GK and Current Affair 22nd July 2024
Budget 2024: Key Details and Expectations
Date and Presentation:
Presentation Date: July 23, 2024
Key Timing: Finance Minister Nirmala Sitharaman will start her budget speech at 11:00 AM.
Historical Context: This will be Nirmala Sitharaman’s seventh consecutive Budget presentation, surpassing the record of former Prime Minister Morarji Desai, who presented five consecutive full Budgets and one interim Budget between 1959 and 1964.
Parliament Session:
The Monsoon Session of Parliament began on July 22, 2024, and will run until August 12, 2024.
The focus will be on July 23 to see how the Budget addresses the country’s economic needs and aspirations.
Key Focus Areas:
1.Capital Expenditure and Infrastructure:
The Budget is anticipated to announce record capital expenditure.
Strong emphasis will be placed on the development of roadways and the Indian Railways.
This effort is part of a broader strategy to boost infrastructure development across the country.
2.Income Tax Relief:
Expectations are high for changes in the income tax regime, especially for salaried taxpayers and the middle class.
The new income tax regime, which is now the default regime, might see adjustments to provide additional relief.
Experts suggest that the exemption limit could be increased to Rs 5 lakh.
Strategic Vision:
The Budget will align with the Viksit Bharat 2047 Vision, aiming to maintain fiscal prudence while addressing key economic sectors.
Significance:
This Budget will be closely watched to understand how it plans to navigate the economic challenges and leverage opportunities for growth and development in the coming years.
Summary
Nirmala Sitharaman’s seventh consecutive Budget presentation will be a historic event, focusing on significant areas like infrastructure development and tax relief. With expectations high, this Budget aims to set the stage for India’s economic policies aligned with the vision of a developed India by 2047.
Here are 10 important MCQs with answers about the upcoming Budget presentation on July 23, 2024
1.Who will present the Budget on July 23, 2024?
A. Prime Minister Narendra Modi
B. Finance Minister Nirmala Sitharaman
C. Former Finance Minister Arun Jaitley
D. President Ram Nath Kovind
Answer: B. Finance Minister Nirmala Sitharaman
2.At what time will the Finance Minister start her Budget speech on July 23, 2024?
A. 9:00 AM
B. 10:00 AM
C. 11:00 AM
D. 12:00 PM
Answer: C. 11:00 AM
3.How many consecutive Budget presentations has Nirmala Sitharaman delivered, including this one?
A. Five
B. Six
C. Seven
D. Eight
Answer: C. Seven
4.Which former Prime Minister did Nirmala Sitharaman surpass in terms of consecutive Budget presentations?
A. Jawaharlal Nehru
B. Indira Gandhi
C. Manmohan Singh
D. Morarji Desai
Answer: D. Morarji Desai
5.When did the Monsoon Session of Parliament begin in 2024? A. July 21
B. July 22
C. July 23
D. July 24
Answer: B. July 22
6.What is one of the key focus areas of the Budget to be presented on July 23, 2024?
A. Defense Spending
B. Capital Expenditure and Infrastructure
C. Foreign Relations
D. Education Reform
Answer: B. Capital Expenditure and Infrastructure
7.What specific infrastructure sectors are expected to receive strong emphasis in the Budget?
A. Airports and Seaports
B. Roadways and Indian Railways
C. Telecommunication and Internet
D. Healthcare and Education
Answer: B. Roadways and Indian Railways
8.What potential change is expected in the income tax regime for salaried taxpayers?
A. Introduction of a new tax slab
B. Removal of all tax exemptions
C. Increase in the exemption limit to Rs 5 lakh
D. Reduction in the highest tax rate
Answer: C. Increase in the exemption limit to Rs 5 lakh
9.Which strategic vision will the Budget align with?
A. Swachh Bharat Abhiyan
B. Make in India
C. Viksit Bharat 2047 Vision
D. Digital India
Answer: C. Viksit Bharat 2047 Vision
10.Until when will the Monsoon Session of Parliament run?
