Budget 2021 MCQ - CSEET Economics

Q1) Budget is presented in the Parliament by------------------------

1. Prime Minister

2. Finance Minister

3. Home Minister

4. President of India

Answer: “2”

Q2) How many times Nirmala Sitharaman presented the budget in parliament?

1. 5

2. 1

3. 3

4. 4

Answer: “3”

Q3) Who presented India’s first-ever budget?

1. James Wilson

2. Jawaharlal Nehru

3. Lord Mountbatten

4. None of the above

Answer: “1”

Q4) Budget 2021-22 proposals to rest on six pillars. Which of the following is not among them?

1. Health & well being

2. Minimum Government, Maximum Governance

3. Skill development

4. Agricultural Development

Answer: “4”

Q5) Budget allocation for covid vaccine ?

1. 20,000 crore

2. 15,000 crore

3. 35,000 crore

4. 30,000 crore

Answer: “3”

Q6) How much amount is allocated for PM Atmanirbhar Swasth Bharat Yojana?

1. 64,180 crore

2. 89,634 crore

3. 70,000 crore

4. 65,000 crore

Answer: “1”

Q7) In Union Budget 2021, how much amount is allocated for Railways?

1. 1,10,000 crore

2. 3,05,000 crore

3. 1,10,055 crore

4. 2,37,345 crore

Answer: “3”

Q8) A national rail plan has been prepared by Indian Railways for India. The plan is to create a future-ready railway system by

1. 2030

2. 2027

3. 2039

4. 2040

Answer: “1”

Q9) How much custom duty on cotton and auto parts increased respectively?

1. 20% & 15%

2. 10% & 25%

3. 10% & 15%

4. 22% & 28%

Answer: “3”

Q10) According to Union Budget 2021, gross borrowing from the market for the next year would be around

1. 12 lakh crore

2. 13 lakh crore

3. 14 lakh crore

4. 11 lakh crore

Answer: “1”

Q11) The forthcoming census would be the first digital census in the history of India. How much amount is allocated for this in 2021-22?

1. 2,768 crore

2. 2,872 crore

3. 3,768 crore

4. 4,675 crore

Answer: “3”

Q12) Which company’s IPO will be launched in 2021-22 as a part of the Government’s disinvestment strategy?

1. IFCI

2. LIC

3. Air India

4. SBI

Answer: “2”

Q13) Union Budget for 2020-21 announced an increase in Foreign Direct Investment (FDI) limit in insurance from 49% to ________.

1. 71%

2. 72%

3. 73%

4. 74%

Answer: “4”

Q14) Budget for 2021-22 announced voluntary vehicle scrapping policy to phase out old and polluting vehicles. After how many years fitness of commercial vehicles will be checked for the same?

1. 20

2. 10

3. 15

4. 12

Answer: “3”

Q15) FM Nirmala Sitharaman proposes to setup an ARC for NPA Management. What does ‘R’ refers to in ARC?

1. Recapitalization

2. Retail

3. Reconstruction

4. Reforms

5. Rupee-denominated

Answer: “3”

Q16) What is the disinvestment target for FY22?

1. 1.75 lakh crore

2. 1 lakh crore

3. 2.1 lakh crore

4. 1.75 lakh crore

Answer: “1”

Q17) FM Nirmala Sitharaman announced to protect whom from double taxation in Union Budget 2021?

1. Indian Citizens

2. Foreigners

3. NRIs

4. All of the above

Answer: “3”

Q18) As per the budget, central university to be set up in which of the following state/UT?

1. Kerala

2. J&K

3. Tamil Nadu

4. Ladakh

Answer: “4”

Q19) The re-opening time limit for direct tax assessment has been reduced to how many years from the current 6 years?

1. 2 years

2. 4 years

3. 1 year

4. 5 years

5. 3 years

Answer: “5”

Q20) What is the age limit for senior citizens who are abolished from the need to file IT returns?

1. Above 65 years

2. Above 70 years

3. Above 60 years

4. Above 75 years

5. Above 80 years

Answer: “4”

Q21) As per the budget, which of the following has been designated as a regulator for gold exchanges?

1. RBI

2. SEBI

3. SIDBI

4. FMC

5. NHB

Answer: “2”

Q22) As per the budget, 1.97 lakh crore is allocated in the next 5 years for the PLI scheme in 13 sectors to create and nurture manufacturing global champions for Atmanirbhar Bharat. What does ‘L’ refers to in PLI?

1. Linked

2. Leverage

3. Lease

4. Ledger

5. Legal

Answer: “1”