Budget Basics — Set 3
Economics · बजट की मूल बातें · Questions 21–30 of 70
The 'Gender Budget' was first introduced in India in which year?
Correct Answer: A. 2005-06
Gender Budgeting was formally adopted in 2005 to ensure that policies are analyzed through a gender lens. It aims to allocate resources specifically for the empowerment and welfare of women. India was one of the early adopters of this inclusive budgeting practice.
What is the maximum period for which the 'Vote on Account' is usually taken during a general election year?
Correct Answer: D. 4 months
In an election year, an Interim Budget or 'Vote on Account' for 4 months is typically passed. This covers the period until a new government is formed and presents a regular budget. It prevents the outgoing government from making major policy commitments.
Which committee recommended the separation of the Railway Budget from the General Budget in 1921?
Correct Answer: A. Acworth Committee
The Acworth Committee's recommendation in 1921 led to the separation of the Railway Budget starting in 1924. This was done to ensure the commercial independence of the railways. This practice continued for 92 years until its reversal.
The 'Economic Survey' of India is usually presented?
Correct Answer: B. One day before the budget
The Economic Survey provides a detailed analysis of the economy's performance over the past year. It is traditionally presented by the Finance Minister in Parliament a day before the Union Budget. It serves as a background document for the upcoming budget.
Who among the following has presented the maximum number of Union Budgets in India?
Correct Answer: A. Morarji Desai
Morarji Desai holds the record for presenting 10 Union Budgets. He served as the Finance Minister and later as the Prime Minister of India. He also presented two budgets on his birthday, February 29.
The term 'Disinvestment' in the budget refers to?
Correct Answer: D. Selling government stakes in public sector units
Disinvestment involves selling part or all of the government's equity in Public Sector Undertakings (PSUs). The proceeds are used to meet fiscal targets and fund social infrastructure. It is a key component of the government's non-debt capital receipts.
Which among the following is an example of 'Plan Expenditure' (now part of Capital/Revenue expenditure)?
Correct Answer: C. Investments in Five-Year Plans
The correct answer is 'Investments in Five-Year Plans'. Plan expenditure was associated with developmental activities initiated under the planning commission. The distinction between Plan and Non-Plan expenditure was abolished in 2017. All expenditures are now classified as Capital or Revenue.
The 'Interim Budget' is primarily presented when?
Correct Answer: C. General elections are approaching
An Interim Budget is a temporary budget presented by a government whose term is about to end. It seeks approval for expenses until the next government takes over. It generally avoids major tax changes or new schemes.
Which document contains the government's proposals for the levy of new taxes or modification of existing ones?
Correct Answer: B. Finance Bill
The Finance Bill is presented along with the Union Budget to give effect to the financial proposals. It must be passed by Parliament and receive the President's assent to become law. It deals with amendments to various tax acts.
What is 'Revenue Expenditure' primarily used for?
Correct Answer: C. Routine functioning and debt interest
Revenue expenditure includes day-to-day running costs such as salaries, pensions, subsidies, and interest on past debt. It does not lead to the creation of physical or financial assets. High revenue expenditure is often a sign of fiscal stress.