Budget Basics — Set 7
Economics · बजट की मूल बातें · Questions 61–70 of 70
Who was the first woman Finance Minister to present the Union Budget in India?
Correct Answer: D. Indira Gandhi
Indira Gandhi presented the budget for 1970-71 while holding the finance portfolio as Prime Minister. Nirmala Sitharaman became the first full-time woman Finance Minister to present it. Both have made significant contributions to Indian fiscal policy.
Which Article provides for the 'Contingency Fund' of India?
Correct Answer: B. Article 267
Article 267 empowers Parliament to establish the Contingency Fund of India. It is used to meet unforeseen expenditures when Parliament is not in session. The corpus of this fund was recently increased to ₹30,000 crore.
The 'Rupee comes from' chart in the budget usually shows what as the largest tax source?
Correct Answer: B. GST
GST has consistently been the single largest contributor to the government's tax revenue since its implementation. It is a broad-based tax that covers almost all goods and services. Income Tax and Corporation Tax follow as other major pillars.
What is the primary purpose of 'Zero-Based Budgeting'?
Correct Answer: A. To eliminate wasteful expenditure
ZBB forces ministries to re-evaluate every program from scratch to see if it is still useful. It prevents the automatic carrying over of old, inefficient expenses into the new budget. It promotes a more efficient allocation of scarce resources.
Which state became the first to present a digital (paperless) budget in India?
Correct Answer: A. Himachal Pradesh
Himachal Pradesh presented India's first paperless budget in 2014. It set a precedent for other states and the central government to adopt digital practices. This move saves massive amounts of paper and printing costs.
The term 'Fiscal Consolidation' refers to?
Correct Answer: A. Reducing fiscal deficit and debt
Fiscal consolidation is the process of improving the government's financial health by narrowing the deficit. It involves increasing revenues and controlling unnecessary expenditures. The FRBM Act provides a roadmap for this consolidation in India.
The 'Budget' presented in Parliament is for how many years of accounts?
Correct Answer: C. 3 years
The budget document usually contains figures for three years: Actuals of the previous year, Revised estimates of the current year, and Budget estimates for the coming year. This allows for a comparison of performance over time. It provides a complete financial overview.
In India, which authority is responsible for auditing the Union Budget expenditures?
Correct Answer: C. Comptroller and Auditor General (CAG)
The CAG is the constitutional authority that audits the accounts of both the Union and the States. It ensures that money was spent legally and effectively. Its reports are submitted to the President or Governor and then to the legislature.
Which fund's expenditure is 'Chargeable' on the revenue of India and not subject to vote?
Correct Answer: B. Consolidated Fund
Expenditures 'charged' on the Consolidated Fund of India do not require a parliamentary vote. Examples include interest on debt and salaries of high constitutional officials. However, they can still be discussed in the house.
Which among the following is the most comprehensive document on the Indian Economy's performance?
Correct Answer: C. Economic Survey
The Economic Survey provides a detailed statistical and analytical overview of all sectors of the economy. It discusses trends in GDP, inflation, trade, and employment. It is considered the most authoritative reference for Indian economic data.