MCQ on Union Budget 2023-24
Multiple Choice Questions (MCQ Quiz) on Annual Financial Statement 2023-24 (Union Budget 2023-24) with answers and explanation. The MCQ based on traditional, contemporary and current affairs parts of Indian Economy, Indian Constitution, which is referred from the NCERT, News Papers and websites like PIB and others. It is useful for various competitive exams like UPSC, UPPSC, BPSC, IAS/PCS and others.
Union Budget 2023-24
The Union Minister for Finance & Corporate Affairs Smt.
Nirmala Sitharaman, while presenting the Union Budget 2023-24 in Parliament. It
emphasized that Indian economy is on the right track, and despite a time of
challenges, heading towards a bright future.
MCQ/Quiz on Annual Financial Statement 2023-24 (Union Budget 2023-24)
Q 1. According to Union Budget 2023-24, how many priorities
of Amrit Kaal?
a) Five Priorities
b) Six Priorities
c) Seven Priorities
d) Eight Priorities
Answer (c)
Explanation:
Seven priorities of the Union Budget 2023-24 ‘Saptarishi’
are inclusive development, they are as follows: 1) Inclusive Development 2)
Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the
Potential 5) Green Growth 6) Youth Power 7) Financial Sector.
Q 2. In context of India’s Economic Growth estimated from
2023 to 2024, which among the following is Correct?
a) First among all major economies
b) Second among all major economies
c) Third among all major economies
d) Fourth among all major economies
Answer (a)
Q 3. The World has recognized the Indian Economy 2023-24 as a
‘bright star’ as the Economic Growth is estimated at:
a) 6 Percent
b) 7 Percent
c) 8 Percent
d) 9 Percent
Answer (b)
Explanation:
The World has
recognized the Indian Economy as a ‘bright star’ as the Economic Growth is
estimated at 7 per cent, which is the highest among all major economies, in
spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine War.
Q 4. From 2014
(last nine years), Indian economy has increased in size from being 10th to:
a) 7th
b) 8th
c) 5th
d) 6th
Answer (c)
Explanation:
Indian Economy has achieved position from 10th to
5th largest economy in the world.
Q 5. According to Union Budget 2023-24 presented by Indian
Finance Minister, Atmanirbhar Clean Plant Program related to:
a)
Organic Horticulture
b) Urban Horticulture
c) Horticulture Crops
d) Viticulture
Answer (c)
Explanation:
Atmanirbhar Clean Plant Program with an outlay of ₹2200
crore to be launched to boost availability of disease-free, quality planting
material for high value horticultural crops.
Q 6. Under the Union Budget 2023, how many new nursing
colleges to be established:
a) 150
b) 157
c) 160
d) 167
Answer (b)
Q 7. Which scheme established 500 New ‘Waste to Wealth’
plants?
a)
Ujjwala
b) Gobargas
c) Biosafety
d) Gobardhan
Answer (d)
Explanation:
500 new ‘waste to wealth’ plants under GOBARdhan
(Galvanizing Organic Bio-Agro Resources Dhan) scheme.
Q 8. Consider the following statements regarding set-up of 10,000
Bio-Input Resource Centres:
1. One crore
farmers to adopt natural farming.
2. To creating a national-level distributed micro-fertilizer.
Which of the statements given above is/are correct?
a) 1 Only
b) 2 Only
c) 1 and 2
d) Neither 1 nor 2
Answer (c)
Explanation:
According to Union Budget 2023-24, one crore farmers to
adopt natural farming over the next three years. For this, 10,000 Bio-Input
Resource Centres to be set-up, creating a national-level distributed
micro-fertilizer and pesticide manufacturing network.
Q 9. With reference to Union Budget 2023-24, consider the
following statements:
1.
For an empowerd and inclusive economy.
2.
To be set up 30 Skill India International
Centres.
3.
PMKY 4.0 to skill lakhs of youth within the next
three years.
Which of the statements given above are correct?
a) 1 and 2 Only
b) 2 and 3 Only
c) 1 and 3 Only
d) 1, 2 and 3
Answer (d)
Q 10. What is vision for Amrit Kaal under Budget 2023-24?
a) Opportunities for Citizens with focus on youth
b) Growth in Job Creation
c) Strong and Stable Macro-economic Environment
d) All of the Above
Answer (d)
Q 11. According to annual financial statements (Budget
2023-24), Green Growth related to:
a) Green energy
b) Green farming
c) Green equipment
d) All of the Above
Answer (d)
Explanation:
Under Budget 2023-24, Green Growth related to many programmes
for green fuel, green energy, green farming, green mobility, green buildings,
and green equipment, and policies for efficient use of energy across various
economic sectors.
Q 12. India is the largest producer and second largest
exporter of ‘Shree Anna’, what is ‘Shree Anna’?
a) Millet
b) Rice
c) Pulses
d) Wheat
Answer (a)
Explanation:
India is the largest producer and second largest exporter of
‘Shree Anna’ or Millet in the world as it grows several types of 'Shree Anna'
such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and
sama.
