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Flashcards on Indian Economy: Economic Survey and Budget Analysis
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What is Economic Survey?
A comprehensive review of the state of the economy presented by the government before the Budget.
What is the purpose of Economic Survey?
To provide a detailed analysis of the current economic scenario and highlight policy recommendations.
When is the Economic Survey released?
Usually presented in Parliament a day before the Union Budget.
What is the Union Budget?
The annual financial statement of the government, which outlines its revenue and expenditure for the upcoming fiscal year.
Who prepares the Union Budget?
The Ministry of Finance under the guidance of the Finance Minister.
What is the fiscal year in India?
April 1 to March 31
What are the key components of the Union Budget?
Revenue Budget, Capital Budget, and Expenditure on Major Schemes.
What is the revenue budget?
It includes the government's revenue receipts and expenditures.
What is the capital budget?
It includes the government's capital receipts and expenditures.
What are the major sources of government revenue in India?
Tax revenue, non-tax revenue, and capital receipts.
What is the Goods and Services Tax (GST)?
A single indirect tax levied on the supply of goods and services across India.
What is the significance of the Economic Survey and Budget?
They play a crucial role in shaping India's fiscal policies and economic growth.
What is the objective of the government while preparing the Budget?
To promote economic growth, social welfare, and infrastructure development.
What are some benefits of a well-planned Budget?
Stimulates economic activities, boosts investor confidence, and promotes inclusive development.
What is the role of the Economic Survey in the Budget-making process?
Provides valuable data and analysis to aid in policy decisions and budget allocations.
How does the Union Budget affect the common citizens?
Through changes in tax rates, policies, and allocations for welfare schemes.
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Test Your Knowledge
What is the purpose of Economic Survey?
To announce the budget
To present the economic growth rate
To provide a detailed analysis of the current economic scenario and highlight policy recommendations
To outline the major tax reforms
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When is the Economic Survey released?
On the day of the Union Budget
A day before the Union Budget
After the Union Budget is presented
A week before the Union Budget
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Who prepares the Union Budget?
The Prime Minister
The Ministry of Finance under the guidance of the Finance Minister
The Reserve Bank of India
The Planning Commission
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What is the capital budget?
It includes the government's capital receipts and expenditures
It includes the government's revenue receipts and expenditures
It includes the government's expenditure on major schemes
It includes the government's borrowing and debt repayment
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What are the major sources of government revenue in India?
Foreign aid and grants
Tax revenue, non-tax revenue, and capital receipts
Export earnings
Dividends from public sector enterprises
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What is the significance of the Economic Survey and Budget?
They play a crucial role in shaping India's fiscal policies and economic growth
They highlight the achievements of the government
They provide employment opportunities
They announce the new tax rates
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What is the role of the Economic Survey in the Budget-making process?
To announce the Union Budget
To provide valuable data and analysis to aid in policy decisions and budget allocations
To evaluate the performance of government schemes
To present the economic growth rate
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What are some benefits of a well-planned Budget?
Stimulates economic activities, boosts investor confidence, and promotes inclusive development
Increases government expenditure
Reduces taxes for high-income individuals
Focuses on military spending
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What is the objective of the government while preparing the Budget?
To promote economic growth only
To promote economic growth, social welfare, and infrastructure development
To increase government revenue
To reduce the budget deficit
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How does the Union Budget affect the common citizens?
Through changes in tax rates, policies, and allocations for welfare schemes
Through employment opportunities
Through subsidies for farmers
Through changes in foreign direct investment
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