Union Budget 2018-2019 and Economic Survey 2018 Mock Test

Answer: 3.Arvind Subramanian
Explanation : Arvind Subramanian is the Chief Economic Adviser

Answer: 1.Arun Jaitley
Explanation : Arun Jaitley is the Union Finance Minister of India

Answer: 5.None of these
Explanation : Pink – this colour was chosen to emphasise Gender and Son meta-preference prevailing in Indian society

Answer: 1.7-7.5%

Answer: 3.6.75%

Answer: 4.8.3%

Answer: 2.4.4%

Answer: 1.2.1%

Answer: 1.3.3%
Explanation : The average consumer price inflation based headline inflation declined to a six-year low of 3.3 per cent in 2017-18

Answer: 1.13.7%

Answer: 3.18.3%

Answer: 1.50%

Answer: 4.9.8 million

Answer: 3.38%

Answer: 4.70%

Answer: 1.60%

Answer: 3.16%

Answer: 2.6.6%

Answer: 1.15 – 18%

Answer: 3.20 – 25%

Answer: 3.Agriculture, education, and employment

Answer : 2. Article 112
Explanation : Union Budget of India is referred to as the Annual Financial Statement in the Article 112 of the Constitution of India.

Answer : 1. February 1
Explanation : On February 1, 2018, Union Minister for Finance and Corporate Affairs, Arun Jaitley presented Union Budget 2018-19 in Parliament.

Answer : 5. R. K. Shanmukham Chetty on November 26, 1947
Explanation : First Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947.

Answer : 2. Morarji Desai
Explanation : Till Date, Morarji Desai has presented Union Budget for highest number of times.

Answer : 3. 10
Explanation : Morarji Desai has presented Union Budget for highest number of times (10 times).

Answer : 3. 2.5 trillion dollar
Explanation : Indian economy has performed very well since our Government took over in May, 2014. India achieved an average growth of 7.5% in first three years of our Government. Indian economy is now 2.5 trillion dollar economy.

Answer : 3. Seventh
Explanation : Indian Economy is the seventh largest economy in the world. India is expected to become the fifth largest economy very soon. On Purchasing Power Parity (PPP) basis, we are already the third largest economy.

Answer : 5. SaubhagyaYojna
Explanation : Under Saubhagya Yojna, 4 crore household are being provided with electricity connections.

Answer :3. 275 million tonnes
Explanation : As a result of the hard work of our country’s farmers’ agriculture production, our country is at a record level. Doing the year 2016-17 we achieved a record food grain production of around 275 million tonnes and around 300 million tonnes of fruits and vegetables.

Answer : 2. 470
Explanation : Last year, Government announced the strengthening of e-NAM and to expand coverage of e-NAM to 585 APMCs. At present, 470 APMCs have been connected to e-NAM network and rest will be connected by March, 2018.

Answer : 1. 2000 crore
Explanation : An Agri-Market Infrastructure Fund with a corpus of `2000 crore will be set up for developing and upgrading agricultural marketing infrastructure in the 22000 Grameen Agricultural Markets (GrAMs) and 585 APMCs.

Answer : 2. 200 crore
Explanation : Our ecology supports cultivation of highly specialized medicinal and aromatic plants. India is also home to a large number of small and cottage industries that manufacture perfumes, essential oils and other associated products. Our Government will support organized cultivation and associated industry. A sum of `200 crore is allocated for this purpose.

Answer: 4. Food processing
Explanation : Food Processing sector is growing at an average rate of 8% per annum. Prime Minister’s Krishi Sampada Yojana is the flagship programme for boosting investment in food processing. Allocation of Ministry of Food Processing is being doubled from `715 crore in RE 2017-18 to `1400 crore in BE 2018-19. Government will promote establishment of specialized agro-processing financial institutions in this sector.

Answer : 1. 1400 crore
Explanation : Allocation of Ministry of Food Processing is being doubled from `715 crore in RE 2017-18 to `1400 crore in BE 2018-19. Government will promote establishment of specialized agro-processing financial institutions in this sector.

Answer :1. Bamboo
Explanation :Bamboo is ‘Green Gold’. Government proposed to launch a Restructured National Bamboo Mission with an outlay of `1290 crore to promote bamboo sector in a holistic manner

Answer : 5. 10,000 crore
Explanation : Government announced the setting up of Fisheries and Aquaculture Infrastructure Development Fund (FAIDF) for fisheries sector and an Animal Husbandry Infrastructure Development Fund (AHIDF) for financing infrastructure requirement of animal husbandry sector. Total Corpus of these two new Funds would be `10,000 crore.

Answer : 2. Ground water irrigation scheme
Explanation : Ground water irrigation scheme under Prime Minister Krishi Sinchai Yojna- Har Khet ko Pani will be taken up in 96 deprived irrigation districts where less than 30% of the land holdings gets assured irrigation presently. Total allocated sum for this purpose is `2600 crore.

Answer : 4. Diksha
Explanation : Technology will be the biggest driver in improving the quality of education. Our Government proposed to increase the digital intensity in education and move gradually from ‘‘black board’’ to ‘‘digital board’’. Technology will also be used to upgrade the skills of teachers through the recently launched digital portal ‘‘DIKSHA’’.

Answer :3. Tribal Children
Explanation : The Government is committed to provide the best quality education to the tribal children in their own environment. To realise this mission, it has been decided that by the year 2022, every block with more than 50% ST population and at least 20,000 tribal persons, will have an Ekalavya Model Residential School. Ekalavya schools will be on par with Navodaya Vidyalayas and will have special facilities for preserving local art and culture besides providing training in sports and skill development.

Answer : 5. 1000
Explanation : The Government would launch the ‘‘Prime Minister’s Research Fellows (PMRF)’’ Scheme this year. Under this,they would identify 1,000 best B.Tech students each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc, with a handsome fellowship. It is expected that these bright young fellows would voluntarily commit few hours every week for teaching in higher educational institutions.

Answer : 3. Vadodara
Explanation : Our Government has taken major initiative of setting up Institutes of Eminence. There has been tremendous response to this initiative by institutions both in public and private sectors. More than 100 applications were received. Government have also taken steps to set up a specialized Railways University at Vadodara.

Answer : 5. Health
Explanation : Government announced two major initiatives as part of ‘‘Ayushman Bharat’’ programme aimed at making path breaking interventions to address health holistically, in primary, secondary and tertiary care system covering both prevention and health promotion.

Answer : 3. upto 5 lakh
Explanation : Government will launch a flagship National Health Protection Scheme to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. This will be the world’s largest government funded health care programme. Adequate funds will be provided for smooth implementation of this programme.

Answer :4. 187 projects for Rs. 16713 crore
Explanation : Cleaning the Ganga is work of national importance and it is our firm commitment. A total of 187 projects have been sanctioned under the Namami Gange programme for infrastructure development, river surface cleaning, rural sanitation and other interventions at a cost of `16,713 crore. 47 projects have been completed and remaining projects are at various stages of execution. All 4465 Ganga Grams villages on the bank of river have been declared open defecation free.

Answer : 1. 24
Explanation : In order to further enhance accessibility of quality medical education and health care, the Government will be setting up 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country. This would ensure that there is at least 1 Medical College for every 3 Parliamentary Constituencies and at least 1 Government Medical College in each State of the country.

Answer : 4. 3794 crore
Explanation : Medium, Small and Micro Enterprises (MSMEs) are a major engine of growth and employment in the country. Government have provided 3794 crore to MSME Sector for giving credit support, capital and interest subsidy and innovations. Massive formalization of the businesses of MSMEs is taking place in the country after demonetization and introduction of GST. This is generating enormous financial information database of MSMEs’ businesses and finances. This big data base will be used for improving financing of MSMEs’ capital requirement, including working capital.

Answer : 4. 26
Explanation : Inorder to boost the employment generation in the country, Government has increased the paid maternity leave from 12 weeks to 26 weeks, along with provision of crèches.

Answer : 5. 7148 crore
Explanation :The Government had approved a comprehensive textile sector package of `6000 crore in 2016 to boost the apparel and made-up segments. For the year 2018-19, Government propose to provide an outlay of `7148 crore for the textile sector in 2018-19.

Answer : 2. Infrastructure Sector
Explanation : Prime Minister personally reviews the targets and achievements in infrastructure sectors on a regular basis. Using online monitoring system of PRAGATI alone, projects worth 9.46 lakh crore have been facilitated and fast tracked.

Answer : 4. Rs.5.97 lakh crore

Answer : 4. 10

Answer :3. Rs.148528 crore
Explanation : Strengthening the railway network and enhancing Railways’ carrying capacity has been a major focus of the Government. Railways’ Capex for the year 2018-19 has been pegged at `1,48,528 crore. A large part of the Capex is devoted to capacity creation. 18,000 kilometers of doubling, third and fourth line works and 5000 kilometers of gauge conversion would eliminate capacity constraints and transform almost entire network into Broad Gauge.

Answer : 4. All the above
Explanation : A ‘Safety First’ policy, with allocation of adequate funds under Rashtriya Rail Sanraksha Kosh is cornerstone of Railways’ focus on safety. Maintenance of track infrastructure is being given special attention. Over 3600 kms of track renewal is targeted during the current fiscal. Other major steps include increasing use of technology like ‘‘Fog Safe’’ and ‘‘Train Protection and Warning System’’. A decision has been taken to eliminate 4267 unmanned level crossings in the broad gauge network in the next two years.

Answer : 1. Mumbai-Ahmedabad
Explanation : Foundation for the Mumbai-Ahmedabad bullet train project, India’s first high speed rail project was laid on September 14, 2017. An Institute is coming up at Vadodara to train manpower required for high speed rail projects.

Answer : 2. NABH Nirman
Explanation :Airport Authority of India (AAI) has 124 airports. Government has proposed to expand the airport capacity more than five times to handle a billion trips a year under a new initiative – NABH Nirman. Balance sheet of AAI shall be leveraged to raise more resources for funding this expansion.

Answer: 1. Rs 3073 crore
Explanation: To invest in research, training and skilling in robotics, artificial intelligence, digital manufacturing, big data analysis, quantum communication and internet of things, Department of Science & Technology will launch a Mission on Cyber Physical Systems to support establishment of centres of excellence. Government has doubled the allocation on Digital India programme to ` 3073 crore in 2018-19.

Answer : 5. 10000 crore
Explanation : Task of connecting one lakh gram panchayat through high speed optical fiber network has been completed under phase I of the Bharatnet project. This has enabled broadband access to over 20 crore rural Indians in about two lakh fifty thousand villages. The Government also proposes to setup five lakh wi-fi hotspots which will provide broadband access to five crore rural citizens. The sum of `10000 crore is provided in 2018-19 for creation and augmentation of Telecom infrastructure.

Answer : 4. 14
Explanation : The Government has approved listing of 14 CPSEs, including two insurance companies, on the stock exchanges. The Government has also initiated the process of strategic disinvestment in 24 CPSEs. This includes strategic privatization of Air India.

Answer: 3. President-5lakh Vice President-4lakh Governors-3.5lakh
Explanation : The emoluments of the President, the Vice President and the Governors were last revised with effect from 1st January, 2006. These emoluments are proposed to be revised to 5 lakh for the President, 4 lakhs for the Vice President and to 3.5 lakh per month for the Governors.

