Union Budget Quiz: Set 1

1. Union Budget of India is presented by whom and in which house/ houses of the Parliament?

Finance Minister of India; Lok Sabha

Prime Minister of India; Rajya Sabha

Cabinet Secretary; Both Lok Sabha and Rajya Sabha

President of India; in joint session of Parliamnet

The Union Budget of India is presented by the Finance Minister of India in the Lok Sabha. The Lok Sabha is the lower house of the Parliament of India. The Finance Minister presents the budget on behalf of the government, outlining the financial plans and allocations for the upcoming fiscal year. This presentation is an important event in the parliamentary calendar and sets the direction for the country's economic policies and priorities.

Explanation

The Union Budget of India is presented by the Finance Minister of India in the Lok Sabha. The Lok Sabha is the lower house of the Parliament of India. The Finance Minister presents the budget on behalf of the government, outlining the financial plans and allocations for the upcoming fiscal year. This presentation is an important event in the parliamentary calendar and sets the direction for the country's economic policies and priorities.

2. Who among the following presented the first budget (interim) of Independent India?

Manmohan Singh

Jawaharlal Nehru

R K Shanmukham Chetty

N.D. Tiwari

R K Shanmukham Chetty presented the first budget (interim) of Independent India.

Explanation

R K Shanmukham Chetty presented the first budget (interim) of Independent India.

3. Who among the following presented Union Budget maximum number of times?

P. Chidambaram

R K Shanmukham Chetty

Pranav Mukherjee

Morarji Desai

Morarji Desai presented the Union Budget maximum number of times.

Explanation

Morarji Desai presented the Union Budget maximum number of times.

4. The word Interim Budget was introduced for the first time by whom among the following in his budget speech?

Jawaharlal Nehru

VP Singh

Pranav Mukherjee

R K Shanmukham Chetty

R K Shanmukham Chetty introduced the term "Interim Budget" for the first time in his budget speech.

Explanation

R K Shanmukham Chetty introduced the term "Interim Budget" for the first time in his budget speech.

5. The annual Union budget of India is usually presented in the Parliament on the last day of___.

March

February

April

January

The annual Union budget of India is usually presented in the Parliament on the last day of February. This is because the financial year in India starts on April 1st and ends on March 31st. Presenting the budget in February allows the government to have a clear understanding of the financial situation and plan for the upcoming fiscal year. Additionally, it gives enough time for the budget proposals to be discussed and approved by the Parliament before the start of the new financial year in April.

Explanation

The annual Union budget of India is usually presented in the Parliament on the last day of February. This is because the financial year in India starts on April 1st and ends on March 31st. Presenting the budget in February allows the government to have a clear understanding of the financial situation and plan for the upcoming fiscal year. Additionally, it gives enough time for the budget proposals to be discussed and approved by the Parliament before the start of the new financial year in April.

6. Who among the following was the first finance minister to present budget in India before Independence?

James Wilson

Motilal Nehru

Dada Bhai Naoroji

Lord Mountbatten

James Wilson was the first finance minister to present the budget in India before Independence. He presented the budget in 1860-61 during the British Raj. Wilson, a British economist and politician, was appointed as the finance member of the India Council in London and played a crucial role in shaping India's financial policies. His budget focused on revenue and expenditure, introducing various tax reforms and measures to stimulate economic growth. Wilson's budget laid the foundation for the financial system in India and set the precedent for future budget presentations.

Explanation

James Wilson was the first finance minister to present the budget in India before Independence. He presented the budget in 1860-61 during the British Raj. Wilson, a British economist and politician, was appointed as the finance member of the India Council in London and played a crucial role in shaping India's financial policies. His budget focused on revenue and expenditure, introducing various tax reforms and measures to stimulate economic growth. Wilson's budget laid the foundation for the financial system in India and set the precedent for future budget presentations.

7. Which budget among the following is known as the black budget in Indian budget history?

Budget of 1990-91

Budget of 1965-66

Budget of 1973-74

Budget of 1962-63

The budget of 1973-74 is known as the black budget in Indian budget history because it was a controversial budget that introduced several tax reforms and increased taxes on luxury goods. It was criticized for its focus on revenue generation rather than promoting economic growth. The term "black budget" refers to a budget that is considered secretive or controversial, often involving hidden or undisclosed expenditures.

Explanation

The budget of 1973-74 is known as the black budget in Indian budget history because it was a controversial budget that introduced several tax reforms and increased taxes on luxury goods. It was criticized for its focus on revenue generation rather than promoting economic growth. The term "black budget" refers to a budget that is considered secretive or controversial, often involving hidden or undisclosed expenditures.