Q1. Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2023 for the __ time in a row.
(a) 10th
(b) 4th
(c) 3rd
(d) 5th
(e) 6th
Answer
S1. Ans.(d)
Sol. Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2023 for the 5th time in a row. She will be presenting the financial statements and tax proposals for the fiscal year 2023-24 (April 2023 to March 2024).
Q2. The Budget 2023 focuses on _ priorities, which the FM called the “Saptrishis guiding us through Amrit Kaal”.
(a) Fifth
(b) Sixth
(c) Seven
(d) Eigth
(e) Nine
Answer
S2. Ans.(c)
Sol. The Budget 2023 focuses on seven priorities, which the FM called the “Saptrishis guiding us through Amrit kaal
Q3. When was the first Union Budget of India presented?
(a) 1947
(b) 1948
(c) 1949
(d) 1950
(e) 1951
Answer
S3. Ans.(a)
Sol. The first Finance Minister of independent India was R. K. Shanmukham Chetty. He presented the first Union budget of India on 26 Nov.1947. The first mini-budget was presented by T. T. Krishnamachari on November 30, 1956.
Q4. What time is the Union Budget presented?
(a) 9 AM
(b) 11 AM
(c) 12 PM
(d) 1 PM
(e) 2 PM
Answer
S4. Ans.(b)
Sol. The Union Budget session 2023, will be presented by Finance Minister Nirmala Sitharaman at 11 AM and will continue for up to two hours.
Q5. What is the current year’s economic growth is estimated at the Union budget 2023?
(a) 4%
(b) 8%
(c) 7%
(d) 6%
(e) 9%
Answer
S5. Ans.(c)
Sol. In the 75th year of our Independence, the world has recognised the Indian economy as a ‘bright star’. Our current year’s economic growth is estimated to be at 7 per cent.
Q6. What is the maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from?
(a) 05 lakh to 30 lakh
(b) 10 lakh to 30 lakh
(c) 15 lakh to 30 lakh
(d) 20 lakh to 30 lakh
(e) 25 lakh to 30 lakh
Answer
S6. Ans.(c)
Sol. The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from 15 lakh to 30 lakh.
Q7. The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over _.
(a) ₹39,000 cr
(b) ₹49,000 cr
(c) ₹59,000 cr
(d) ₹69,000 cr
(e) ₹79,000 cr
Answer
S7. Ans.(e)
Sol. The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over ₹79,000 cr.
Q8. What is the rate of tax for Income tax slab between the income of Rs 3 Lakh to Rs 6 Lakh for assessment year 2023-24?
(a) 5%
(b) 10%
(c) 15%
(d) 20%
(e) 30%
Answer
S8. Ans.(a)
Sol. 5% is the rate of tax for Income tax slab between the income of Rs 3 Lakh to Rs 6 Lakh for assessment year 2023-24.
Q9. “Bharat SHRI” will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage. What does “I” stand for SHRI?
(a) India
(b) Intrapictures
(c) Inscriptions
(d) Industries
(e) Indicator
Answer
S9. Ans.(c)
Sol. ‘Bharat Shared Repository of Inscriptions’ will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.
Q10. Where is the budget presented by the Government?
(a) Lok Sabha
(b) Rajya Sabha
(c) Krishi Bhawan
(d) North Bhawan
(e) President House
Answer
S10. Ans.(a)
Sol. According to the Constitution of India’s Article 110, a Finance Bill is a Money Bill which is presented only in the Lok Sabha or the lower house of the Parliament.
Q11. What is the rate of tax for Income tax slab between the income of Rs 9 Lakh to Rs 12 Lakh for assessment year 2023-24?
(a) 5%
(b) 10%
(c) 15%
(d) 20%
(e) 30%
Answer
S11. Ans.(c)
Sol. 15% is the rate of tax for Income tax slab between the income of Rs 9 Lakh to Rs 12 Lakh for assessment year 2023-24.
Q12. What is the capital outlay has been provided for the Railways in the Union Budget 2023-24?
(a) 1.40 lakh crore
(b) 2.40 lakh crore
(c) 3.40 lakh crore
(d) 4.40 lakh crore
(e) 5.40 lakh crore
Answer
S12. Ans.(b)
Sol. A capital outlay of ` 2.40 lakh crore has been provided for the Railways. This highest ever outlay is about 9 times the outlay made in 2013-14.
