Here’s a set of 20 MCQs to help you prepare for any sarkari naukri exams – esp for banking and SSC. These questions related to the most important aspect of governance – finance. No money – no new scemes – and no governance. Questions are often asked in interviews also, as they test your general awareness and reasoning.
Important tip: find the “why” – why government is trying to do this? What’s the reason behind this? I’ve tried to add reasons in the answer key part.
So take out your pen and paper (or notepad) and answer without searching online. This will help you assess your knowledge level and remember the information. You can also check the correct answers and the sources at the end of the quiz. All the best 😊
Let’s start the MCQ quiz on India’s budget for govt job exams
- What was the total expenditure estimated in the budget 2024?
- A) Rs 34.83 lakh crore
- B) Rs 35.75 lakh crore
- C) Rs 36.54 lakh crore
- D) Rs 37.28 lakh crore
- What was the fiscal deficit target set by the government for the fiscal year 2024-25?
- A) 3.5% of GDP
- B) 4.0% of GDP
- C) 4.5% of GDP
- D) 5.0% of GDP
- Which of the following sectors received the highest allocation in the budget 2024?
- A) Agriculture and allied activities
- B) Defence
- C) Education
- D) Health and well-being
- What was the amount allocated for the Jal Jeevan Mission (Urban) in the budget 2024?
- A) Rs 1.41 lakh crore
- B) Rs 2.87 lakh crore
- C) Rs 3.05 lakh crore
- D) Rs 4.22 lakh crore
- What was the name of the new centrally sponsored scheme announced in the budget 2024 to improve the road infrastructure in the country?
- A) Bharatmala Pariyojana
- B) Pradhan Mantri Gram Sadak Yojana
- C) Pradhan Mantri Gati Shakti
- D) Pradhan Mantri Awas Yojana
- What was the amount allocated for the National Monetisation Pipeline in the budget 2024?
- A) Rs 1 lakh crore
- B) Rs 1.5 lakh crore
- C) Rs 2 lakh crore
- D) Rs 2.5 lakh crore
- Which of the following taxes was abolished in the budget 2024?
- A) Securities Transaction Tax
- B) Dividend Distribution Tax
- C) Minimum Alternate Tax
- D) Agriculture Infrastructure and Development Cess
- What was the amount allocated for the National Hydrogen Energy Mission in the budget 2024?
- A) Rs 500 crore
- B) Rs 1,000 crore
- C) Rs 1,500 crore
- D) Rs 2,000 crore
- Which of the following states received the highest share of the central taxes and duties in the budget 2024?
- A) Uttar Pradesh
- B) Maharashtra
- C) Bihar
- D) Tamil Nadu
- Which of the following new initiatives was announced in the budget 2024 to promote digital payments in the country?
- A) E-RUPI
- B) BHIM 2.0
- C) UPI Autopay
- D) None of the above
- What was the amount allocated for the National Education Mission in the budget 2024?
- A) Rs 38,750 crore
- B) Rs 41,250 crore
- C) Rs 43,750 crore
- D) Rs 46,250 crore
- What was the amount allocated for the National Research Foundation in the budget 2024?
- A) Rs 10,000 crore
- B) Rs 15,000 crore
- C) Rs 20,000 crore
- D) Rs 25,000 crore
- Which of the following new schemes was announced in the budget 2024 to provide financial assistance to the families of the COVID-19 victims?
- A) Pradhan Mantri Garib Kalyan Anna Yojana
- B) Pradhan Mantri Shram Yogi Maan-dhan
- C) Pradhan Mantri Jeevan Jyoti Bima Yojana
- D) Pradhan Mantri Aatmanirbhar Swasth Bharat Yojana
- What was the amount allocated for the National Clean Air Programme in the budget 2024?
- A) Rs 1,100 crore
- B) Rs 2,200 crore
- C) Rs 3,300 crore
- D) Rs 4,400 crore
- Which of the following new institutions was announced in the budget 2024 to be set up in India?
- A) Central University of Ladakh
- B) Indian Institute of Heritage and Conservation
- C) National Institute of One Health
- D) All of the above
- What was the amount allocated for the Pradhan Mantri Fasal Bima Yojana in the budget 2024?
- A) Rs 13,000 crore
- B) Rs 14,000 crore
- C) Rs 15,000 crore
- D) Rs 16,000 crore
- What was the amount allocated for the Rashtriya Rail Sanraksha Kosh in the budget 2024?
- A) Rs 50,000 crore
- B) Rs 55,000 crore
- C) Rs 60,000 crore
- D) Rs 65,000 crore
- Which of the following new initiatives was announced in the budget 2024 to promote tourism in the country?
