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UPSC IAS Prelims 2015:Indian Economy:MCQs of Budget 2015-2016(Part-1)

Jun 1, 2015 16:45 IST

    1. Which of these are Irrigation related schemes of Government of India

     

        (i)  Paramparagat Krishi Vikas Yojana

        (ii)  Pradhanmantri Gram Sinchai Yojana

       (iii) Pradhan Mantri Krishi Sinchai Yojana

     

    Select the correct answer using the code given below

     

    (a) 1 only

    (b) 1 and 2 only

    (c) 1, 2 and 3

    (d)  2 and 3 only

    Answer .d

    Explanation- Paramparagat Krishi Vikas Yojana: launched by Government of India to support and promote organic farming and thereby improving soil health.

     

    2. Choose the false statement among the following :

     

      (a) there is a separate consolidated fund for both Centre and States.

      (b)  money can be withdrawn from the Consolidated Fund of India with the President's approval.
      (c) the emoluments and allowances of the President and other expenditure relating to his office are charged from the Consolidated Fund of India.

      (d) the salary and pension payable to the Comptroller and Auditor General of India are charged from the Consolidated Fund of India.

     

    Answer .b

    Explanation- No money can be withdrawn from the Consolidated Fund of India without the Parliament's approval

     

    3. The Contingency Fund of India which is an imprest placed at the disposal of the President of India to facilitate Government to meet urgent unforeseen expenditure. The corpus at present is Rs_____ crore.

    (a) 50

    (b) 100

    (c) 500

    (d) 1000

    Answer .c

    Explanation- The Corpus of the Fund was raised in 2005, the limit was raised from 50 crores to 500 crores.

     

    4. Consider the following statements:

     

    (i) Budget is prepared by Economic Division of Department of Revenue, Ministry of Finance.

    (ii) Individual Departments/Ministries also prepare and present to Parliament their Detailed Demands for Grants, Outcome Budget and their Annual Reports.

     

    Which of the statements given above is/are correct?

     

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

     

    Answer .b

    Explanation- Budget is prepared by Economic Division of Department of Economic Affairs, Ministry of Finance

     

    5. With reference to Budget 2015-16, Consider the following statements:

     

     (i) Annual Financial Statement (AFS) shows estimated receipts and expenditure of the Government of India for 2015-16 in relation to estimates for 2014-15 as also expenditure for the year 2013-14.

      (ii) Moneys held by Government in Trust as in the case of Provident Funds, Small Savings collections, income of Government set apart for expenditure on specific objects like road development, primary education, Reserve/Special Funds etc. are kept in the Public Account.

     

    Which of the statements given above is/are correct?

     

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

     

    Answer .c

     

    6. Choose the false statement among the following statements:

     

    (a)   Based on the new series, Growth in 2015-16 is expected to be between 8 to 8.5%.

    (b) The World Trade Organization has revised its forecast of world trade growth from 5.3% to 4%.

    (c) Manufacturing has declined from 18% to 16% of GDP as per new GDP data (Budget 2015)

    (d) JAM Trinity - Jan Dhan, Aadhar and Mobile, will help to implement direct transfer of benifits.

     

    Answer .c

    Explanation- manufacturing has declined from 18% to 17% of GDP.

     

    7. With reference Amrut Mahotsav, consider the following statements?

       (i) The year 2022 will be the  Amrut Mahotsav, the 75th year, of India’s independence

       (ii)As per union budget ‘Housing for all’ by 2022 would require Team India to complete 2 crore houses in urban areas and 4 crore houses in rural areas

      (iii) At least two members from each family should have access to the means for livelihood and, employment or economic opportunity

     

    Which of the statements given above is/are correct?

      (a) 1 and 2 only

      (b) 2 and 3 only

      (c) 1 and 3 only

      (d) 1, 2 and 3

    Answer .a

    Explanation- At least one member from each family should have access to the means for livelihood and, employment or economic opportunity

     

    8. Consider the following statements:

       (i) Fiscal deficit targets for the next three years are: 3.9% for 2015-16, 3.5% for 2016-17 and 3% for 2017-18.

      (ii) Union government accepted the 14th Finance Commission’s recommendation to devolve 42 per cent share of the divisible pool of taxes to states during 20015-16 to 2019-20.

     

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

    Answer .c

     

    9.  Consider the following pairs:

                   Government Account/Fund                            Article

    1. The Consolidated Fund of India         :         Article 266(1)       
    2. The Public Account                              :        Article 266(2)
    3. The Contingency Fund of India           :        Article 267(1)

     

    Which of the above pairs are correctly matched?

      (a)  1 only

      (b) 2 and 3 only

      (c) 3 only

      (d) 1, 2 and 3                                                                                                                                                                                                                                                                                   

    Answer .d

     

    10. Consider the following statements:

      (i) Rs 25,000 crore has been allocated to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD.

      (ii) As per budget 2015-16 a ‘Unified National Agriculture market’ has been created.

      (iii) Farm credit target for the year 2015-16 is 8.5 lakh crore.

     

    Which of the statements given above is/are correct?

      (a) 1 and 2 only

      (b) 1 and 3 only

      (c) 2 and 3 only

      (d) 1, 2 and 3

    Answer .b

    Explanation- A proposal has been made in budget which is yet to be discussed and finalised in NITI Ayog meeting.

     

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