By admin 12 March 2022 , , , , , ,

Budget 2022 Key Points by Top SSC Coaching in Delhi

In this Current Affairs update, we continue from where we had left the last time. Taking up the discussion on Union Budget again, we have presented below a set of Questions based on the noteworthy announcements made by the Finance Minister in the Parliament.

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Union Budget Highlights Quiz
Question 1) Who among the following has called the Union Budget 2022-23 as a “Garib Kalyan” Budget?
A) Smt Nirmala Sitharaman
B) Shri Narendra Modi
C) Shri Amit Shah
D) Shri JP Nadda
E) None of these
Answer – D) Shri JP Nadda
Explanation:
Shri JP Nadda, the president of the Bharatiya Janata Party and the member of Rajya Sabha has called the Union Budget 2022-23 as a “Garib Kalyan” Budget.

Question 2) Four Cs are the hallmarks of the Union budget for 2022-23. Which among the following is not related to the “Four Cs”?
A) Continuity
B) Conservatism
C) Correctness
D) Crowding-in
E) Challenges
Answer – E) Challenges
Explanation:
As per the Union Budget 2022-2023, The Four Cs are Continuity, Correctness, Conservatism and Crowding-in.

Question 3) As per the Union Budget 2022-23 presented by the Finance Minister Nirmala Sitharaman, India’s GDP growth at ________
A) 8.27%
B) 9.27%
C) 10.27%
D) 7.27%
E) None of these
Answer – B) 9.27%
Explanation:
As per the Union Budget 2022-23 presented by the Finance Minister Nirmala Sitharaman, India’s GDP growth at 9.27%

Question 4) How much is allocated additionally for the Production Linked Incentive (PLI) scheme for the manufacturing of high efficiency solar modules?
A) Rs.19500 crore
B) Rs.18500 crore
C) Rs.17500 crore
D) Rs.16500 crore
E) None of these
Answer – A) Rs.19500 crore
Explanation:
Rs.19500 crore is allocated additionally for the Production Linked Incentive (PLI) scheme for the manufacturing of high efficiency solar modules.

Question 5) Which of the following is the vision by the Central Government as per the Union Budget 2022?
A) India@50
B) India@100
C) India@75
D) India@125
E) None of these
Answer – B) India@100
Explanation:
India@100 is the vision by the Central Government as per the Union Budget 2022.

Question 6) How much is allocated under ‘Har Ghar Nal Se Jal’ with an aim to cover 3.8 crore households in 2022-23.?
A) Rs.95000 crore
B) Rs.85000 crore
C) Rs.75000 crore
D) Rs.65000 crore
E) Rs.60000 crore
Answer – E) Rs.60000 crore
Explanation:
Rs.60000 crore is allocated under ‘Har Ghar Nal Se Jal’ with an aim to cover 3.8 crore households in 2022-23.

Question 7) As per the Budget 2022-2023, The Government will pay Rs 2.37 lakh crore for procurement of wheat, paddy under MSP operations.
A) Rs 4.37 lakh crore
B) Rs 2.37 lakh crore
C) Rs 1.37 lakh crore
D) Rs 5.37 lakh crore
E) None of these
Answer – B) Rs 2.37 lakh crore
Explanation:
As per the Budget 2022-2023, The Government will pay Rs 2.37 lakh crore for procurement of wheat, paddy under MSP operations.

Question 8) How much % of the salary of Central Government employees contributed for the National Pension System (NPS) Tier-I?
A) 15%
B) 14%
C) 13%
D) 12%
E) None of these
Answer – B) 14%
Explanation:
The GOI contributes 14% of the salary of its employees to the National Pension System (NPS) Tier-I as per the Union Budget 2022-2023.

Question 9) The Finance Minister Nirmala Sitharaman proposed to reduce the surcharge on co-operative societies from present 12% to _____ for those with total income in the range of more than Rs 1 Cr. and up to Rs. 10 Cr.
A) 5%
B) 6%
C) 7%
D) 8%
E) None of these
Answer – C) 7%
Explanation:
The Finance Minister Nirmala Sitharaman proposed to reduce the surcharge on co-operative societies from the present 12% to 7% for those with total income in the range of more than Rs 1 Cr. and up to Rs. 10 Cr.

