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What is the total budget for the year 2024-25?
Which component contributes the highest to the Fiscal Deficit in 2024-25?
Which type of deficit is 4.9% of GDP for the year 2024-25?
Which of the following sources has the highest share for financing the Fiscal Deficit in 2024-25?
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What is the effective capital expenditure for the year 2024-25?
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What percentage of GDP do total tax receipts account for in 2024-25?
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Which of the following indicates the lowest share of tax revenue sources?
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What is the core inflation rate mentioned in the budget presentation?
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What is the primary deficit in 2024-25?
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Which group is NOT one of the four major focus areas highlighted by the Finance Minister?
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What is the total central outlay announced for the Prime Minister's package aimed at youth employment over five years?
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Which of the following is NOT listed as one of the nine priorities for generating opportunities in the budget?
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How many new high-yielding and climate-resilient varieties are planned to be released for farmers?
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What is the main goal of the comprehensive review of the agriculture research setup mentioned in the budget?
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Which priority focuses on boosting productivity and resilience in the agriculture sector?
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What is the allocated amount for education, employment, and skilling in this year's budget?
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What is the primary goal of the PM SVANidhi Scheme?
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How many weekly ‘haats’ does the government plan to develop each year for the next five years?
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What is one of the proposed reforms related to stamp duty?
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What does the PM Surya Ghar Muft Bijli Yojana aim to provide to 1 crore households?
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What policy is being advanced to enhance electricity storage and accommodate renewable energy?
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What is the focus of the government's energy transition policy?
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In partnership with the private sector, what is one of the initiatives related to nuclear energy?
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What significant response has the PM Surya Ghar Muft Bijli Yojana received?
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What is the primary purpose of the financial sector vision and strategy document?
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What will the developed taxonomy for climate finance potentially enhance?
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What is a key feature of the proposed 'variable company structure'?
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Which of the following is a goal of simplifying rules for Foreign Direct Investment?
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What is the main function of the NPS-Vatsalya plan?
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How has the government utilized technology in the past decade?
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What does the government aim to achieve through climate finance initiatives?
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Which currency is promoted for use in overseas investments according to the new regulations?
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What action has the government proposed for customs duties on gold and silver?
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Which input for shrimp and fish feed is the government proposing to exempt from customs duty?
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What is the new BCD rate on PVC flex banners as per the government's proposal?
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What is the increase in BCD for ammonium nitrate?
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How has the government adjusted the appeal pre-deposit limit with the Appellate Tribunal?
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What has been extended to promote domestic aviation and boat & ship MRO?
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Which of the following statements is true regarding corporate tax in FY 2022-23?
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What has the government proposed regarding the import of goods for repairs under warranty?
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Study Notes
Budget 2024-25: Key Highlights
-
Total Budget Allocation: ₹48.20 lakh crore
- Capital Expenditure: ₹11.11 lakh crore (16.9% increase over RE 2023-24)
- Revenue Expenditure: ₹37.09 lakh crore
- Effective Capital Expenditure: ₹15.01 lakh crore (18.02% increase over RE 2023-24)
- Fiscal Deficit: ₹16.13 lakh crore (4.9% of GDP)
- Revenue Deficit: ₹5.80 lakh crore (1.8% of GDP)
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Key Themes:
- Emphasis on: Employment, skilling, MSMEs, middle class
- Prime Minister’s Package: 5 schemes and initiatives to facilitate employment, skilling, and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of ₹2 lakh crore.
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Budget Priorities:
- Productivity and resilience in agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
-
Agriculture Focus:
- Comprehensive review of agricultural research to focus on productivity and climate resilient varieties. Funding will be provided in challenge mode, including to the private sector.
- Release of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops for farmers.
-
PM SVANidhi Schemeto continue supporting street vendors, with a vision to develop 100 weekly street food hubs over the next five years in select cities.
Energy Security Priorities:
- Energy Transition Policy: A document will balance the imperatives of employment, growth, and environmental sustainability.
- PM Surya Ghar Muft Bijli Yojana: Launched to install rooftop solar plants for 1 crore households, aiming to provide free electricity up to 300 units per month.
- Pumped Storage Policy: Promoting pumped storage projects for electricity storage and integrating renewable energy.
-
Nuclear Energy Research & Development: Government will partner with the private sector for:
- Setting up Bharat Small Reactors
- Research & development of Bharat Small Modular Reactor
- Research & development of newer technologies for nuclear energy.
Financial Sector Reforms:
- Financial Sector Vision & Strategy: Document to address financing needs of the economy and set the agenda for the next 5 years.
- Taxonomy for Climate Finance: Enhancing the availability of capital for climate change adaptation and mitigation.
- Variable Capital Company Structure: Efficient and flexible financing for leasing aircraft and ships, and pooled funds of private equity.
International Trade:
-
Foreign Direct Investment (FDI) and Overseas Investments: Simplified rules and regulations to:
- Facilitate FDI
- Promote prioritization
- Promote Indian Rupee for overseas investments
Other Measures:
- NPS Vatsalya: Plan for contribution by parents and guardians for minors, convertible into a normal NPS account upon reaching the age of majority.
- Technology Use: Government plans to exempt customs duty on inputs for shrimp and fish feed manufacturing.
- Precious Metals: Customs duties on Gold and Silver reduced to 6%, and Platinum to 6.4%.
- Other Metals: Nil BCD on ferrous scrap and nickel cathode, and concessional BCD of 2.5% on copper scrap.
- Chemicals and Petrochemicals: BCD on ammonium nitrate increased from 7.5% to 10%.
- Plastics: BCD on PVC flex banners increased from 10% to 25% to curb imports.
- Telecommunication Equipment: BCD increased from 10% to 15% on specified telecom equipment to incentivize domestic manufacturing.
- Trade Facilitation: Period for export of goods imported for repairs extended from six months to one year. Re-import time-limit under warranty increased from three to five years.
- GST Amendments: Reduction in the pre-deposit amount for filing appeals with the Appellate Authority and Appellate Tribunal.
- Direct Taxes: Simplified tax regime witnessed a significant uptake in financial year 2022-23.
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Description
Explore the key highlights of India's Budget 2024-25, which includes a total allocation of ₹48.20 lakh crore. Understand the emphasis on employment, skilling, and the initiatives aimed at enhancing productivity across various sectors. This quiz will help you grasp the budget priorities and their implications for the economy.
