MCQs Economci Survey and Union Budget

Important Questions
Economic Survey 2021-22

MCQs Based on Economic Survey 2021-22 and Union Budget 2022-2023
1. Under the PM-KISAN Scheme, the Centre transfers an amount of ________ per year, in
___________ equal instalments, directly into the bank accounts of all landholding farmers
irrespective of the size of their land holdings.
a- Rs. 6000, 2
b- Rs. 6000, 3
c- Rs. 8000, 2
d- Rs. 8000, 4
e- None of the above
Answer- (b)
Solution- Under the PM-KISAN Scheme, the Centre transfers an amount of Rs 6,000 per year, in three
equal instalments, directly into the bank accounts of all landholding farmers irrespective of the size of
their land holdings.
2. Which of the following is the nodal Ministry for the Pradhan Mantri Garib Kalyan Ann Yojana?
a- Ministry of Home Affairs
b- Ministry of Agriculture
c- Ministry of Rural Development
d- Ministry of Social Justice & Empowerment
e- Ministry of Finance
Answer- (e)
Solution- PMGKAY is a part of Pradhan Mantri Garib Kalyan Package (PMGKP) to help the poor fight
the battle against Covid-19.
Its nodal Ministry is the Ministry of Finance.
3. The Pradhan Mantri Garib Kalyan Ann Yojana aimed at providing each person who is covered
under the National Food Security Act 2013 with an additional ________ grains.
a- 2 kg
b- 3 kg
c- 4 kg
d- 5 kg
e- 7 kg
Answer- (d)
Solution- The scheme aimed at providing each person who is covered under the National Food
Security Act 2013 with an additional 5 kg grains (wheat or rice) for free, in addition to the 5 kg of
subsidised foodgrain already provided through the Public Distribution System (PDS).
4. Who among the following is not one of the eligible beneficiaries of PMUY?
a- woman belonging to SC Households
b- woman belonging to ST Households
c- woman belonging to Forest Dwellers
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d- woman belonging to SECC Households

e- All of the above are eligible
Answer- (e)
Solution- Under the scheme, an adult woman belonging to any of the following categories, is an eligible
beneficiary under the expanded scheme.
SC Households
ST Households
Pradhan Mantri Awas Yojana (Gramin)
Most Backward Classes
Antyodaya Anna Yojana (AAY)
Tea and Ex- Tea Garden tribes
Forest Dwellers
People residing in Islands and River Islands
SECC Households (AHL TIN)
Poor Household as per 14-point declaration
Applicant must have attained 18 years of age.
There should not be any other LPG connections in the same household.
Release of LPG connection under this Scheme shall be in the name of the women belonging to the
BPL family.
5. PM Garib Kalyan Rojgar Abhiyaan has been implemented in __________ States.

a- 2
b- 3
c- 5
d- 6
e- 10
Answer- (d)
Solution- A total of 116 districts across six states, namely Bihar, Uttar Pradesh, Madhya Pradesh,
Rajasthan, Jharkhand and Odisha (where maximum migrant workers have returned) have been
chosen for the PM Garib Kalyan Rojgar Abhiyaan.
6. PM Garib Kalyan Rojgar Abhiyaan works in mission mode for _____________ days with an
outlay of Rs. 50,000 crore.
a- 50
b- 75
c- 100
d- 125
e- 150
Answer- (d)
Solution- Duration and Outlay of PM Garib Kalyan Rojgar Abhiyaan: This campaign will work in mission
mode for 125 days with an outlay of Rs. 50,000 crore.
7. During the Covid-19 Pandemic, MGNREGS wage increased by _______ over the wage rate of
2019-20.
a- Rs. 5
b- Rs. 8
c- Rs. 10
d- Rs. 15
e- Rs. 20
Answer- (e)
Solution- MGNREGS wage increased by Rs. 20 over the wage rate of 2019-20.
8. Which of the following Statements about the Deen Dayal Upadhyaya Grameen Kaushalya
Yojana (DDU-GKY) is/are True?
I- It is Central Sector Scheme announced in 2014.
II- It is a part of the National Rural Livelihood Mission (NRLM).
III- The focus of the scheme is on rural poor youth between the ages of 15 and 35.
a- Only I
b- Only II
c- I & II
d- I & III
e- I & III
Answer- (e)
Solution- Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) is a centrally-sponsored
scheme announced in 2014.
It is a part of the National Rural Livelihood Mission (NRLM).
Its two major objectives are:
Incorporating diversity to the incomes of rural poor families
Catering to the career aspirations of rural youth
The focus of the scheme is on rural poor youth between the ages of 15 and 35.
It is a demand-driven skills training program that is placement-linked.
9. Rural youth belonging to poor families are identified and trained for Self-employment in
RSETIs. What does the “E” stand for in RSETIs?
a- Emergency
b- Emergent
c- Education
d- Employment
Answer- (d)
Solution- Rural Self Employment Training Institutes (RSETIs) are unique skill development
organisations operating in districts across the country. They are engaged in developing skill among
the unskilled/semi-skilled persons and facilitate the trained persons to establish rural enterprises and
secure sustainable livelihoods.
10. In PMAY-G, the housing unit constructed should be in the name of ________________.
a- Male head of the household
b- Female of the household
c- Jointly held by two senior most
d- Jointly by Sarpanch & Male head
Answer- (b)
Solution- In PMAY-G, the housing unit constructed should be in the name of the female of the
household.
11. Which of the following Statements about PMAY-U is/are True?

I- All houses under PMAY(U) have basic amenities like toilets, water supply, electricity and
kitchen.
II- The Mission promotes women empowerment by providing the ownership of houses in the
name of female members or in joint name.
III- In-situ Slum Redevelopment is one of the four verticals of the Scheme.
a- Only I
b- Only II
c- I & II
d- I & III
e- all of the above
Answer- (e)
Solution-
12. In order to mitigate the economic hardship of people, RBI allowed ______ month
moratorium and deferment of interest on all term loans.
a- 3
b- 5
c- 6
d- 9
e- 12
Answer- (c)
Solution- 6-month moratorium and deferment of interest for 1.3.2020 to 31.8.2020 for all term loans
by RBI.
13. During the Covid-19 Pandemic, the Central Government provided Rs. 30,000 crores
Additional
Emergency Working Capital Funding to farmers through _____________.
a- SBI
b- PNB
c- RBI
d- APEDA
e- NABARD
Answer- (e)
Solution- Rs. 30,000 crore Additional Emergency Working Capital Funding for farmers through
NABARD.
14. PM SVANidhi Scheme is one of the major safety net programmes launched during the
Pandemic. What is the main objective of the Scheme?
a- Promote Savings
b- Promote Investment into Mutual Fund
c- Promote One nation One Provident Fund

