The Finance Minister of central government presents India’s Budget in the Parliament every year. In the budget, the government launches some new schemas and projects for the betterment of the country, makes some announcement for the taxpayers and displays the earnings and expenses of the previous year. In easier words, we can say that the budget is the financial statement of the country.
Every year the finance ministry makes creates a new yearly budget so it becomes mandatory for the competitive exam aspirants to make a note of that changes because it’s possible that in competitive exams you find some budget-related questions. Before attempting these questions, understand the difficult terms of budget.
Here we have compiled 20 most important questions related to Union Budget 2019. Read these questions carefully might be one of them you will find in the GK section of your exam.
Important Questions Related to Union Budget 2019
The important questions related to Union Budget 2019 are mentioned below. Read them and try to answer them.
Q.1 What is the Interim Budget and why 2019’s budget is called so?
Q.2 What is the target (GDP) the government has decided for Fiscal Deficit for FY 2019-20?
Q.3 What is the new growth in direct taxes in 2018-19?
Q.4 In Union Budget 2019, the PM-KISAN programme is announced for the farmers to give annual income support. How much support the farmers will get under this scheme?
Q.5 In Union Budget 2019-2020, what is the minimum pension is announced for every laborer?
Q.6 How much amount has been allocated for the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana in the Union Budget 2019-2020?
Q.7 What is the biggest source of income for the central government as per the 2019-20 Budget?
Q.8 What is the name of the rate in which the income tax is imposed in India?
Q.9 In Union Budget 2019 how many IITs and NITs are planned by the government to open?
Q.10 In the Union Budget 2019-20, how much amount has been allocated to the Ministry of External Affairs (MEA)?
Q.11 What is Pradhan Mantri Shram Yogi Mahadaan Yojna?
Q.12 What is the changes have been made in tax benefits in Union Budget 2019-20?
Q.13 According to Union Budget 2019-20, what is the inflation rate on India for 2018-19?
Q.14 In Union budget 2019 how much amount the government has allocated to the MGNREGA Scheme?
Q.15 What is the name of that scheme under which the government has distributed the gas connections?
Q.16 On which item the government has to spend most of its revenue according to budget 2019-20?
Q.17 A committee has been formed to complete the task of identifying still not classifies nomadic and semi-nomadic communities. Under which institute this committee is formed?
Q.18 How much the capital support allocated to the Indian Railways in the Union Budget 2019-20?
Q.19 What is the total Budget allocation for the HRD Ministry in Budget 2019 to provide quality education for all?
Q.20 According to the Union Budget 2019-20, how many Jan Dhan bank accounts are being opened by then?
Here are the answers to all the above-asked questions. All the answers are given in descriptive form so the competitive exam aspirants can get the in-depth knowledge of the topic.
Ans.1 The budget presented by a government that is going through a transition period is called an Interim Budget. This budget is also called the vote-on-account. The Interim budget is created out of constitutional necessity.
Ans.2 In the budget 2019, the fiscal deficit is targeted to 3.4 percent of GDP to Rs 6.34 lakh crore for 2018-19.
Ans.3 The trend demonstrates an increment in direct tax collection. The taxes have increased from Rs. 6.38 lakh crore in the financial year 2013–14 to almost Rs.12 lakh crore in the financial year 2018–19.
Ans.4 In Interim Budget 2019 the government announced to give Rs 6,000 per year to farmers with less than 2-hectare landholding. The farmers will get this amount under the Pradhan Mantri Kisan Samman Nidhi scheme.
Ans.5 In Union Budget 2019 it is announced that every laborer will get Rs. 1000 PM as minimum pension amount.
Ans.6 Rs. 6,400 crore has been allocated for the Ayushman Bharat scheme.
Ans.7 Government received most of its income from GST and corporation tax according to the 2019 budget.
Ans.8 Income tax is imposed at a digressive rate in India. Under the digressive rate the rate of tax increases as the income increases but once the income reaches a certain level, it becomes proportionate.
Ans.9 In union budget 2019 the government has proposed to open 18 new IITs and NITs.
Ans.10 The Ministry of External Affairs (MEA) has been allocated a budget of Rs 16,061 crores in Union Budget 2019-20. This year also Bhutan receive the largest chunk of the total aid, with a Rs 2,615 crores.
Ans.11 The Pradhan Mantri Shram Yogi Mahadaan scheme is announced in the Union Budget 2019-20 to provide the pension to benefits to approx 10 crore laborers and workers from unorganized sector.
Ans.12 According to the new announcement made in Union Budget 2019-20, now no tax to be paid for annual income up to 5 Lakh.
Ans.13 According to Budget 2019-20, the inflation rate has gone down and the new inflation rate is, 4.6%.
Ans.14 The total amount of Rs. 60,000 Crore is allocated to the MANREGA Scheme in the union budget 2019-20.
Ans.15 The government has distributes the LPG gas connections to the women under the Pradhan Mantri Ujjwala Yojana.
Ans.16 Share of the states in taxes and fees is the biggest item of government expenditure in budget 2019-20.
Ans.17 Under Nitin Ayog a committee is formed to identify those nomadic and semi-nomadic communities which are not yet classified.
Ans.18 Capital support from Budget for railways is proposed at Rs 64587 crore for railways in 2019-20.
Ans.19 To provide qualitative education for all total Budget allocation for the HRD Ministry in interim Budget 2019-20 is Rs. 93,847.64 crore, which is higher than the previous years’ budget allocation.
Ans.20 According to union budget 2019-20 in the last five years, nearly 34 crore Jan Dhan bank accounts were opened.