Q 13. According to Union Budget 2023-24 presented by Indian
Finance Minister, which disease elimination mission launched?
a) Chickenpox
b) Malaria
c) TB
d) Sickle Cell Anaemia
Answer (d)
Explanation:
According to Union Budget 2023-24 presented by Indian
Finance Minister, Sickle Cell Anaemia elimination mission to be launched.
Q 14. Consider the following statements regarding Union
Budget 2023-24 for education:
1. Develop District Institutes of Education and Training.
2. To establish a National Digital Library for Children and
Adolescents.
Which of the statements given above is/are correct?
a) 1 Only
b) 2 Only
c) 1 and 2
d) Neither 1 nor 2
Answer (c)
Explanation:
District Institutes of Education and Training to be developed as vibrant
institutes of excellence for Teachers’ Training.
A National Digital Library for Children and Adolescents to
be set-up for facilitating availability of quality books across geographies,
languages, genres and levels, and device agnostic accessibility.
Q 15. Which one of the following is correct regarding Bharat
Shared Repository of Inscriptions (BSRI)?
a) Digitization of one lakh ancient inscriptions in the
first stage
b) Digitization of two lakh ancient inscriptions in the
first stage
c) Digitization of three lakh ancient inscriptions in the
first stage
d) Digitization of four lakh ancient inscriptions in the
first stage
Answer (a)
Explanation:
‘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.
Q 16. What is use of PM-PRANAM?
a) Balanced use of chemical fertilizers
b) Use Organic Fertilizers
c) Use of Clean Energy
d) Balanced use of thermal energy
Answer (a)
Explanation:
“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.
Q 17. Consider the following statements regarding Union
Budget 2023-24 for agriculture:
1. To encourage agri-startups through Agriculture
Accelerator Fund.
2. The global hub for Millets the Indian Institute of Millet Research in
Hyderabad.
Which of the statements given above is/are correct?
a) 1 Only
b) 2 Only
c) 1 and 2
d) Neither 1 nor 2
Answer (c)
Q 18. What is the new scheme that focuses on the fishermen?
a) PMFBY
b) Green Growth
c) Unified Package Insurance Scheme
d) New sub-scheme of PM Matsya Sampada Yojana
Answer (d)
Explanation:
A new sub-scheme of PM Matsya Sampada Yojana with targeted
investment of ₹6,000 crore to be launched to further enable activities of
fishermen, fish vendors, and micro & small enterprises, improve value chain
efficiencies, and expand the market.
Q 19. Which one of the following is correct regarding the
new MSME scheme announced in the Union Budget 2023?
a) To revamping of the credit guarantee scheme for MSMEs.
b) It will take effect from 1st April 2023 through infusion of
Rs 5,000 crore in the corpus.
c) The credit will be reduced by about 3 per cent.
d) The credit will be increased by about 1 per cent.
Answer (a)
Explanation:
The new MSME scheme revamping of the credit guarantee scheme
for MSMEs and announced happily that the revamped scheme will take effect from
1st April 2023 through infusion of Rs
9,000 crore in the corpus. This will enable additional collateral-free
guaranteed credit of Rs 2 lakh crore. Further, the cost of the credit will be
reduced by about 1 per cent.
Q 20. According to the Union Budget 2023-24, consider the
following statements:
1. PM VIKAS for centuries, traditional artisans and
craftspeople.
2. The theme of G20 is ‘Vasudhaiva Kutumbakam”.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer (c)
Q 21. According to the Union Budget 2023-24, consider the
following statements regarding Pradhan Mantri PVTG Development Mission:
1. PVTGs stands for particularly vulnerable tribal groups.
2. To improve socio-economic conditions of PVTGs.
3. Centre will recruit 38,800 teachers and support staff for
the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.
Which of the statements given above are correct?
(a) 1 and 2only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer (d)
Explanation:
To improve socio-economic conditions of the particularly
vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will
be launched. This will saturate PVTG families and habitations with basic
facilities such as safe housing, clean drinking water and sanitation, improved
access to education, health and nutrition, road and telecom connectivity, and
sustainable livelihood opportunities. An amount of Rs 15,000 crore will be made
available to implement the Mission in the next three years under the
Development Action Plan for the Scheduled Tribes. Government announced that in
the next three years, centre will recruit 38,800 teachers and support staff for
the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.
Q 22. What is revised estimate of the fiscal deficit of GDP?
a) 5.4 percent
b) 5.8 percent
c) 6.4 percent
d) 6.8 percent
Answer (c)
Explanation:
The Revised Estimate of the fiscal deficit is 6.4 per cent
of GDP, adhering to the Budget Estimate.
Q 23. What is the rate of tax for Income tax slab between
the income of Rs 6 Lakh to Rs 9 Lakh in Budget 2023-24?
a) 5 percent
b) 10 percent
c) 15 percent
d) 20 percent
Answer (b)
Explanation: (in Pic)
Q 24. According to the Union Budget 2023-24, consider the
following statements regarding indirect tax:
1. Excise duty exempted
on GST-paid compressed bio gas.
2. Import duty on silver dore, bars and articles reduced.
3. National Calamity Contingent Duty on specified cigarettes
has been revised upwards by about 16%.
