Union Budget GK – Here we will be discussing about Union Budget GK Questions Answers from Indian Economy topic. Here we are going to discuss topics like father of Indian budget system, first time budget presented, railway budget separated from general budget, first finance minister who presented budget for maximum times, merging of railway budget with general budget, longest budget speech, and many more.

Union Budget GK Questions Answers

Q. What is the meaning of the word Budget?
a. Year details
b. Money bag
c. Leather bag
d. Suitcase bag
Ans. c

Q. Who is known as the father of Indian budget system?
a. Lord Mayo
b. James Wilson
c. BR Ambedkar
d. Morarji Desai
Ans. b

Q. First budget of India was presented in which year (before independence)?
a. 1860
b. 1859
c. 1861
d. 1857
Ans. a
> It was presented on 18 February 1860 by James Wilson

Q. First budget of India was presented in which year (after independence)?
a. 1948
b. 1947
c. 1950
d. 1952
Ans. b
> It was presented on 26 November 1947

Q. Who presented the first budget of Independent India?
a. John Mathai
b. RK Shanmukham Chetty
c. BR Ambedkar
d. JL Nehru
Ans. b

Indian Economy Union Budget GK Quiz

Q. From the following, what is interim budget means?
a. Previous year budget
b. Future year budget
c. Mini budget
d. Expenditure budget
Ans. c

Q. On the recommendations of which committee, the railway budget was separated from the general budget in 1924?
a. Hilton Youth committee
b. Acworth committee
c. Hunter committee
d. Muddiman committee
Ans. b

Q. As we all know that the ‘Budget’ word is not mentioned in the Constitution of India. So, in place of Budget what is the exact word used in the Constitution?
a. Consolidated Fund of India
b. Annual Financial Statement
c. Expenditure Bill
d. Appropriation Bill
Ans. b

Q. Which finance minister of India has presented the budget maximum number of times?
a. Pranab Mukherjee
b. Morarji Desai
c. JL Nehru
d. Indira Gandhi
Ans. b

Q. Who was the Prime Minister who presented the budget for the first time in parliament?
a. Lal Bahadur Shastri
b. Morarji Desai
c. Jawaharlal Nehru
d. Atal Bihari Vajpayee
Ans. c

Union Budget – Indian Economy GK Questions and Answers

Q. When was the railway budget merged with the general budget?
a. 2016
b. 2014
c. 2018
d. 2019
Ans. a

Q. In which year the paperless budget was presented for the first time?
a. 2020
b. 2021
c. 2022
d. 2023
Ans. b

Q. Till now who gave the longest budget speech in India?
a. Arun Jaitley
b. Nirmala Sitharaman
c. Jaswant Singh
d. Manmohan Singh
Ans. b
> In the year 2020 she gave a budget speech of 2 hours and 42 minutes time duration

Q. Who became the first Woman Finance Minister to present the budget for the third time in a row?
a. Indira Gandhi
b. Mira Kumar
c. Nirmala Sitharaman
d. Sarojini Naidu
Ans. c

Q. Who were the prime ministers who have presented the budget by being the Prime minister?
Ans. There are three prime minister who have presented the budget by being the Prime minister. They are – Rajiv Gandhi, Jawaharlal Nehru and Indira Gandhi.

Q. Who is the first woman finance minister to present the Union Budget?
a. Vijay Laxmi Pandit
b. Sushma Swaraj
c. Indira Gandhi
d. Sarojini Naidu
Ans. c
> She presented the budget in the year 1970 when she was the PM of India. Along with PM, she also took charge of the Finance Minister and presented the budget.

Q. Who is the first full time woman finance minister of the country?
a. Sonia Gandhi
b. Nirmala Sitharaman
c. Indira Gandhi
d. Sushma Swaraj
Ans. b

Q. The term ‘Annual Financial Statement’ is mentioned in which article of the Indian constitution?
a. Article 51
b. Article 52
c. Article 112
d. Article 105
Ans. c

Q. Who has become the first woman finance minister to present the budget for the 5th consecutive time?
a. Sushma Swaraj
b. Indira Gandhi
c. Nirmala Sitharaman
d. Sarojini Naidu
Ans. c

Bharat Ratna GK Quiz

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