d- Working Capital Loan for Street Vendors
e- Spatial Mapping of Villages
Answer- (d)
Solution- PM SVANidhi Scheme to provide working capital loan to urban street vendors to resume
their businesses.
15. The vendors can avail a working capital loan of up to ____________, which is repayable in
monthly instalments within a year under PM SVANidhi Scheme?
a- Rs. 5000
b- Rs. 7500
c- Rs. 10000
d- Rs. 12500
Answer- (c)
Solution- The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in
monthly instalments within a year.
16. Which of the following Statements about PM SVANidhi Scheme is/are True?
I- Ministry of Housing and Urban Affairs (MoHUA) has launched Pradhan Mantri Street Vendor's
Atma Nirbhar Nidhi (PM SVANidhi).
II- The loans would be hypothecated to the Street Vendors’ house or business cart.
III- There will be no penalty on early repayment of loan.
a- Only I
b- Only II
c- I & II
d- I & III
e- all of the above
Answer- (d)
Solution- The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in
monthly instalments within a year. The loans would be without collateral.
It is for the first time that Microfinance Institutions, Non-Banking Financial Company, Self Help Groups
have been allowed in a scheme for the urban poor due to their ground level presence and proximity to
the urban poor including the street vendors.
There will be no penalty on early repayment of loan.
Early repayment (or resettlement) is a clearance of debt or loan before the scheduled time. Many
banks and lenders charge penalties for repaying loans early.
17. Deen Dayal Antyodaya Yojana – National Livelihoods Mission is partially supported by
_______________.
a- World Economic Forum
b- IMF
c- World Bank
d- New Development Bank
e- AIIB
Answer- (c)
Solution- The DAY-NRLM is essentially a poverty relief programme of the Central government. It was
launched as ‘Aajeevika – National Rural Livelihoods Mission (NRLM)’ by the GOI’s Ministry of Rural
Development in the year 2011. It was renamed as DAY-NRLM in 2015.
The scheme is an improved version of the earlier Swarnjayanti Gram Swarozgar Yojana (SGSY).
The programme is supported partially by the World Bank.
18. What is the basic difference between Gross NPA and Net NPA?
I- Gross NPA is the total of Bank loans and Net NPA is the total of all kinds of loans including
credit cards of a particular borrower.
II- Gross NPA refers to the sum of all the loans that have been defaulted by the borrower and
net NPA is the amount that results after deducting provision for unpaid debts from gross NPA
III- Gross NPA refers to the sum of all the loans that have been defaulted by the borrower and
Net NPA is when we deduct inflation from the Gross amount
a- Only I
b- Only II
c- I & II
d- I & III
e- all of the above
Answer- (b)
Solution- Gross non-performing assets refer to the sum of all the loans that have been defaulted by
the borrowers within the provided period of ninety days while net non-performing assets are the
amount that results after deducting provision for unpaid debts from gross NPA.
19. Government-e-Marketplace comes under the administrative control of

____________________.
a- Ministry of MSME
b- Ministry of Commerce & Industry
c- Ministry of Corporate Affairs
d- Ministry of Home
Answer- (b)
Solution- Government e Marketplace (GeM) is an online platform for public procurement in India. The
initiative was launched on August 9, 2016 by the Ministry of Commerce and Industry, Government of
India an Indian government with the objective to create an open and transparent procurement platform
for government buyers.
20. As per the revised MSME definition, what is the turnover limit for Medium Industries?
a- 5 crore
b- 10 crore
c- 25 crore
d- 50 crore
e- 250 crore
Answer- (e)
Solution-
21. Recently, the Government made some distinct changes in the FDI limit in the Defence
Sector. It is permissible up to ___________ by Government route.
a- 50%
b- 74%
c- 76%
d- 100%
Answer- (d)
Solution- FDI enhanced in Defence sector up to 74 per cent through the automatic route and up to 100
per cent by government route
22. Under the Atma Nirbhar Bharat package, additional borrowing limit of up to _________ of
Gross State Domestic Product (GSDP) was allowed to the States for FY2020-21, which was
equivalent to Rs 4.27 lakh crore.
a- 0.5%
b- 1%
c- 1.5%
d- 2%
e- 2.5%
Answer- (d)
Solution- Under the Atma Nirbhar Bharat package, additional borrowing limit of up to 2 per cent of
Gross State Domestic Product (GSDP) was allowed to the States for FY2020-21, which was equivalent
to Rs 4.27 lakh crore.
23. Which of the following Statements about the borrowing limits under the Atma Nirbhar
Bharat Package is/are True?
I- Of the additional 2 per cent borrowing allowed to the States, the first instalment of 0.5 per
cent borrowing was untied for all the states.
II- The second part amounting to 1 per cent of GSDP was subject to implementation of following
four specific State level reforms.
III- Implementation of PMAY-Urban is one of the four State level reforms.
a- Only I
b- Only II
c- I & II
d- I & III
e- all of the above
Answer- (c)
Solution- Under the Atma Nirbhar Bharat package, additional borrowing limit of up to 2 per cent of
Gross State Domestic Product (GSDP) was allowed to the States for FY2020-21, which was equivalent
to Rs. 4.27 lakh crore. Of the additional 2 per cent borrowing allowed to the States, the first instalment
of 0.5 per cent borrowing was untied for all the states. The second part amounting to 1 per cent of
GSDP was subject to implementation of following four specific State level reforms, where weightage
of each reform is 0.25 per cent of GSDP:-
a) Implementation of One Nation One Ration Card System;
b) Ease of doing business reform;
c) Urban Local body/ utility reforms; and
d) Power Sector reforms
Another, 0.5 per cent of GSDP, which was earlier linked to the completion of at least 3 out of 4 above
mentioned reforms, was made untied for States choosing Option 1 to meet the shortfall arising out of
GST implementation. 17 States implemented the One Nation One Ration Card System, 20 States
completed the stipulated reforms in the Ease of Doing Business, 11 States had done local body
reforms and 17 States carried out fully/partly Power Sector Reforms. Thus, for the year 2020-21 total
borrowing permission of Rs. 3,19, 939 crore was issued to States out of the additional borrowing ceiling
of 2 per cent allowed to States.
24. The Faceless Assessment Scheme was launched in __________ which abolishes the earlier
system of tax administration and assessment based on territorial jurisdiction.
a- 2018
b- 2019
c- 2020
d- 2021
Answer- (c)
Solution- The Faceless Assessment Scheme was launched in 2020 which abolishes the earlier system
of tax administration and assessment based on territorial jurisdiction.
25. The Finance Act of 2021 mandates that the monetary threshold of getting books of accounts
audited has been increased to Rs __________ in case of Special kind of businesses.
a- 10 crores
b- 50 crore
c- 100 crores
d- 250 crores
Answer- (a)
Solution- It is the declared policy of the Government to encourage digital transactions and move
towards cash less economy. In furtherance of this objective, through the Finance Act 2021, the
monetary threshold of getting books of accounts audited has been increased to Rs 10 crores in case
of businesses whose total turnover or gross receipts made in cash does not exceed 5 per cent of the
total turnover or gross receipts and the total expenditure including purchases made in cash does not
exceed 5 per cent of the total expenditure during the previous year.
26. What is the central theme of the Economic Survey 2021-22?
a) Aatma Nirbhar approach

b) Look East
c) Agile approach
d) Saving lives and livelihoods
e) None of these
Answer – (c)
The central theme of this year’s Economic Survey is the “Agile approach” that uses feedback-loops,
and the monitoring of real-time data using 80 High Frequency Indicators (HFIs) in an environment of
extreme uncertainty. Planning matters in this framework but mostly for scenario- analysis, identifying
vulnerable sections, and understanding policy options rather than as a deterministic prediction of the
flow of events.
27. Who prepared the Economic Survey 2022?
a) Chief Economic Advisor

