6 July 2019 Current Affairs

Union Budget 2019 | Nirmala Sitharaman | Budget Important Questions | Budget Questions |

Posted on Jul 06, 2019 12:05 IST in Current Affairs.

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1) Union Finance Minister Nirmala Sitharaman broke which old tradition while presenting the Union Budget for 2019-20 on 5 July 2019? – She carried the budget in a red cloth instead of the usual leather briefcase (Finance Minister Nirmala Sitharaman broke tradition by carrying the budget in a red cloth instead of the usual leather briefcase. Finance Ministers in the past have carried the budget in a leather briefcase. The tradition was established by first Finance Minister RK Shanmukham Chetty. The Finance Minister was of the view that leather products aren't auspicious for big occasions like presenting Union Budget and represented colonial mindset)

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2) What is the name of the proposed commercial arm of ISRO, as was announced in the Union Budget 2019-20 on 5 July 2019? – New Space India Limited (Union Finance Minister Nirmala Sitharaman during her Budget presentation on 5 July 2019 announced that New Space India Limited (NSIL) is the name of the newly formed commercial arm of Indian Space Research Organisation’s (ISRO) . NSIL will aid ISRO to commercialise its space products like launch vehicles and transfer of technology)

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3) What is the name of the new pension scheme announced in the Union Budget under which pension benefits will be extended to 3 crore retail traders and shopkeepers? - Pradhan Mantri Karam Yogi Maan Dhan Scheme (Finance Minister Nirmala Sitharaman on 5 July 2019 announced the Pradhan Mantri Karam Yogi Maan Dhan (PMKYMD) Scheme. Under the scheme, pension benefits will be extended to 3 crore retail traders and shopkeepers whose annual turnover is less than Rs. 1.5 crore. It is worth mentioning that a similar scheme named ‘Pradhan Mantri Shram Yogi Maan Dhan Yojana’ for workers in the unorganised sector was announced in the Interim Budget presented earlier this year)

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4) How much increase in prices of petrol and diesel was announced in the Union Budget in form of road and infrastructure cess and increased excise duty? – Rs. 2 per litre (Finance Minister Nirmala Sitharaman imposed Rs. 2 per litre cess on both petrol and diesel. This increase is in form of road and infrastructure cess and increased excise duty. The government expects to raise over Rs 28,000 crore through this increase)

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5) What is the total disinvestment target of Union Government for 2019-20, as was announced in the Union Budget on 5 July 2019? – Rs. 1.05 lakh crore (In her Budget, Union Finance Minister Nirmala Sitharaman announced a target of Rs. 1.05 lakh crore to be realised from disinvestment proceeds of public sector companies during 2019-20. The target is markedly higher that the Rs. 80,000 crore in the previous fiscal (2018-19) and is 5% over the Rs. 1 lakh crore target in 2017-18)

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6) Which is the largest source of revenue and the largest expenditure head for Union Budget 2019-20? – Corporate Tax (Largest Revenue source) and States’ Share of Taxes and Duties (Largest Expenditure Head) - According to the budget document, Centre gets 21% of its total income from corporate tax while the largest expenditure head is the States’ Share of Taxes and Duties (23%). The other main sources of revenue are borrowings and other liabilities (20%), GST and other taxes (19%) and Income Tax (16%). On the other hand other important expenditure heads are Interest payments (18%), expenditure on central schemes (13%), centrally sponsored schemes (9%) and Defence (9%))

Photo Credit : Press Information Bureau (PIB)

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