A. August 10, 2024
B. August 11, 2024
C. August 12, 2024
D. August 13, 2024
Answer: C. August 12, 2024
23rd July 2024
Budget 2024: Abolition of Angel Tax to Support Indian Startups
Key Announcement:
Union Finance Minister: Nirmala Sitharaman
Context: Seventh consecutive Budget presentation in Parliament
Proposal: Abolish the Angel Tax
Objective:
Support Startups: To bolster the Indian startup ecosystem
Encourage Innovation: Boost the entrepreneurial spirit and support innovation
What is Angel Tax?
Legislative Provision: Under Section 56(2)(viib) of the Income Tax Act, 1961
Definition: Classifies investments received by startups from external investors as “income from other sources”
Tax Rate: 30%
Impact of Angel Tax on Startups:
Financial Burden: Adds a tax burden on young startups with limited funds
Valuation Disputes: Taxing premiums above “fair market value” can lead to disputes with tax authorities
Deters Investment: Extra tax liability can stifle innovation and growth by discouraging investment
Reactions from Startup Community:
Prateek Jain (Associate Director, Startup and Alliances, Alliance of Digital India Foundation):
Describes the abolition as a “game-changer”
Removes a significant barrier hindering growth and investment in startups
Fosters a more vibrant and dynamic startup ecosystem
Ashish Singhal (Co-founder, Lemonn and CoinSwitch):
Welcomes the Union Budget 2024-25 as pro-development
Thrilled by the abolition of Angel Tax
Believes it will significantly bolster the entrepreneurial ecosystem in India
Emphasizes the benefit to tech startups focused on developing population-scale apps
Broader Implications:
Digital Public Infrastructure: The budget’s emphasis on this area will benefit tech startups
Digitalization of the Economy: Expected to support tech innovation and entrepreneurship
This announcement aims to remove financial barriers for startups, making it easier for them to secure investments and focus on innovation and growth. The move is expected to foster a more conducive environment for startups and boost the overall entrepreneurial spirit in India.
Here are 20 important MCQs about the topic “Budget 2024: Abolition of Angel Tax to Support Indian Startups”:
1.Who presented the Union Budget 2024?
A) Piyush Goyal
B) Nirmala Sitharaman
C) Arun Jaitley
D) Rajnath Singh
Answer: B) Nirmala Sitharaman
2.How many consecutive budgets has Nirmala Sitharaman presented, including the 2024 budget?
A) Five
B) Six
C) Seven
D) Eight
Answer: C) Seven
3.What significant tax was abolished in the Union Budget 2024?
A) Income Tax
B) Corporate Tax
C) Goods and Services Tax
D) Angel Tax
Answer: D) Angel Tax
4.Under which section of the Income Tax Act was Angel Tax legislated?
A) Section 56(2)(viib)
B) Section 45(2)(iii)
C) Section 12(1)(a)
D) Section 80C
Answer: A) Section 56(2)(viib)
5.What percentage was the Angel Tax before its abolition?
A) 20%
B) 25%
C) 30%
D) 35%
Answer: C) 30%
6.What is the primary objective of abolishing the Angel Tax?
A) Increase government revenue
B) Support the Indian startup ecosystem
C) Reduce corporate taxes
D) Increase exports
Answer: B) Support the Indian startup ecosystem
7.Which issue did the Angel Tax often lead to for startups?
A) Overregulation
B) Valuation disputes
C) Import tariffs
D) Licensing problems
Answer: B) Valuation disputes
8.Who described the abolition of Angel Tax as a “game-changer”?
A) Ashish Singhal
B) Prateek Jain
C) Nirmala Sitharaman
D) Rajnath Singh
Answer: B) Prateek Jain
9.Which co-founder of Lemonn and CoinSwitch welcomed the abolition of Angel Tax?
A) Ritesh Agarwal
B) Vijay Shekhar Sharma
C) Ashish Singhal
D) Kunal Shah
Answer: C) Ashish Singhal
10.The abolition of Angel Tax is expected to benefit startups in which sector?
A) Manufacturing
B) Agriculture
C) Technology
D) Real Estate
Answer: C) Technology
11.What does the abolition of Angel Tax aim to remove for startups?
A) Regulatory hurdles
B) Financial barriers
C) Employment restrictions
D) Import duties
Answer: B) Financial barriers
12.What is the impact of Angel Tax on young startups?
A) Increases government support
B) Reduces financial burden
C) Adds a tax burden
D) Enhances market value
Answer: C) Adds a tax burden
13.Which digital area is emphasized in the budget alongside the abolition of Angel Tax?