Q13. The finance minister proposed to reduce the highest surcharge rate from 37 per cent to __ in the new tax regime.
(a) 15 per cent
(b) 25 per cent
(c) 35 per cent
(d) 45 per cent
(e) 55 per cent
Answer
S13. Ans.(b)
Sol. The finance minister proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime.
Q14. Finance Minister Nirmala Sitharaman presented Union Budget on February 1, 2023. In the 2023 Budget speech, Sitharaman spoke for __.
(a) 1 hour and 44 minutes
(b) 1 hour and 45 minutes
(c) 2 hours and 42 minutes
(d) 1 hour and 25 minutes
(e) 2 hours and 10 minutes
Answer
S14. Ans.(d)
Sol. In the 2023 Budget speech, Sitharaman spoke for 1 hour and 25 minutes.
Q15. In the which year, Finance Minister Nirmala Sitharaman replaced the Budget briefcase with the traditional ‘Bahi Khata’ having the National Emblem?
(a) 2015
(b) 2016
(c) 2017
(d) 2018
(e) 2019
Answer
S15. Ans.(e)
Sol. In the year 2019, Finance Minister Nirmala Sitharaman replaced the Budget briefcase with the traditional ‘Bahi Khata’ having the National Emblem.
Q16. The Centre has pegged the fiscal deficit _ of GDP for FY24.
(a) 3.9 percent
(b) 4.3 percent
(c) 5.9 percent
(d) 6.6 percent
(e) 7.9 percent
Answer
S16. Ans.(c)
Sol. The Centre has pegged the fiscal deficit for 2022-2023 and 5.9 percent of GDP for FY24, Finance Minister Nirmala Sitharaman said during her Union Budget speech.
Q17. What is the budget allocated for National Green Hydrogen Mission to shift low-carbon economy and reduce reliance on fossil fuel?
(a) Rs 15,700 crore
(b) Rs 16,700 crore
(c) Rs 17,700 crore
(d) Rs 18,700 crore
(e) Rs 19,700 crore
Answer
S17. Ans.(e)
Sol. The recently launched National Green Hydrogen Mission, with a budget of Rs 19,700 crore, will help the country shift to a low-carbon economy and reduce reliance on fossil fuel imports.
Q18. The defence budget was increased to __ crore for 2023-24 from last year’s allocation of ₹5.25 lakh crore.
(a) ₹5.94 lakh
(b) ₹5.90 lakh
(c) ₹5.66 lakh
(d) ₹5.70 lakh
(e) ₹5.75 lakh
Answer
S18. Ans.(a)
Sol. This is an increase from last year’s allocation of ₹5.25 lakh crore. The defence budget was increased to ₹5.94 lakh crore for 2023-24 from last year’s allocation of ₹5.25 lakh crore.
Q19. Which country first introduced budget?
(a) Australia
(b) England
(c) USA
(d) China
(e) India
Answer
S19. Ans.(b)
Sol. England was the highest country in the world to establish a modern government budget. After the triumph of the bourgeois revolution in 1640, England, as a parliamentary monarchy, had all of its financial powers controlled by Parliament.
Q20. According to which article of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement?
(a) Article 108
(b) Article 101
(c) Article 115
(d) Article 113
(e) Article 112
Answer
S20. Ans.(e)
Sol. According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
Q21. The Total Expenditure of The Union Budget 2023-24 is:
(a) 39 Lakh Crore
(b) 41 Lakh Crore
(c) 45.03 Lakh Crore
(d) 47 Lakh Crore
(e) 50 Lakh Crore
Answer
S21. Ans.(c)
Sol. The total expenditure in BE 2023-24 is estimated at 45,03,097 crore(45.03 Lakh Crore) of which total capital expenditure is10,00,961 crore(10 Lakh Crore).
Q22. The current year’s economic growth estimated by Union Budget 2023-24 is at:
(a) 6.5%
(b) 7%
(c) 9%
(d) 8.5%
(e) 5%
Answer
S22. Ans.(b)
Sol. The Union Budget 2023-24 highlighted that the current year’s economic growth is estimated to be at 7%, “highest among all the major economies.”
Q23. The Total Receipt of The Union Budget 2023-24 is:
(a) 27.13 Lakh Crore
(b) 30 Lakh Crore
(c) 33 Lakh Crore
(d) 22 Lakh Crore
(e) 45.03 Lakh Crore
Answer
S23. Ans.(a)
Sol. The Total Receipt of The Union Budget 2023-24 is 27.13 Lakh Crore.
