India's economic growth stands out as a remarkable exception and is expected to maintain this trajectory in the coming years. India is experiencing low and stable inflation, which is trending towards the 4 percent target. Currently, core inflation (non-food, non-fuel), is recorded at 3.1 percent. The Budget for 2024-25 emphasizes key areas such as employment, skill development, support for micro, small, and medium enterprises (MSMEs), and the middle class. This budget outlines a commitment to sustained initiatives following 9 priorities aimed at creating abundant opportunities for all.

1. Productivity and Resilience in Agriculture

2. Employment & Skilling

3. Inclusive Human Resource Development and Social Justice

4. Manufacturing & Services

5. Urban Development

6. Energy Security

7. Infrastructure

8. Innovation, Research & Development and

9. Next Generation Reforms

There were two budget sessions held in the year which were named interim budgets on Feb 01, 2024, and the final budget which was held on July 23, 2024. February month budget is known as the interim budget and the second budget is known as the final budget. This was her seventh consecutive budget in the parliament. These budgets are mainly focused on the development of employment, skilling, and MSMEs. Viksit Bharat 2047 is the goal of this budget which means Developed India 2047. Following on this page contains the expected Current Affairs Questions On Union Budget 2024 and also a PDF version.

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Expected Current Affairs Questions on Union Budget 2024 PDF

Expected Current Affairs Questions on Union Budget 2024

1. What is the substantial sum allocated for employment, skill development, and education in the
Union Budget 2024–25?

(a) Rs 1.20 lakh crore
(b) Rs 1.35 lakh crore
(c) Rs 1.48 lakh crore
(d) Rs 1.60 lakh crore
(e) Rs 1.75 lakh crore

Answer: C

The middle class, employment, skill development, and assistance for MSMEs are prioritized in the Union Budget 2024–25. Rs 1.48 lakh crore has been set aside for employment, skill development, and education. 

2. Finance Minister Nirmala Sitharaman broke former Prime Minister Morarji Desai's record on July 23 when she unveiled her_______ consecutive budget for the fiscal year 2024–25.

(a) Seventh
(b) Fifth
(c) Fourth
(d) Sixth
(e) Eighth

Answer: A

Finance Minister Nirmala Sitharaman presented her seventh straight Budget on July 23 for the fiscal 2024-25, surpassing the record of former Prime Minister Morarji Desai. The presentation on July 23 is the first Budget by the BJP-led NDA government since it was re-elected in June 2024. 

3. Which Article of the Indian Constitution requires the Government of India to present a statement of expected income and expenditures for each fiscal year to Parliament?
(a) Article 110
(b) Article 111
(c) Article 112
(d) Article 113
(e) Article 114 

Answer: C

A statement of the Government of India's expected income and expenditures for each fiscal year, which runs from April 1 to March 31st, must be presented to Parliament by Article 112 of the Constitution. The primary budget document is this declaration, entitled "Annual Financial Statement." 

4. Which edition of the Lok Sabha was established following the general elections in India from 19 April to 1 June 2024?
(a) 16th Lok Sabha
(b) 17th Lok Sabha
(c) 18th Lok Sabha
(d) 19th Lok Sabha
(e) 20th Lok Sabha

Answer: C

Following seven stages of general elections in India from 19 April to 1 June 2024 to elect all 543 Lok Sabha constituencies' MPs, the 18th Lok Sabha was established. 

5. For how many years are the EPFO contributions used to determine the direct incentive under Scheme B of Manufacturing Job Creation?

(a) 2 years
(b) 3 years
(c) 4 years
(d) 5 years
(e) 6 years

Answer: C

In Scheme B of manufacturing Job Creation, the Employees and employers will receive a direct incentive at a predetermined rate based on their EPFO contributions made during the first four years of employment. 

6. Under Scheme A of Initial Timers, what is the maximum one-month compensation that first-time workers can receive, and how is it payable? 

(a) Up to Rs. 10,000, payable in two payments
(b) Up to Rs. 12,000, payable in four payments
(c) Up to Rs. 15,000, payable in three payments
(d) Up to Rs. 18,000, payable in one lump sum
(e) Up to Rs. 20,000, payable in five payments

Answer: C

Scheme A of Initial Timers, First-time workers shall receive a one-month compensation of up to Rs. 15,000, payable in three payments, as documented in the EPFO. 

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