What is the Union Budget and the Interim Budget?
As per Article 112 of the Indian Constitution, the Union Budget is defined as a statement of the estimated receipts and expenditure of the government for that particular year. It is also referred to as the Annual Financial Statement as it details the account of the government finances for the financial year that starts from 1st April to 31st March. The Budget documents also include Demands for Grants (as mandated by Article 113 of the Constitution) and a Finance Bill (mandated under Article 110 (1)(a) of the Constitution) detailing the changes related of taxes proposed in the Budget.
An interim budget is a temporary financial document presented by the government in an election year as a full-fledged budget can't be passed due to possibility of a change in the executive after the polls. The interim budget serves as a bridge to keep the government running for the transition period (April - July) until the new one is formed. Article 116 of the Constitution allows the Lower House (Lok Sabha) to make any grant in advance for the estimated expenditure for part of any financial year by voting and passing such a legislation, i.e. vote on account.
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Union Finance Minister Nirmala Sitharaman has presented the budget for the past five years from 2019-20 to 2023-24. On February 01, 2024 she has announced the Interim Budget 2024-25 to seek Parliament’s approval for the government’s expenditure for the first four months of the fiscal year 2024-25, before India goes to polls in April-May 2024.
Understanding of the Union Budget and the Interim Budget is very important from various competitive exams point of view as every year many questions are asked in various exams like RBI Grade B, NABARD Grade A, NABARD Grade B, SEBI Grade A and many other Banking exams based on this.
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Q. What is the primary purpose of an interim budget?
Q. What is a "vote-on-account" in the context of an interim budget?
Q. In the 2019 interim budget, what bold move did Finance Minister Piyush Goyal make?
Q. Why is the upcoming interim budget for 2024-2025 considered significant?
Q. As per the Union Budget 2024 (Interim) Statement, the Government aims to make India Viksit Bharat (Developed India) by ____________.
Q. As per the Union Budget 2024 (Interim) Statement, the 4 Modern Day castes for the Development agenda include?
Q. Direct Benefit Transfers have enabled PM Jan Dhan accounts to have a savings of _____________.
Q. . _________ Mudra Loans under the PM Mudra Yojana have been given to women entrepreneurs.
Q. As per the Union Budget 2024 (Interim) Statement, the Government will adopt economic policies that foster and sustain growth. It will be guided by the principles of______.
Q. As per the Union Budget 2024 (Interim) Statement, The Skill India Mission has trained ________ youth, upskilled and re-skilled ________ youth.
Q. As per the Union Budget 2024 (Interim) Statement, a corpus of _______ will be established with 50 yr interest-free loan tech-savvy growth. The corpus will provide long-term financing with long tenors and low/nil interest rates. This will encourage pvt sectors to scale up Research and innovation significantly in sunrise domains.
Q. As per the Union Budget 2024 (Interim) Statement, the Capex (Capital Expenditure) outlay for the next year (FY25) has been increased to _____________
Fiscal Deficit in 2024-25 is estimated to be at _________ of GDP as per the Union Budget 2024 (Interim) Statement.
Q.Foreign Direct Investment (FDI) inflow during 2014 to 2023 was __________, as per the Union Budget 2024 (Interim) Statement.
Q.FY24 fiscal deficit is pegged at _______ against the budgeted 5.9%, as per the Union Budget 2024 (Interim) Statement.
Q. As per the Union Budget 2024 (Interim) Statement, the tax rates for direct and indirect taxes including export duties were __________.
