Things related to Budget 2023-24 that will be useful in the exam: From GDP to budget terminology, understand how to prepare for civil services in 7 questions

Budget 2023-24 has arrived. I Vijender Chauhan (Panel Head – Drishti IAS, Mock Test) is telling you what questions related to this budget can be asked in civil services and other competitive exams. I am telling you the general knowledge of the work of the students from the entire budget in question and answer. 7 questions and their answers that can win you in competitive exams.

Question-1: How can you understand the budget 2023-24? Which items of use to the students will be found out of this?
Answer: For this, first of all see the brief budget which has been uploaded on India.gov.in. It has been prepared by the Ministry of Finance. This is a summary of about 19 pages. It will be easy to understand as this summary is explained in infographics. If you are preparing for exams, infographics are a better way to remember things.

Which are macro figures like, GDP growth rate, total revenue estimate, total expenditure estimate, these summaries will be found on the starting page only. This is not a difficult part. The thing that has to be kept in mind is that which new schemes and which new method the government has brought in this budget.

Question-2: The word Saptarishi has been used repeatedly in the budget. what is this? How to understand it?
Answer: For the Budget 2023-24, the key word which is going to be used in almost every examination throughout the year is Saptarshi. Do you know what this Saptarshi is? It has been told on the opening page of the budget summary itself that these 7 main pillars are going to be there in Amritkal. This is the main stem around which the entire budget will appear.

These seven different components are important. How the budget is woven around it is also going to be important for you from exam point of view.

Question-3: Is there anything for the students in this budget or not?
Answer: In the context of education, when the Finance Minister touched the part of education. As far as figures are concerned, there has been no significant change in the share spent by the government. There was talk of 1.4 to 2.1% GDP in the health sector. While the change in the field of education is not that much. The expenditure on education was 2.8% of GDP last year and is 2.9 this year. This is not a huge change. Is there going to be a big change in the field of education officially? So it is not going to happen because the Finance Minister has not given any such assurance.

The announcements made by the Finance Minister in two areas can be seen to be making a difference. Out of these two places, in the field of health, he said that nursing colleges and new government medical colleges have been opened, nursing colleges will also be opened there. It is natural that it is a good step but it does not seem to make any big difference in the short term. You can understand that nursing colleges will be established, students will take admission in them and then they will become nurses, so it is going to take time.

Do not expect that any major change is going to be seen in the year 23-24. Second one keyword is most important for any examinee to catch. If you see the entire budget speech, you will find that the use of the word education in the story of this budget is less than before. The universities were not named. IITs were named. The word that is being used again and again is skilling. We still see the use of skills again and again. There was talk of skill in the field of AI (Artificial Intelligence). There was talk of skilling in different components of Saptarshi.

Perhaps the government is expecting that instead of jobs, the youth should work on their own jobs or on other new jobs coming up in the private sector. It is definitely that in Eklavya School it was announced on a very large scale that new teachers would be appointed. Apart from this, no major indications have been received from the budget speech of the Finance Minister for the increase in government jobs.

Question-4: Being a teacher, how many numbers would you give to the budget?
Answer: Basically, if you ask as a teacher on the field of education, then I am not very excited about education in this budget, but a little disappointed. Being a teacher, I would not give more than four or five marks out of 10 to this budget. Will be very excited so let’s say 5. This is not the opinion of the economist. This is the opinion of the teacher who has to meet the examinees daily. On their dear examinees who will give PSC, UPSC or other exams, what should they choose from this budget.

Question-5: Why is the budget made? In which part of the constitution is it mentioned?
Answer: Part 5 of the Indian Constitution deals with the Financial Procedure, in which Article 112 is an Article of the Constitution which states that it shall be the responsibility of the Executive. Here executive means the cabinet and the finance minister presents the budget on behalf of the cabinet. Earlier, you would remember that the Railway Minister used to present a separate budget. This is also an important historical fact from the examination point of view.

However, the word budget is not used in the constitution. The Constitution talks about Annual Financial Statement in Article 112 i.e. annual financial statement details. The Annual Financial Statement is presented to the Parliament under Article 112. Then you should be aware of all the sections and sub-sections of Article 112. that’s important. Usually you must have read about it in school or later. But why? If you are preparing for PSC exam, if you are preparing for UPSC, IAS then Why component also becomes important. For prelims exam as well as for mains exam. Under this provision, there is a thing called budget, under which the estimates of the financial years are presented.

Question-6: Into how many parts is the budget divided?
Answer: It is divided into two forms – Part A and Part B. Under Part A, it is told how the expenditure will be done. Under Part B, it is told from where the money will come. You should have clarity on this static part. You should prepare well for the conceptual part of it. What are the expenditures which are based on the consolidated fund of India? What are the expenses, which are introduced in the House for other expenses under Legislature.

Second, it is also necessary to be clear that the executive is primarily responsible to the Lok Sabha and secondly to both the Houses for all its financial matters. This is the basic principal of any parliamentary democracy.

Question-7: What is the process of presenting the budget? What are the things to keep in mind for Civil Services Exam?
Answer: The budget process is first presented with the Economic Review. In this way the Members of Parliament and the general public get a rough estimate. It is also known that how much revision has been expected in the previous estimate.

You should have complete knowledge of the terminology related to the two parts of the budget mentioned earlier. For example, you should know what is financial loss? What is revenue deficit, you must have this information. You should have complete knowledge of their concepts. You definitely need to know what the different terminologies associated with it are. You should also know what is GDP? What is FTI? You should know what is the balance update, what will be the deficit of revenue account, what will be the deficit of current account. If this information is not there, collect it because it is important. This information is easily available as it is static.

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