1. A new Scheme "Operation Greens" has been announced in the Union Budget 2018-19 for which of following commodities?
a. Rice, Wheat and Sugarcane
b. Tomato, Onion and Potato
c. Arhar, Moong and Masoor
d. Cotton, Tea and Coffee
Answer: b
Explanation:
On the lines of ‘‘Operation Flood’’ a new Scheme ‘‘Operation Greens’’ was announced in the Union Budget 2018-19 with an outlay of Rs 500 Crore to address the challenge of price volatility of perishable commodities like tomato, onion and potato with the satisfaction of both the farmers and consumers.
2. In the Union Budget 2018-19, the Government has to develop and upgrade existing 22,000 rural haats into:
a. GrAMs
b. e-NAM
c. e-Mandi
d. e-Haats
Answer: a
Explanation:
In the Union Budget 2018-19, the Government has announced to develop and upgrade existing 22,000 rural haats into Gramin Agricultural Markets (GrAMs) to take care of the interests of more than 86% small and marginal farmers. These GrAMs, electronically linked to e-NAM and exempted from regulations of APMCs, will provide farmers facility to make a direct sale to consumers and bulk purchasers.
3. In the Union Budget 2018-19, which of the following plant has been termed as ‘Green Gold’ to promote this sector in a holistic manner?
a. Banana
b. Cotton
c. Bamboo
d. Tea
Answer: c
Explanation:
In the Union Budget 2018-19, the Government has termed Bamboo as ‘Green Gold’ and announced a Re-structured National Bamboo Mission with an outlay of Rs.1290 crore to promote the bamboo sector in a holistic manner.
About National Bamboo Mission
With a view to harness the potential of the bamboo crop, Department of Agriculture & Cooperation (DAC), Ministry of Agriculture is implementing a 100% Centrally Sponsored Scheme called Mission for Integrated Development of Horticulture (MIDH) in which National Bamboo Mission (NBM) is being implemented as a sub-scheme. The Mission envisages promoting holistic growth of bamboo sector by adopting area-based, regionally differentiated strategy and to increase the area under bamboo cultivation and marketing. Under the Mission, steps have been taken to increase the availability of quality planting material by supporting the setting up of new nurseries and strengthening of existing ones. To address forward integration, the Mission is taking steps to strengthen marketing of bamboo products, especially those of handicraft items.
4. A special Scheme has been announced in the Union Budget 2018-19 to support the efforts of the governments of which following states to address air pollution in the Delhi-NCR region by subsidizing machinery required for in-situ management of crop residue?
a. Haryana, Punjab, Uttar Pradesh and the NCT of Delhi
b. Punjab, Uttar Pradesh and the NCT of Delhi
c. Haryana, Uttar Pradesh and the NCT of Delhi
d. Haryana, Punjab and the NCT of Delhi
Answer: a
Explanation:
The Government has announced a special Scheme in the Union Budget 2018-19 to support the efforts of the governments of Haryana, Punjab, Uttar Pradesh and the NCT of Delhi to address air pollution in the Delhi-NCR region by subsidizing machinery required for in-situ management of crop residue.
A task force set up under the CII-NITI Aayog Clean Air initiative had in September 2017 recommended a package worth more than Rs 3,000 crore as financial assistance to farmers to shift to alternative ways of dealing with agricultural waste.
5. In the Union Budget 2018-19, Government has substantially increased the allocation of National Rural Livelihood Mission to Rs 5750 crore in 2018-19. Consider the following statements regarding the National Rural Livelihood Mission:
1. National Rural Livelihoods Mission (NRLM) also known as Aajeevika has been launched by Ministry of Rural Development in June 2011.
2. The objective of the mission is to create platforms enabling poor rural people to increase their household income through sustainable livelihood enhancements and improved access to financial services.
3. In November 2015, the program was renamed Deendayal Antayodaya Yojana (DAY-NRLM).
Which of the above statements is/are correct?
a. 2 only
b. 1 and 3 only
c. 2 and 3 only
d. All of them
Answer: d
Explanation:
Aajeevika - National Rural Livelihoods Mission (NRLM) was launched by the Ministry of Rural Development (MoRD), Government of India in June 2011.
Aided in part through investment support by the World Bank, the Mission aims at creating efficient and effective institutional platforms of the rural poor, enabling them to increase household income through sustainable livelihood enhancements and improved access to financial services.
NRLM set out with an agenda to cover 7 Crore rural poor households, across 600 districts, 6000 blocks, 2.5 lakh Gram Panchayats and 6 lakh villages in the country through self-managed Self Help Groups (SHGs) and federated institutions and support them for livelihoods collectives in a period of 8-10 years.