Which of the statements given above are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer (c)
Q 25. The first paperless (digital budget) budget presented
in India:
a) 2020-21
b) 2021-22
c) 2022-23
d) 2023-24
Answer (b)
Q 26. Which is an INCORRECT regarding Budget?
a) It is an annual Financial Statement
b) Joint Session of the Parliament due to Dead lock
c) More power in Lok Sabha
d) Budget represent in parliament with prior recommendations
of the President
Answer (b)
Q 27. What is the duration of a financial year?
a)
February 1st to January 31st
b)
October 1st to September 30th
c)
April 1st to March 30th
d)
January 1st to December 30th
Answer (c)
Q 28. Which article of the Indian Constitution provides for Union
Budget?
a) Article 110
b) Article 111
c) Article 112
d) Article 113
Answer (c)
Q 29. Who was the first Finance minister of independent
India?
a)
B.R. Ambedkar
b)
Shanmukhan Chetty
c)
John Mathai
d)
Liaquat Ali Khan
Answer (c)
Q 30. With reference to Budget:
1. The word budget is mentioned in the Indian Constitution.
2. Annual Financial Statement is known as Budget.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer (b)
a) Economic Empowerment of Women through SHGs
b) PM Vishwakarma Kaushal Samman (PM VIKAS)
c) Digital Industries Development
d) Tourism Promotion in Mission Mode
Answer (c)
Q 32. What is Mahila Samman Vikas Patra?
a) Political Reservations
b) Financial assistance to SHGs
c) Increase annual interest on savings of Rs 2 lakh for
women
d) Award to best women startups
Answer (c)
Explanation:
A special initiative has been taken for women's empowerment
with the announcement of Mahila Samman Vikas Patra. Under it, women will now
get 7.5% interest annually on savings of Rs 2 lakh.
Q 33. What is aim of National Digital Library?
a) To provide high-quality books to children only
b) To provide high-quality books to adolescents only
c) To provide high-quality books in only two languages Hindi
& English
d) To provide high-quality books to children and adolescents
Answer (d)
Explanation:
The National Digital Library will be established to provide
high-quality books to children and adolescents from various regions, languages,
subjects, and levels.
Q 34. What will be expenditure on education in the FY23?
a) 3 Percent
b) 2.3 Percent
c) 2.9 Percent
d) 3.1 Percent
Answer (c)
Explanation:
The expenditure on education: 2.9 percent of GDP of FY-2023.
Q 35. With reference to the aspirational block programme,
Consider the following statements:
1. It implemented in 112 blocks.
2. To improve government services in a wide range of areas.
3. It is covering 500 blocks.
Which of the statements given above are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer (b)
Explanation:
The central government has launched an aspirational block
programme covering 500 blocks to improve government services in a wide range of
areas, including health, nutrition, education, agriculture, water resources,
financial inclusion, skill development, and basic infrastructure.
Q 36. In the last 9 years despite economic constraints in
the global pandemic, the government has increased investment in infrastructure
by:
a)
100%
b)
200%
c)
300%
d)
400%
Answer (d)
Q 37. Which one of the following is
correct regarding urban sanitation?
a)
Cleaning of urban area will be done by machine
only
b)
Cleaning of septic tanks and sewers will be done
by machine only
c)
Both (a) and (b)
d)
None of the Above
Answer (b)
Explanation:
For urban sanitation, 100 percent cleaning of septic tanks
and sewers will be done by machine and scientific management of waste will be
taken care of.
Q 38. In the context of Mission Karmayogi, Consider the
following statements:
1. To set up a transparent and accountable governance
system.
2. It is for efficient human resource management.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer (c)
Q 39. The National Green Hydrogen Mission will:
a) Assist the economy only
b) Assist to achieve target of net zero emission
c) Both (a) and (b)
d) None of the Above
Answer (c)
Q 40. According to Union Budget 2023-24, MISHTI is stand
for:
a) Mangrove Initiative for Shoreline Habitats and Tangible
Income
b) Mangrove Initiative for Shoreline Habitats and Technical
Innovation
c) Marine Initiative for Shoreline Habitats and Tangible
Income
d) Marine Initiative for Shoreline Habitats and Technical Innovation
Answer (a)
Explanation:
MISHTI: The government is determined to build on India's
success in the forestry sector. For this, an initiative named "Mangrove
Initiative for Shoreline Habitats and Tangible Income" (MISHTI) has been
taken. Under this initiative, mangrove plantations will be done in coastal
areas with the help of coordination between institutions like MGNREGA and
CAMPA.
Q 41. Where does highest money come from?
a) Goods & Services Tax
b) Borrowing and Other Liabilities
c) Income Tax
d) Corporation tax
Answer (b)
Q 42. Where is more money spent?
a) Interest Payments
b) States’ share of Taxes and Duties
c) Central Sector Schemes
d) Centrally Sponsored Schemes
Answer (a)
Q 43. With reference to fiscal management in budget 2023-24,
consider the following statements:
1. Interest-free loan to states for 50 years.
2. States are allowed a fiscal deficit of 4.5 percent of
GSDP.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer (a)
Explanation:
States are allowed a fiscal deficit of 3.5 percent of GSDP.
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