A) Digital payments
B) Digital Public Infrastructure
C) Digital marketing
D) Digital banking
Answer: B) Digital Public Infrastructure
14.What broader economic impact is expected from the abolition of Angel Tax?
A) Increase in import tariffs
B) Boost in startup investments
C) Reduction in corporate taxes
D) Increase in employment regulations
Answer: B) Boost in startup investments
15.The abolition of Angel Tax is expected to:
A) Decrease innovation
B) Stifle growth
C) Encourage investment
D) Increase tax disputes
Answer: C) Encourage investment
16.How did Prateek Jain describe the abolition of Angel Tax?
A) A financial disaster
B) A minor change
C) A significant barrier removal
D) An unnecessary move
Answer: C) A significant barrier removal
17.What type of startups are specifically mentioned to benefit from this budget?
A) Manufacturing startups
B) Agricultural startups
C) Tech startups
D) Retail startups
Answer: C) Tech startups
18.Which tax was classified under “income from other sources” for startups?
A) Goods and Services Tax
B) Corporate Tax
C) Angel Tax
D) Import Duty
Answer: C) Angel Tax
19.What is one of the reactions from the startup community to the abolition of Angel Tax?
A) Indifference
B) Strong opposition
C) Welcome and support
D) Neglect
Answer: C) Welcome and support
20.What is the expected broader implication of the budget’s emphasis on digital public infrastructure?
A) Increase in traditional businesses
B) Support for tech innovation and entrepreneurship
C) Decline in the tech industry
D) Focus on non-digital sectors
Answer: B) Support for tech innovation and entrepreneurship
Sports
23rd July 2024
In the Women’s Asia Cup T20 2024, India defeated Nepal by 82 runs to secure a spot in the semifinals. The match was held at the Rangiri Dambulla International Stadium in Dambulla on July 23, 2024.
Match Highlights:
Innings Summary:
India’s Batting:
India won the toss and elected to bat first.
Smriti Mandhana chose to sit out the batting innings to allow other players to get time in the middle.
Shafali Verma played a standout innings, scoring 81 off 48 balls with a strike rate of 168.75.
Dayalan Hemalatha contributed with a career-best 47 off 42 balls.
Jemimah Rodrigues provided a quick 15-ball 28.
India posted a total of 178/3 in 20 overs.
Nepal’s Bowling:
Nepal’s spinners managed to contain India’s scoring towards the end.
Sajana struggled with her line and length, conceding 10 runs.
Nepal’s Chase:
Nepal’s Batting:
Nepal’s innings started with Samjhana Khadka and Sita Rana Magar opening.
Arundhati Reddy struck early, clean bowling Samjhana in the second over.
Renuka Singh Thakur dismissed Kabita Kunwar.
Skipper Indu Barma, opener Sita Magar, and Rubina Chhetri managed to put some runs on the board.
However, Nepal’s batting lineup struggled overall, with Radha Yadav and Deepti Sharma leading India’s bowling attack.
India’s Bowling:
Deepti Sharma starred with three wickets.
Radha Yadav picked up two wickets.
Arundhati Reddy and Renuka Singh Thakur also contributed with key wickets.
Nepal ended their innings at 96/9 in 20 overs, falling short of the target by 82 runs.
Key Moments:
Shafali Verma’s aggressive batting set the tone for India’s innings.
Dayalan Hemalatha’s support with a steady innings helped build a strong total.
Deepti Sharma and Radha Yadav’s bowling performances were instrumental in dismantling Nepal’s batting lineup.
Group A Outcome:
India topped Group A with three wins in as many matches.
Pakistan finished as the runners-up in Group A, both teams advancing to the semifinals.
Additional Notes:
Skipper Harmanpreet Kaur and Pooja Vastrakar were rested for this match.
Arundhati Reddy and Sajeevan Sajana replaced them in the playing XI.
This match marked the second encounter between India and Nepal in Women’s T20 history, with India maintaining their dominance.
This comprehensive performance by India not only ensured their semifinal berth but also highlighted their strength and depth in both batting and bowling as they prepare for the upcoming challenges in the tournament.
