NEXT IAS UNION BUDGET 2023-24 MCQs

UNION BUDGET
2023-24
MCQs
By Vibhas Jha Sir

2 Union Budget 2023-24
Part-A
1. Consider following statements about Annual Financial Statement of 2023-24.

1. This is provided in the Constitution under article 112.
2. It shows the actuals for the fiscal year 2022-23.
3. Government accounts are kept under the Consolidated Fund of India and the Contingency Fund
of India.
Which of the above statements are not correct?
(a) 1 and 3
(b) 1 and 2
(c) 2 and 3
(d) 1, 2 and 3
Ans. (c)
Source: Key to Budget documents 2.1.A
2. Consider following statements regarding Contingency Fund of India

1. Currently, the Parliament as authorised for a corpus of ₹30000crore.
2. It is to look for unforeseen expenditures.
3. It is placed at the disposal of Cabinet ministers.
Which of the above statements are correct
(a) 1 and 2
(b) 1 and 3
(c) 2 and 3
(d) 1, 2 and 3
Ans. (a)
Source: Key to budget documents 2.1.A
3. Which of the following statements about Indian budget is incorrect?

(a) Non-tax rceipts of the government mainly consists of interest and dividends on investment in
addition to fees and other receipts for services rendered bu the government.
(b) Interest payments on debt is part of the revenue expenditure.
(c) All grants to the state governments and union territories except for use of creation of capital
assets.
(d) None of the above
Ans. (c)
All grants to the states or union territories are treated as revenue expenditure even though a portion of
these may be used for creation of capital assets.
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Union Budget 2023-24 3

4. Which of the following statements is incorrect about the capital receipts?
(a) Loans from foreign governments and bodies constitute capital receipts.
(b) Disinvestment proceeds and dividend distribution are part of capital receipts.
(c) Recoveries of loans from state governments are constituents of capital receipts.
(d) Market borrowings from the public and borrowings through the sale of Trrasury-Bills (short-
term borrowings) are part of capital receipts.
Ans. (b)
Dividend distribution is part of revenue receipts
5. Consider the following statements

1. Railways budget is presented together with the Union budget from financial year 2017-18.
2. The total receipts and expenditure of the railways are incorporated in the Annual Financial
Statement of the government of India.
3. In the budget 2023-24, ₹2.4 lakh crore capital outlay has been sanctioned for railways.
Which of the above statements are correct?
(a) 1 and 2
(b) 1 and 3
(c) 2 and 3
(d) 1, 2 and 3
Ans. (d)
Source: Key to budget documents 2.2.G
Budget highlights (key features) page no-5
6. What is the full form of UIDF which is to be established as per Union Budget 2023-24?
(a) Urban Infrastructure Development Fund
(b) Unique Identification Development Fund
(c) Unique Identification Infrastructure Development Fund
(d) Unique Industrial Development Fund
Ans. (a)
Source: Budget highlights (key features) page no-5
2023-24 budget has sought to create urban infrastructure in tier 2 and 3 cities via establishment of
UIDF.
7. Consider the following statements about the budget allocations of fiscal year 2023-24 across the
ministries and choose which is the correct answer.
(a) Ministry of Defence has the largest share in budget allocations
(b) Ministry of Railways has largest share in budget allocations
(c) Ministry of Agriculture and Farmer's Welfare has received highest allocation amongst the
ministries
Ans. (a)
Source: Budget highlights (Key documents) page no- 14
https://upscpdf.com/
8. Consider the following statements about the fiscal management.

1. Union government will give 50 year interest free loans to states which are to be spent on capital
expenditure within 2023-24.
2. Fiscal Deficit of 3.5% of GSDP is allowed for states (in which 0.5% is tied to power sector
reforms).
3. Targeted fiscal deficit to be below 4.5% by 2024-25.
Which of the above statements are correct as per budget 2023-24?
(a) 1 and 3
(b) 1 and 2
(c) 2 and 3
(d) 1, 2 and 3
Ans. (b)
Targeted fiscal deficit to be below 4.5% by 2025-26.
Source: Budget highlights (key documents) page no -08
9. Which of the following statements is incorrect about Indian economy?

