer: It suggests a shift towards more efficient and targeted infrastructure investments.
Ques 7. Why does the statement suggest that the private sector will have to step in for maintaining growth momentum in the context of the 11.1% higher capex budgeted for infrastructure?
Answer: The capex is insufficient to meet the growing demands of infrastructure development.
Ques 8. How can investments in preventing foot and mouth diseases contribute to improving India’s milch animal yield?
Answer: By addressing a key factor limiting milch animal productivity.
Ques 9. In which house of the Parliament is the Union Budget presented?
Answer: Lok Sabha.
Ques 10. What period is covered in the Union Budget?
Answer: April to March.
Ques 11. Which document outlines the estimated receipts and expenditures of the government for a particular fiscal year?
Answer: Annual Financial Statement.
Ques 12. The Union Budget of India is also known as what?
Answer: Annual Financial Plan.
Ques 13. What is the primary source of revenue for the Indian government according to the Union Budget?
Answer: Goods and Services Tax (GST).
Ques 14. In the Union Budget, what is the term used for the difference between total revenue and total expenditure?
Answer: Fiscal Deficit.
Ques 15. Which tax was introduced in the Union Budget 2020-21 for a simplified personal income tax structure?
Answer: Direct Tax Code (DTC).
Ques 16. The concept of Zero-Based Budgeting was introduced in which Union Budget?
Answer: 2016-17.
Also Check: 50 GK Questions on Union Budget & Economic Survey
Ques 17. The Finance Minister’s Budget speech usually begins with which traditional Indian salutation?
Answer: Satyameva Jayate.
Ques 18. What is the term used for the government’s plan for its revenue and expenditure for the upcoming fiscal year?
Answer: Budget Estimate.
Ques 19. In which year was the first Union Budget of independent India presented?
Answer: 1950.
Ques 20. Who was the first Finance Minister of independent India to present the Union Budget?
Answer: R. K. Shanmukham Chetty.
Ques 21. The term “Interim Budget” is used when:
Answer: The budget is presented for a short period before a new fiscal year.
Ques 22. Who was the first woman Finance Minister of India to present the Union Budget?
Answer: Nirmala Sitharaman.
Ques 23. The Planning Commission was dissolved and the NITI Aayog was formed in which year?
Answer: 2014.
Ques 24. What is the significance of the “Rolling Budget”?
Answer: It allows for adjustments and updates throughout the fiscal year.
Ques 25. Which Finance Minister presented the “Dream Budget” in 1997, known for introducing significant economic reforms?
Answer: P. Chidambaram.
Ques 26. The Goods and Services Tax (GST), a major tax reform, was introduced in the Union Budget of which year?
Answer: 2017-18.
Ques 27. Which Finance Minister presented the “Budget for New India” in 2019, focusing on the 10-dimensional vision for the country?
Answer: Nirmala Sitharaman.
Also Check: GDP of India
Ques 28. What was the historic change introduced in the Union Budget of 1991 that transformed India’s economic policies?
Answer: LPG (Liberalization, Privatization, Globalization) reforms.
Ques 29. Who presented the “Black Budget” in 1957, known for proposing heavy taxes and increased public spending?
Answer: T.T. Krishnamachari.
Ques 30. The Union Budget of 1973-74 is famous for introducing which new tax in India?
Answer: Gift Tax.
Ques 31. In 1969, which Finance Minister presented the Union Budget that proposed the nationalization of 14 major Indian banks?
Answer: Indira Gandhi.
Ques 32. The 1997 Union Budget introduced the concept of Voluntary Disclosure of Income Scheme (VDIS). What was its primary purpose?
Answer: Declaring undisclosed income and assets.
Ques 33. Which Finance Minister presented the Union Budget during the period of the Gulf War in 1991?
Answer: Manmohan Singh.
Ques 34. The Union Budget of 1968-69 introduced the “Green Revolution” package. Who was the Finance Minister at that time?
Answer: Morarji Desai.
Ques 35. Which Union Budget aimed to achieve the target of “One Nation, One Tax” before the actual implementation of GST?
Answer: 2015-16.
Ques 36. In 2000, the Union Budget introduced a tax holiday for software technology parks. Who was the Finance Minister then?
Answer: P. Chidambaram.
Ques 37. What significant change was introduced in the Union Budget of 1985-86 related to the tax slabs?
Answer: Reduction of income tax rates.
Ques 38. Who was the Finance Minister when the Union Budget presented in 1997 proposed the reduction of corporate tax rates?
Answer: P. Chidambaram.
Also Check: 100+ GK Questions & Answers on Indian Polity & Governance
Ques 39. The Union Budget of 1987-88 introduced a new tax to curb conspicuous consumption. What was it called?
Answer: Fringe Benefit Tax (FBT).
Ques 40. Who presented the Union Budget of India during the global economic crisis in 2009?
Answer: Pranab Mukherjee.
