Union Budget 2021 : 50 Most Important Budget Questions Current Affairs MCQ




The Finance Minister, Smt. Nirmala Sitharaman presented the Union Budget for the fiscal year 2021-22 in the Parliament on 1 February 2021 and here we are with the Important Union Budget Questions 2021.

Important Union Budget Questions are very important for the upcoming competitive examination and knowing all the important questions and their correct answers is a must, as it will help you in scoring good marks in the examination.

To help you in your exam preparation we have brought you 50 Most Expected MCQs on Union Budget 2021-22. Read all the questions mentioned below and first try to solve on your own and then go for correct answers.


50 Most Important Budget Questions Current Affairs MCQ


Q1) Who presents Budget in Parliament?

  • Prime Minister
  • Finance Minister
  • Home Minister
  • President of India
  • Defence Minister

Correct Answer: “2”


Q2) How many times Nirmala Sitharaman presented the budget in parliament?

  • 5
  • 1
  • 3
  • 4
  • 2
Correct Answer: “3”


Q3) Who presented India’s first-ever budget?

  • James Wilson
  • Jawaharlal Nehru
  • Lord Mountbatten
  • C Rajagopalachari
  • None of the above

Correct Answer: “1”


Q4) Budget 2021-22 proposals to rest on six pillars. Which of the following is not among them?

  • Health & well being
  • Minimum Government, Maximum Governance
  • Innovation and R&D
  • Inclusive Development for Aspirational India
  • Agricultural Development
Correct Answer: “5”


Q5) What is the total budget outlay for health & well being?
  1. 3.21 lakh crore
  2. 2.23 lakh crore
  3. 5.06 lakh crore
  4. 1.89 lakh crore
  5. 4.35 lakh crore
Correct Answer: “2”


Q6) According to the budget, how much amount is allocated for Covid Vaccine?
  1. 20,000 crore
  2. 15,000 crore
  3. 35,000 crore
  4. 30,000 crore
  5. 25,000 crore
Correct Answer: “3”


Q7) How much amount is allocated for PM Atmanirbhar Swasth Bharat Yojana?

  1. 64,180 crore
  2. 89,634 crore
  3. 70,000 crore
  4. 65,000 crore
  5. 72,237 crore

Correct Answer: “1”


Q8) In Union Budget 2021, how much amount is allocated for Railways?

  1. 1,00,000 crore
  2. 3,25,000 crore
  3. 1,10,055 crore
  4. 2,30,345 crore
  5. 30,55,000 crore

Correct Answer: “3”


Q9) A national rail plan has been prepared by Indian Railways for India. The plan is to create a future-ready railway system by
  • 2030
  • 2025
  • 2035
  • 2040
  • 2050

Correct Answer: “1”


Q10) Ujjawala Scheme has been extended to how many more districts?

  • 150
  • 110
  • 120
  • 160
  • 100
Correct Answer: “5”


Q11) How much amount is allocated for tea workers in Assam & West Bengal?
  • 2000 crore
  • 1000 crore
  • 3000 crore
  • 2500 crore
  • 1500 crore
Correct Answer: “2”


Q12) How much customs duty on cotton and auto parts increased respectively?

  1. 20% & 10%
  2. 10% & 25%
  3. 10% & 15%
  4. 25% & 30%
  5. 15% & 20%

Correct Answer: “3”


Q13) According to Union Budget 2021, gross borrowing from the market for the next year would be around

  1. 12 lakh crore
  2. 15 lakh crore
  3. 10 lakh crore
  4. 16 lakh crore
  5. 13 lakh crore
Correct Answer: “1”


Q14) The forthcoming census would be the first digital census in the history of India. How much amount is allocated for this in 2021-22?

  1. 2,654 crore
  2. 4,973 crore
  3. 2,872 crore
  4. 3,768 crore
  5. 4,675 crore

Correct Answer: “4”


Q15) How much customs duty on solar lantern has been reduced?
  1. 4%
  2. 7%
  3. 6%
  4. 5%
  5. 3%

Correct Answer: “4”


Q16) Which company’s IPO will be launched in 2021-22 as a part of the Government’s disinvestment strategy?
  1. IDBI
  2. LIC
  3. Air India
  4. SBI
  5. IOCL

Correct Answer: “2”


Q17) As per Union Budget 2021, the fiscal deficit is estimated to be how much percent of GDP?

