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Topic 160 · Economy, Budget & Banking

Union Budget 2026-27: fiscal numbers

10 MCQs · tap an option to check it · All answers

Revise the 12 points first Book 1 RATNA
  1. Core Trigger: The Union Budget for 2026-27 was presented on 1 February 2026, with a fiscal deficit target of 4.3 per cent of GDP.
  2. Focus Areas: It announced schemes for strategic manufacturing, infrastructure, farmers, textiles and data centres, and a debt-reduction path.
  3. Current Head: Finance Minister Nirmala Sitharaman presented the Budget.
  4. Key Schemes: Biopharma SHAKTI gets Rs 10,000 crore; India Semiconductor Mission 2.0 and rare-earth corridors were also announced.
  5. Debt Path: Debt-to-GDP is 55.6 per cent, targeted at 50 plus or minus 1 per cent by 2030-31; gross borrowing is Rs 17.2 lakh crore.
  6. Incentives: Foreign cloud firms using Indian data centres get a tax holiday till 2047; Bharat-VISTAAR is an AI tool for farmers.
  7. Infrastructure: Capex is Rs 12.2 lakh crore, with 20 national waterways, seven high-speed rail corridors and a Dankuni-Surat freight corridor.
  8. Venue: The Budget was presented in the Lok Sabha, Parliament House, New Delhi.
  9. Founded: The first Budget of independent India was presented on 26 November 1947 by R.K. Shanmukham Chetty.
  10. Landmark: The FRBM Act, 2003 set statutory fiscal-deficit targets, making deficit numbers a legal commitment.
  11. Articles: Article 112 requires the annual financial statement; Article 110 defines Money Bills; Article 114 covers Appropriation Bills.
  12. Doctrine: A Money Bill cannot be amended by the Rajya Sabha, which may only recommend changes within 14 days under Article 109.
Question 1 of 10

What fiscal deficit target did the Union Budget 2026-27 set as a share of GDP?

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Answer: (C) 4.3 per cent

Core Trigger: The Union Budget for 2026-27 was presented on 1 February 2026, with a fiscal deficit target of 4.3 per cent of GDP.From Book 1 RATNA, topic 160, point 1

Question 2 of 10

Besides sector schemes, the Budget 2026-27 announced a path for which fiscal goal?

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Answer: (C) Debt reduction

Focus Areas: It announced schemes for strategic manufacturing, infrastructure, farmers, textiles and data centres, and a debt-reduction path.From Book 1 RATNA, topic 160, point 2

Question 3 of 10

Who presented the Union Budget for 2026-27?

Show answer

Answer: (A) Nirmala Sitharaman

Current Head: Finance Minister Nirmala Sitharaman presented the Budget.From Book 1 RATNA, topic 160, point 3

Question 4 of 10

Which statements are correct? 1. Biopharma SHAKTI gets Rs 10,000 crore. 2. India Semiconductor Mission 2.0 was announced.

Show answer

Answer: (C) Both 1 and 2

Key Schemes: Biopharma SHAKTI gets Rs 10,000 crore; India Semiconductor Mission 2.0 and rare-earth corridors were also announced.From Book 1 RATNA, topic 160, point 4

Question 5 of 10

By which year is the debt-to-GDP ratio targeted at 50 plus or minus 1 per cent?

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Answer: (D) 2030-31

Debt Path: Debt-to-GDP is 55.6 per cent, targeted at 50 plus or minus 1 per cent by 2030-31; gross borrowing is Rs 17.2 lakh crore.From Book 1 RATNA, topic 160, point 5

Question 6 of 10

Foreign cloud firms using Indian data centres get a tax holiday till which year?

Show answer

Answer: (C) 2047

Incentives: Foreign cloud firms using Indian data centres get a tax holiday till 2047; Bharat-VISTAAR is an AI tool for farmers.From Book 1 RATNA, topic 160, point 6

Question 7 of 10

In which House of Parliament was the Union Budget 2026-27 presented?

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Answer: (C) Lok Sabha

Venue: The Budget was presented in the Lok Sabha, Parliament House, New Delhi.From Book 1 RATNA, topic 160, point 8

Question 8 of 10

Who presented the first Budget of independent India on 26 November 1947?

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Answer: (D) R.K. Shanmukham Chetty

Founded: The first Budget of independent India was presented on 26 November 1947 by R.K. Shanmukham Chetty.From Book 1 RATNA, topic 160, point 9

Question 9 of 10

In which year was the FRBM Act enacted to set statutory fiscal-deficit targets?

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Answer: (C) 2003

Landmark: The FRBM Act, 2003 set statutory fiscal-deficit targets, making deficit numbers a legal commitment.From Book 1 RATNA, topic 160, point 10

Question 10 of 10

Which statements are correct? 1. The Rajya Sabha may only recommend changes to a Money Bill within 14 days under Article 109. 2. Article 110 defines Appropriation Bills.

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Answer: (A) Only 1

Doctrine: A Money Bill cannot be amended by the Rajya Sabha, which may only recommend changes within 14 days under Article 109.From Book 1 RATNA, topic 160, point 12

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