www.byjusexamprep.

com

pg. 1
www.byjusexamprep.com

Union Budget 2023-24- Part 2

Tag to be used: ###Topic###Economic and Social Issues||Macroeconomics||Budget 2023-

24###

1. What is the increased target of the agriculture credit target for banks, as proposed in the budget 2023-
24?
A. Rs 20 lakh crore
B. Rs 19 lakh crore
C. Rs 18 lakh crore
D. Rs 17 lakh crore
E. Rs 16 lakh crore

Sol: A
• Union Budget 2022-23 has increased the agriculture credit target for banks to Rs 20 lakh crores, from Rs
18 lakh crores earlier.
• This credit focuses on the areas like animal husbandry, dairy, and fisheries.
• The credit target limit has been increased every year to support the agriculture sector, which remains
one of the biggest employers in the economy.
• In the 2022-23 budget, government’s agriculture credit target was Rs 18.5 lakh crores, whereas in the
2021-22 budget it was around Rs 16.5 lakh crores.
• Hence, A is the correct answer.

2. What is the budget allocation for education sector for the 2023-24 financial year?
A. ₹1.12 lakh crore
B. ₹1.02 lakh crore
C. ₹92 lakh crore
D. ₹71 lakh crore
E. ₹69 lakh crore

Sol: A
• Central government has planned to spend over ₹1.12 lakh crores (₹1,12,898.97 crores) in the education
sector for the 2023-24 financial year.
• This is the highest-ever budget allocated to the education ministry.
• Education Ministry’s Department of School Education and Literacy has been allocated ₹68,804.85 crore,
while Higher Education Department has been allocated ₹44,094.62 crore.
• Hence, A is the correct answer.

3. Union Budget for 2023-24 has projected nominal GDP growth of _______ for the financial year starting
April.
A. 8.5%
B. 9.3%
C. 10.5%
D. 11.1%
E. 12.5%

pg. 2
www.byjusexamprep.com

Sol: C
• Union Budget for 2023-24 has projected nominal GDP growth of 10.5% for the financial year starting
April, down from the projected 11.1% for 2022-23.
• India's nominal GDP had risen sharply in 2022-23 on account of high inflation, which helped the
government maintain the fiscal deficit at 6.4% of GDP.
• Economic Survey 2022-23 has projected India's real GDP growth for 2023-24 in the range of 6.0%-6.8%.

4. Which of the following ministries received the highest allocation in the Union Budget 2023-24?
A. Ministry of Railway
B. Ministry of Defence
C. Ministry of Road Transport and Highways
D. Ministry of Education
E. Ministry of Consumer Affairs

Sol: B
• Ministry of Defence has the highest allocation in Union Budget 2023-24 with Rs 5,93,538 crores and
accounts for 13.2% of the total budgeted expenditure of the central government.
• Other ministries with high allocation include Road Transport and Highways (6% of total expenditure),
Railways (5.4%), and Consumer Affairs, Food, and Public Distribution (4.6%).

5. What is the budgetary allocation of Ministry of Jal Shakti in 2023-24?

A. Rs 21,000 crore
B. Rs 23,249 crore
C. Rs 25,999 crore
D. Rs 29,141 crore
E. Rs 31,077 crore

Sol: B
• Allocation to the Ministry of Jal Shakti is estimated to increase by Rs 23,249 crore (31.4%) in 2023-24,
driven by an increase in the allocation for Jal Jeevan Mission.
• Government had already provided 11 crore rural households with tap water connections.

6. Income tax rate for new co-operative societies engaged in manufacturing activities has been lowered
to _______________.
A. 5%
B. 10%
C. 15%
D. 20%
E. 25%

Sol: C
• Income tax rate for new co-operative societies engaged in manufacturing activities has been lowered
from 22% to 15% (plus 10% surcharge).
• Sugar cooperatives will be able to claim as expenditure their payments to sugarcane farmers for the
period prior to assessment year 2016–17 and is expected to provide them with nearly Rs 10,000 crore in
relief.

pg. 3
www.byjusexamprep.com

7. Government has proposed _______ tax on net winnings from online games in the Union Budget 2023-
24.
A. 10%
B. 20%
C. 30 %
D. 40%
E. 50%
Sol: C
• Government has proposed a 30% tax on “net winnings” from online games qand also removed the
existing minimum threshold limit of Rs 10,000.
• Earlier, tax deducted at source (TDS) was calculated on the minimum threshold limit.
• However, for lottery and crossword puzzle games, among others, the threshold limit of Rs 10,000 for
TDS will continue.

pg. 4