In addition, the poor would be facilitated to achieve increased access to rights, entitlements and public services, diversified risk and better social indicators of empowerment. DAY-NRLM believes in harnessing the innate capabilities of the poor and complements them with capacities (information, knowledge, skills, tools, finance and collectivization) to participate in the growing economy of the country. In November 2015, the program was renamed Deendayal Antayodaya Yojana (DAY-NRLM).
1. Recently, the Government has proposed the acceptance of key recommendations of the Fiscal Reform and Budget Management Committee headed by whom among the following?
a. N.K. Singh
b. Arvind Subramanian
c. Rathin Roy
d. Urjit Patel
Answer: a
Explanation:
The 5 member committee was headed by N.K. Singh, former Revenue and Expenditure Secretary and former MP. Its member included RBI Governor Urjit Patel Chief Economic Advisor Arvind Subramanian, former Finance Secretary Sumit Bose, and National Institute of Public Finance and Policy Director Rathin Roy. The committee was constituted in May 2016 following Finance Minister's Budget 2016-17 announcements. It was assigned a task to review the working of the FRBM Act over last 12 years to suggest the way forward. It was also tasked to examine the need and feasibility of having a ‘fiscal deficit range’ as the target in place of the existing fixed number (percentage of GDP) as fiscal deficit target.
The committee has kept in view the broad objective of fiscal consolidation and prudence and has suggested changes required in the context of the uncertainty and volatility in the global economy.
The first volume of the report addresses the issue of the fiscal roadmap fiscal policy, international experience and recommendations therein.
2. Education Cess and Secondary and Higher Education Cess on imported goods will be replaced by which of the following Taxes:
a. Goods and Services Tax
b. Social Welfare Surcharge
c. Education surcharge
Answer: b
Explanation:
The government has proposed to abolish the Education Cess and Secondary and Higher Education Cess on imported goods. In its place it is proposed to impose a Social Welfare Surcharge at the rate of 10 percent of the aggregate duties of Customs, on imported goods, to provide for social welfare schemes of the government. However, goods which were so far exempt from Education Cesses on imported goods will, however, continue to be so. In addition, certain specified goods, mentioned in Annexure 6 of the Budget speech, will attract the proposed Surcharge, at the rate of 3 percent of the aggregate duties of customs only.
3. With the rollout of GST, the Budget also proposes to change the name of the Central Board of Excise and Customs (CBEC) to:
a. Central Board of GST
b. Central Board of Indirect Taxes and Customs (CBIC)
c. Central Board of Direct Taxes
d. None of the above
Answer: b
Explanation:
With the rollout of GST, the Budget also proposes to change the name of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC). In his budget speech for 2018-19, Finance Minister Arun Jaitley said with the rollout of GST the name of CBEC would be changed to CBIC.
Through Finance Bill 2018, the government is amending the Central Boards of Revenue (CBR) Act, 1963, as well as the Central Goods and Services Tax Act, 2017, replacing CBEC with CBIC.
4. Consider the following statements regarding the proposed relief to Senior Citizens announced in the Union Budget 2018-19:
1. Exemption of interest income on deposits with banks and post offices are proposed to be increased from Rs. 10,000 to Rs. 50,000.
2. Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
3. It is also proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020.
Which of the above statements is/are correct?
a) 1 only
b) 1 and 2
c) 2 and 3
d) 1, 2 and 3
Answer: d
Explanation:
Relief to Senior Citizens has also been proposed. The proposals are:-
Exemption of interest income on deposits with banks and post offices are proposed to be increased from Rs. 10,000 to Rs. 50,000. TDS shall not be required to be deducted under section 194A. The benefit will also be available for interest from all fixed deposit schemes and recurring deposit schemes.
Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB. Concessions will give extra tax benefit of Rs. 4,000 crore to senior citizen. It is also proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020. The current investment limit is also proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.
5. Consider the following statements regarding the "operation green" proposed by the Union Finance Minister in his Budget speech:
1. The idea behind Operation Greens is to double the income of farmers by end of 2022.
2. The operation is essentially a price fixation scheme that aims to ensure farmers are given the right price for their produce.
Which of the above statements is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: c
Explanation:
Finance Minister Arun Jaitley proposed to launch Operation Greens in his speech while presenting the Union Budget 2018-19. Operation Greens aims to promote farmer producers organisations, agri-logistics, processing facilities and professional management. The operation aims to aid farmers and help control and limit the erratic fluctuations in the prices of onions, potatoes and tomatoes.
The idea behind Operation Greens is to double the income of farmers by the end of 2022. The operation is essentially a price fixation scheme that aims to ensure farmers are given the right price for their produce. The MSP regulation has a key role to play here. The announcement to set minimum support price of all kharif crops at 1.5 times the cost of production will increase the farmers’ income and for consumers, tax incentives will be given under Operation Greens.
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