Union Budget 2022-23
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The Union Budget is the annual budget of the Indian Republic. It is presented every year in the month of February generally by the Union Finance Minister. On this page, you can read all about what a budget is, and what the Union Budget 2022-23 talks about. This is an important topic for the UPSC, SSC CGL, RAS, RPSC, DSSSB,DDA, NTPC, LIC AAO, IIIM, ALL STATE EXAM.
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Budget and Constitutional Provisions
- According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
- It is a statement of the estimated receipts and expenditure of the Government in a Financial Year (which begins on 1st April of the current year and ends on 31st March of the following year).
- Overall, the Budget contains:
- Estimates of revenue and capital receipts,
- Ways and means to raise the revenue,
- Estimates of expenditure,
- Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and
- The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending program and introduction of new schemes/projects.
- In Parliament, the Budget goes through six stages:
- Presentation of Budget.
- General discussion.
- Scrutiny by Departmental Committees.
- Voting on Demands for Grants.
- Passing an Appropriation Bill.
- Passing of Finance Bill.
- The Budget Division of the Department of Economic Affairs in the Ministry of Finance is the nodal body responsible for preparing the Budget.
- The first Budget of Independent India was presented in 1947.
What are the Key Highlights of Budget 2022?
- Growth Rate: India’s economic growth in the current year (2021-22) is estimated to be 9.2% of GDP, the highest among all large economies.
- The revised Fiscal Deficit in the current year is estimated at 6.9% of GDP(Gross Domestic product) as against 6.8% projected in the Budget Estimates.
- The Fiscal Deficit in 2022-23 is estimated at 6.4% of GDP, which is consistent with the broad path of fiscal consolidation announced last year to reach a fiscal deficit level below 4.5% by 2025-26.
- Amrit Kaal: India has entered into Amrit Kaal, the 25-year-long leadup to India@100. During the Amrit Kaal, the government aims to attain the following vision:
- Complementing the macro-economic level growth focus with a micro-economic level all-inclusive welfare focus.
- Promoting digital economy & fintech, technology enabled development, energy transition, and climate action.
- Relying on a virtuous cycle starting from private investment with public capital investment helping to crowd-in private investment.
Budget 2022-23 MCQs
The MCQs based on Budget 2022-22 presented by the Finance minister on 1st Feb 2022. Budget 2022-23 MCQs is very important from the exam point of view. We have seen that there is always Questions form the Budget. Aspirants preparing the Banking and other examinations read the budget and practice MCQs based on Budget 2022-23.
Q.1. According to Union Budget 2022-23 presented by FM Nirmala Sitaraman, GDP growth in 2021-23 is expected to be ____________.
(a) 7.5%
(b) 8.7%
(c) 9.2%
(d) 10.4%
(e) 11.8%
Answer & Explanation
Ans.1.(c) Exp. GDP growth in 2021-23 expected to be 9.2%.
Q.2. According to the Union Budget 2022-23, Total expenditure in 2022-23 estimated at ____________________.
(a) Rs. 34.83 lakh crore
(b) Rs. 37.70 lakh crore
(c) Rs. 39.45 lakh crore
(d) Rs. 48.55 lakh crore
(e) Rs. 84.00 lakh crore
Answer & Explanation
Ans.2.(c)
Exp. Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore
Q.3. According to the Union Budget 2022-23, the revised Fiscal Deficit was ___________ % of GDP in FY22 as against 6.8% in Budget estimates.
(a) 5.3%
(b) 6.9%
(c) 7.5%
(d) 8.2%
(e) 9.4%
Answer & Explanation
Ans.3.(b)
Exp. Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)
Q.4. How many times Nirmala Sitharaman has presented the budget in parliament till the budget 2022-23?
(a) 1
(b) 2
(c) 3
(d) 4
(e) 5
Answer & Explanation
Ans.4.(d)
Exp. FM Nirmala Sitharaman’s 4th Budget
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Q.5. How much amount is allocated for the Aatmanirbhar Bharat Rojgar
Yojana for 2022-23?
(a) 5000 crores
(b) 6400 crores
(c) 3000 crores
(d) 4000 crores
(e) 7400 crores
Answer & Explanation
Ans.5.(b)
Exp. Aatmanirbhar Bharat Rojgar
Yojana 6400 crore
Q.6 How much amount is allocated for the Ministry of Agriculture and Farmers’
Welfare?
