The budget of the union in 2025 will be part of the parliamentary budget meeting on February 1, 2025. The budget will begin on January 31, 2025. The alliance budget 2025, which was proposed by Treasury Minister Nirmala Sitharaman that it would marked her eighth budget. Last week, the traditional Halva ceremony was held in the northern neighborhood. Since then, officials participating in the budget preparation have entered the isolation “lock -up period” to ensure the maximum confidentiality and prevent any leakage. ,,,,,
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did you know? Another unique tradition around the budget of the union is the HALWA ritual, which occurs in front of the final budget. The ritual marks the beginning of a confidential period, called the “locking period”. During this period, all officials engaged in the budget must be completely isolated in the house of the Ministry of Finance to ensure that there are no details of the budget leak before formal introduction. The lock -up period continues to make a budget speech in the Parliament, emphasizing the importance of maintaining confidentiality in the key final stage of the budget process.
You are watching: GK Questions With Answers On Union Budget
Trade Union Budget 2025: What is the Harva ritual? Why is it important?
GK question related to the answer to the union budget
The budget of the union is an important theme in the competitive exam, covering a key fact that covers the historical changes such as the date of demonstration, the Minister of Finance, and the process of its process. Let’s test your knowledge of the union budget through some GK questions!
Question 1: India’s first budget was announced in independent India on April 7, 1860. Who submits it to the British Crown?
(A) Robert Clive
(B) Lord Monbarton
(C) King George V
(D) James Wilson
Answer: (D) James Wilson
Note: James Wilson, a Scottish economist and politician, proposed the first budget in the British royal family in India on April 7, 1860. Wilson is a key figure in establishing the Indian tax system and founded the Economist Magazine.
Question 2: What year did the Indian railway budget and union budget merged?
(A) 2015
(B) 2016
(C) 2017
(D) 2018
Answer: (C) 2017
Note: Arun Jaitley merged railway budget with union budget in 2017 to simplify the budget process and reduce redundancy.
Question 3: Who retains the record of the most budget in Indian history?
(A) Moraraji Desai
(B) Indira gandhi
(C) nirmala sitharaman
(D) PRANAB MUKHERJEE
Answer: (A) Morarji Desai
Explanation: Morarji Desai was the Minister of Finance of India and later the Prime Minister, which was the union budget that showed the most in Indian history. During his tenure, he provided 10 budgets, including 5 annual budgets and two temporary budgets, showing his important contribution to Indian fiscal policy.
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Question 4: There are only 800 words with the shortest budget and delivered in 1977. Who delivered it?
(A) CHANDRA SHEKHAR
(B) Hirubhai Mulljibhai Patel
(C) VP SINGH
(D) Madhu Dhanwate
Answer: (B) Hirubhai Mulljibhai Patel
Note: Hirubhai Mulljibhai Patel delivered the shortest budget speech in Indian history in 1977. It only contains 800 words, which simply emphasizes basic points.
Question 5: On November 26, 1947, the first league budget of Index India was proposed. Who is the Minister of Finance?
(A) Jawaharlal Nehru
(B) RK SHANMUKHAM Chetty
(C) CD DESHMUKH
(D) Morarji Desai
Answer: (B) RK SHANMUKHAM Chetty
Note: RK Shanmukham Chetty proposed India’s first union budget after independence, summarizing the country’s independence financial plan.
Question 6: Economic survey was proposed before the union budget. When did the first economic survey released?
(A) 1950
(B) 1961
(C) 1972
(D) 1991
Answer: (B) 1961
Note: The economic survey introduced the economic development of the previous year in detail, and was first released in 1961.
Question 7: The longest budget speech in history lasted 2 hours and 42 minutes. Who passed it?
(A) Nirmala Sitharaman
(B) Arun Jaitley
(C) PRANAB MUKHERJEE
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(D) Manmohan Singh
Answer: (a) nirmala sitharaman
Note: Nirmala Sitharaman delivered the longest budget speech ever in 2020, although it was shortened due to health reasons.
Question 8: The trade union budget of the fiscal year is called the Indian Constitution?
(A) Financial plan
(B) Revenue budget
(C) Annual financial statements
(D) expenditure report
Answer: (C) Annual financial statement
Note: Article 112 of the Indian Constitution uses the budget of the union as the annual financial statement.
Question 9: Which Finance Minister proposed a service tax in the budget of the union?
(A) P Chidambaram
(B) Manmohan Singh
(C) Yashwant Sinha
(D) PRANAB MUKHERJEE
Answer: (C) Yashwant Sinha
Note: Yashwant Sinha proposed a service tax in the 1994-95 budget to expand the tax base.
Question 10: Which Treasury Minister presented economic liberalization due to the 1991 budget of India ’s 1991 union budget?
(A) PRANAB MUKHERJEE
(B) Manmohan Singh
(C) PV Narasimha Rao
(D) Yashwant Sinha
Answer: (B) Manmohan Singh
Explanation: As the Minister of Finance of PM PV Narasimha Rao, Manmohan Singh proposed the 1991 budget, introducing economic reform and liberalization.
Please also read: GK question, and answer on Maha Kumbh
Source: https://dinhtienhoang.edu.vn
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