b) Principal Economic Advisor and other officials
c) Finance Minister
d) Ministry of Finance
e) None of the above
Answer – (b)
The The Economic Survey is usually prepared by the Chief Economic Advisor (CEA), however, this
year, the report was drafted by the Principal Economic Advisor and other officials after former CEA,
Dr. Krishnamurthy Subramaniam's term ended in December 2021.
28. As per Economic Survey, India’s GDP growth rate for the ongoing financial year 2021-
22 is estimated at?
a) 8%
b) 8.5%
c) 9.2%
d) 11%
e) 10%
Answer- (c)
India’s GDP growth rate for the ongoing financial year 2021-22 is estimated at 9.2%.
29. The Economic Survey 2021-22 has estimated the GDP growth rate at 9.2% for 2021-22.
What is the growth rate given by IMF in its recent World Economic Outlook for 2021-22?
a) 8.5%
b) 8.7%
c) 8.0%
d) 7.1%
e) 9.0%
Answer- (e)
According to the International Monetary Fund’s World Economic Outlook edition of January 2022,
India’s real GDP is projected to grow at 9% in 2021-22 and at 7.1% for 2022-23.
30. The first Economic Survey was presented in which year?
a) 1950-51
b) 1947-48
c) 1948-49
d) 1951-52
e) 1952-53
Answer- (a)
The first Economic Survey was presented in 1950-51 and was initially part of the Budget documents.
The document was less than 50 pages in the 1950s and contained a brief outline of economic
developments of the previous year.
31. How much growth rate is projected for India’s GDP in FY 23 as per Economic Survey
2021-22?
a) 9.2%
b) 8-8.5%
c) 10.5%
d) 7.5%
e) 11-12%
Answer- (b)
The GDP is projected to grow by 8.0-8.5 % in real terms in 2022-23 as per Economic Survey 2021-
22.
32. Agriculture and allied sectors are expected to grow by _______ in 2021-22.
a) 5.9%
b) 2.9%
c) 1.9%
d) 3.9%
e) 4.9%
Answer- (d)
Agriculture and allied sectors have been the least impacted by the pandemic and the sector is
expected to grow by 3.9 % in 2021-22 after growing 3.6 % in the previous year.
33. Industrial sector is expected to grow by _______ in 2021-22.
a) 11.8%
b) 8.3%
c) 9.2%
d) 7.6%
e) 5.5%
Answer- (a)
The GVA of Industry (including mining and construction) will rise by 11.8% in 2021-22 after contracting
by 7% in 2020- 21 as per advance estimates.
34. Services sector is expected to grow by _______ in 2021-22.
a) 4.2%
b) 7.2%
c) 5.3%
d) 8.4%
e) 8.2%
Answer- (e)
Services sector is estimated to grow by 8.2% in this financial year (2021-22) following last year’s 8.4%
contraction.
35. With regard to the National Family Health Survey-5, consider the following:
I.Total Fertility Rate (TFR) came down to 1.5% in 2019-21 from 2.2% in 2015-16.
II.Infant Mortality Rate (IMR), under-five mortality rate and institutional births have
improved in 2019-21 over the year 2015-16.
III.83 districts have become ‘Har Ghar Jal’ districts.
Choose the correct option:
a) Only (i)
b) Only (ii) & (iii)
c) Only (iii)
d) Both (i) and (iI)
e) All of the above.
Answer- (b)
According to National Family Health Survey-5, (i) Total Fertility Rate (TFR) came down to 2% in 2019-
21 from 2.2% in 2015-16, (ii) Infant Mortality Rate (IMR), under-five mortality rate and institutional
births have improved in 2019-21 over the year 2015-16.
36. The revenue receipts of the Central Government (April to November 2021) have gone up
by______.
a) 67.2%
b) 77.2%
c) 87.2%
d) 57.2%
e) 47.2%
Answer- (a)
The revenue receipts of the central government during April to November 2021 have gone up by 67.2
% (YoY), as against an expected growth of 9.6 % in the 2021-22 Budget Estimates (over 2020-21
Provisional Actuals).
37. During April-November 2021, Capex has grown by_____ with a focus on infrastructure-
intensive sectors?
a) 14.9%
b) 15.5%
c) 12.4%
d) 13.5%
e) 16.7%
Answer- (d)
During April- November 2021, the capital expenditure has grown by 13.5 % (YoY), with focus in
infrastructure-intensive sectors like roads and highways, railways, and housing and urban affairs.
38. Which among the following sector was least affected by the COVID-19 pandemic as per
Economic Survey 2021-22?
a) Mining
b) Construction
c) Services
d) Agriculture
e) Industry
Answer- (d)
Agriculture and allied sectors have been the least impacted by the pandemic and the sector is
expected to grow by 3.9 % in 2021-22 after growing 3.6% in the previous year.
39. India’s external debt rose to ________ at the end of September 2021, from the US$ 556.8
billion a year earlier.
a) US$ 593.1 billion

b) US$ 560 billion
c) US$ 580.5 billion
d) US$ 576.6 billion
e) US$ 578.9 billion
Answer- (a)
India’s external debt rose to US$ 593.1 billion as at end-September 2021, from US$ 556.8 billion a
year earlier, reflecting additional SDR allocation by IMF, coupled with higher commercial borrowings.
40. As of end-November 2021, India was the fourth largest forex reserve holder in the world
after?
a) China, Japan and Switzerland

b) US, China and Japan
c) US, UK and China
d) US, China and Russia
e) US, UK and Russia
Answer- (a)
As of end- November 2021, India was the fourth largest forex reserves holder in the world after China,
Japan, and Switzerland.
41. The industrial performance has shown improvement as reflected in the cumulative
growth of the IIP (Index of Industrial Production). During April-November 2021-22 the IIP grew
at _______as compared to (-)15.3 % in April-November 2020-21.
a) 19%
b) 18.4%
c) 17.4%
d) 15%
e) 16%
Answer- (c)
During April-November 2021-22 the IIP grew at 17.4% as compared to (-)15.3% in April-November
2020-21.
42. How much amount were raised via 75 IPO issues in April-November 2021?
a) 75,066 crores
b) 95,066 crores
c) 82,606 crores
d) 88,706 crores
e) 89,066 crores
Answer- (e)
There was a boom in fundraising through IPOs by many new age companies/tech start-ups/unicorns.
In April-November 2021, Rs.89,066 crore was raised via 75 IPO issues, much higher than in any year
in last decade.
43. The average headline CPI-combined (CPI-C) inflation in India moderated to ______ in
2021-22 (April-December).
a) 2.2%
b) 3.4%
c) 4.2%
d) 5.2%
e) 9.2%
Answer- (d)
On the domestic front, the average headline Consumer Price Index-Combined (CPI-C) inflation in India
moderated to 5.2 % in 2021-22 (April-December) from 6.6 % in the corresponding period of 2020-21
and was recorded at 5.6 % in December 2021. The Consumer Price Index inflation remained range
bound as food prices eased considerably due to the supply management response by the
Government.
44. In 2020, India ranked_______ globally in increasing its forest area during 2010 to 2020.
a) Tenth
b) Third
c) Fourth
d) Fifth
e) Sixth
Answer- (b)
In 2020, India ranked third globally in increasing its forest area during 2010 to 2020.
45. The forests covered 24% of India’s total geographical, accounting for_____ of the
world’s total forest area in 2020.
a) 1%
b) 2%
c) 3%
d) 4%
e) 5%
Answer- (b)
The forests covered 24 % of India’s total geographical, accounting for 2 % of the world’s total forest
area in 2020. India’s forest cover has increased by more than 3 % during 2011 to 2021. This is mainly
attributed to increase in very dense forest, which grew by 20 % during the period.
46. India has become third largest start-up ecosystem in the World after _________.
a) US and UK
b) US and China
c) UK and China
d) US and Russia
e) US and Japan
Answer- (b)
India has become the third largest startup ecosystem in the world after the US and China.
47. How many Indian start-ups have achieved the Unicorn status in 2021 taking the overall
tally of unicorns to 83, most of which are in the services sector?
a) 44
b) 47
c) 66
d) 52
e) 39
Answer- (a)
44 Indian start-ups have achieved unicorn status in 2021 taking the overall tally of unicorns in India to
83, most of these are in the services sector.
48. Under Jal Jeevan Mission (JJM), how many districts have become “Har Ghar Jal”
Districts?
a) 73
b) 83
c) 53
d) 43
e) 63
Answer- (b)
Under the Jal Jeevan Mission (JJM), 83 districts in the country have become ‘Har Ghar Jal’ districts.
49. The number of new recognized start-ups have increased to over _____ in 2021-22 from
733 in 2016-17.
a) 11000
b) 12000
c) 13000
d) 14000
e) 15000
Answer- (d)
The number of new recognised start-ups have increased to over 14,000 in 2021-22 from only 733 in
2016-17.
50. How many High Frequency Indicators (HFIs) were used by the government in the last
two years to gauge the underlying state of the economy on a real-time basis?
a) 85
b) 90
c) 80
d) 100
e) 88
Answer- (c)
In the last two years, Government leveraged an array of 80 HFIs representing industry, services, global
trends, macro-stability indicators and several other activities, from both public and private sources to
gauge the underlying state of the economy on a real-time basis.
51. Which of the following provides the measure of the general price inflation in an
economy?
a) Gross National Product