(a) The capital expenditure of Union government has increased approximately four times since
Fiscal year 2016.
(b) The NPAs of banks have been falling for last 2 years.
(c) There has been constant increase in forex reserves.
(d) None
Ans. (c)
There has been decline in forex reserves in recent few quarters.
Source: Budget highlights (key documents) page no - 09
10. Consider following statements about the budget estimates of fiscal year 2023-24.
1. The share of subsidies is more than the share of defence in Union budget allocations.
2. Interest payment on borrowings is about 25% of total expenditure.
3. Centrally sponsored schemes have higher allocation of funds than Central sector schemes.
Which of the above statements are incorrect
(a) 1 only
(b) 2 only
(c) 1 and 2
(d) 1, 2 and 3
Ans. (d)
Source: Budget highlights (key features) page no-13

11. Consider the following statements about Fiscal Policy statements mandated under FRBM Act.
1. Macroeconomic Framework Statement contains an assessment of the growth prospects of the
economy along with the statement of specific underlying assumptions.
2. Medium term Fiscal Policy cum Fiscal Policy Strategy Statement sets out three year rolling
targets for fiscal deficit, revenue deficit, primary deficit, tax revenue, non-tax revenue and debt
of Central government.
Which of the above statements are correct
(a) 1 only
(b) 2 only
(c) Both of the above
Ans. (c)
Source: Key to budget documents 2.1.D
Part-B
1. According to the Union Budget 2023-24, consider the following statements.

1. Our current year’s economic growth i.e. FY23 is estimated to be at 7 per cent in nominal terms.
2. This is the highest among all economies.
Which of the above statements is/are not correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Ref para 2 of Budget.

1. During the Covid-19 pandemic with the PMGKY scheme, the government supplied free food
grains to over 80 crore persons for 28 months.
2. The theme of G20 is ‘Vasudhaiva Kutumbakam”.
Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Ref para 5 and 6 of Union Budget 2023-24.

1. The Vision for the Amrit Kaal includes a technology-driven and knowledge-based economy,
with strong public finances, and a robust financial sector.
2. Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable
success by mobilizing rural women into 81 lakh Self Help Groups.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
4. According to the Union Budget 2023-24, consider the following statements. The Budget adopts the
following seven priorities.
1. Inclusive Development
2. Reaching the Last Mile
3. Infrastructure and Investment
4. Unleashing the Potential
Which among the following is/are not one among them?
(a) 1 and 2
(b) 2 and 3
(c) 1 and 4
Ans. (d)
Ref. para 14 of Union Budget 2023-24.

1. Agriculture Accelerator Fund will be set-up to encourage agri startups by young entrepreneurs
in urban areas.
2. The Fund will aim at bringing innovative and affordable solutions for challenges faced by
farmers.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
Ref para 17 of Union Budget 2023-24.
An Agriculture Accelerator Fund will be set-up to encourage agristartups by young entrepreneurs in
rural areas. The Fund will aim at bringing innovative and affordable solutions for challenges faced
by farmers.

1. Atmanirbhar Clean Plant Program will be launched to boost availability of disease-free, quality
planting material for high value horticultural crops at an outlay of 200 crore.
2. To enhance the productivity of extra-long staple cotton, the government will adopt a cluster-
based and value chain approach through Public Private Partnerships (PPP).
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (a)

1. We are the largest producer and second largest exporter of ‘Shree Anna’ in the world.
2. These have a number of health benefits, and have been an integral part of our food for centuries.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)

1. One hundred and fifty-seven new nursing colleges will be established in co-location with the
existing 157 medical colleges established since 2014
2. A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)

1. Government has recently launched the Aspirational Blocks Programme covering 5000 blocks
for saturation of essential government services.
2. It includes domains such as health, nutrition, education, agriculture, water resources, financial
inclusion, skill development, and basic infrastructure.

