BANKING AFFAIRS

Detailed explanation-1: -3 lakh crore. The Finance Minister, Shri Piyush Goyal pointed-out that domestic air traffic passengers have doubled during the last five years, leading to large number of jobs also being created. The number of operational airports has crossed 100 with the commissioning of the Pakyong airport in Sikkim.

Detailed explanation-2: -Expenditure: The government proposes to spend Rs 27, 86, 349 crore in 2019-20, which is 13.4% above the revised estimate of 2018-19. Receipts: The receipts (other than net borrowings) are expected to increase by 14.2% to Rs 20, 82, 589 crore, owing to higher estimated revenue from corporation tax and dividends.

Detailed explanation-3: -The Indian government’s main source of income is from Goods and Services Tax (GST) and income tax.

Detailed explanation-4: -6. What is the biggest item of government expenditure in budget 2019-20? Explanation: In 2019-20, the biggest item of government expenditure is Share of the states in taxes and fees. The Central Government has to spend 23% of its total expenditure in the form of ‘taxes and fees’.

Detailed explanation-5: -Union Budget 2019-20 India Date: The Union Budget for the financial year 2019-20 will be presented on July 5 by Nirmala Sitharaman, becoming the first full-time woman finance minister (and the second woman ever) to present the Union Budget in Parliament.