Budget 2018 Questions are very important for any interview; whether you are going for Admission interview or a job interview.
The 2018 union budget has attempted quite a bit to make lots of people happy. This is mostly because this will be the last full budget by the current government.
Whether or not the payoffs will work out is yet to be seen, but until then let’s see the important highlights that it offers:
Below are very important Budget 2018 Questions :
- What are your Comments on GST, Demonetization ?
- The finance minister in the union budget speech admired the central governments move to put a check on black money via the demonetization
- He also praised the government for rolling out GST, which has lead to the simplification and streamlining of taxation in India.
- What is your view on Economic Growth ?
- Arun Jaitley, made claims about achieving an 8% growth rate, referring to the 6.3% growth rate in second quarter of 2017-18 as a indicator that the economy is in a turn around.
- He also claimed that the growth in the second half will increase to 7.2-7.5%
- What is your opinion on Fiscal Matters ?
- The expenditure estimates is at ₹21.57 Lakh Crore
- The fiscal deficit has been reduced to 3.5% of the GDP from 4.4%, when Prime Minister Modi came to office. This trend of decline will continue in the coming year, to 3%
- The budget aims to bring down the government’s debt to GDP ratio to 40%
- Explain Trade Protectionism ?
- According to Jaitley there has been “ a calibrated departure from the underlying policy of the last two decades, where the trend largely was to reduce custom duties”.
- Custom duties across 49 product groups has been increased.
- This has been seen as a move to given impetus to the Make in India campaign
- What about Welfare Measures -Rural India ?
- Loans to Women lead self help groups will increase to ₹75,000 crores by the middle of 2019
- The allocation to the National Rural Livelihood mission has been increased to ₹5750 crores
- Free LPG connections will be provided to 8 crore poor women
- 1 crore houses to be built in rural India to provide for those who do not have houses.
- What is there for Health, Education and Social Protection in this year Budget ?
- The estimated expenditure on this sector will be ₹1.38 lakh crore
- Residential schools will be set up for tribal children, to help improve their standards of education
- The world’s largest government funded healthcare programme called the. National Health Protection Scheme will be announced, this will have around 50 crore beneficiaries
- The banks of Ganges has been declared open defecation free, and of the 187 projects as part of cleaning Ganga, 47 have been completed
- What is the The Minimum Support Price ? (Budget 2018 Questions )
- The government has decided to fix the MSP at 50% higher than the cost of production.
- Assocham President was wary of this move as it might cause retail inflation
- The RBI has said that a retail inflation will definitely be seen especially in cereals, wheat and rice. It was quoted as saying that he overall CPI might cross the 4% limit
- The government thus has a balancing role to play,between the produces and consumers. Inflation affects everyone and will especially be painful for the poor.
- What do you understand by Digital India ?
- The allocation to Digital India campaign has doubled to ₹3073 crores
- 5 Lakh wifi spots have been decided to be provided to enhance net connectivity especially among rural areas.
- The NITI Aayog will be launching a program to put efforts to artificial intelligence
- Explain Taxation ?
- The direct taxes has grown from 12.6% in 2016-17 to 18.7% in January 2018
- The increases in the personal income tax has been ₹90,000 crores
- The number of effective tax payers has grown to include 8.27 crore citizens.
- The corporate tax will be reduced to 25% for companies, which have a annual turnover up to ₹250 crore
- The health and education cross on personal income and corporation tax to increase to 4%
- What is allocated for The Northern Railways ?
- The 2018 budget has allocated ₹9000 crores to the Northern Railways,with₹565 crore to be given in the year 2018-19 and the rest to be provided each year according of the requirement
- The funds will be used to modernize the system and upgrade to the most advanced technology available, ETCS II.
- ₹ 10 crore has be earmarked for provision of wifi at certain stations and ₹125 crore for the Nirbhaya fund. This will be used primarily to install CCTV cameras in the coaches of the important premium trains.
Hope you have understood answers well of Budget 2018 Questions which could be asked during any upcoming interviews.