The Union Budget is one of the most important financial documents of India, presented every year by the Government to show income, expenses, taxes, and future development plans. For students preparing for competitive exams, understanding the budget is very useful because many questions are asked from this topic. That is why gk questions on Union Budget play a key role in improving general awareness and exam performance.
Through gk on Union Budget, learners can easily understand concepts like fiscal deficit, revenue, subsidies, government schemes, and economic growth. Many platforms also provide budget related questions and answers in a simple format, helping students revise quickly before exams. To test knowledge properly, union budget MCQ for competitive exams and mcq on union budget are widely used in banking, SSC, UPSC, and state-level exams.
By practicing union budget questions and answers, students develop better clarity about financial planning and national economy. These topics also improve logical thinking and current affairs knowledge. Overall, regular practice of budget-based GK builds confidence and keeps learners updated with India’s economic direction, which is very important for academic success and career growth, even if some concepts may feel confusing at first but become clear with time.
What is Union Budget?
The Union Budget is a yearly plan made by the Government of India. It shows how much money the government expects to earn and how it plans to spend that money in the coming year. The Union Budget is usually presented in Parliament by the Finance Minister.
The Union Budget is like a household budget. Just as a family plans its income and expenses for the year, the government also plans how to use public money for the country. It includes details about taxes, government spending, savings, and loans.
The Union Budget explains where the money will be used, such as education, health, defence, roads, railways, agriculture, and welfare schemes. It also tells citizens about changes in income tax, GST, and other taxes. These changes can affect the daily life of people.
Overall, the Union Budget helps the government manage the country’s economy, support development, and improve public services. It is an important document because it shows the government’s priorities and future plans for national growth.
GK Questions on Union Budget of India
Ques: What is the Union Budget?
Answer: Annual income and spending plan of the Government of India
Ques: Who presents the Union Budget in Parliament?
Answer: Finance Minister
Ques: In which month is the Union Budget usually presented?
Answer: February
Ques: The Union Budget is presented in which house first?
Answer: Lok Sabha
Ques: How many times is the budget presented in a year?
Answer: Once
Ques: What is fiscal deficit?
Answer: When government spends more than it earns
Ques: What is revenue?
Answer: Government income
Ques: What is expenditure?
Answer: Government spending
Ques: Which ministry prepares the budget?
Answer: Ministry of Finance
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Ques: What does tax mean?
Answer: Money paid to government by people
Ques: Direct tax example?
Answer: Income tax
Ques: Indirect tax example?
Answer: GST
Ques: What does GST stand for?
Answer: Goods and Services Tax
Ques: Capital expenditure means?
Answer: Money spent on building assets
Ques: Revenue expenditure means?
Answer: Daily running expenses
Ques: What is a surplus budget?
Answer: Income more than spending
Ques: What is a deficit budget?
Answer: Spending more than income
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Ques: What is balanced budget?
Answer: Income equals spending
Ques: Who approves the budget?
Answer: Parliament
Ques: What is economic growth?
Answer: Increase in country’s income
Ques: What is subsidy?
Answer: Government financial help
Ques: Which sector often gets budget support?
Answer: Education
Ques: Which sector improves farming?
Answer: Agriculture
Ques: What is healthcare spending for?
Answer: Hospitals and medicines
Ques: What is infrastructure?
Answer: Roads, bridges, railways
Ques: What is public debt?
Answer: Government loan
Ques: What is budget speech?
Answer: Explanation of budget by FM
Ques: Who was India’s first Finance Minister?
Answer: R.K. Shanmukham Chetty
Ques: What does GDP mean?
Answer: Total value of goods and services
Ques: Budget helps in controlling what?
Answer: Inflation
Ques: What is inflation?
Answer: Rise in prices
Ques: What is tax exemption?
Answer: No tax on some income
Ques: What is income slab?
Answer: Tax level on income
Ques: What is social welfare?
Answer: Help for poor people
Ques: What is defense budget?
Answer: Money for army
Ques: What is education budget for?
Answer: Schools and colleges
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Ques: What is healthcare budget for?
Answer: Medical services
Ques: What is railway budget now merged with?
Answer: Union Budget
Ques: What is customs duty?
Answer: Tax on imports
Ques: What is excise duty?
Answer: Tax on goods made in India
Ques: What is budget deficit called officially?