(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (a)
1. Pradhan Mantri PVTG Development Mission will provide PVTG families and habitations with
basic facilities such as safe housing, clean drinking water and sanitation, improved access to
education etc.
2. An amount of 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.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
1. Government will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential
Schools, serving 3.5 lakh tribal students.
2. The outlay for PM Awas Yojana is being enhanced by 66 per cent to over ` 79,000 crore.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
1. Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to
10 lakh crore.
2. It would be 3.3 percent of GDP which will be almost three times the outlay in 2019-20.
(a) 1 only
(b) 2 only

(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
1. A capital outlay of 2.40 lakh crore rupees has been provided for the Railways.
2. This highest ever outlay is about 9 times the outlay made in 2013- 14.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
1. The Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a
movement of environmentally conscious lifestyle.
2. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2030.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
1. National Green Hydrogen Mission, with an outlay of 19,700 crores, will facilitate transition of
the economy to low carbon intensity, reduce dependence on fossil fuel imports.
2. This Budget provides 35,000 crore for priority capital investments towards energy transition and
net zero objectives, and energy security by the Ministry of Petroleum & Natural Gas.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
1. The PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother
Earth” will be launched to incentivize States and Union Territories to promote alternative
fertilizers and balanced use of chemical fertilizers.
2. 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources
Dhan) scheme will be established for promote a circular economy.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
1. ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, will be taken up for
mangrove plantation along the coastline and on salt pan lands.
2. Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the
next three years.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
1. The Revised Estimate of the fiscal deficit is 6.4 percent of GDP, adhering to the Budget Estimate.
2. The Revised Estimate of the total receipts other than borrowings is 24.3 lakh crore.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
19. According to Union Budget 2023-24, consider the following statements regarding Customs duties:
1. Reducing the number of basic customs duty rates on goods, other than textiles and Pharmaceuticals,
from 21 to 13.
2. There are minor changes in the basic custom duties, cesses and surcharges on some items
including toys, bicycles, automobiles and naphtha

(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
Union Budget speech 2023-24, Page no 27, paragraph 119
The Finance Minister proposed to reduce the number of basic customs duty rates on goods, other than
textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties,
cesses and surcharges on some items including toys, bicycles, automobiles and naphtha
20. According to Union Budget 2023-24, consider the following statements regarding indirect taxation
changes made for the green mobility:
1. Exemption of excise duty on GST-paid compressed biogas contained in it.
2. A customs duty exemption is being extended to import of capital goods and machinery required
for manufacture of lithium-ion cells for batteries used in electric vehicles.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
21. According to Union Budget 2023-24, consider the following statements regarding Electronics
sectors:
1. Mobile phone production in India has increased from 5.8 crore units valued at about Rs18,900
crore in 2014-15 to 31 crore units valued at over Rs2,75,000 crore in the 2022-23.
2. There is increase in customs duty on import of certain parts and inputs like camera lens and
continue the concessional duty on lithium-ion cells for batteries
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (a)
Mobile phone production in India has increased from 5.8 crore units valued at about Rs 18,900 crore
in 2014-15 to 31 crore units valued at over Rs2,75,000 crore in the last financial year.
The Finance Minister proposed to provide relief in customs duty on import of certain parts and inputs
like camera lens and continue the concessional duty on lithium-ion cells for batteries for another year.
22. According to Union Budget 2023-24, consider the following statements regarding Electrical sector:
1. The basic customs duty on heat coils is being increased from 7.5 per cent to 15 percent
2. The basic custom duty on electric kitchen chimneys for these are proposed to be reduced from
20 per cent to 15 percent.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
To rectify inversion of duty structure and encourage manufacturing of electric kitchen chimneys, the
basic customs duty on electric kitchen chimneys is being increased from 7.5 percent to 15 percent and
that on heat coils for these is proposed to be reduced from 20 per cent to 15 percent.
23. According to Union Budget 2023-24, consider the following statements regarding Marine sector:
1. Marine products recorded the highest export growth benefiting farmers in the coastal states of
the country
2. Duty is being reduced on key inputs for domestic manufacture of shrimp feed.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
24. According to Union Budget 2023-24, consider the following statements:

1. India is a global leader in cutting and polishing of natural diamonds
2. It is contributing about three-fourths of the global turnover by value
3. It is proposed to reduce basic customs duty on seeds used in the natural diamond manufacture.
Choose the correct option using the codes below:
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (a)
India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths
of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is
moving towards Lab Grown Diamonds (LGDs) and it holds huge promise. To seize this opportunity,
I propose to reduce basic customs duty on seeds used in Lab Grown Diamonds (LGDs) manufacture.