b) Gross Domestic Product
c) Gross Value Added
d) GDP Deflator
e) Gross purchasing parity
Answer (d)
The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of the value
of goods and services an economy produces in a particular year at current prices to that of prices that
prevailed during the base year.
52. In the last two years, Government leveraged an array of 80 HFIs representing industry,
services, global trends, macro-stability indicators and several other activities, from both public
and private sources to gauge the underlying state of the economy on a real-time basis. Which
of the following is NOT among the eighty HFIs?
a) Electricity Generation
b) Scheduled domestic flights
c) Traffic on roads
d) ATM Withdrawals
e) Capital Expenditure
Answer (c)
Traffic on roads is not among the 80 HFIs used by government to gauge the underlying state of the
economy on a real-time basis. Some of the important HFI used are e-way bill generation, GST
collections, power consumption, mobility indicators, digital payments, satellite photographs, cargo
movements, highway toll collections, fuel consumption, ATM withdrawals, bank credit, capacity
utilization, demat accounts, domestic auto sales, EPFO subscribers outstanding, UPI transactions,
etc.
53. The Monetary Policy Committee has maintained status quo on the policy repo rate
keeping it unchanged at _____ in 2021-22?
a) 3%
b) 4%
c) 5%
d) 6%
e) 2%
Answer (b)
After several rate cuts in 2019-20 and 2020-21, the repo rate was maintained at 4 % in 2021-22. The
liquidity in the system remained in surplus throughout.
54. Which among the following did not remain among the top 3 export destinations of India
in April-November 2021?
a) USA
b) China
c) Japan
d) UAE
Answer (c)
USA followed by UAE and China remained the top export destinations of India in April-Nov,
2021.
55. Which among the following did not remain among the top 3 import sources of India in
April-November 2021?
a) USA
b) China
c) UAE
d) Singapore
Answer (d)
China, UAE and USA were the largest import sources for India in April-Nov, 2021.
56. As per Economic Survey 2021-22, the Marginal Standing Facility rate remained
unchanged at______?
a) 3.25%
b) 4.25%
c) 5.9%
d) 6.2%
e) 2.9%
Answer (b)
As per Economic Survey 2021-22, the Marginal Standing Facility rate remained unchanged at 4.25%.
57. As per Economic Survey 2021-22, the Gross enrolment ratio in higher education was
recorded at ____ in 2019-20?
a) 23.25%
b) 24.25%
c) 27.1%
d) 32%
e) 35%
Answer (c)
Gross enrolment ratio in higher education recorded at 27.1 % in 2019-20, was slightly higher from
26.3 % in 2018-19.
Note – The New Education Policy 2020 aims for universalization of education from pre-school to
secondary level with 100 % Gross Enrolment Ratio (GER) in school education by 2030.
NEP 2020 will bring 2 crore out of school children back into the main stream through open
schooling system.
Gross Enrolment Ratio in higher education to be raised to 50% by 2035;
58. As per Economic Survey 2021-22, India has become the _____ largest startup ecosystem
in the world.
a) second
b) third
c) fourth
d) fifth
e) sixth
Answer (b)
India has become the third largest startup ecosystem in the world after the US and China as per
Economic Survey 2021-22.
59. As per Economic Survey 2021-22, what is the percentage share of agriculture and allied
sectors in the nominal GVA for the year 2021-22?
a) 23.25%
b) 18.8%
c) 27.1%
d) 13%
e) 15%
Answer (b)
As per Economic Survey 2021-22, the percentage share of agriculture and allied sectors in the nominal
GVA for the year 2021-22 is 18.8%.
60. As per Economic Survey 2021-22, what is the percentage share of industrial sector in
the nominal GVA for the year 2021-22?
a) 23.25%
b) 18.8%
c) 28.2%
d) 30%
e) 35%
Answer (c)
As per Economic Survey 2021-22, the percentage share of industrial sector in the nominal GVA for
the year 2021-22 is 28.2%.
61. As per Economic Survey 2021-22, what is the percentage share of services sector in the
nominal GVA for the year 2021-22?
a) 55%
b) 63%
c) 82%
d) 50%
e) 53%
Answer (e)
As per Economic Survey 2021-22, the percentage share of services sector in the nominal GVA for the
year 2021-22 is 53%.
62. As per Economic Survey 2021-22, Consumption demand is estimated to have grown by
____ in 2021-22?
a) 5%
b) 6%
c) 7%
d) 8%
e) 4%
Answer (c)
As per Economic Survey 2021-22, Consumption demand is estimated to have grown by 7% in 2021-
22 with significant contributions from government spending.
63. As per Economic Survey 2021-22, Gross fixed capital formation exceeded pre-pandemic
levels and is estimated to have grown by ____ in 2021-22?
a) 15%
b) 16%
c) 17%
d) 18%
e) 14%
Answer (a)
As per Economic Survey 2021-22, Gross fixed capital formation exceeded pre-pandemic levels on the
back of ramped up public expenditure on infrastructure and is estimated to have grown by 15% in
2021-22.
64. As per Economic Survey 2021-22, Exports are expected to grow by ____ in 2021-22?
a) 15.5%
b) 16.5%
c) 17.5%
d) 18.5%
e) 14.5%
Answer (b)
As per Economic Survey 2021-22, Exports are expected to grow by 16.5% in 2021-22.
65. As per Economic Survey 2021-22, Imports are expected to grow by ____ in 2021-22?
a) 15.5%
b) 16.5%
c) 17.5%
d) 18.5%
e) 29.4%
Answer (e)
As per Economic Survey 2021, Imports have recovered strongly with recovery in domestic demand
as well as higher international commodity prices and are expected to grow by 29.4% in 2021-22
surpassing corresponding pre-pandemic levels.
66. As per Economic Survey 2021-22, India’s current account balance turned into deficit of
____ of GDP in the first half (H1) of 2021-22.
a) 0.5%
b) 0.2%
c) 5%
d) 1%
e) 2%
Answer (b)
As per Economic Survey 2021-22, India’s current account balance turned into deficit of 0.2% of GDP
in the first half (H1) of 2021-22, largely led by deficit in trade account.
67. According to the Economic Survey, Reserve money and broad money supply growth in
2021-22 so far was lower than in the previous year. What is the other name for “Reserve
Money”?
a) High-Powered Money
b) Monetary Base
c) M0
d) All of the above
Answer (d)
Reserve money is also called central bank money, monetary base, M0, base money, or high-powered
money. It is the base level for the money supply or the high-powered component of the money supply.
68. As per Economic Survey 2021-22, Food Inflation remained benign at _____ during April
-December 2021?
a) 3.3%
b) 2.9%
c) 5%
d) 1.5%
e) 4%
Answer (b)
Food inflation remained benign during the year at 2.9 % (April-December) as against 9.1 % in the
corresponding period last year. Effective supply-side management kept prices of most essential
commodities under control during the year. Proactive measures were taken to contain the price rise in
pulses and edible oils that reported high inflation reflecting the impact of imported inflation in these
commodities.
69. Wholesale inflation based on Wholesale Price Index (WPI), after remaining very benign
during the previous financial year on account of pandemic induced weakening of economic
activity, record low global crude oil prices and weak demand, witnessed a sharp uptick, rising
to _____ during 2021-22 (April-December).
a) 3.3%
b) 12.5%
c) 50%
d) 30%
e) 15%
Answer (b)
Wholesale inflation based on Wholesale Price Index (WPI), after remaining very benign during the
previous financial year on account of pandemic induced weakening of economic activity, record low
global crude oil prices and weak demand, witnessed a sharp uptick, rising to 12.5 % during 2021-22
(April-December). This was attributable to low base in the previous year, the pick-up in economic
activity, sharp increase in international prices of crude oil and other imported inputs, and high freight
costs.
70. India’s overall score on the NITI Aayog SDG India Index & Dashboard 2020- 21 improved
to ____ from 60 in 2019-20.
a) 66
b) 67
c) 65
d) 68
e) 69
Answer (a)
In 2020-21, India progressed further on achieving the Sustainable Development Goals (SDGs). India’s
overall score on the NITI Aayog SDG India Index & Dashboard 2020- 21 improved to 66 from 60 in
2019-20 and 57 in 2018-19.
71. Which among the following state/UT were among the top two on SDG performance in
2020-21?
a) Kerala and Gujarat