Answer: Fiscal deficit
Ques: What is capital receipt?
Answer: Loan and asset sale
Ques: What is revenue receipt?
Answer: Tax income
Ques: What is disinvestment?
Answer: Selling government shares
Ques: Budget helps in what planning?
Answer: Economic planning
Ques: What is tax reform?
Answer: Change in tax system
Ques: What is direct benefit transfer?
Answer: Money sent to bank
Ques: What is poverty reduction?
Answer: Helping poor people
Ques: What is employment scheme?
Answer: Job program
Ques: What is Make in India?
Answer: Manufacturing program
Ques: What is Digital India?
Answer: Online services plan
Ques: What is Startup India?
Answer: Support for new businesses
Ques: What is green budget focus?
Answer: Environment
Ques: What is climate fund for?
Answer: Environment protection
Ques: What is MSME?
Answer: Small businesses
Ques: What is rural development?
Answer: Village growth
Ques: What is urban development?
Answer: City growth
Ques: What is housing scheme?
Answer: Affordable homes
Ques: What is water project for?
Answer: Clean drinking water
Ques: What is sanitation spending?
Answer: Cleanliness programs
Ques: What is food subsidy?
Answer: Cheap food for poor
Ques: What is fuel subsidy?
Answer: Lower fuel cost
Ques: What is education loan benefit?
Answer: Tax relief
Ques: What is budget allocation?
Answer: Money assigned
Ques: What is economic survey?
Answer: Economy report
Ques: Who presents Economic Survey?
Answer: Finance Ministry
Ques: Budget aims to improve what?
Answer: Economy
Ques: What is savings incentive?
Answer: Tax benefit
Ques: What is pension scheme?
Answer: Old age support
Ques: What is child welfare scheme?
Answer: Help for children
Ques: What is women empowerment fund?
Answer: Support women
Ques: What is skill development?
Answer: Job training
Ques: What is digital payment push?
Answer: Cashless system
Ques: What is agriculture loan subsidy?
Answer: Cheap loans
Ques: What is fertilizer subsidy?
Answer: Support farmers
Ques: What is healthcare insurance scheme?
Answer: Free treatment
Ques: What is education scholarship?
Answer: Student help
Ques: What is defense modernization?
Answer: New weapons
Ques: What is border infrastructure?
Answer: Roads near borders
Ques: What is tourism development?
Answer: Travel promotion
Ques: What is renewable energy funding?
Answer: Solar, wind
Ques: What is clean energy mission?
Answer: Pollution control
Ques: What is startup tax relief?
Answer: Lower taxes
Ques: What is bank recapitalization?
Answer: Money for banks
Ques: What is financial inclusion?
Answer: Banking for all
Ques: What is Jan Dhan Yojana?
Answer: Bank accounts scheme
Ques: What is insurance coverage plan?
Answer: Health safety
Ques: What is pension reform?
Answer: Retirement changes
Ques: What is tax rebate?
Answer: Tax return
Ques: What is budget transparency?
Answer: Open details
Ques: What is economic stability?
Answer: Stable growth
Ques: What is fiscal discipline?
Answer: Controlled spending
Ques: What is investment boost?
Answer: More funding
Ques: What is foreign investment?
Answer: Money from abroad
Ques: What is public-private partnership?
Answer: Govt + private work
Ques: What is social security?
Answer: Public safety net
Ques: What is budget monitoring?
Answer: Checking spending
Ques: What is outcome-based budgeting?
Answer: Result-focused budget
Ques: What is tax compliance?
Answer: Paying taxes properly
Ques: Why is Union Budget important?
Answer: Guides country’s economy
Ques: Why is the Union Budget important for India’s economy?
Answer: It plans government income, spending, and growth for the year
Ques: How does the Union Budget help poor people?
Answer: By giving subsidies, free schemes, and welfare programs
Ques: What role does the Finance Minister play in the Union Budget?
Answer: Prepares and presents the budget
Ques: How does the Union Budget affect common citizens?
Answer: Through taxes, prices, and government services
Ques: Why are budget questions important in competitive exams?
Answer: They test current affairs and economy knowledge
Ques: How does the government increase income through the budget?
Answer: By collecting taxes and fees
Ques: What happens if fiscal deficit increases?