Q24. The Fiscal Deficit of The Union Budget 2023-24 is:
(a) 10 Lakh Crore
(b) 12 Lakh Crore
(c) 14 Lakh Crore
(d) 17.87 Lakh Crore
(e) 20 Lakh Crore
Answer
S24. Ans.(d)
Sol. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on a positive roadmap with fiscal deficit for 2023-24 is 17.87 Lakh Crore.
Q25. Total resources being transferred to the States in The Union Budget 2023-24 is:
(a) 17.98 Lakh Crore
(b) 15 Lakh Crore
(c) 20 Lakh Crore
(d) 18 Lakh Crore
(e) None
Answer
S25. Ans.(a)
Sol. 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 2023-24 is `17,97,537 crore(17.98 Lakh Crore)
Q26. Which of the following is not correctly matched with regards to Proposed Expenditure from the Union Budget 2023-24:
(a) Interest payments-20%
(b) Subsidies-7%
(c) Defence-15%
(d) Pensions-4%
(e) Central Sector Scheme-17%
Answer
S26. Ans.(c)
Sol. Money from the Budget is allotted to various sectors and also assigned to meet expenses. In brief, the outflow is planned as: Defence-8%
Q27. Which of the following has the highest share in the Proposed Expenditure from the Union Budget 2023-24:
(a) Interest Payment
(b) Defence
(c) Centrally Sponsored Scheme
(d) Central Sector Scheme
(e) Finance Commision & other transfers
Answer
S27. Ans.(a)
Sol. The largest share of the Centre’s expenditure goes towards paying the interest on borrowings.
Q28. Which of the following has the least share in the Proposed Expenditure from the Union Budget 2023-24:
(a) Pensions
(b) Defence
(c) Centrally Sponsored Scheme
(d) Central Sector Scheme
(e) Finance Commision & other transfers
Answer
S28. Ans.(a)
Sol. Pensions has the least share in the Proposed Expenditure from the Union Budget 2023-24.
Q29. The proposed fiscal deficit for the Fiscal Year 2023-24 is at:
(a) 5.9 percent of GDP
(b) 6.4 percent of GDP
(c) 4.5 percent of GDP
(d) 7 percent of GDP
(e) 6.7 percent of GDP
Answer
S29. Ans.(a)
Sol. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on a positive roadmap with fiscal deficit for 2023-24 at 5.9 percent of GDP well below the 6.4% budgeted for 2022-23.
Q30. Which among the following is not the part of Seven priorities(‘Saptarishi’) of the Union Budget 2023-24:
(a) Inclusive development
(b) Infrastructure and investment
(c) Green Growth
(d) Women Power
(e) Financial Sector
Answer
S30. Ans.(d)
Q31. Outlay for PM Awas Yojana in the Union Budget 2023-24 is being enhanced by 66% to the amount of:
(a) 80,000 Crore
(b) 79,000 Crore
(c) 50,000 Crore
(d) 60,000 Crore
(e) 90,000 Crore
Answer
S31. Ans.(b)
Sol. Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crore.
Q32. Capital outlay of how much crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14:
(a) 2.70 lakh crore
(b) 2.40 lakh crore
(c) 2.10 lakh crore
(d) 2 lakh crore
(e) 2.90 lakh crore
Answer
S32. Ans.(b)
Sol. Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
Q33. iGOT Karmayogi, an integrated online training platform, launched to provide continuous learning opportunities for whom to upgrade their skills and facilitate people-centric approach:
(a) Government employees
(b) Youths
(c) Women
(d) Tribals
(e) None
Answer
S33. Ans.(a)
Sol. iGOT Karmayogi, an integrated online training platform, launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate people-centric approach.
Q34. Jan Vishwas Bill to amend 42 Central Acts have been introduced to:
(a) further trust-based compliances
(b) further trust-based governance
(c) further privatization
(d) boost agriculture sector
(e) None
Answer
S34. Ans.(b)
Sol. Jan Vishwas Bill to amend 42 Central Acts have been introduced to further trust-based governance.
Q35. National Data Governance Policy to be brought out in the Union Budget 2023-24 for:
(a) Start-ups and academia
(b) Ease of Doing Business
(c) Governance
(d) Skill India
(e) None
Answer
S35. Ans.(a)
Sol. National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
Q36. Who is supported as Centre of Excellence for sharing best practices regarding Shree Anna( Millets)?