25. According to Union Budget 2023-24, consider the following statements regarding Metal Industry:
1. Exemption from Basic Customs Duty on raw materials for Steel sector
2. Concession of 2.5 percent from Basic Customs Duty on copper scrap is also being continued to
ensure the availability of raw materials for secondary copper producers
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Union Budget speech 2023-24, Page no 29, paragraph 128 & 129
26. According to Union Budget 2023-24, consider the following statements regarding Income Tax:
1. Average processing period reduced from 93 days in financial year 13-14 to 16 days now
2. Tax payers’ portal received a maximum of 72 lakh returns in a day; processed more than 6.5
crore returns this year;
Which of the above statements is/are shows the positive impact on taxpayer convenience?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
27. According to Union Budget 2023-24, consider the following statements regarding MSMEs:
1. Medium enterprises with turnover up to Rs2 crore and certain professionals with turnover of up
to Rs50 lakh can avail the benefit of presumptive taxation.
2. It is proposed to provide enhanced limits of Rs3 crore and Rs75 lakh respectively, to the taxpayers
whose cash receipts are no more than 5 percent.
3. It is proposed to allow deduction for expenditure incurred on payments made to them only when
payment is actually made.
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (c)
MSMEs are growth engines of our economy. Micro enterprises with turnover up to Rs2 crore and
certain professionals with turnover of up to Rs50 lakh can avail the benefit of presumptive taxation.
28. According to Union Budget 2023-24, consider the following statements regarding Cooperation:
1. New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit
of a lower tax rate of 15 percent
2. Providing a higher limit of Rs2 lakh per member for cash deposits to and loans in cash by
Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and
Rural Development Banks (PCARDBs).
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Union Budget speech 2023-24, Page no 31, paragraph 135, 136, 137, 138 & 139
29. According to Union Budget 2023-24, consider the following statements regarding the rationalisation
of Direct Tax:
1. Removing the minimum threshold of Rs10,000/- for TDS and clarifying taxability relating to
online gaming;
2. Not treating conversion of gold into electronic gold receipt and vice versa as capital gain;
3. Reducing the TDS rate from 30 per cent to 20 percent on taxable portion of EPF withdrawal in
non-PAN cases;
4. Taxation on income from Market Linked Debentures
Choose the correct statements:
(a) Only 1
(b) Only 2 & 3
(c) Only 1, 3 & 4
(d) All of the above
Ans. (d)
30. According to Union Budget 2023-24, consider the following statements regarding the Personal
Indirect Tax:
1. propose to increase the rebate limit to Rs 7 lakh in the both tax regime.
2. propose to change the tax structure in only new tax regime by reducing the number of slabs to
five
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (b)
Union Budget speech 2023-24, Page no 33, paragraph 146 & 147
Total Income (₹) Rate (per cent)
Upto 3,00,000 Nil
From 3,00,001 to 6,00,000 5
From 6,00,001 to 9,00,000 10
From 9,00,001 to 12,00,000 15
From 12,00,001 to 15,00,000 20
Above 15,00,000 30
It is proposed to increase the rebate limit to Rs7 lakh in the new tax regime. Thus, persons in the new
tax regime, with income up to Rs7 lakh will not have to pay any tax.
31. According to Union Budget 2023-24, consider the following statements regarding the socio-
economic welfare measures proposed by the government:
1. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath
Scheme, 2022 is proposed to be exempt from taxes.
2. It is proposed to enable co-operatives to withdraw cash up to Rs 3 crore in a year without being
subjected to TDS on such withdrawal.
3. Certain start-ups are eligible for some tax benefit if they are incorporated before 1st April,
2023, the period of incorporation is proposed to be extended by one year to before 1st April,
2024.
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (d)
Union Budget speech 2023-24, Page no 36, 37 & 38, Paragraph B.2, B.4 and B.7
32. According to Union Budget 2023-24, consider the following statements regarding Legislative
Changes In GST laws:
1. raise the minimum threshold of tax amount for launching prosecution under GST from Rs1
crore to Rs2 crore, except for the offence of issuance of invoices without supply of goods or
services or both
2. reduce the compounding amount from the present range of 50 percent to 150 percent of tax
amount to the range of 25 per cent to 100 percent;
3. Input tax credit ITC shall be available in respect of goods or services or both received by a
taxable person, which are used or intended to be used for activities relating to his obligations
under corporate social responsibility CSR.