(a) 32513.62 crores
(b) 132513.62 crores
(c) 232513.62 crores
(d) 332513.62 crores
(e) 432513.62 crores
Answer & Explanation
Ans.6.(b)
Exp. Ministry of Agriculture and Farmers’ Welfare: 132513.62 crores
Q.7. As per budget, Har Ghar, Nal Se Jal: ____________ households to be covered in 2022-23.
(a) 1.8 crores
(b) 2.8 crores
(c) 3.8 crores
(d) 4.8 crores
(e) 5.8 crores
Answer & Explanation
Ans.7.(c)
Exp. Har Ghar, Nal Se Jal: 3.8 crore households to be covered in 2022-23; 60,000 crore allocated
Budget 2022-23 MCQs
Q.8. Tax deduction limit increased from 10 percent to _______percent on employer’s contribution to the NPS account of State Government employees.
(a) 11%
(b) 12%
(c) 13%
(d) 14%
(e) 15%
Answer & Explanation
Ans.8.(d)
Exp. Tax deduction limit increased from 10 per cent to 14 per cent on employer’s contribution to the NPS account of State Government employees.
Q.9. Any income from transfer of any virtual digital asset to be taxed at the rate of _____________.
(a) 18%
(b) 20%
(c) 28%
(d) 30%
(e) 35%
Answer & Explanation
Ans.9.(d)
Exp. Any income from transfer of any virtual digital asset to be taxed at the rate of 30 per cent.
Read Union Budget 2022: Highlights
Q.10. HKen-Betwa river link project will be implemented at cost of __________________ to benefit 900,000 farmers.
(a) Rs 11,000 crores
(b) Rs 22,000 crores
(c) Rs 33,000 crores
(d) Rs 44,000 crores
(e) Rs 55,000 crores
Answer & Explanation
Ans.10.(d)
Exp. Ken-Betwa river link project to be taken at cost of Rs 44,000 cr to benefit 900,000 farmers
Q.11. Customs duty on cut and polished diamonds and gemstones being reduced to ______________.
(a) 2%
(b) 3%
(c) 5%
(d) 7%
(e) 8%
Answer & Explanation
Ans.11.(c)
Exp. Customs duty on cut and polished diamonds and gemstones being reduced to 5 per cent; Nil customs duty to simply sawn diamond – To give a boost to the Gems and Jewellery sector
Q.12. The Government of India aims to achieve the vision for?
(a) India@25
(b) India@50
(c) India@75
(d) India@100
(e) India@150
Answer & Explanation
Ans.12.(d)
Exp. Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities:
Budget 2022-23 MCQs
Q.13. What will be the financial outlay for the Prime Minister’s Development Initiative for North-East Region (PM-DevINE) scheme?
(a) Rs 1,000 crore
(b) Rs 1,500 crore
(c) Rs 2,000 crore
(d) Rs 2,500 crore
(e) Rs 3,500 crore
Answer & Explanation
Ans.13.(b)
Exp. New scheme Prime Minister’s Development Initiative for North-East Region (PM-DevINE) launched to fund infrastructure and social development projects in the North-East.
An initial allocation of 1,500 crore made to enable livelihood activities for youth and women under the scheme.
Q.14. Total receipts other than borrowings in 2022-23 estimated at Rs. _____________crore.
(a) Rs. 22.84 lakh crore
(b) Rs. 37.70 lakh crore
(c) Rs. 39.45 lakh crore
(d) Rs. 48.55 lakh crore
(e) Rs. 84.00 lakh crore
Answer & Explanation
Ans.14.(a)
Exp. Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh crore
Q.15. How much amount has been allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana scheme?
(a) Rs. 18,000 crores
(b) Rs. 28,000 crores
(c) Rs. 38,000 crores
(d) Rs. 48,000 crores
(e) Rs. 58,000 crores
Answer & Explanation
Ans.15.(d)
Exp. 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.
Q.16. What per cent of 5 lakh post offices to come on the core banking system?
(a) 25%
(b) 50%
(c) 60%
(d) 75%
(e) 100%
Answer & Explanation
Ans.16.(e)
Exp. 100 per cent of 5 lakh post offices to come on the core banking system.
Q.17. Name the Programme for the development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.
(a) Vibrant Villages Programme
(b) Lively Villages Programme
(c) Vivacious Villages Programme
(d) Pulsating Villages Programme
(e) Exclusive Villages Programme
Answer & Explanation
Ans.17.(a)
Exp. Vibrant Villages Programme for development of Border villages with sparse population, limited connectivity and infrastructure on the northern border.
Q.18. One class-One TV channel’ programme of PM eVIDYA to be expanded from 12 to _____________TV channels.
