Expected GK Questions From Union Budget 2020 With Answers | Set- 5
Expected GK Questions From Union Budget 2020 With Answers | Set- 5
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Union Budget 2020-21 – Expected GK Questions With Answers

Budget 2020-21 Questions with answers for Bank, SSC, and Railway Exams. Download  PDF of Important GK Questions based on Union Budget 2020. Expected GK Questions From Union Budget 2020. As we all know that Finance Minister Ms Nirmala Sitharaman presented the Union Budget 2020-21 in parliament on 01st February 2020. This is her first full time budget presentation.If you are preparing for Banking & Insurance, SSC, Railways and other competitive exams, you will come across a section on the Current Affairs and Questions asked in every competitive exams in General Awareness section from Union Budget 2020-21 So, here we are with the Expected GK Questions From Union Budget 2020 With Detailed Answers for your daily practice.

To help you in your upcoming exam preparation we have brought you 100+ Most Expected GK Questions From Union Budget 2020. Important Union Budget Questions are very important for the upcoming competitive exams and knowing all the Expected GK Questions From Union Budget 2020 is a must, as it will help you in scoring good marks in General Awareness section of any examination.

Expected GK Questions From Union Budget 2020 | Set- 5

Although the number of questions related to Union Budget 2020-21  asked in the exams are relatively less but it is advisable that every aspirant should be aware Expected GK Questions From Union Budget 2020.


1. Which of the following is a component of “Caring Society”?

  1. Infrastructure
  2. Education and Skills
  3. Environment and Climate Change
  4. Wellness, Water and Sanitatio
  5. ​Cumulative Cash Limit

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Correct Answer – D Cash Credit Limit

Explanation: Three prominent themes of the Budget:

Aspirational India: Better standards of living with access to health, education and better jobs for all sections of the society. Three components of Aspirational India

  • Agriculture, Irrigation, and Rural Development
  • Wellness, Water, and Sanitation
  • Education and Skills

Economic Development for all: “Sabka Saath , Sabka Vikas , Sabka Vishwas”.

Caring Society: Both humane and compassionate; Antyodaya as an article of faith.

2. Which of the following exam will be conducted in Asia and Africa under Study in India programme?

  1. CSAT
  2. Ind-SAT
  3. Indo-SAT
  4. Bharat-SAT
  5. None of these

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Correct Answer – B. Ind-SAT

Explanation: There will soon be an IND-SAT exam to be held in Asian and African countries for foreign students to come and study in Indian universities. Presenting her second budget on Saturday, February 1, Finance Minister Nirmala Sitharaman said that under the government’s Study in India programme an IND-SAT exam is proposed to be held for benchmarking foreign candidates, who received scholarships for studying in Indian higher educational institutes.

3. NIRVIK scheme is related to-

  1. Insurance cover for exporters
  2. Insurance cover for Tribal people
  3. Insurance cover for armed forces
  4. Insurance cover for farmers
  5. None of these

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Correct Answer – A. Insurance cover for exporters

Explanation: Finance Minister Nirmala Sitharaman on Saturday announced NIRVIK (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce premium for small exporters. The commerce and industry ministry is working on the scheme also called the Export Credit Insurance Scheme (ECIS) under which the insurance guaranteed could cover up to 90% of the principal and interest. At present, the Export Credit Guarantee Corporation provides credit guarantee of up to 60% loss.

4. An international bullion exchange will be set up at GIFT City. The GIFT city is located in which state?

  1. Uttarakhand
  2. Rajasthan
  3. Gujarat
  4. Maharashtra
  5. None of these

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Correct Answer – C. Gujarat

Explanation: The government has proposed to set up an international bullion exchange at IFSC in GIFT City — a move that could lead to better price discovery of gold, create more jobs and enhance India’s position in the global bullion market. GIFT City would set up an international bullion exchange as an additional option for trade by global market participants, Finance Minister Nirmala Sitharaman said. The country’s only International Financial Services Centre (IFSC) is in GIFT City, near Ahmedabad in Gujarat.

5. In Budget 2020-21, The Turnover threshold for audit of MSMEs has been increased from 1 crore to —

  1. 20 crore
  2. 15 crore
  3. 5 crore
  4. 2 crore
  5. 10 crore
Show Correct Answers

Correct Answer – C. 5 crore

Explanation: In a major relief to small retailers, traders and shopkeepers forming the Medium, Small and Micro Enterprise (MSME) sector, the Budget has proposed to raise by five times the turnover threshold for audit from the existing ₹1 crore to ₹5 crore. Currently, businesses having a turnover of more than ₹1 crore are required to get their books of accounts audited by an accountant.

6. The 2019 summit of the Global Snow Leopard and Ecosystem Protection Program (GSLEP) was held in which city?

  1. Delhi
  2. Dehradun
  3. Shimla
  4. Lansdowne
  5. None of these

Show Correct Answers

Correct Answer – A. Delhi

Explanation: The 4th steering committee meeting of the Global Snow Leopard and Ecosystem Protection Program(GSLEP) was held in Delhi .

7. In Budget 2020-21, How much an average household now saves because of implementation of GST?

  1. 6%
  2. 5%
  3. 4%
  4. 3%
  5. None of these

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Correct Answer – C. 4%

Explanation: Finance minister Nirmala Sitharaman listed out the benefits of the GST regime stating that the indirect tax reform has brought down the time taken by trucks to transport goods. Effective tax incidence has come down substantially. Annual benefit of Rs one lakh crore on account of GST. Average household saves monthly 4% on account of reduced GST.

8. How many tax payers have been added in GST?

  1. 4 million
  2. 5 million
  3. 6 million
  4. 8 million
  5. None of these

Show Correct Answers

Correct Answer – C. 6 million

Explanation: FM terms GST as historic structural reform; says it integrated country economically.  GST has resulted in efficiency gains in transport and logistics sector, inspector raj has vanished, it has benefitted MSME Consumers who have got a annual benefit of Rs 1 lakh crore by GST. 6 million new taxpayers have been added. Average household now saves nearly 4% more on the monthly basis after implementation of GST.

9. How much consumers have got annual benefit by GST?

  1. 2 lakh crore
  2. 1 lakh crore
  3. 5 lakh crore
  4. 4 lakh crore
  5. None of these
Show Correct Answers

Correct Answer – D. Section 5

Explanation: GST has resulted in efficiency gains in transport and logistics sector, inspector raj has vanished, it has benefitted MSME Consumers who have got a annual benefit of Rs 1 lakh crore by GST.

10. According to the Finance minister Nirmala Sitharaman, how many people were pulled out of poverty Between 2006-2016?

  1. 172 million
  2. 271 million
  3. 95 million
  4. 241 million
  5. None of these

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Correct Answer – B. 271 million

Explanation: India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as “assets, cooking fuel, sanitation and nutrition,” a report by the United Nations.

100+ Expected GK Questions Based on Budget 2020

Set – 1 Set – 2 Set – 3
Set – 4 Set – 5 Set – 6
Set – 7 Set – 8 Set – 9
Set – 10 100+ Expected GK Questions PDF Based on Budget 2020 – Will Update Soon….

Union Budget 2020-21 – Important Links

Union Budget 2020 – Download Budget 2020 PDF
केन्द्रीय बजट 2020 की मुख्य विशेषताएँ 100 Important Highlights of Budget 2020
Union Budget 2020 Live Updates from Parliament House Key Highlights of Economic Survey 2019-20 : Download Volume I and II PDF and Info-graphics

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