b) Kerala and Chandigarh
c) Chandigarh and Goa
d) Kerala and Sikkim
e) Sikkim and Uttarakhand
Answer (b)
Kerala and Chandigarh were the top state and UT respectively on SDG performance in 2020-21.
72. In November 2021, Hon’ble Prime Minister proposed a One-Word Movement in the
context of climate. Which among the following word stands for that movement?
a) HOPE
b) SAFE
c) LIFE
d) FAITH
e) HEALTH
Answer (c)
India had announced its first Nationally Determined Contribution (NDC) under the Paris Agreement in
2015. The Hon’ble Prime Minister of India, as a part of the national statement delivered at the 26th
Conference of the Parties (COP 26) in Glasgow in November 2021, announced ambitious targets to
be achieved by 2030 to enable further reduction in emissions. The need to start the one-word
movement ‘LIFE’ which means Lifestyle for Environment urging mindful and deliberate utilization
instead of mindless and destructive consumption was underlined.
73. “44 Indian start-ups have achieved unicorn status in 2021 taking the overall tally of
unicorns in India to 83, most of these are in the services sector.” In business, a unicorn is
a privately held startup company valued at over_______?
a) USD 1000 million

b) USD 2 billion
c) USD 100 million
d) USD 10 million
e) USD 1 million
Answer (a)
In business, a unicorn is a privately held startup company valued at over USD 1 billion (= USD 1000
million).
74. The Index of Industrial Production (IIP) provides data for ______ sub-groups of the
manufacturing sector.
a) 33
b) 30
c) 29
d) 25
e) 23
Answer (e)
The Index of Industrial Production (IIP) provides data for 23 sub-groups of the manufacturing sector.
75. Agriculture and allied sectors have been the least impacted by the pandemic. Growth in
which of the following allied sectors has been the major driver of overall growth in the
agriculture sector?
a) Fishery
b) Livestock
c) Dairying
d) All of the above
Answer (d)
Growth in allied sectors including livestock, dairying and fisheries has been the major drivers of overall
growth in the agriculture sector.
Important Questions
Union Budget 2022-23
1) Which Act will be amended to issue the digital currency?

a. RBI Act 1934
b. Banking Regulation Act 1949
c. Companies Act 2013
d. SEBI Act 1992
e. None of the above
Answer: A
RBI Act 1934, will be amended to enable it to issue the digital currency.
Although Central Bank Digital Currency (CBDC) are conceptually no different from banknotes,
introduction of CBDC would require an enabling legal framework since the current legal provisions are
made keeping in mind currency in paper form. Under the Reserve Bank of India Act, 1934, the Bank
is empowered to “…regulate the issue of bank notes and the keeping of reserves with a view to
securing monetary stability in India and generally to operate the currency and credit system of the
country to its advantage” (Preamble). The Reserve Bank derives the necessary statutory powers from
various sections of the RBI Act – with respect to denomination (Section 24), form of banknotes (Section
25), status as legal tender (Sec 26(1)) etc
2) Which of the following is NOT one of the four priorities on which the budget proposal of
2022-23 rests?
a. PM Gatishakti
b. Inclusive Development
c. Productivity, Enhancement, and Investment, Sunrise Opportunities
d. Minimum Government and maximum governance
Answer: D
In the Union Budget for 2022-23, Finance Minister Nirmala Sitharaman said that the Budget proposals
for this financial year rest on
four priorities —
a) PM Gatishakti,
b) Inclusive Development
c) Productivity, Enhancement
and Investment, Sunrise
Opportunities, Energy
Transition and Climate
Action
d) Financing of Investments
3) The Union Budget 2022-23 by Finance Minister Smt. Nirmala Sitharaman has proposed how
much increase in the Capital Expenditure?
a. 30%
b. 25%
c. 35%
d. 27%
e. 21%
Answer: C
Union Finance Minister Nirmala Sitharaman announced a 35.4 percent increase in the outlay for
capital expenditure in Financial Year 2022-23 in her Union Budget 2022 speech on February 2, 2022.
The capital expenditure for 2022-23 is budgeted at Rs.750,246 crore as against Rs.554,236 crore
budgeted in 2021-22.
4) As stated by the Finance Minister Smt. Nirmala Sitharaman while presenting Union Budget
2022-23, Indian economy is expected to grow at _____ in 2021-22.
a. 8%
b. 9.5%
c. 9.27%
d. 8.5%
e. 12%
Answer: C
The economy is expected to grow at 9.27% in 2021-22, as stated by Finance Minister Smt.
Nirmala Sitharaman while presenting the Union Budget 2022-23.
5) What is the target Fiscal Deficit as a % of GDP for FY23 in the Union Budget 2022-23?
a. 6.1%
b. 6.2%
c. 6.4%
d. 6.9%
Answer: C
The deficit is expected to fall to 6.4 percent in FY23. It is expected to improve to 4.5% by 2025-
26. The fiscal deficit for the year 2021-22 is expected to be 6.9 percent of the GDP, close to the
budgeted estimate of 6.8 percent announced last year.
6) What is the number of new generation Vande Bharat Trains that are expected to be
developed in the next 3 years, as announced in Union Budget 2022-23?
a. 450
b. 400
c. 500
d. 1250
e. 850
Answer: B
400 new-generation Vande Bharat trains with higher efficiency and better facilities for
passengers will be developed in the next three years under PM Gatishakti Plan.
7) As announced in the Union Budget 2022-23, how many Post Offices will be covered under
Core Banking System?
a. 1.5 lakhs
b. 1.00 lakhs
c. 75000
d. 1.25 lakhs
e. 25000
Answer A
100% of 1.5 lakhs post offices will come under Core Banking System to enable financial inclusion
(Anytime Anywhere Post Office Savings)
8) What is the initial allocation for Prime Minister’s Development Initiative for North-East
Region (PMDevINE) in the Union Budget 2022-23?
a. 1000 crores
b. 1250 crores
c. 2000 crores
d. 1500 crores
e. 2500 crores
Answer: D
The initial allocation for Prime Minister’s Development Initiative for North-East Region (PMDevINE) in
the Union Budget 2022-23 is Rs 1500 crores.
9) Which Scheme has replaced the Mid-day Meal Scheme?

