How to Read Union Budget 2024 for UPSC? 

Union Budget 2024 for UPSC : The Union Budget 2024 is all set to be released on Tuesday , July 23, 2024. After going through the previous year's questions, it can be analyzed that questions related to the Union Budget have a good probability of being asked in the UPSC exam.

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About Union Budget 2024

Importance of Union Budget 2024 for UPSC Exam

• UPSC Prelim s: In the prelims stage, questions related to the Union Budget can appear in the form of static and current affairs-based questions. These questions test your understanding of budget terminology, key announcements, and important policies proposed by the government.
• UPSC Mains: Experts and Toppers have time and again highlighted the importance of the Union Budget for GS Paper 3. Many times, questions have been directly asked from an analytical perspective in this paper. Further, those with subjects like Economics as optional should have in-depth knowledge of the Union Budget.
• UPSC Interview : Knowledge of the latest Union Budget is often tested in the UPSC interview. Candidates are expected to have a sound knowledge of budgetary allocations, policy implications, and economic strategies to confidently answer questions.

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Tips to Read Union Budget 2024 for UPSC

1. Have Static Knowledge: It is better to be familiar with the background knowledge of the Union Budget. Read about common terms and concepts used in the Union Budget, such as fiscal deficit, revenue deficit, capital expenditure, and revenue expenditure before going through this document.
2. Practice Previous Year Questions: Go through the previous year's UPSC questions related to the budget. This will give an idea of the type of questions asked and help in better preparation.
3. Start with the Key Highlights : Begin by reading the key highlights of the budget. For candidates with limited time in hand, it is better to read the ‘ Union Budget Summary’ to be made available on PIB & PW OnlyIAS first before reading important sections.
4. Budget Speech: The Finance Minister’s budget speech provides context and explanation for various measures announced. Go through this speech to get an idea of the rationale behind the budget.
5. Focus on Major Allocations: Pay attention to major allocations for different sectors such as agriculture, health, education, and infrastructure. Understand the rationale behind these allocations and their expected impact on the Indian economy.
6. Assess the Impact on Different Sectors: Analyze how the budget's provisions will affect different sectors of the economy, such as agriculture, banking, infrastructure, etc. This will help you evaluate the budget's overall impact and its implications.
7. Make Notes : While reading the budget, make detailed notes on important points. Highlight key schemes, data, policy measures, and their expected outcomes for quick revision before the exam.
8. Expert Insight: Regularly follow news reports, expert analyses, and discussions on the Union Budget 2024 . This will help in developing a well-rounded understanding of Union Budget 2024 for UPSC.

Previous Year’s UPSC Questions from Union Budget

Questions from Union Budget in the UPSC Prelims exam:

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1. Defense -expenditure
2. Interest payments
3. Salaries and pensions
4. Subsidies

1. 1 only
2. 2 and 3 only
3. 1, 2, 3 and 4
4. None

Questions from Union Budget in the UPSC Mains exam: