Which one of the following statements with regard to the Union Budget of India for the year 2015 201...........

Indian Economic System Budgeting and Fiscal policy

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Which one of the following statements with regard to the Union Budget of India for the year 2015-2016 is not correct?

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CAPF 2015 Paper-1

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India Financial Code to be introduced soon in the Parliament India Financial Code to be introduced soon in the Parliament

Allocation in defence sector is kept unchanged at around 5 % of GDP

A Student Financial Aid Authority will be instituted

No change in the rate of personal income tax

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Explanation:

Government increased the defence budget by 9.87 per cent to Rs 2.46 lakh crore for the next fiscal as compared to the revised estimates of Rs 2.22 lakh crore for 2014-15 as it pushes ‘Make in India’ initiative to curtail over-dependence on imports.