How to Read Union Budget 2024 for UPSC?
It is essential to read the Union Budget 2024 for UPSC exam preparation. Learn how to effectively read the Union Budget 2024 for UPSC exams here.
Deeksha Dixit22 Jul, 2024
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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.
The Union Budget outlines the government's revenue and expenditure for the upcoming financial year and reflects on key policies. While the Interim Budget for 2024-25 was presented on February 1, 2024, the full Union Budget 2024 will be presented on July 23, 2024 , in the Parliament and aspirants must have a good understanding of this document. Read on for the right approach to reading Union Budget 2024 for UPSC.About Union Budget 2024
According to Article 112 of the Indian Constitution, “the President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year, referred to as the ‘Annual Financial Statement’. ” This Annual Financial Statement is popularly known as the Union Budget . The Union Budget 2024 will present a comprehensive financial statement for the fiscal year 2024-25 detailing the government's projected revenue and planned expenditure. Generally, the budget is divided into two parts: the Revenue Budget and the Capital Budget. The diagram below shows the components of the Union Budget . The Revenue Budget includes the government's revenue receipts and expenditures, while the Capital Budget focuses on capital receipts and payments. The Union Budget is crucial to have a comprehensive overview of the government's fiscal policies, taxation proposals, and spending priorities. A quick summary and Union Budget PDF Download link will be available here soon.
Importance of Union Budget 2024 for UPSC Exam
The Union Budget 2024 will be significant for several reasons. First, direct questions from Budget will be asked in the UPSC Prelims, Mains, and Interview stages . Second, information from the Union Budget can be used to enrich answers in UPSC Mains and Interviews. Here are some key reasons to read this document:- 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.
Tips to Read Union Budget 2024 for UPSC
While the Union Budget is quite important, not every part is relevant from the UPSC exam perspective. To effectively read and analyze the Union Budget 2024 for UPSC preparation, follow these tips:- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
Candidates go through previous year's questions to get an idea of the approach to Union Budget 2024 for UPSC.Questions from Union Budget in the UPSC Prelims exam:
1) Which one of the following is likely to be the most inflationary in its effects? (2013) (a) Repayment of public debt (b) Borrowing from the public to finance a budget deficit (c) Borrowing from the banks to finance a budget deficit (d) Creation of new money to finance a budget deficit 2) With reference to the Union Budget, which of the following is/are covered under Non-Plan Expenditure? (2014)- Defense -expenditure
- Interest payments
- Salaries and pensions
- Subsidies
- 1 only
- 2 and 3 only
- 1, 2, 3 and 4
- None
Questions from Union Budget in the UPSC Mains exam:
Q.1) Distinguish between Capital Budget and Revenue Budget. Explain the components of both these Budgets. [150 Words - 10 Marks] (2021) Q.2) The public expenditure management is a challenge to the Government of India in context of budget making during the post-liberalization period. Clarify it. [250 Words - 15 marks] (2019) Q.3) Comment on the important changes introduced in respect of the Long-term Capital Gains Tax (LCGT) and Dividend Distribution Tax (DDT) in the Union Budget for 2018-2019. [150 Words - 10 Marks] (2018) The Union Budget 2024 will be discussed in detail for the UPSC exam by PW OnlyIAS experts. Enroll in top UPSC courses now!| UPSC Related Articles | ||
| UPSC GS 3 Syllabus | UPSC Optional Subject | UPSC Syllabus 2024 |
| UPSC Mains Exam Pattern 2024 | UPSC Scholarship Test 2024 | UPSC Result 2024 |
Union Budget 2024 for UPSC FAQs
Is it necessary to read the Union Budget 2024 for UPSC?
Yes, it is essential as questions related to the Union Budget are frequently asked in UPSC Prelims, Mains, and Interviews.
Where can we find the Union Budget 2024 PDF for UPSC?
The Union Budget 2024 can be read from the official government website ‘indiabudget.gov.in’ and a summarized PDF will be available at ‘https://pwonlyias.com/’.
Which year budget is important for the UPSC Mains Exam 2024?
The Interim Budget 2024 & upcoming Union Budget 2024-25 is important for the UPSC Mains Exam 2024.
What is the significance of Union Budget 2024 for UPSC Mains 2024?
The Union Budget 2024 is significant for UPSC Mains as it provides crucial data and insights for GS Paper 3 and optional subjects like Economics.
Are questions from the Union Budget directly asked in UPSC Prelims?
Yes, questions from the Union Budget are directly asked in the UPSC Prelims exam.
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