a. PM Poshan Shakti
b. MGNREG Scheme
c. Saksham Anganwadi
d. National livelihood Mission Ajeevika
Answer: A
Mid-Day Meal Scheme has been renamed as ‘PM Poshan Shakti’ as the Centre pushes for child
nutrition in the country, with the addition of around 24 lakh students from the pre-primary
government and government-aided schools.
10) What is the Disinvestment Target of the government in the Union Budget 2022-23?
a. Rs 78000 crores
b. Rs 65000 crores
c. Rs 62000 crores
d. Rs 75000 crores
e. None of the Above
Answer: B
The disinvestment target for 2022-23 is Rs 65,000 crore, as per the Union Budget 2022-23.
The disinvestment target for 2021-22 was revised down to Rs.78000 crore from Rs.1.75 lakh
crore budgeted last year.
11) Emergency Credit Line Guarantee Scheme (ECLGS) will be expanded by how much amount
as per the Union Budget 2022-23?
a. 50000 crores
b. 500000 crores
c. 5000 crores
d. 500 crores
Answer: A
ECLGS will be extended up to March 2023. ECLGS’s guarantee cover will be expanded by
Rs.50,000 crore to the total cover of Rs 5 lakh crore, with the additional amount being
earmarked exclusively for hospitality and related enterprises.
.
12) In the Union Budget FY 22-23, what is the amount allocated for total expenditure under the
‘’Housing for All Scheme’’ under PM Aawas Yojana?
a. Rs.52000 crore
b. Rs.48000 crore
c. Rs.62000 crore
d. Rs.69000 crore
e. Rs.45000 crore
Answer: B
In 2022-23, 80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas
Yojana, both rural and urban, and Rs 48,000 crore is allocated for this purpose
13) What amount of allocation is given to the Mahatma Gandhi National Employment Rural
Guarantee Scheme (MGNREG) in the Union Budget 2022-23?
a. 73000 crores
b. 78000 crores
c. 75000 crores
d. 72000 crores
Answer: A
Mahatma Gandhi National Employment Rural Guarantee Scheme (MGNREG): has the highest
allocation of Rs 73000 crores in 2022-23. This is a decrease of 25.5% over the revised estimate of
2021-22. In 2021-22, allocation to the scheme has increased by 34.2% to mitigate the impact of COVID
19 second wave. (From Rs 73000 crores at the budgeted stage to Rs 98000 crores at the revised
stage).
.
14) Tax deduction Limit on Employer’s Contribution to the National Pension Scheme Account
of the State Government has been increased from 10 % to …………?
a. 15%
b. 14%
c. 11%
d. 12%
e. It is decreased
Answer: B
Tax deduction Limit on Employer’s Contribution to the National Pension Scheme Account of the State
Government has been increased from 10 % to 14%
15) The capital expenditure outlay for the Defence Sector in the Union Budget 2022-23 is
estimated at?
a. Rs.1.35 trillion
b. Rs.1.52 trillion
c. Rs.1.52 billion
d. Rs.1.35 billion
Answer: B
The Capital Expenditure Outlay for the Defense Sector in the Union Budget 2022-23 is estimated at
1.52 trillion as compared to 1.35 trillion in FY 22, an increase of 13%.
16) What is the estimated cost for Ken Betwa Link project for providing irrigation benefits to
farmers?
a. Rs.44,605 crore
b. Rs.44,650 crore
c. Rs.44,500 crore
d. Rs.45,605 crore
Answer: A
The estimated Cost for Ken-Betwa Link Project is Rs 44,605 crores, with an aim for providing irrigation
benefits to 9.08 lakh hectares of farmers’ land, drinking water supply to 62 lakh people, and generating
130 MW power.
Note – The Budget also mentioned that detailed Project report (DPRs) of five river links, namely
Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-Krishna, Krishna-Pennar, and Pennar-Cauvery
have been finalized
17) What is the allocation for Pradhan Mantri Gram Sadak Yojana in the Union Budget 2022-23?
a. Rs 19000 crores
b. Rs 15000 crores
c. Rs 12000 crores
d. Rs 80000 crores
e. Rs 8000 crores
Answer: A
The allocation towards Pradhan Mantri Gram Sadak Yojana has been increased by 35% in FY22-23
to Rs 19000 crores.
18) The Budget 2022-23, has allocated how much amount for National Health Mission?
a. Rs 35000 crores
b. Rs 37800 crores
c. Rs 45000 crores
d. Rs 47800 crores
e. None of the above.
Answer: B
The allocation for National Health Mission is Rs 37800 in FY 22-23 as compared to Rs 35000 crores
last year.
19) A network of how many tele-mental health centers of excellence will be set up, with
NIMHANS being the nodal center as per the Union Budget 202-23
a. 22
b. 52
c. 23
d. 48
e. 21
Answer: C
As announced in the Union Budget 2022-23, the National Tele Mental Health Programme will be
launched to improve access to quality mental health counselling and care services. It will help
bridge the gap in access to Mental healthcare and help achieve India’s SDG Target 3.4.2 (reduce
suicide mortality rate).
A network of 23 tele-mental health centers of excellence will be set up, with NIMHANS (National
Institute of Mental Health & Neurosciences) being the nodal center and the International Institute
of Information Technology-Bangalore (IIITB) providing technical support.
20) As per the Budget 2022-23, which of the following is NOT true regarding the benefits for
Railways under PM Gatishakti?
A. One Station One Product concept to help local businesses & supply chains
B. 2500 Km of railway track to be brought under KAVACH, the indigenous world-class
technology and capacity augmentation in 2022-23
C. 400 new generation Vande Bharat Trains to be manufactured in the next 3 years.
D. 100 PM Gatishakti Cargo Terminals for multimodal logistics to be developed during the
next 3 years.
a. Only A
b. Only B
c. A and B
d. C and D
Answer: B
2000 Km of railway track to be brought under KAVACH, the indigenous world-class technology, and
capacity augmentation in 2022-23. Rest are True facts.
21) Which of the following statements stand true in reference to the Budget 2022-23, presented
by the finance minister on 1st February 2022?
A. The deficit is expected to fall to 6.4 percent in FY23, which is consistent with the
broad path of fiscal consolidation announced last year to reach a fiscal deficit level
below 4.5 percent by FY26.
B. The allocation of the Ministry of Road Transport and Highway is expected to increase
by Rs 67,959 crores (52%) because of the increase in investment in the National
Highway Authority of India
C. the surcharge on co-operative societies to be reduced from present 12 percent to 6
percent for those having total income of more than Rs.1 crore and up to Rs.10 crores.
D. Surcharge on Long Term Capital gain on transfer of any asset has been capped at
15%
a) A, B and C
b) A, C and D
c) A, B and D
d) A, B,C and D
Answer: C
The surcharge on co-operative societies is to be reduced from the present 12 percent to 7 percent for
those having a total income of more than Rs.1 crore and up to Rs.10 crores. Also, the Alternate
Minimum Tax Rate on co-operative societies is to be reduced to 15% (from 18.5%)
The rest of the statements are true.
22) Income from transfer of digital assets (Cryptocurrency) to be charged at what rate of tax, as
per the Union Budget 2022-23?
a) 20%
b) 30%
c) 45%
d) 50%
e) 25%
Answer: B
Income from transfer of digital assets (Cryptocurrency) to be charged at 30% of Tax, as per the Union
Budget 2022-23
23) One class-one TV channel’ program of …………… will be expanded from 12 to 200 TV
channels.
a. PM e-edtech
b. PM e-swadesh
c. PM e-Sarvshiksha
d. PM e-Vidya
e. PM e-shiksha
Answer: D
One class-one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels
and this will enable all states to provide supplementary education in regional languages for classes 1-
12
24) The receipts from the GST collections for the month of January 2022, as stated by FM
in her Budget 2022-23 speech were:
a. 130986 crores
b. 140986 crores
c. 90986 crores
d. 110986 crores
e. 120986 crores
Answer: B
The receipts from the GST collections for the month of January 2022, as stated by FM in her
Budget 2022-23 speech were 140986 crores
25) India has entered into Amrit Kaal, the 25-year-long leadup to India@100. During the
Amrit Kaal, the government aims to attain some vision, which of the following is not a
part of that vision?
a. Complementing the macro-economic level growth focus with a microeconomic level
all-inclusive welfare focus.
b. Promoting digital economy & fintech, technology-enabled development, energy
transition, and climate action
c. Relying on a virtuous cycle starting from private investment with public capital
investment helping to crowd-in private investment
d. Both b and c
Answer: E
All are part of the Vision Statement of Azadi ka Amrit Mahotsav.
26) Which of the following benefits are not stated in the Union Budget 2022-23 for the benefit
of MSMEs?
a. Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs

5. Lakh Crore
b. Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under
the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE)
c. Raising and Accelerating MSME performance (RAMP) program with outlay of Rs 6000
Crore to be rolled out
d. ECLGS to be extended up to March 2024.
Answer: D
Emergency Credit Line Guarantee Scheme (ECLGS) to be extended up to March 2023. The rest of
the statements are True.
27) Customs duty on cut and polished diamonds and gemstones being reduced to …..
a. 4%
b. 3%
c. 5%
d. 10%
e. 15%
Answer: C
Customs duty on cut and polished diamonds and gemstones being reduced to 5%.
28) Which new Section of TDS is being introduced in the Union Budget 2022-23?
a. 194 R
b. 195 C
c. 196 A
d. 195 R
e. 192 A
Answer: A
Section 194R – TDS on benefit or perquisite of a business or profession
New section 194R is being introduced to provide that the person responsible for providing to a
resident, any benefit or perquisite of a value more than INR 20,000, whether convertible into money
or not, arising from carrying out of a business or exercising of a profession, by such resident, shall,
deduct TDS @ 10% on such benefit or perquisite.
The provisions of the said section shall not apply to an individual or a Hindu undivided family,
whose total sales, gross receipts or turnover does not exceed one crore rupees in case of business
or fifty lakh rupees in case of profession during the financial year immediately preceding the
financial year in which such benefit or perquisite, as the case may be, is provided.
This amendment will take effect from 1st July, 2022.
29) What is the full form of C-PACE that is to be set up to reduce timeline for voluntary
winding up of companies from 2 years to 6 months?
a. Center for Processing Accessible Corporate exit

b. Center for Processing Accelerated Corporate exit
c. Center for Processing Augmented Corporate exit
d. Center for Processing Amicable Corporate exit
Answer: B
C-PACE (Center for Processing Accelerated Corporate Exit)
The Union Budget 2022-23 has proposed to establish the Centre for Processing Accelerated
Corporate Exit (C-PACE) for speedy winding-up of companies from the currently required 2 years to
less than 6 months
The Budget has also proprosed to carry out necessary amendments in the Insolvency & Bankruptcy
Code to enhance the efficacy of the resolution process and facilitate cross-border insolvency
resolution.
The main aim of the Code is resolving corporate debtors in distress
30) How many Digital Banking Units (DBUs) to be set up in 75 districts of the country by
Scheduled Commercial Banks?
a. 750
b. 75
c. 55
d. 450
e. 500
Ans B
Seventy-five DBUs are to be set up in 75 districts of the country by Scheduled Commercial Banks.
31) Which of the following tax reforms have been brought in for FY 2022– 23?
A. A new provision permitting taxpayers to file an Updated Return on payment of
additional tax. This updated return can be filed within two years from the end of
the relevant assessment year.
B. Eligible start-ups established before 31.3.2022 had been provided a tax incentive
for three consecutive years out of ten years from incorporation. In view of the
Covid pandemic period of incorporation of the eligible start-up will be extended
by one more year, that is, up to 31.03.2023 for providing such tax incentive.
C. To increase the tax deduction limit from 10 percent to 14 percent on employer’s
contribution to the NPS account of State Government employees as well
D. To reduce Alternate Minimum Tax to 15% for cooperative societies
a. Only A and B
b. Only B and C
c. Only A and C
d. All of the above
Ans D
Changes under Direct Tax are:
 A new provision permitting taxpayers to file an Updated Return on payment of additional tax.
This updated return can be filed within two years from the end of the relevant assessment year.
 To reduce Alternate Minimum Tax to 15% for cooperative societies.
 to reduce the surcharge on co-operative societies from present 12 percent to 7 percent for
those having total income of more than Rs.1 crore and up to Rs.10 crores
 To increase the tax deduction limit from 10 percent to 14 percent on employer’s contribution to
the NPS account of State Government employees as well
 Eligible start-ups established before 31.3.2022 had been provided a tax incentive for three
consecutive years out of ten years from incorporation. In view of the Covid pandemic period of
incorporation of the eligible start-up will be extended by one more year, that is, up to 31.03.2023
for providing such tax incentive.
 Any income from the transfer of any virtual digital asset shall be taxed at the rate of 30 percent.
The gift of a virtual digital asset is also proposed to be taxed in the hands of the recipient. TDS
on payment made in relation to transfer of virtual digital asset at the rate of 1 percent of such
consideration above a monetary threshold
 Surcharge on Long Term Capital gain on transfer of any asset has been capped at 15%
 No changes in Income Tax Slab Rates.
32) What changes have been brought in Income tax slabs in the Budget 2022-23?
a. Tax exemption up to Rs.6 lakh pa

b. Tax exemption up to Rs.4 lakh pa
c. Tax exemption up to Rs.3 lakh pa
d. Tax exemption up to 2 lakh pa
e. No change in the Tax slab
Ans E
There is no change in the existing direct tax – Income Tax slabs
33) The Union Budget 2022-23 stated that the Defence R&D will be opened for startups,
academia and and Industry. How much % the Defense budget is earmarked for that?
a. 20%
b. 25%
c. 75%
d. 62.5%
e. 22%
Answer: B
Defense R&D will be opened up for private sector industry, startups, and academia with 25% of the
defense R&D budget.
Defense research has always been dominated by the Defense Research and Development
Organisation (DRDO). With this measure it is expected that the level of innovation in Defense will get
a boost and enhance the 'Make in India' thereby putting India on path of defense self-reliance.
34) Which expenditure will not be allowed as a business expenses u/s 37 of Income Tax Act,
as per the Budget 2022-23?
a. Health and Education cess

b. Auditor fee
c. Digital connectivity expenses
d. Transport expenses
Answer: A
Health and Education cess shall not be allowed as business Expenses under Section 37 of Income
tax Act. The Budget has also clarified that gifts and freebies to doctors shall not be treated as business
expenditure under section 37 of the Income-tax Act.
Note - Section 37 of the Income Tax Act 1961 is a residuary section for allowability of business
expenditure for computing the income chargeable under the head “Profits and gains of business or
profession”.
Note – education cess was brought in for the first time by the Finance Act, 2004. This amendment will
take effect retrospectively from 1st April, 2005 and will accordingly apply in relation to the assessment
year 2005-06 and subsequent assessment years
35) Which tax exemptions are not proposed for IFSC-GIFT CITY in the Budget 2022-23?
a. To exempt income of a nonresident from the transfer of offshore derivative instruments

or over the counter derivatives entered into with an OBU of an IFSC
b. To exempt royalty/interest income of nonresident on account of lease of the ship (ship
or ocean vessel or the engine of ship or ocean vessel or any part thereof) to an IFSC
unit, subject to conditions
c. To exempt income received by a nonresident from a portfolio of securities or financial
products or funds, managed or administered by any portfolio manager on behalf of such
nonresident, in an account maintained with an OBU in IFSC, to the extent thatRs.2000
crore over 5 years
d. To extend the tax holiday for income arising from the transfer of a ship that is leased
by a unit of IFSC, subject to conditions
Answer: E
All tax exemptions and benefits stated from A to D are proposed to be provided to IFSC Units as per
the Budget 2022-23.
36) How much allocation is made for Ken-Betwa Link Project in the Budget 2022-23?
a. Rs 1500 crores
b. Rs 4300 crores
c. Rs 4500 crores
d. Rs 1400 crores
e. Rs 2500 crores
Answer: D
The implementation of Ken-Betwa rivers linking at an estimated cost of Rs 44,605 crore. Allocations
of Rs 4,300 crore in RE 2021-22 and Rs 1,400 crore in 2022-23 have been made for this project.
37) What is the Proposed Outlay for PM Poshan Scheme in the Budget 2022-23?
a. Rs10234 crores
b. Rs 20263 crores
c. Rs 30123 crores
d. Rs 10458 crores
Ans A
Outlay in 2022-23 BE (in crores)
Saksham Anganwadi and Poshan 2.0: 20263

