Bihar Budget and Defence Allocation 2023
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Questions and Answers

Nirmala Sitharaman announced a new Makhana ______ for Bihar.

Board

The capital allocation for the Defence Ministry saw a ______ increase.

meagre

The limit for tax deduction on interest for senior citizens has been doubled from ₹50,000 to ______.

₹1 lakh

The Finance Minister proposed to apply appropriate ______ to maintain effective duty incidence.

<p>cess</p> Signup and view all the answers

In addition to the expansion of Patna airport, greenfield ______ will be added.

<p>airports</p> Signup and view all the answers

The total allocation for the next fiscal year was ₹______ crore.

<p>6,81,219.27</p> Signup and view all the answers

The Finance Minister announced the rationalisation of TDS and ______.

<p>TCS</p> Signup and view all the answers

The proposed measures aim to enhance farmers’ income and create ______ opportunities for youth.

<p>employment</p> Signup and view all the answers

Union Finance Minister Nirmala Sitharaman stated that certain tariff lines will be exempt from the Social Welfare ______.

<p>Surcharge</p> Signup and view all the answers

Benchmark indices Sensex and Nifty ended ______ in a special trading session.

<p>flat</p> Signup and view all the answers

Flashcards

Makhana Board

A new board announced to promote Makhana cultivation in Bihar.

National Institute of Food Technology

An institute aimed at enhancing food technology and entrepreneurship.

Greenfield airports

New airports being constructed in previously unutilized lands.

Defence budget allocation

The budget set for the Defence Ministry, seeing a 4.65% increase.

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TDS and TCS

Tax Deducted at Source and Tax Collected at Source, relevant for personal finance.

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Senior citizen tax deduction

The limit for tax deduction on interest increased from ₹50,000 to ₹1 lakh for seniors.

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Customs duty structure

Changes in the rates and application of customs duties for industrial goods.

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Social Welfare Surcharge

A charge proposed to be exempted on certain tariff lines.

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Sensex and Nifty

Benchmark indices indicating stock market performance.

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Overall market response

Investors' reaction to the budget, ending flat on the indices.

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Study Notes

Bihar Budget Announcements

  • Bihar featured prominently in the budget speech, with numerous schemes announced.
  • A new Makhana Board and a National Institute of Food Technology, Entrepreneurship, and Management were established.
  • Greenfield airports will be added, along with Patna airport expansion.
  • The West Kosi canal project in Mithilanchal is also underway.
  • These initiatives aim to boost the eastern Indian economy, enhance farmer incomes, and generate employment opportunities.

Defence Ministry Allocation

  • Defence Ministry capital allocation saw a modest 4.65% increase to ₹1.8 lakh crore.
  • This is a significant consideration given inflation and currency fluctuations.
  • The armed forces are expected to return ₹12,500 crore from the budget estimates.
  • Total allocation for the next fiscal is ₹6,81,219.27 crore, comprising revenue allocation of ₹3,11,732.30 crore, capital at ₹1.8 lakh crore, defence pensions at ₹1.6 lakh crore and civil allocation of ₹28,682.97 crore.

Personal Finance Measures

  • Measures to rationalize TDS and TCS were introduced.
  • The limit for tax deduction on interest for senior citizens was doubled from ₹50,000 to ₹1 lakh.
  • This aims for better clarity and uniformity in tax deduction thresholds.

Customs Duty Rationalization

  • The customs duty structure for industrial goods was rationalized by removing seven tariff rates.
  • This addresses duty inversion.
  • Cesses will be applied to maintain effective duty incidence, except on some items where a marginal reduction will be observed.
  • Social Welfare Surcharge will be exempted on 82 tariff lines which are already subject to a cess.

Market Response

  • Benchmark indices Sensex and Nifty ended flat on the day.
  • Investors expressed muted response to the budget, especially concerning measures for retail investors and overall market impact.
  • Sensex saw a rally of 350.03 points, while Nifty gained 106.15 points.

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Description

Explore the key highlights of the Bihar budget announcements and the Defence Ministry's allocation for the fiscal year 2023. This quiz covers the new initiatives in Bihar aimed at economic growth and the finances allocated to strengthen India's armed forces. Test your knowledge on these significant developments!

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