Here are 20 important MCQs about the topic “In the Women’s Asia Cup T20 2024, India defeated Nepal by 82 runs to secure a spot in the semifinals”:
1.Where was the Women’s Asia Cup T20 2024 match between India and Nepal held?
A) Eden Gardens
B) Rangiri Dambulla International Stadium
C) Wankhede Stadium
D) Lord’s Cricket Ground
Answer: B) Rangiri Dambulla International Stadium
2.On which date was the match between India and Nepal played?
A) July 20, 2024
B) July 21, 2024
C) July 22, 2024
D) July 23, 2024
Answer: D) July 23, 2024
3.Who won the toss in the match between India and Nepal?
A) Nepal
B) India
Answer: B) India
4.Which Indian player scored the highest runs in the match?
A) Jemimah Rodrigues
B) Smriti Mandhana
C) Shafali Verma
D) Dayalan Hemalatha
Answer: C) Shafali Verma
5.How many runs did Shafali Verma score in the match?
A) 47
B) 81
C) 28
D) 50
Answer: B) 81
6.What was India’s total score in their innings?
A) 150/3
B) 178/3
C) 160/4
D) 140/5
Answer: B) 178/3
7.Who contributed with a career-best 47 runs for India?
A) Smriti Mandhana
B) Jemimah Rodrigues
C) Dayalan Hemalatha
D) Harmanpreet Kaur
Answer: C) Dayalan Hemalatha
8.How many wickets did Deepti Sharma take in the match?
A) 1
B) 2
C) 3
D) 4
Answer: C) 3
9.Which Nepalese bowler struggled with her line and length, conceding 10 runs?
A) Sita Rana Magar
B) Sajana
C) Indu Barma
D) Rubina Chhetri
Answer: B) Sajana
10.What was Nepal’s final score at the end of their innings?
A) 82/8
B) 100/9
C) 96/9
D) 75/9
Answer: C) 96/9
11.Which Indian bowler clean bowled Samjhana Khadka in the second over?
A) Radha Yadav
B) Arundhati Reddy
C) Renuka Singh Thakur
D) Deepti Sharma
Answer: B) Arundhati Reddy
12.How many runs did Jemimah Rodrigues score in her quick-fire innings?
A) 15
B) 20
C) 25
D) 28
Answer: D) 28
13.Which two Indian players were rested for this match?
A) Harmanpreet Kaur and Pooja Vastrakar
B) Shafali Verma and Radha Yadav
C) Smriti Mandhana and Jemimah Rodrigues
D) Deepti Sharma and Renuka Singh Thakur
Answer: A) Harmanpreet Kaur and Pooja Vastrakar
14.Who replaced Harmanpreet Kaur and Pooja Vastrakar in the playing XI?
A) Shafali Verma and Radha Yadav
B) Arundhati Reddy and Sajeevan Sajana
C) Smriti Mandhana and Jemimah Rodrigues
D) Deepti Sharma and Renuka Singh Thakur
Answer: B) Arundhati Reddy and Sajeevan Sajana
15.Who was the standout bowler for India with two wickets?
A) Deepti Sharma
B) Radha Yadav
C) Arundhati Reddy
D) Renuka Singh Thakur
Answer: B) Radha Yadav
16.Which two teams advanced to the semifinals from Group A?
A) India and Sri Lanka
B) India and Pakistan
C) Nepal and Bangladesh
D) Sri Lanka and Pakistan
Answer: B) India and Pakistan
17.How many runs did India win by?
A) 72 runs
B) 80 runs
C) 82 runs
D) 90 runs
Answer: C) 82 runs
18.Which Nepalese players managed to put some runs on the board despite the loss?
A) Sita Magar and Rubina Chhetri
B) Indu Barma and Kabita Kunwar
C) Samjhana Khadka and Sajana
D) Samjhana Khadka and Indu Barma
Answer: A) Sita Magar and Rubina Chhetri
19.Who was the standout performer for India in terms of aggressive batting?
A) Harmanpreet Kaur
B) Smriti Mandhana
C) Shafali Verma
D) Jemimah Rodrigues
Answer: C) Shafali Verma
20.What was the result of this match for India’s position in Group A?
A) India finished second
B) India topped Group A
C) India was eliminated
D) India finished third
Answer: B) India topped Group A