- A) Incredible India 2.0
- B) Dekho Apna Desh
- C) Swadesh Darshan
- D) None of the above
- What was the amount allocated for the Pradhan Mantri Awas Yojana (Urban) in the budget 2024?
- A) Rs 5,000 crore
- B) Rs 6,000 crore
- C) Rs 7,000 crore
- D) Rs 8,000 crore
- Which of the following new initiatives was announced in the budget 2024 to promote the development of the North-Eastern region of the country?
- A) Hill Area Development Programme
- B) North East Special Infrastructure Development Scheme
- C) North East Road Sector Development Scheme
- D) All of the above
Answer Keys for the quiz
- A) Rs 34.83 lakh crore. The total expenditure estimated in the budget 2024 was Rs 34.83 lakh crore, which was 6.8% higher than 2023-24.
- C) 4.5% of GDP. The fiscal deficit target set by the government is 4.5% of GDP, which was lower than the projected 6.8% of GDP for 2023-24.
- D) Health and well-being. After the experiences of pandemic this sector has received the highest allocation of Rs 2.23 lakh crore in the budget 2024, which was an increase of 137% from the previous year.
- B) Rs 2.87 lakh crore. The Jal Jeevan Mission was allocated Rs 2.87 lakh crore for a period of five years, aiming to provide universal water supply to all 4,378 urban local bodies in the country.
- C) Pradhan Mantri Gati Shakti – is a new centrally sponsored scheme to improve the road infrastructure and connectivity in the country.
- D) Rs 2.5 lakh crore – The National Monetisation Pipeline was a new initiative to monetise the idle or underutilised assets of the public sector enterprises, such as roads, railways, airports, power plants, etc., and generate Rs 2.5 lakh crore over a period of four years.
- D) Agriculture Infrastructure and Development Cess. This Cess was abolished in the budget 2024, as the government decided to subsume it under the basic customs duty and excise duty.
- B) Rs 1,000 crore. The National Hydrogen Energy Mission was a new initiative aiming to promote the production and use of green hydrogen as a clean and renewable source of energy.
- A) Uttar Pradesh – received the highest share of the central taxes and duties in the budget 2024, amounting to Rs 1.53 lakh crore, followed by Bihar with Rs 86,039 crore and Maharashtra with Rs 46,951 crore².
- A) E-RUPI – aims to promote digital payments in the country. It is a prepaid e-voucher that could be used for specific purposes, such as health services, education, etc., without the need of a card, mobile app, or internet banking.
- D) Rs 46,250 crore. The National Education Mission was allocated Rs 46,250 crore. It has four sub-schemes: Samagra Shiksha, Rashtriya Madhyamik Shiksha Abhiyan, Rashtriya Uchchatar Shiksha Abhiyan, and Teacher Education.
- C) Rs 20,000 crore. The National Research Foundation was allocated Rs 20,000 crore in the budget 2024, which was an increase of 67% from the previous year. It aimed to support and fund research and innovation across various disciplines, such as science, technology, social sciences, arts, etc.
- D) Pradhan Mantri Aatmanirbhar Swasth Bharat Yojana – is a new scheme to provide financial assistance to the families of the COVID-19 victims, as well as to strengthen the health infrastructure in the country.
- B) Rs 2,200 crore: The National Clean Air Programme aims to reduce the air pollution levels in 122 cities by 20-30% by 2024, compared to the 2017 levels.
- D) All of the above. Three new institutions were announced to be set up in India: the Central University of Ladakh, with an allocation of Rs 50 crore; the Indian Institute of Heritage and Conservation, with an allocation of Rs 100 crore; and the National Institute of One Health, with an allocation of Rs 300 crore. Isn’t that amazing?
- D) Rs 16,000 crore. The Pradhan Mantri Fasal Bima Yojana aims to provide crop insurance to the farmers against natural calamities, pests, and diseases.
- C) Rs 60,000 crore. The Rashtriya Rail Sanraksha Kosh improves the safety and security of the railway infrastructure and passengers.
- B) Dekho Apna Desh is a new initiative to promote tourism in the country. It offered incentives and discounts to the domestic travellers who visited at least 15 tourist destinations in India.
- D) Rs 8,000 crore. The Pradhan Mantri Awas Yojana (Urban) sims to provide affordable housing to the urban poor, with a target of constructing 1.12 crore houses by 2024.
- D) All of the above. Three new schemes were announced in the budget 2024 to promote the development of the North-Eastern region of the country: the Hill Area Development Programme, with an allocation of Rs 1,200 crore; the North East Special Infrastructure Development Scheme, with an allocation of Rs 6,000 crore; and the North East Road Sector Development Scheme, with an allocation of Rs 4,000 crore.
