This is the current affairs of 24 July 2024. Here are questions and answers of daily current affairs for better preparation of competitive exams for government jobs.
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1. In the Union Budget 2024-25, the Central Government has set a target of how much income and expenditure?
a. 39.44 lakh crore
b. 42.50 lakh crore
c. 44.42 lakh crore
d. 48.21 lakh crore
Answer: d. 48.21 lakh crore
Why is there a budget twice in one fiscal year?
– Actually, the previous central budget was interim. It was presented by Finance Minister Nirmala Sitharaman in February 2024.
– An interim budget is presented in two situations. Either the government does not have time to present a full or general budget, or a general election is imminent.
Income target in the budget: ₹48.21 lakh crore
– Revenue Receipts: ₹31.29 lakh crore
– Capital Receipts: ₹16.91 lakh crore
Note: In the budget for the last fiscal year 2023-24, the estimated income was set at ₹45.03 lakh crore. However, the revised estimate was ₹44.90 lakh crore.
Sources of Income:
# 27%: Borrowing and Other Liabilities [₹16.13 lakh crore]
# 19%: Income Tax
# 18%: GST
# 17%: Corporation Tax
# 9%: Non-Tax Revenue
# 5%: Union Excise Duty
# 4%: Customs (Import Duty)
# 1%: Non-Debt Capital Receipts
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# Expenditure target in the budget: ₹48.21 lakh crore
– Revenue Expenditure: ₹37.09 lakh crore (including interest payment of ₹11.62 lakh crore)
– Capital Expenditure: ₹11.11 lakh crore
Note: In the budget for the last fiscal year 2023-24, the estimated expenditure was ₹45.03 lakh crore. However, the revised estimated expenditure was ₹44.90 lakh crore.
Sources of Expenditure:
# 21%: Share of Taxes and Duties to States
# 19%: Interest Payment [₹11.62 lakh crore]
# 16%: Central Sector Schemes
# 9%: Finance Commission and Other Transfers
# 8%: Centrally Sponsored Schemes
# 8%: Defense
# 6%: Subsidy
# 4%: Pension
# 9%: Other Expenditures
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2. In the Union Budget 2024-25, the Finance Minister has set the fiscal deficit target at what percentage of GDP?
a. 5.1%
b. 3.3%
c. 4.9%
d. 3.8%
Answer: c. 4.9% (figure in Rs. 16.13 lakh crore)
– In the last fiscal year 2023-24, the estimated fiscal deficit was 5.8%.
– The government covers this by taking loans or borrowing.
Fiscal Deficit means: Total Non-Debt Expenditure – Total Non-Debt Receipts
– Total Non-Debt Expenditure means total expenditure excluding debt.
– Total Non-Debt Receipts means revenue receipts and capital receipts excluding debt.
– The amount remaining after subtracting revenue receipts, recovery of loans, and repayment of loans (Total Non-Debt Receipts) from the total expenditure is called the fiscal deficit.
(In simple terms, it can be understood as the difference between net income and expenses. Meaning that income was less, but expenses were higher, and to cover this, loans had to be taken.)
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3. How much amount (with pension) has been allocated to the Ministry of Defence in the Union Budget 2024-25?
a. Rs 5.2 lakh crore
b. Rs 6.8 lakh crore
c. Rs 5.9 lakh crore
d. Rs 6.21 lakh crore
Answer: d. Rs 6.21 lakh crore (excluding pension, this amount is Rs 4.54 lakh crore)
– This time, the Ministry of Defense has received a total amount of ₹6,21,940 crore.
– This includes ₹1.41 lakh crore for pensions.
– The total defense budget has increased by 12.9% compared to last time.
– In the previous fiscal year budget (2023-24), this amount was ₹5.93 lakh crore.
– This time, defense has received 12.9% of the total budget. Last year, this share was approximately 13%.
– For the third consecutive year, there has been a reduction in the capital budget, i.e., the expenditure on arms purchases and the modernization of the military. 67.7% of the defense budget has been allocated to the revenue and pension budget, most of which is spent on salaries and pensions.
Defense Budget
– The defense budget mainly consists of 3 parts: revenue, capital expenditure, and pensions.
– The revenue budget includes salaries of defense staff and other expenses of the armed forces, such as infrastructure maintenance and the construction of roads and bridges.
– Through capital expenditure, items like weapons, ammunition, and fighter planes are purchased. This is the most crucial part in terms of the military’s strength.
