UPSC Prelims Practice Questions — Debating Budget 2026 as turning point or tinkering

Question 1

The Income-tax Act, 2025, which came into force on 1 April 2026 following the Union Budget 2026-27, replaces an Income-tax Act originally enacted in which year?

Accepted Answer

1961

Answer

1922

Answer

1947

Answer

1986

Question 2

Which Free Trade Agreement, whose negotiations concluded in January 2026, was characterised as India's most strategic trade partnership and covers 99.5% of trade value across EU tariff lines?

Accepted Answer

India–EU Free Trade Agreement

Answer

India–UK Comprehensive Economic and Trade Agreement

Answer

India–EFTA Trade and Economic Partnership Agreement

Answer

India–Australia Economic Cooperation and Trade Agreement

Question 3

In the Biopharma SHAKTI initiative announced in the Union Budget 2026-27, the acronym 'SHAKTI' stands for:

Accepted Answer

Strategy for Healthcare Advancement through Knowledge, Technology and Innovation

Answer

Scheme for Healthcare Access, Knowledge, Treatment and Immunisation

Answer

Sustainable Health and Affordable Knowledge-driven Therapeutic Innovation

Answer

Strategic Healthcare Action for Knowledge Transfer in Industry

Question 4

Under the Biopharma SHAKTI scheme proposed in Union Budget 2026-27, how many new National Institutes of Pharmaceutical Education and Research (NIPER) are to be established?

Accepted Answer

3

Answer

5

Answer

7

Answer

10

UPSC Prelims Practice Questions — Debating Budget 2026 as turning point or tinkering

Q1. The Income-tax Act, 2025, which came into force on 1 April 2026 following the Union Budget 2026-27, replaces an Income-tax Act originally enacted in which year?

Q2. Which Free Trade Agreement, whose negotiations concluded in January 2026, was characterised as India's most strategic trade partnership and covers 99.5% of trade value across EU tariff lines?

Q3. In the Biopharma SHAKTI initiative announced in the Union Budget 2026-27, the acronym 'SHAKTI' stands for:

Q4. Under the Biopharma SHAKTI scheme proposed in Union Budget 2026-27, how many new National Institutes of Pharmaceutical Education and Research (NIPER) are to be established?