Which one of the following statements with regard to the Union Budget

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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 ?

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
This question was previously asked in
UPSC CAPF – 2015
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The statement “Allocation in defence sector is kept unchanged at around 5 % of GDP” is NOT correct.
Defence allocation as a percentage of India’s GDP has typically been in the range of 2-2.5% in the years surrounding 2015-2016, not around 5%. A figure of 5% of GDP for defence spending would represent a significant portion of the national economy.
The Union Budget 2015-2016 did propose the introduction of the India Financial Code, the institution of a Student Financial Aid Authority, and generally maintained personal income tax rates with some adjustments to deductions and surcharges. The defence budget allocation, while a large absolute figure, was significantly less than 5% when measured as a proportion of GDP.

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