Answer 2. Mahatma Gandhi
Explanation Our country will commemorate 150th birth anniversary of Mahatma Gandhi, Father of the Nation, from 2nd October, 2019 to 2nd October 2020. The Government and the People of India will rededicate them, through their actions, to the ideals that the Mahatma taught and lived by. A National Committee, chaired by the Prime Minister, which includes Chief Ministers of all the States, representatives from across the political spectrum, Gandhians, thinkers and eminent persons from all walks of life, has been constituted to formulate a Commemoration Programme. The Government has earmarked `150 crore for the year 2018-19 for the activities leading to the Commemoration.

Answer 2. Rs. 24.42 lakh crore

Explanation For 2018-19, Total Expenditure will be Rs. 24.42 lakh crore

Answer : 2. 3.3%
Explanation : Our Government assumed office in May, 2014 when fiscal deficit was running at very high levels. Fiscal Deficit for 2013-14 was 4.4% of GDP. The Prime Minister and the Government have always attached utmost priority to prudent fiscal management and controlling fiscal deficit. Fiscal Deficit was brought down to 4.1% in 2014-15 to 3.9% in 2015-16, and to 3.5% in 2016-17. Revised Fiscal Deficit estimates for 2017-18 are `5.95 lakh crore at 3.5% of GDP. Government is projecting a Fiscal Deficit of 3.3% of GDP for the year 2018-19.

Answer : 2. Rs. 50,000
Explanation :For the Senior citizens, Exemption of interest income on deposits with banks and post offices to be increased from `10,000/- to `50,000/- and TDS shall not be required to be deducted on such income, under section 194A. This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes.

Answer : 3. 10%
Explanation : Currently, long term capital gains arising from transfer of listed equity shares, units of equity oriented fund and unit of a business trust are exempt from tax. Now, Government has proposed to tax such long term capital gains exceeding 1 lakh at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31st January, 2018 will be grandfathered.

Answer :3. 20%
Explanation : Customs duty on mobile phones has been increased from 15 percent to 20 percent. This is an attempt to incentivise ‘Make in India’.

Answer : 4. Central Board of Indirect Taxes and Customs (CBIC)
Explanation : With the roll out of GST, Government proposed to change the name of Central Board of Excise and Customs [CBEC] to Central Board of Indirect Taxes and Customs (CBIC). The necessary changes in law for this are proposed in the Finance Bill.

Answer : 5. Health and Education Cess
Explanation : There is a 3% cess on personal income tax and corporation tax consisting of 2% cess for primary education and one per cent cess for secondary and higher education. In order to take care of the needs of education and health of BPL and rural families, the Government has increased this cess by 1%. The existing 3% education cess will be replaced by a 4% “Health and Education Cess” to be levied on the tax payable. This will enable us to collect an estimated additional amount of 11,000 crores.

Answer : 4. 2.5%
Explanation :To help the cashew processing industry, Government proposed to reduce customs duty on raw cashew from 5% to 2.5%.

Answer : 1. e-Vidhan
Explanation : Project “e-Vidhan‟ is to digitize and make the functioning of all State Legislatures paperless.

Answer :4. 1&2
Explanation : E-Courts, to bring about universal computerization of all Districts and Subordinate Courts, use of cloud computing and availability of e-services like e-filing and e-payments as well.

Answer : 2. Rs.80000 crore
Explanation : The Disinvestment target for 2018-19 is Rs.80000 crore.

Answer : 4. a) National Insurance b) United India Assurance c) Oriental India insurance
Explanation : Three Public Sector Insurance companies – National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India insurance Co. Ltd., will be merged into a single insurance entity.

Answer : 2. Sela Pass
Explanation : The Central Government has decided to construct a tunnel in Arunachal Pradesh bordering China. This tunnel will go through Sela Pass. This is to strengthen the connectivity infrastructure in border areas to secure the country’s defence.

Answer :3. 3 Lakh
Explanation : Government has enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to Rs 3 lakh crore for the 2018-19 fiscal. Launched in April 2015, Rs 4.6 lakh crore credit has been sanctioned under the scheme so far to 10.38 crore beneficiaries.