PM Poshan: 10234
38) How many Anganwadis are proposed to be upgraded to Saksham Anganwadis in the
Budget 2022-23?
a. 1.50 lakhs
b. 2.00 lakhs
c. 2.50 lakhs
d. 3.00 lakhs
e. 1.00 lakhs
Answer: B
2 lakhs Anganwadis to be upgraded to Saksham Anganwadis. The Saksham Anganwadis are new
generation anganwadis that have better infrastructure and audio-visual aids powered by clean
energy and providing improved environment for early child development.
Note - Angadwadis, along with other schemes like Mission Shakti, Mission Vatsalya, and Poshan 2.0
have been launched recently to provide integrated benefits to women and children. Recognising the
importance of 'Nari Shakti' as the harbinger of India's bright future and for women-led development
during the 'Amrit Kaal', the government has comprehensively revamped the schemes of the Ministry
of Women & Child Development
39) The Central Government has proposed to allocate how much amount for COVID
Vaccines in the Union Budget 2022-23?
a. Rs 35000 crores
b. Rs 40000 crores
c. Rs 5000 crores
d. Rs 39000 crores
e. Rs 15000 crores
Answer: C
Transfer to States for COVID-19 vaccines was Rs 39000 crores, higher than the estimates of Rs 35000
crores. Allocation for 2022-23 is Rs 5000 crores.
40) How many projects for coal gasification and the conversion of coal into chemicals required
for the industry will be set up.?
a. 10
b. 5
c. 4
d. 8
e. 6
Ans C:
Four projects for coal gasification and the conversion of coal into chemicals required for the industry
will be set up.
41) For how many sectors Production linked Incentive Schemes have been announced in
the Union Budget?
A. 15
B. 14
C. 10
D. 9
E. 12
Answer: B
Production Linked Incentive schemes in 14 sectors with the potential to create 60 lakh new jobs,
and the additional new production of Rs 30 lakh crore.
42) During the budget presentation, the finance minister Smt Nirmala Sitaraman announced
that the safety of the Indian trains is to be increased through which technology?
a. SURAKSHA
b. KAVACH
c. VEER
d. PARIVESH
Answer: B
During the budget presentation, the finance minister Smt Nirmala Sitaraman announced that the safety
of the Indian trains is to be increased through KAVACH technology
43) What is the total allocation for PM KISAN in the Union Budget 2022-23?
a. Rs.38000 crores
b. Rs.68000 crores
c. Rs.60000 crores
d. Rs.55000 crores
e. Rs45000 crores
Answer: A
The PM-KISAN Scheme has the second highest allocation in 2022-23 at Rs 68000 crores, up from
Rs.65000 crore budgeted in 2021-22.
44) Out of the total collections from GST, how much is expected to come from Central GST
in FY 22?
a. 85%
b. 80%
c. 60%
d. 65%
e. 75%
Answer: A
Out of the total tax collections under GST, 85% is expected to come from Central GST (Rs 6,60,000
crores) and 15% (Rs 1,20,000 crores) from GST compensation fees.
45) The Budget 2022-23 has proposed setting up of _____virtual labs in science and
mathematics and ____ skilling e-labs for simulated learning environment?
a. 500, 100
b. 750, 75
c. 750, 100
d. 500, 75
e. 200, 12
Answer: B
 750 virtual labs in science and mathematics, and 75 skilling e-labs for simulated learning
environment, will be set-up in 2022-23
 Supplementary education in regional languages for classes 1-12 - ‘one class-one TV channel’
programme of PM eVIDYA will be expanded from 12 to 200 TV channels
 Digital University will be established
46) What is the allocation for Jal Jeevan Scheme in the Union Budget 2022-23?
a. Rs 60000 crores
b. Rs 65000 crores
c. Rs 68000 crores
d. Rs 62000 crores
Answer: A
The Jal Jeevan Scheme (Har Ghar nal se jal) has been allocated Rs.60000 crore in 2022-23 to cover
3.8 crore households.
47) IPO of which government owned company is scheduled in this year FY 22?
a. LIC
b. IDBI
c. Bank of Baroda
d. State Bank of India
e. Shipping corporation of India
Ans A
The government will sell a part of its stake in Life Insurance Corporation (LIC) through an Initial Public
Offering (IPO). At present, the government owns the entire 100 per cent stake in Life Insurance
Corporation of India (LIC).
48) The Outlay for Pradhan Mantri Ayushman Bharat Health Infra Mission (PRABHIM) is
announced ……………. In the Union Budget 2022-23
a. Rs 4177 crores
b. Rs 585 crores
c. Rs 38500 crores
d. Rs 37800 crores
Answer: A
The Outlay for Pradhan Mantri Ayushman Bharat Health Infra Mission (PRABHIM) is announced as
Rs 4177 crores In the Union Budget 2022-23.
49) In 2022-23, in the recommendation of 15th Finance Commission the States will be a
allowed a Fiscal Deficit of ……… and ………. will be tied to Power sector Reforms.
a. 4% of GSDP, 0.5%
b. 4% of GSDP, 0.1%
c. 5% of GSDP, 0.5%
d. 5% of GSDP, 0.1%
Answer: A
In 2022-23, in the recommendation of 15th Finance Commission the States will be a allowed a Fiscal
Deficit of 4% of GSDP and 0.5% will be tied to Power sector Reforms
50) What is the percentage of Penalty on tax and interest due is to be paid by a taxpayer if
the return is filed in the year after an assessment year?
a. 15%
b. 25%
c. 20%
d. 50%
e. 10%
Answer: B
25% Penalty on tax and interest due is to be paid by a taxpayer if the return is filed in the year after
an assessment year. Penalty of 50% is to be paid if paid in the Second Year
Note: Taxpayers will be permitted to file an updated return of income within two years of the
assessment year

MCQs Economci Survey and Union Budget

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Important Questions

Economic Survey 2021-22

d- woman belonging to SECC Households

5. PM Garib Kalyan Rojgar Abhiyaan has been implemented in __________ States.

11. Which of the following Statements about PMAY-U is/are True?

c- Promote One nation One Provident Fund

19. Government-e-Marketplace comes under the administrative control of

26. What is the central theme of the Economic Survey 2021-22?

a) Aatma Nirbhar approach

27. Who prepared the Economic Survey 2022?

a) Chief Economic Advisor

30. The first Economic Survey was presented in which year?

33. Industrial sector is expected to grow by _______ in 2021-22.

34. Services sector is expected to grow by _______ in 2021-22.

Choose the correct option:

a) US$ 593.1 billion

a) China, Japan and Switzerland

a) Gross National Product

e) None of the above

a) Kerala and Gujarat

a) USD 1000 million

1) Which Act will be amended to issue the digital currency?

9) Which Scheme has replaced the Mid-day Meal Scheme?

The rest of the statements are true.

All are part of the Vision Statement of Azadi ka Amrit Mahotsav.

a. Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs

This amendment will take effect from 1st July, 2022.

a. Center for Processing Accessible Corporate exit

a. Tax exemption up to Rs.6 lakh pa

There is no change in the existing direct tax – Income Tax slabs

a. Health and Education cess

a. To exempt income of a nonresident from the transfer of offshore derivative instruments

Saksham Anganwadi and Poshan 2.0: 20263

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