1. Who presented the Union Budget 2023?
a.APJ Abdul Kalam
b.Nirmala Sitharaman
c.Manmohan Singh
d.Narendra Modi
Answer: b. Nirmala Sitharaman
Explanation: Finance Minister Nirmala Sitharaman presented the Union Budget 2023, the fifth budget on February 01
2. The Budget 2023-24 adopts how many priorities?
a.7
b.6
c.2
d.1
Answer: a.7
Explanation: The Budget 2023-24 adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal. The priorities are, Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, and Financial Sector.
3. Railways plan to refurbish more than 1,000 coaches of premier trains
a.1,000 coaches
b.5,000 coaches
c.10,000 coaches
d.100 coaches
Answer: a. 1,000 coaches
Explanation: Railways plan to refurbish more than 1,000 coaches of premier trains according to the Union Budget 2023.
4. How many teachers and support staff are to be recruited in the next 3 years, for 740 Eklavya Model Residential Schools?
a.As many as 38,000
b.As many as 50,000
c.As many as 10,000
d.As many as 40,000
Answer: a. As many as 38,000
Explanation: As many as 38,000 teachers and support staff are to be recruited in the next 3 years, for 740 Eklavya Model Residential Schools serving 3.5 lakh tribal students
5. By which year the government aims to produce 5 MMT of green hydrogen?
a.2050
b.2025
c.2030
d.2040
Answer: c. 2030
Explanation: By 2030, the govt aims to produce 5 MMT of green hydrogen. Recently launched National Green Hydrogen with an outlay of Rs 19,700 crore.
6. What will be the global Hub for Millets?
a.the Indian Institute of Millet Research in Gujarat
b.the Indian Institute of Millet Research in Assam
c.the Indian Institute of Millet Research in Delhi
d.the Indian Institute of Millet Research in Hyderabad
Answer: The Indian Institute of Millet Research in Hyderabad
Explanation: Now to make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research, and technologies at the international level.
7. What is the New Scheme that focuses on the fishermen and fish vendors?
a.Green Growth
b.PM Garib Kalyan Ann Yojana
c.New sub-scheme of PM Matsya Sampada Yojana
d.Mahila Samman Bachat Patra
Answer. a. New sub-scheme of PM Matsya Sampada Yojana
Explanation: Fisheries: A new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of 6,000 crores to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.
8. What is the new MSME scheme announced in the Union Budget 2023?
a.New sub-scheme of PM Matsya Sampada Yojana
b.Revamped credit guarantee scheme for MSMEs
c.PM Garib Kalyan Ann Yojana
d. Mahila Samman Bachat Patra
Answer: b.Revamped credit guarantee scheme for MSMEs
Explanation: Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through the infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 percent.
9. Which Scheme that was announced in the Union Budget 2023 includes skilled people who are engaged in various traditional and skilled professions?
a.PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman)
b.Revamped credit guarantee scheme for MSMEs
c.PM Garib Kalyan Ann Yojana
d. Mahila Samman Bachat Patra
Answer: a.PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman)
Explanation: PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2023, will include skilled people who are engaged in various traditional and skilled professions.
10. Which was the first budget that was a digital one?
a.2023-24
b.2021-22
c.2002-03
d.2012-13
Answer: b. 2021-22
Explanation: The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on February 1, 2021, which is the first budget of this new decade and also a digital one in the backdrop of the unprecedented COVID-19
11. 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
Answer: d
Explanation: 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).
12. 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
Answer: c
Explanation: The Budget 2023 focuses on seven priorities, which the FM called the “Saptrishis guiding us through Amrit Kaal”
13. When was the first Union Budget of India presented?
(a) 1947
(b) 1948
(c) 1949
(d) 1950
Answer: a
Explanation: 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
14. What time is the Union Budget presented?
(a) 9 AM
(b) 11 AM
(c) 12 PM
(d) 1 PM
Answer: b
Explanation: The Union Budget session 2023, will be presented by Finance Minister Nirmala Sitharaman at 11 AM and will continue for up to two hours.
15. What is the current year’s economic growth is estimated at the Union budget 2023?
(a) 4%
(b) 8%
(c) 7%
(d) 6%
Anser: c
Explanation: 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.
16. 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
Answer: c
Explanation: The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from ` 15 lakh to ` 30 lakh.
17. 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) ₹79,000 cr
Answer: d
Explanation: The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over ₹79,000 cr.
18. 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%
Answer: a
Explanation: 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.
19. “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
Answer: c
Explanation: ‘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.
20. Where is the budget presented by the Government?
(a) Lok Sabha
(b) Rajya Sabha
(c) Krishi Bhawan
(d) North Bhawan
Answer: a
Explanation: 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.
21. 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%
Answer: c
Explanation: 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.
22. 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
Answer: b
Explanation: 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.
23. 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
Answer: b
Explanation: The finance minister proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime.
24. 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
Answer: d
Explanation: In the 2023 Budget speech, Sitharaman spoke for 1 hour and 25 minutes.
25. 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) 2019
Answer: d
Explanation: In the year 2019, Finance Minister Nirmala Sitharaman replaced the Budget briefcase with the traditional ‘Bahi Khata’ having the National Emblem.
26. 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
Answer: c
Explanation: 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.
27. 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 19,700 crore
Answer: d
Explanation: 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.
28. 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
Answer: a
Explanation: 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.
29. Which country first introduced budget?
(a) Australia
(b) England
(c) USA
(d) China
Answer: b
Explanation: 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.
30. 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 112
Answer: d
Explanation: According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
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