Question 10) As per the Union Budget 2022-2023, Customs duty on cut and polished diamonds and gemstones is being reduced to ______
A) 4%
B) 5%
C) 2%
D) 6%
E) None of these
Answer – B) 5%
Explanation:
As per the Union Budget 2022-2023, Customs duty on cut and polished diamonds and gemstones is being reduced to 5%

Question 11) As per the Budget 2022-23, Duty on umbrellas is being raised to ____ %
A) 10%
B) 15%
C) 20%
D) 25%
E) None of these
Answer – C) 20%
Explanation:
As per the Budget 2022-23, Duty on umbrellas is being raised to 20%.

Question 12) As per the Union Budget 2022-23, the Defence R&D will be opened for ________
A) Industry
B) Startups
C) Academia
D) All of these
E) None of these
Answer – D) All of these
Explanation:
As per the Union Budget 2022-23 presented by the Finance Minister Nirmala Sitharaman, the Defence R&D will be opened for industry, startups and academia.

Question 13) How much % of the capital procurement budget for Defence will be reserved for domestic industry to reduce dependence on imports of defence equipment?
A) 68%
B) 58%
C) 48%
D) 78%
E) None of these
Answer – A) 68%
Explanation:
68% of the capital procurement budget for Defence will be reserved for the domestic industry in order to reduce dependence on imports of defence equipment.

Question 14) As per the Union Budget 2022-2023, the government has proposed to levy ____ tax on transfer of virtual assets.
A) 25%
B) 20%
C) 15%
D) 30%
E) None of these
Answer – D) 30%
Explanation:
As per the Union Budget 2022-2023, the government has proposed to levy 30% tax on transfer of virtual assets.

Question 15) How many existing academic institutions in different regions will be designated as the centres of excellence for urban planning and design?
A) 6
B) 3
C) 4
D) 2
E) 5
Answer – E) 5
Explanation:
For the purpose of urban planning and design, up to five existing academic institutions in different regions will be designated as the centres of excellence and these centres will be provided endowment funds of Rs 250 crore each.

Question 16) As per the Budget 2022-2023 a new Production Linked Incentive(PLI) scheme to promote 5G and the required 5G spectrum auctions will be conducted in _______
A) 2022
B) 2023
C) 2024
D) 2025
E) None of these
Answer – A) 2022
Explanation:
As per the Budget 2022-2023 a new Production Linked Incentive(PLI) scheme to promote 5G and the required 5G spectrum auctions will be conducted in 2022.

Question 17) How many anganwadis will be upgraded under the Saksham Anganwadis scheme?
A) 3 lakh
B) 5 lakh
C) 4 lakh
D) 1 lakh
E) 2 lakh
Answer – E) 2 lakh
Explanation:
As per the Union Budget 2022-2023, 2 lakh anganwadis will be upgraded under the Saksham Anganwadis scheme.

Question 18) As per the Union Budget 2022-2023, an open platform for the National Digital Health Ecosystem will be launched under ________
A) Aspirational Blocks Programme
B) National Tele Mental Health Programme
C) Vibrant Villages Programme
D) Ayushman Bharat Digital Mission
E) None of these
Answer – D) Ayushman Bharat Digital Mission
Explanation:
As per the Union Budget 2022-2023, an open platform for the National Digital Health Ecosystem will be launched under Ayushman Bharat Digital Mission.

Question 19) Which of the following is introduced for the IT based management of land records?
A) Unique Land Permanent Identification Number
B) Unique Land Parcel Identification Number
C) Unique Land Public Identification Number
D) Unique Land Property Identification Number
E) None of these
Answer – B) Unique Land Parcel Identification Number
Explanation:
As per the Budget 2022-23, Unique Land Parcel Identification Number is introduced for the IT based management of land records.

Question 20) As per the Budget 2022-23, The Government has proposed to phase out the concessional rates in capital goods and project imports gradually and apply a moderate tariff of _____
A) 5.5%
B) 6.5%
C) 7.5%
D) 8.5%
E) None of these
Answer – C) 7.5%
Explanation:
As per the Budget 2022-23, The Government has proposed to phase out the concessional rates in capital goods and project imports gradually and apply a moderate tariff of 7.5%

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Summary
This quiz is based on some of the significant highlights of this year’s Union Budget. To get guidance from our senior faculty, you can write in to us at vidyagurudelhi@gmail.com. You can even visit our study centres to speak with them in person.