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Union Budget 2023-24 Questions and Answers

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  1. What is the main aim of the Union Budget 2023-24?
  • The main aim of the Union Budget 2023-24 is to develop the Indian economy with a global perspective and to envision a prosperous and inclusive India, in which the benefits of development reach all citizens, especially youth, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes.
  1. What is the focus of the economic agenda for the Budget 2023-24?
  • The focus of the economic agenda for the Budget 2023-24 is on three things: facilitating opportunities for citizens, especially the youth, to fulfill their aspirations; providing a strong impetus to growth and job creation; and strengthening macroeconomic stability.
  1. What is the total expenditure estimated in the Revised Estimate 2022-23?
  • The total expenditure estimated in the Revised Estimate 2022-23 is 41,87,232 crore.
  1. What is the increase in the capital expenditure in Budget Estimate 2023-24 compared to Revised Estimate 2022-23?
  • The increase in the capital expenditure in Budget Estimate 2023-24 is 37.4 percent compared to the Revised Estimate 2022-23.
  1. What are the seven priorities of the Budget 2023-24?
  • The seven priorities of the Budget 2023-24 are inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and the financial sector.
  1. How does the new personal income tax structure in Budget 2023-24 affect individuals?
  • In the Budget 2023-24, the rebate limit for income tax has been increased to Rs. 7 lakhs in the new tax regime, which means that individuals with an income of up to 7 lakhs will not have to pay any tax. The new tax regime also reduces the number of slabs from six to five and increases the tax exemption limit to Rs. 3 lakhs.
  1. What are the notable achievements in the Indian economy in the past nine years?
  • In the past nine years, the per capita income has more than doubled to ₹1.97 lakhs, the Indian economy has increased in size from 10th to 5th largest in the world, EPFO membership has more than doubled to 27 crores, and over 11.7 crore household toilets have been constructed under Swachh Bharat Mission
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