(a) 25
(b) 50
(c) 100
(d) 150
(e) 200
Answer & Explanation
Ans.18.(e)
Exp. One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV
Q.19. What percent of capital procurement budget earmarked for domestic industry in 2022-23, to promote Atmanirbharta?
(a) 38%
(b) 48%
(c) 58%
(d) 68%
(e) 78%
Answer & Explanation
Ans.19.(d)
Exp. 68% of capital procurement budget earmarked for domestic industry in 2022-23, up from 58% in 2021-22.
Q.20. Additional allocation of _____________ was announced for Production Linked Incentive for manufacture of high efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030?
(a) 9,500 crores
(b) 19,500 crores
(c) 29,500 crores
(d) 39,500 crores
(e) 49,500 crores
Answer & Explanation
Ans.20.(b)
Exp. Additional allocation of 19,500 crore for Production Linked Incentive for manufacture of high efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030.
Budget 2022-23 MCQs
Q.21. ‘Effective Capital Expenditure’ of Central Government estimated at ____________ in 2022-23, which is about 4.1% of GDP.
(a) 7.67 lakh crore
(b) 8.18 lakh crore
(c) 9.46 lakh crore
(d) 10.68 lakh crore
(e) 11.09 lakh crore
Answer & Explanation
Ans.21.(d)
Exp. ‘Effective Capital Expenditure’ of Central Government estimated at 10.68 lakh crore in 2022-23, which is about 4.1% of GDP.
Q.22. What is the capital expenditure target for 2022-23?
(a) Rs. 5 lakh crore
(b) Rs. 7.50 lakh crore
(c) Rs. 10 lakh crore
(d) Rs. 15 lakh crore
(e) Rs. 20 lakh crore
Answer & Explanation
Ans.22.(b)
Exp. Outlay for capital expenditure stepped up sharply by 4% to Rs. 7.50 lakh crore in 2022-23 from Rs. 5.54 lakh crore in the current year.
Q.23. Fiscal deficit in 2022-23 has been estimated at ______ of GDP.
(a) 5.3%
(b) 6.4%
(c) 6.9%
(d) 7.2%
(e) 84%
Answer & Explanation
Ans.23.(b)
Exp. Fiscal deficit in 2022-23 estimated at 6.4% of GDP
Q.24. Budget 2022 focusses on how many areas or pillars?
(a) 1
(b) 2
(c) 3
(d) 4
(e) 5
Answer & Explanation
Ans.24.(d)
Exp. Focus areas of Budget
PM GatiShakti
Inclusive Development
Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.
Financing of investments
Q.25. Emergency Credit Linked Guarantee Scheme (ECLGS) has been extended up to
(a) March 2022
(b) August 2022
(c) March 2023
(d) August 2023
(e) December 2023
Answer & Explanation
Ans.25.(c)
Exp. 30 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS). ECLGS to be extended up to March 2023.
Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.
Q.26. How many new generation Vande Bharat trains to be manufactured during the next three years?
(a) 100
(b) 200
(c) 300
(d) 400
(e) 500
Answer & Explanation
Ans.26.(d)
Exp. 400 new generation Vande Bharat Trains to be manufactured during the next three years
Q.27. How many PM Gati Shakti Cargo terminals for multimodal logistics to be developed during the next three years?
(a) 100
(b) 200
(c) 300
(d) 400
(e) 500
Answer & Explanation
Ans.27.(a)
Exp. 100 PM Gati Shakti Cargo terminals for multimodal logistics to be developed during the next three years
Union Budget 2022-23 MCQs
Q.28. Alternate Minimum Tax paid by cooperatives brought down from 5 per cent to _________________.
(a) 10%
(b) 12%
(c) 15%
(d) 17%
(e) 18%
Answer & Explanation
Ans.28.(c)
Exp. Alternate Minimum Tax paid by cooperatives brought down from 5 per cent to 15 per cent.
Q.29. What will be the Farm procurement value for FY23?
(a) Rs 1.35 trillion
(b) Rs 2.37 trillion
(c) Rs 3.54 trillion
(d) Rs 4.72 trillion
(e) Rs 5.31 trillion
Answer & Explanation
Ans.29.(b)
Exp. Farm procurement value for FY23 to be Rs 2.37 trillion
Q.30. Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from the _____________ to encourage blending of fuel.
(a) 1 May 2022
(b) 1 October 2022
(c) 1 December 2022
(d) 1 May 2023
(e) 1 October 2023
Answer & Explanation
Ans.30.(b)
Exp. Tariff measure to encourage blending of fuel: Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from Oct 1, 2022
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