Correct answer: C) Viksit Bharat Budget Notes: On 01-02-2025, the Finance Minister announced that the Union Budget 2025 will be called the “Viksit Bharat Budget,” reflecting the government’s vision of a developed India by 2047. The budget focuses on infrastructure development, digital transformation, and sustainable growth. Key highlights include increased allocations for healthcare, education, and green energy projects.
2. What is the new income tax slab introduced in the Union Budget 2025 for individuals earning up to ₹10 lakh annually?
A) 5%
B) 10%
C) 15%
D) 20%
Correct answer: A) 5% Notes: The Union Budget 2025 introduced a new income tax slab of 5% for individuals earning up to ₹10 lakh annually. This move aims to provide relief to the middle class and boost disposable income. The budget also simplified the tax filing process by introducing a single-page tax return form for individuals with income below ₹20 lakh.
3. Which sector received the highest allocation in the Union Budget 2025, as announced on 01-02-2025?
A) Defense
B) Healthcare
C) Education
D) Infrastructure
Correct answer: D) Infrastructure Notes: The infrastructure sector received the highest allocation of ₹12 lakh crore in the Union Budget 2025. The funds will be used for developing highways, railways, airports, and smart cities. The government also announced the launch of the “National Infrastructure Pipeline 2.0” to accelerate projects and create employment opportunities.
4. What is the name of the new scheme launched in the Union Budget 2025 to promote startups and innovation?
Correct answer: B) Innovate Bharat Notes: The Union Budget 2025 launched the “Innovate Bharat” scheme with an allocation of ₹10,000 crore to support startups and innovation. The scheme aims to provide funding, mentorship, and tax incentives to startups in sectors like AI, robotics, and renewable energy. It also includes provisions for setting up innovation hubs in tier-2 and tier-3 cities.
5. Which new tax exemption was introduced in the Union Budget 2025 for senior citizens?
A) Exemption on pension income up to ₹10 lakh
B) Exemption on interest income up to ₹5 lakh
C) Exemption on medical expenses up to ₹2 lakh
D) Exemption on travel expenses up to ₹1 lakh
Correct answer: B) Exemption on interest income up to ₹5 lakh Notes: The Union Budget 2025 introduced a new tax exemption for senior citizens, allowing them to claim exemption on interest income up to ₹5 lakh. This move aims to provide financial relief to senior citizens and encourage savings. The budget also increased the limit for deductions under Section 80D for health insurance premiums.
6. What is the target set for fiscal deficit in the Union Budget 2025?
A) 4.5% of GDP
B) 5.0% of GDP
C) 5.5% of GDP
D) 6.0% of GDP
Correct answer: A) 4.5% of GDP Notes: The Union Budget 2025 set a fiscal deficit target of 4.5% of GDP, down from 5.9% in the previous year. This reflects the government’s commitment to fiscal consolidation and economic stability. The budget also emphasized reducing revenue deficit and increasing capital expenditure to stimulate growth.
7. Which new initiative was announced in the Union Budget 2025 to promote digital payments?
A) Digital Rupee
B) Cashless India Mission
C) Unified Payments Interface (UPI) 2.0
D) Bharat Digital Wallet
Correct answer: C) Unified Payments Interface (UPI) 2.0 Notes: The Union Budget 2025 announced the launch of “UPI 2.0,” an upgraded version of the Unified Payments Interface, to promote digital payments. UPI 2.0 will support features like offline transactions, higher transaction limits, and enhanced security. The government also announced incentives for merchants adopting digital payment systems.
8. What is the allocation for the agriculture sector in the Union Budget 2025?
A) ₹1.5 lakh crore
B) ₹2.0 lakh crore
C) ₹2.5 lakh crore
D) ₹3.0 lakh crore
Correct answer: B) ₹2.0 lakh crore Notes: The agriculture sector received an allocation of ₹2.0 lakh crore in the Union Budget 2025. The funds will be used for initiatives like crop insurance, irrigation projects, and farmer welfare schemes. The budget also announced the launch of the “Kisan Digital Platform” to provide farmers with real-time information on weather, market prices, and government schemes.