– The Finance Minister has allocated ₹1.72 lakh crore to the capital budget, which is 27.6% of the total budget. This time, there is an increase of approximately ₹9400 crore or 5.7% compared to last year.
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4. How much budget has been allocated to important ministries under the interim budget 2024-25?
– Ministry of Defense: ₹6.21 lakh crore (₹4.54 lakh crore without pensions)
– Ministry of Road Transport and Highways: ₹2.78 lakh crore
– Ministry of Railways: ₹2.55 lakh crore
– Ministry of Consumer Affairs, Food, and Public Distribution: ₹2.23 lakh crore
– Ministry of Home Affairs: ₹2.19 lakh crore
– Ministry of Finance: ₹1.85 lakh crore
– Ministry of Rural Development: ₹1.8 lakh crore
– Ministry of Chemicals and Fertilizers: ₹1.68 lakh crore
– Ministry of Communications: ₹1.37 lakh crore
– Ministry of Agriculture and Farmers’ Welfare: ₹1.32 lakh crore
– Ministry of Jal Shakti: ₹98 thousand crore
– Ministry of Health and Family Welfare: ₹90 thousand crore
Note: If we look at the sector-wise expenditure, these are the figures. Note that some ministries’ work has been added or subtracted from each other. Therefore, the figures will appear different from the ministries’ own figures –
– Defense: ₹4.54 lakh crore
– Rural Development: ₹2.65 lakh crore
– Agriculture and related activities: ₹1.51 lakh crore
– Home Affairs: ₹1.5 lakh crore
– Education: ₹1.25 lakh crore
– IT & Telecom: ₹1.16 lakh crore
– Health: ₹89 thousand crore
– Energy: ₹68 thousand crore
– Social Welfare: ₹56 thousand crore
– Commerce and Industry: ₹47 thousand crore
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5. According to Finance Minister Nirmala Sitharaman, what is the main theme of the Union Budget 2024-25?
a. Employment, Skill Training
b. MSME
c. Middle Class
d. All of the above
Answer: d. All of the above (Employment, Skill Training, MSME, Middle Class)
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6. According to Finance Minister Nirmala Sitharaman, what are the nine priorities of the Union Budget 2024-25?
The Finance Minister has set nine priorities for the budget:
– Productivity and Resilience in Agriculture
– Employment and Skilling
– Inclusive Human Resource Development and Social Justice
– Manufacturing and Services
– Support for Promotion of MSMEs (Micro, Small, and Medium Enterprises)
– Urban Development
– Energy Security
– Infrastructure
– Innovation, Research, and Development
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7. How much amount is to be allocated to Bihar for projects in the Union Budget 2024-25?
a. 28,687 crore
b. 58,900 crore
c. 68,900 crore
d. 78,900 crore
Answer: b. 58,900 crore
₹58,900 crore for projects in Bihar:
– ₹26,000 crore allocated for various road projects in Bihar. Announcements were made for expressways connecting Patna-Purnia and Buxar-Bhagalpur, as well as expressways linking Bodh Gaya, Rajgir, Vaishali, and Darbhanga.
– A ₹21,400 crore power project with a capacity of 2400 MW will be established in Pirpainti (Bhagalpur).
– ₹11,500 crore will be allocated for flood management and relief.
– The Mahabodhi Temple and Vishnupad Temple in Bihar will be developed on the lines of the Kashi Vishwanath Temple Corridor.
– Rajgir, a pilgrimage site for Hindus, Jains, and Buddhists, will also be developed as a global tourism destination.
– Nalanda University will be developed as a tourism center.
– New medical colleges and airports will be established in Bihar.
– Sports infrastructure will be set up in Bihar, and two new bridges will be constructed over the Ganga River.
– Industrial development will be promoted in Gaya, Bihar, along the Amritsar-Kolkata Industrial Corridor.
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8. How much amount is to be allocated to Andhra Pradesh for projects in the Union Budget 2024-25?
a. 28,687 crore
b. 58,900 crore
c. 68,900 crore
d. 15,000 crore
Answer: d. 15,000 crore
Announcement of ₹15,000 crore for Andhra Pradesh:
– ₹15,000 crore will be allocated to Andhra Pradesh for assistance.
– Efforts will be accelerated to address concerns under the Andhra Pradesh Reorganization Act. – Funds will be released for critical infrastructure such as water, electricity, railways, and roads.
– Financial assistance will be provided to complete the Polavaram Irrigation Project in Andhra Pradesh. Funds will also be allocated under the Act for the development of backward areas in Andhra Pradesh.