(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (a)
Union Budget speech 2023-24, Page no 47 & 48, Paragraph B.1,and B.5
Decriminalisation
Section 132 and section 138 of CGST Act are being amended, inter alia, to -
1. raise the minimum threshold of tax amount for launching prosecution under GST from Rs1
crore to Rs2 crore,
2. except for the offence of issuance of invoices without supply of goods or services or both;
reduce the compounding amount from the present range of 50 percent to 150 percent of tax
amount to the range of 25 percent to 100 percent;
3. decriminalise certain offences specified under clause (g), (j) and (k) of sub-section (1) of section
132 of CGST Act, 2017, viz.-
obstruction or preventing any officer in discharge of his duties;
deliberate tempering of material evidence;
failure to supply the information
Input Tax Credit for expenditure related to CSR Section 17(5) of CGST Act is being amended to
provide that input tax credit shall not be available in respect of goods or services or both received
by a taxable person, which are used or intended to be used for activities relating to his obligations
under corporate social responsibility referred to in section 135 of the Companies Act, 2013
Part-C

1. The IMF has projected global growth to slow from 6.2 per cent in 2021 to 3.4 per cent in 2022
and 2.9 per cent in 2023 (January 2023, World Economic Outlook).
2. Monetary tightening by US Federal Reserve has also led to an outflow of portfolio investments
from India, exerting pressure on the rupee. As a result, the rupee depreciated by 8.3 per cent
between April 2022 and December 2022 against the US$.
Which of the above statement is/are not correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (d)

1. As per the First Advance Estimates (FAE) of National Income, 2022-23, India’s Real GDP and
Nominal GDP are projected to grow by 7 per cent (y-o-y) and 15.4 per cent (y-o-y), respectively,
in FY 2022-23.
2. The government has continued to support the investment activity with capital expenditure
reaching 4.5 lakh crore during April-November 2022,
Which of the above statement is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (c)

1. The share of exports in GDP (at 2011-12 prices) also increased to 28.7 per cent in FY 2022-23
compared to 21.5 per cent in FY 2021-22.
2. GST collections during December 2022 were 15 per cent higher on a y-o-y basis, crossing the
1.4 lakh crore benchmark for successive nine months.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (b)

1. During FY 2021-22, agricultural exports reached an all-time high of US$ 50.2 billion.
2. As per Fourth Advance Estimates for FY 2021-22, the production of food grains and oilseed
witnessed significant increase.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (d)

1. Monthly merchandise exports declined from US$ 39.7 billion in April 2022 to US$ 34.5 billion
in December 2022.
2. Merchandise imports for April-December 2022 were US$ 551.7 billion against US$ 441.5
billion during April-December 2021.

(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans (c)

1. Consumer price inflation peaked in April 2022 at 10.8 per cent before moderating to 5.7 per cent
in December 2022.
2. RBI’s Monetary Policy Committee increased the policy repo rate under the liquidity adjustment
facility (LAF) by 225 basis points from 4.0 per cent to 6.25 per cent between May and December
2022.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (b)

1. The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0.
2. Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 11.0 and well above the
regulatory requirement of 11.5.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (a)

1. The fiscal deficit of the Union Government, estimated at 9.2 per cent of GDP during the pandemic
year FY 2020-21, moderated to 6.7 per cent of GDP in FY 2021-22 and is budgeted to decline
further to 6.4 percent of GDP in FY 2022-23.
2. The Gross Tax Revenue registered a y-o-y growth of 15.5 per cent from April to November
2022.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (c)