Answer: Government borrows more money
Ques: How does the Union Budget support education sector?
Answer: By funding schools, colleges, and scholarships
Ques: How does the budget help farmers?
Answer: Through subsidies and cheap loans
Ques: Why is infrastructure spending included in the budget?
Answer: To improve roads, railways, and development
Ques: How does the budget control inflation?
Answer: By managing spending and taxes
Ques: What is the meaning of long-term economic planning in the budget?
Answer: Planning growth for future years
Ques: How does tax relief benefit middle-class families?
Answer: They save more money
Ques: Why is healthcare a major part of the Union Budget?
Answer: To improve public health services
Ques: How does the Union Budget promote employment?
Answer: By funding job programs
Ques: What is the role of subsidies in the budget?
Answer: To reduce cost for poor people
Ques: How does the budget support small businesses?
Answer: Through loans and tax benefits
Ques: Why is digital development included in budget planning?
Answer: To improve online services
Ques: How does government spending boost the economy?
Answer: Creates jobs and growth
Ques: What is the purpose of capital investment in the budget?
Answer: To build long-term assets
Ques: Why is budget transparency important?
Answer: To avoid misuse of money
Ques: How does the Union Budget affect prices of goods?
Answer: Through tax changes
Ques: What is the role of Parliament in budget approval?
Answer: To discuss and pass it
Ques: How does the budget encourage savings?
Answer: By giving tax benefits
Ques: Why are environmental projects funded in the budget?
Answer: To protect nature
Ques: How does the Union Budget improve rural areas?
Answer: By funding village development
Ques: Why is defense spending important in the budget?
Answer: For national security
Ques: How does the budget support women empowerment?
Answer: Through special schemes
Ques: What is the role of financial inclusion in the budget?
Answer: Giving banking access to all
Ques: How does the Union Budget help students?
Answer: Scholarships and education support
Ques: Why is economic survey linked with the budget?
Answer: It shows economy condition
Ques: How does the budget help in poverty reduction?
Answer: Welfare schemes
Ques: Why is public investment important in the budget?
Answer: For development projects
Ques: How does the budget encourage startups?
Answer: Tax relief and funding
Ques: What is the importance of social security schemes in the budget?
Answer: Support during hardship
Ques: How does budget spending affect job creation?
Answer: More projects = more jobs
Ques: Why is clean energy promoted in the Union Budget?
Answer: To reduce pollution
Ques: How does the budget support healthcare insurance schemes?
Answer: By funding treatment
Ques: What is the purpose of housing schemes in the budget?
Answer: Affordable homes
Ques: How does the Union Budget promote economic equality?
Answer: By helping weaker sections
Ques: Why are skill development programs funded in the budget?
Answer: To increase employment skills
Ques: How does the budget improve transport system?
Answer: Infrastructure investment
Ques: Why is tax reform announced in the Union Budget?
Answer: To simplify taxes
Ques: How does the budget support farmers during crop loss?
Answer: Insurance and aid
Ques: Why is technology investment important in the budget?
Answer: For modern growth
Ques: How does the budget affect foreign investment?
Answer: Through business-friendly policies
Ques: Why is water supply funded in the budget?
Answer: Clean water access
Ques: How does the Union Budget improve public services?
Answer: More funding
Ques: Why is economic stability a goal of the budget?
Answer: Steady growth
Ques: How does the budget shape India’s future development?
Answer: By planning national progress
Union Budget FAQs
1. Why are GK questions on Union Budget important for competitive exams?
Ans: GK questions on Union Budget help students understand government finance, policies, and economic planning, which are common topics in many exams like SSC, Banking, and UPSC.
2. What topics are usually covered in union budget questions and answers?
Ans: They mainly include government income, expenditure, tax reforms, fiscal deficit, welfare schemes, and major economic announcements.
3. How do MCQs on Union Budget help in exam preparation?
Ans: MCQs improve quick thinking, revision skills, and help students identify weak areas related to budget concepts.
4. Which exams include union budget MCQ for competitive exams?
Ans: Exams such as SSC, Railway, Banking, State PSC, and other government tests often include budget-related questions.
5. Where can students practice budget related questions and answers regularly?
Ans: Students can find them on Shiksha Nation educational websites, GK books, mobile apps, and online mock test platforms.