Think you're a Union Budget whiz? Test your knowledge with this quick quiz! The annual Union Budget is a comprehensive financial statement estimating the government's revenue and expenditure for the upcoming fiscal year. Presented by the Finance Minister, it outlines the government's economic priorities and policies. With the Union Budget 2026 expected to be presented on February 1st, it's time to gauge how well you understand this crucial document.
1. What is the primary focus of the Union Budget 2026, according to experts?
a) Infrastructure development b) Boosting consumption c) Agricultural reforms d) Healthcare advancements
The correct answer is b) Boosting consumption. Experts suggest that the Union Government has announced tax incentives and rationalized GST rates to encourage spending.
2. Which sectors are likely to receive prioritized attention in the Budget 2026?
a) Railways, MSMEs, and Defence b) Green energy, urban infrastructure, and healthcare c) Education, agriculture, and rural development d) All of the above
The correct answer is d) All of the above, while a) Railways, MSMEs, and Defence are most likely to receive prioritized attention. The government is likely to increase railway allocation to drive capacity expansion, modernization, decongestion, and enhance connectivity. The PHD Chamber of Commerce and Industry has also suggested measures to facilitate easier access to financing for MSMEs, reduce regulatory burdens, and enhance their global competitiveness. Furthermore, experts expect Budget 2026 to prioritize defence, green energy, and urban infrastructure.
3. What significant change has been proposed regarding TDS on rental income?
a) TDS limit increased to ₹10 lakhs annually b) TDS limit increased to ₹6 lakhs annually c) TDS limit abolished d) No change in TDS limit
The correct answer is b) TDS limit increased to ₹6 lakhs annually. This rationalization of TDS aims to ease difficulties for taxpayers.
4. What is the government's plan to boost regional connectivity?
a) Building 50 new regional airports b) Extending UDAN 2.0 to link 120 new airports c) Investing in high-speed rail networks d) Developing waterways for transportation
The correct answer is b) Extending UDAN 2.0 to link 120 new airports. The government plans to build over 100 new regional airports over the next ten years and extend UDAN 2.0 to link 120 new airports, especially in Northeast India and Bihar. A modified UDAN scheme has been announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the next 10 years, while supporting helipads and smaller airports in hilly, aspirational, and North East region districts.
5. What initiatives are expected to support the agriculture sector?
a) A six-year mission on self-reliance in oilseed production b) Increase in Kisan Credit Card loan limit to ₹5 lakh c) A five-year initiative for improving cotton yield d) All of the above
The correct answer is d) All of the above. The agriculture budget includes a six-year mission on self-reliance in oilseed production, a five-year initiative for improving cotton yield, and an increase in the Kisan Credit Card loan limit from ₹3 lakh to ₹5 lakh.
6. What is the outlay proposed for interest-free loans to states for infrastructure projects?
a) ₹50,000 crore b) ₹1 lakh crore c) ₹1.5 lakh crore d) ₹2 lakh crore
The correct answer is c) ₹1.5 lakh crore.
How did you score? The Union Budget is a complex document, and staying informed about its key proposals is essential for understanding the government's economic direction. Keep an eye out for the full budget announcement on February 1st to get a complete picture of the government's plans for the upcoming fiscal year.