1. The Government of India had budgeted an unprecedented `7.5 lakh crore of Capital Expenditure
for FY 2022-23.
2. The Revised Estimates place fiscal and revenue deficits at 6.4 per cent of GDP and 4.1 per cent
of GDP, respectively, in FY 2022-23.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (d)
1. The execution of various path-breaking policies such as the PM GatiShakti, National Logistics
Policy and the PLI schemes will strengthen the infrastructural and manufacturing base while
bringing down costs in the value chain.
2. Various international agencies such as the World Bank, the IMF, and the ADB project India to
grow between 6-7 per cent in 2023-24.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (c)
1. According to the First Advance Estimates, the real GDP in FY 2022-23 is expected to grow by
7.0 per cent compared to 6.7 per cent in FY 2021-22.
2. The Fiscal Deficit was projected at 6.4 per cent of GDP in the Budget Estimates of FY 2022-23.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (b)
1. Both Direct and Indirect taxes recorded a y-o-y growth of around 23.5 per cent and 8.6 per cent,
respectively, in the first eight months of the FY 2022-23.
2. Against the Budgeted target of Non-Debt Capital Receipts (NDCR) of `79,291 crore, the
collection upto November 2022 was `41,481 crore which was 52.3 per cent of BE. The major
contributor to NDCR is receipts from LIC IPO and others in RE 2022-23.

(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (c)
1. The Revenue Deficit is estimated at 2.9 per cent of GDP in BE 2023-24 against 4.1 per cent of
GDP in RE 2022-23.
2. Gross Tax Revenue (GTR) is projected to grow at 10.4 per cent in BE 2023-24 over RE 2022-
23.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (c)
1. In BE 2023-24, it is estimated that the Direct and Indirect taxes to contribute 54.4 per cent and
45.6 per cent, respectively, to GTR.
2. In BE 2023-24, the Tax to GDP ratio is estimated at 11.1 per cent which is at par with the RE of
2022-23.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (d)
1. The Budget for FY 2023-24 provisions for above 10 lakh crore (3.3 per cent of GDP) for capital
expenditure.
2. Expenditure on revenue account has been estimated at about `35.02 lakh crore (11.6 per of GDP)
in BE 2023-24.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 and 2
Ans. (d)

NEXT IAS UNION BUDGET 2023-24 MCQs

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NEXT IAS UNION BUDGET 2023-24 MCQs

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UNION BUDGET

By Vibhas Jha Sir

1. Consider following statements about Annual Financial Statement of 2023-24.

2. Consider following statements regarding Contingency Fund of India

3. Which of the following statements about Indian budget is incorrect?

Union Budget 2023-24 3

5. Consider the following statements

4 Union Budget 2023-24

8. Consider the following statements about the fiscal management.

9. Which of the following statements is incorrect about Indian economy?

Union Budget 2023-24 5

1. According to the Union Budget 2023-24, consider the following statements.

2. According to the Union Budget 2023-24, consider the following statements.

6 Union Budget 2023-24

3. According to the Union Budget 2023-24, consider the following statements.

5. According to the Union Budget 2023-24, consider the following statements.

Union Budget 2023-24 7

7. According to the Union Budget 2023-24, consider the following statements.

8. According to the Union Budget 2023-24, consider the following statements.

9. According to the Union Budget 2023-24, consider the following statements.

8 Union Budget 2023-24

Which of the above statements is/are not correct?

Union Budget 2023-24 9

10 Union Budget 2023-24

Union Budget 2023-24 11

12 Union Budget 2023-24

24. According to Union Budget 2023-24, consider the following statements:

Union Budget 2023-24 13

14 Union Budget 2023-24

Union Budget 2023-24 15

16 Union Budget 2023-24

Choose the correct option using the codes below:

1. According to the Union Budget 2023-24, consider the following statements.

Union Budget 2023-24 17

3. According to the Union Budget 2023-24, consider the following statements.

4. According to the Union Budget 2023-24, consider the following statements.

5. According to the Union Budget 2023-24, consider the following statements.

18 Union Budget 2023-24

Which of the above statement is/are not correct?

6. According to the Union Budget 2023-24, consider the following statements.

7. According to the Union Budget 2023-24, consider the following statements.

8. According to the Union Budget 2023-24, consider the following statements.

Union Budget 2023-24 19

20 Union Budget 2023-24

Which of the above statement is/are correct?

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