9.5%
7.4%
8%
8.9%
7.8%

Correct Answer: “1”


Q18) Union Budget for 2020-21 announced an increase in Foreign Direct Investment (FDI) limit in insurance from 49% to ________.
  • 71%
  • 72%
  • 73%
  • 74%
  • 75%

Correct Answer: “4”


Q19) Budget for 2021-22 announced voluntary vehicle scrapping policy to phase out old and polluting vehicles. After how many years fitness of commercial vehicles will be checked for the same?

  • 20
  • 10
  • 15
  • 12
  • 8
Correct Answer: “3”


Q20) In Budget 2021, National Infrastructure Pipeline was expanded to cover 7400 projects. What is the capital expenditure announced to fund the same?

  • Rs 2.54 lakh crore
  • Rs 3.54 lakh crore
  • Rs 4.54 lakh crore
  • Rs 5.54 lakh crore
  • Rs 6.54 lakh crore

Correct Answer: “4”


Q21) How many mega-investment textile parks will be established over 3 years?
  • 10
  • 5
  • 7
  • 9
  • 13
Correct Answer: “3”


Q22) In which state, multi seaweed park will be set up?

  1. Chhattisgarh
  2. Tamil Nadu
  3. Punjab
  4. Haryana
  5. Telangana
Correct Answer: “2”


Q23) How much amount has been allocated for roads, transport, and highways?
  • 2.18 lakh crore
  • 3.18 lakh crore
  • 5.18 lakh crore
  • 4.18 lakh crore
  • 1.18 lakh crore
Correct Answer: “5”


Q24) FM Nirmala Sitharaman proposes to setup an ARC for NPA Management. What does ‘R’ refers to in ARC?

  • Recapitalization
  • Retail
  • Reconstruction
  • Reforms
  • Rupee-denominated

Correct Answer: “3”


Q25) How much amount is allocated for PSB recapitalization?

  • 10,000 crore
  • 20,000 crore
  • 30,000 crore
  • 40,000 crore
  • 50,000 crore

Correct Answer: “2”


Q26) How much amount was paid to farmers for wheat procurement in 2020-21?

  • 60,000 crore
  • 85,000 crore
  • 70,000 crore
  • 75,000 crore
  • 80,000 crore

Correct Answer: “4”


Q27) What is the disinvestment target for FY22?

  • 1.75 lakh crore
  • 1.60 lakh crore
  • 2 lakh crore
  • 1.90 lakh crore
  • 1.85 lakh crore

Correct Answer: “1”


Q28) FM Nirmala Sitharaman announced to protect whom from double taxation in Union Budget 2021?
  • Indian Citizens
  • Foreigners
  • NRIs
  • All of the above
  • None of the above

Correct Answer: “3”


Q29) As per Union Budget 2021, how many fishing hubs to be developed?

  • 8
  • 5
  • 3
  • 7
  • 6
Correct Answer: “5”


Q30) How many Sainik schools will be set up in partnership with private schools, NGOs and states?

  • 75
  • 100
  • 50
  • 125
  • 80

Correct Answer: “2”


Q31) As per the budget, central university to be set up in which of the following state/UT?
  1. Kerala
  2. J&K
  3. Tamil Nadu
  4. Ladakh
  5. Karnataka
Correct Answer: “4”


Q32) How much amount is allocated for Jal Jeevan Mission over 5 years?

  1. 3.45 lakh crore
  2. 1.98 lakh crore
  3. 2.87 lakh crore
  4. 3.79 lakh crore
  5. 2.34 lakh crore

Correct Answer: “2”


Q33) How much amount is allocated for MSME this year?

