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Schemes — Current Affairs Questions & Practice

Practise 8 Schemes questions from Current Affairs for competitive exams such as UPSC, Banking, SSC and Railway. Read the worked questions below, check every answer with an explanation, and track what you get wrong.

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Practice questions on Schemes — with answers

Try each question first, then open the answer. Explanations are included.

1. On which date was the Union Budget 2026-27 presented by Finance Minister Nirmala Sitharaman?

A1 February 2026
B1 February 2025
C1 March 2026
D31 January 2026

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Answer: A

The Union Budget 2026-27 was presented on 1 February 2026, with focus on manufacturing, MSMEs, infrastructure, services, and balanced regional development.

2. What is the fiscal deficit target (Budget Estimate) set in the Union Budget 2026-27?

A4.3% of GDP
B3.5% of GDP
C5.1% of GDP
D6.4% of GDP

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Answer: A

The Union Budget 2026-27 set a fiscal deficit target of 4.3% of GDP, with debt-to-GDP estimated to improve to 55.6%.

3. India's overhauled GST structure, dubbed 'GST 2.0', became effective from which date, abolishing the 12% and 28% slabs?

A22 September 2025
B1 July 2025
C1 April 2026
D1 January 2026

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Answer: A

GST 2.0, effective from 22 September 2025, abolished the 12% and 28% slabs, leaving a simplified 5%/18%/40% structure.

4. Under GST 2.0 (effective September 2025), what is the new top 'sin/luxury goods' tax slab?

A40%
B28%
C35%
D50%

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Answer: A

GST 2.0 introduced a new structure of 5% (essentials), 18% (standard), and 40% (sin/luxury goods), replacing the earlier 12% and 28% slabs.

5. India's four consolidated Labour Codes (Wages; Industrial Relations; Social Security; Occupational Safety, Health and Working Conditions) came into effect on which date?

A21 November 2025
B1 April 2026
C26 January 2026
D1 July 2025

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Answer: A

The four Labour Codes, consolidating 29 central labour laws, came into effect on 21 November 2025.

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Schemes — Current Affairs Questions & Practice

Practice questions on Schemes — with answers

1. On which date was the Union Budget 2026-27 presented by Finance Minister Nirmala Sitharaman?

2. What is the fiscal deficit target (Budget Estimate) set in the Union Budget 2026-27?

3. India's overhauled GST structure, dubbed 'GST 2.0', became effective from which date, abolishing the 12% and 28% slabs?

4. Under GST 2.0 (effective September 2025), what is the new top 'sin/luxury goods' tax slab?

5. India's four consolidated Labour Codes (Wages; Industrial Relations; Social Security; Occupational Safety, Health and Working Conditions) came into effect on which date?

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