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9. While presenting the Union Budget 2024-25, how much stipend did the Finance Minister announce to give every month to 20 lakh youth every year during internship in tech companies?
a. 3 thousand rupees
b. 4 thousand rupees
c. 5 thousand rupees
d. 6 thousand rupees
Answer: c. 5 thousand rupees
– The government will provide internships to 1 crore youths (20 lakh each year) in the top 500 companies over the next 5 years. During this period, they will receive a stipend of ₹5,000 per month.
Announcement for First-Time Job Seekers:
– Scheme A: Under this scheme, the government will give ₹15,000 in three installments to youths getting their first job in all formal sectors. This is expected to benefit approximately 2.1 crore youths.
– Scheme B: Under this scheme, first-time job seekers will receive employee-linked incentives through EPFO (Employee Provident Fund) for the first 4 years. Both the youths and the companies will benefit from this incentive. Currently, the government provides incentives to companies under a product-linked scheme in the manufacturing sector for increasing production. This is expected to benefit 30 lakh youths.
– Scheme C: Under this scheme, the government will provide ₹3,000 per month for 2 years to youths getting new jobs through EPFO. The government claims this will create 50 lakh new jobs.
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10. How many new climate-friendly varieties of how many crops did the Finance Minister announce during the Union Budget 2024-25?
a. 109 new varieties of 32 crops
b. 129 new varieties of 30 crops
c. 18 new varieties of 12 crops
d. 19 new varieties of 8 crops
Answer: a. 109 new varieties of 32 crops
Announcement in the Agriculture Sector:
– Over the next two years, 1 crore farmers will be introduced to natural farming through certification and branding. Implementation will be carried out through scientific institutions and interested village panchayats.
– Farmers will be provided with 109 new high-yield and climate-resilient varieties of 32 regional and horticultural crops.
– A strategy is being developed to achieve self-reliance in oilseeds such as mustard, peanuts, sesame, soybeans, and sunflowers.
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11. Changes in New Income Tax Slabs in the Central Budget 2024-25
There are two types of income tax regime in the country
– New and old
New tax regime
– 0% on income up to 3 lakhs
– 5% on income of 3-7 lakhs
– 10% on income of 7-10 lakhs
– 15% on income of 10-12 lakhs
– 20% on income of 12-15 lakhs
– 30% on income of more than 15 lakhs
Income Tax Free Up to ₹7 Lakh Under New Tax Regime
– On earnings up to ₹7 lakh, a tax of ₹20,000 applies. Under the new tax regime, the government waives this ₹20,000 under Section 87A of the Income Tax Act.
– On the other hand, salaried individuals benefit from a ₹75,000 standard deduction. This means their income up to ₹7.75 lakh will be tax-free.
Key Features of the New Tax Regime:
– No exemptions are available.
– Income up to ₹7 lakh can be taxed at zero rate.
– If you do not invest in any schemes, you should opt for the new tax regime.
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Old Tax Regime:
– 0% tax on income up to ₹2.5 lakh
– 5% tax on income from ₹2.5 lakh to ₹5 lakh
– 20% tax on income from ₹5 lakh to ₹10 lakh
– 30% tax on income above ₹10 lakh
Key Features of the Old Tax Regime:
– You can benefit from tax exemptions on investments, health insurance, children’s school fees, and house rent expenses.
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12. Allocations for schemes in Interim Budget 2024-25
– Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA): ₹86,000 crore (previously ₹60,000 crore)
– Nuclear Power Projects: ₹2,228 crore (previously ₹442 crore)
– Semiconductor and Display Manufacturing Development: ₹6,903 crore (previously ₹3,000 crore)
– For Women and Girls: Provision of ₹3 lakh crore for schemes benefiting women and girls.
– Promoting Solar Energy: Under the Surya Ghar Free Electricity Scheme, 1 crore households will receive up to 300 units of free electricity per month.
– Medicine and Medical Cancer Patients: Customs duty has been completely removed on 3 medicines. Duty has also been reduced on X-ray tubes.
– MUDRA Loan Limit: The limit will be increased from ₹10 lakh to ₹20 lakh.
– “Plug and Play Industrial Parks”: Investment-ready industrial parks will be established in or around 100 cities.
– National Industrial Corridor Development Program: Approval will be granted for 12 industrial parks.
– Important Minerals Mission: To enhance domestic production, recycling, and acquisition of significant mineral resources abroad, an Important Minerals Mission will be established.
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