15,700 crore
16,245 crore
14,500 crore
16,800 crore
17,400 crore
Correct Answer: “1”


Q34) As per Union Budget 2021, how many schools to be quantitatively strengthened under NEP (National Education Policy)?
  1. 20,000
  2. 10,000
  3. 25,000
  4. 15,000
  5. 30,000
Correct Answer: “4”


Q35) The re-opening time limit for direct tax assessment has been reduced to how many years from the current 6 years?

  1. 2 years
  2. 4 years
  3. 1 year
  4. 5 years
  5. 3 years
Correct Answer: “5”


Q36) How much amount is allocated for Urban Swachh Bharat Mission 2.0 over 5 years?

  1. 1,00,000 crore
  2. 1,41,678 crore
  3. 2,24,300 crore
  4. 1,21,264 crore
  5. 2,53,000 crore

Correct Answer: “2”


Q37) As per Union Budget 2021, how many roads have been constructed in Bharatmala Pariyojana so far?

  1. 4000 km
  2. 4800 km
  3. 2600 km
  4. 2800 km
  5. 3800 km

Correct Answer: “5”


Q38) FM Nirmala Sitharaman announced the setting up of a DFI. What does ‘F’ refers to in DFI?

  1. Financial
  2. Finance
  3. Funds
  4. Federal
  5. Foreign

Correct Answer: “1”


Q39) As per the budget, the government aims to reach a fiscal deficit below 4.5% by

  1. FY24-25
  2. FY25-26
  3. FY26-27
  4. FY27-28
  5. FY28-29

Correct Answer: “2”


Q40) What is the age limit for senior citizens who are abolished from the need to file IT returns?

  1. Above 65 years
  2. Above 70 years
  3. Above 60 years
  4. Above 75 years
  5. Above 80 years

Correct Answer: “4”


Q41) As per the budget, how much agri infra cess has been imposed on alcoholic beverages?

  1. 75%
  2. 60%
  3. 80%
  4. 90%
  5. 100%

Correct Answer: “5”


Q42) How much amount is allocated for the 60th Goa Liberation anniversary?
  1. 300 crore
  2. 200 crore
  3. 400 crore
  4. 500 crore
  5. 100 crore

Correct Answer: “1”


Q43) As per the budget 2021, total expenditure pegged for FY22?

  1. 30.83 lakh crore
  2. 31.83 lakh crore
  3. 32.83 lakh crore
  4. 33.83 lakh crore
  5. 34.83 lakh crore

Correct Answer: “5”


Q44) As per the budget, total capital expenditure pegged for FY22?

  1. 3.54 lakh crore
  2. 5.54 lakh crore
  3. 6.54 lakh crore
  4. 4.54 lakh crore
  5. 1.54 lakh crore

Correct Answer: “2”


Q45) As per the budget, how many farmers are registered on e-NAM markets?

  1. 2 crore
  2. 1.68 crore
  3. 2.35 crore
  4. 2.86 crore
  5. 1 crore

Correct Answer: “2”


Q46) As per the budget, which of the following has been designated as a regulator for gold exchanges?

  1. RBI
  2. SEBI
  3. SIDBI
  4. FMC
  5. NHB

Correct Answer: “2”


Q47) As per the budget, 1.97 lakh crore is allocated in the next 5 years for the PLI scheme in 13 sectors to create and nurture manufacturing global champions for Atmanirbhar Bharat. What does ‘L’ refers to in PLI?

  1. Linked
  2. Leverage
  3. Lease
  4. Ledger
  5. Legal

Correct Answer: “1”


Q48) How much amount is allocated for the creation of the National Research Foundation (NRF) over 5 years?

  1. 10,000 crore
  2. 20,000 crore
  3. 30,000 crore
  4. 40,000 crore
  5. 50,000 crore

Correct Answer: “5”


Q49) How much amount is allocated for the agriculture & rural sector for FY21-22?

  1. 16.5 lakh crore
  2. 15 lakh crore
  3. 17.5 lakh crore
  4. 14 lakh crore
  5. 17 lakh crore

Correct Answer: “1”


Q50) As per budget, broad gauge to be 100% electrified by...............

  1. December 2022
  2. December 2023
  3. December 2024
  4. December 2025
  5. December 2026

Correct Answer: “2”

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