(a) Hyderabad
(b) Bengaluru
(c) Lucknow
(d) Delhi
(e) Gurugram
Answer
S36. Ans.(a)
Sol. Hyderabad supported as Centre of Excellence for sharing best practices regarding Shree Anna( Millets)
Q37. In the Union Budget 2023-24, Sickle Cell Anaemia will be eliminated by which year?
(a) 2030
(b) 2040
(c) 2050
(d) 2047
(e) None
Answer
S37. Ans.(d)
Sol. Sickle Cell Anaemia elimination mission to be launched and has been targeted to be eliminated by 2047.
Q38. In the Union Budget 2023-24, Agricultural Credit target is _.
(a) 25 Lakh Crore
(b) 27 Lakh Crore
(c) 20 Lakh Crore
(d) 15 Lakh Crore
(e) 30 Lakh Crore
Answer
S38. Ans.(c)
Sol. In the Union Budget 2023-24, Agricultural Credit target is 20 Lakh Crore.
Q39. In the Union Budget 2023-24, how much money has been outlayed for energy security, energy transition and net zero objectives __.
(a) ₹35000 crore
(b) ₹3500 crore
(c) ₹25000 crore
(d) ₹45000 crore
(e) ₹30000 crore
Answer
S39. Ans.(a)
Sol. ₹35000 crore outlay for energy security, energy transition and net zero objectives.
Q40. PM-PRANAM Scheme to be launched to incentivize States and Union Territories to promote __.
(a) Infrastructure Development
(b) Green Growth
(c) Alternative fertilizers and balanced use of chemical fertilizers
(d) chemical fertilizers
(e) None
Answer
S40. Ans.(c)
Sol. “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
Q41. In the new tax regime rebate limit of Personal Income Tax to be increased to __.
(a) 7 Lakh
(b) 9 Lakh
(c) 6 Lakh
(d) 10 Lakh
(e) 12 Lakh
Answer
S41. Ans.(a)
Sol. Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime.
Q42. Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to __.
(a) 13
(b) 15
(c) 19
(d) 11
(e) 8
Answer
S42. Ans.(d)
Sol. Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
Q43. MISHTI scheme will be launched for _.
(a) mangrove plantation in the hinterland
(b) mangrove plantation in North Eatsern Region
(c) mangrove plantation along the coastline
(d) plantation along the coastline
(e) None
Answer
S43. Ans.(c)
Sol. MISHTI scheme will be launched for Mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
Q44. Green Credit Programme to be notified under the __.
(a) Agriculture Credit Scheme
(b) Agriculture Accelerator Fund
(c) Wildlife (Protection) Act
(d) Environment (Protection) Act
(e) None
Answer
S44. Ans.(d)
Sol. Green Credit Programme to be notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.
Q45. Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of __.
(a) wetlands, enhance bio-diversity, and carbon stock.
(b) Pasturlands
(c) Chemical Fertilizer
(d) Ground water
(e) None
Answer
S45. Ans.(a)
Sol. Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
Q46.Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to __.
(a) 40 lakh youth in three years
(b) 27 lakh youth in three years
(c) 37 lakh youth in three years
(d) 47 lakh youth in three years
(e) None
Answer
S46. Ans.(d)
Sol. Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years.
Q47. 20,700 crore outlay provided for renewable energy grid integration and evacuation from which state/UT _.
(a) Ladakh
(b) Delhi
(c) Bihar
(d) J&K
(e) None
Answer
S47. Ans.(a)
Sol. 20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
Q48. Which of the following will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business?
(a) Aadhar
(b) PAN
(c) Passport
(d) DL
(e) None
Answer
S48. Ans.(b)
Sol. PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
Q49. Rs. 5,300 crore to be given as central assistance to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water, situated in which state?
(a) Telangana
(b) Tamilnadu
(c) Karnataka
(d) Gujarat
(e) Bihar
Answer
S49. Ans.(c)
Sol. Rs. 5,300 crore to be given as central assistance to Upper Bhadra Project in Karnataka to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
Q50. ‘Bharat Shared Repository of Inscriptions’ to be set up in a digital epigraphy museum, with digitization of _ ancient inscriptions in the first stage.
(a) Three lakh
(b) Two lakh
(c) Four lakh
(d) Five lakh
(e) One lakh
Answer
S50. Ans.(e)
Sol. ‘Bharat Shared Repository of Inscriptions’ to be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.
