people towards improved health and education levels. Statement 2 is incorrect. Statement 2 is correct. The Indian Energy Exchange recently launched the, GTAM on its power trading platform after receiving approval from the Central Electricity, The market will offer trade in four types of green term-ahead contracts -Green Intra-day, contracts, Day-ahead Contingency contracts, Daily Contracts and Weekly contracts. In addition, “Tourism Statistics at a Glance” is also brought out, giving updated and latest key statistical data.Statement 1 is correct. Survey of India shall work as the technology partner for implementation.Statement 2 is correct. Consider the following statements regarding the Directorate General of Foreign Trade (DGFT) organization:1. This was later extended by another three months to August 31. Statement 1 is incorrect. The Second National Family Health Survey (NFHS-2) was conducted in 1998-99 The Third National Family Health Survey (NFHS-3) was carried out in 2005-2006.The 2015-16 National Family Health Survey (NFHS-4), the fourth in the NFHS series, provides information on population, health, and nutrition for India and each state and union territory. –Three persons to be appointed by the Central Government—Members. Fiscal consolidation is one of the objectives of India's economic policy. The Pension Fund Regulatory and Development Authority (PFRDA)’s National Pension scheme (NPS) is an easily accessible, low cost, tax-efficient, flexible and portable retirement account.— From 1st January 2004, the Central and the State Governments have adopted this scheme for new employees except for armed forces.–.NPS was extended to Corporate Sector from 2009 onwards and it provides platform for Corporates to make co-contribution in NPS accounts of their subscribers or facilitate them to make their own contributions for their NPS accounts. Production Linked Incentive Scheme (PLI)2. Option 3 is incorrect. Reserve Bank of India in its monthly bulletin stated that India has entered a technical recession in the first half of 2020-21 for the first time in its history with Q2:2020- 21 likely to record the second successive quarter of GDP contraction.A technical recession is a term used to describe two consecutive quarters of decline in output. It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).2. This test is Rated positive by 92% students preparing for UPSC.This MCQ test is related to UPSC syllabus, prepared by UPSC teachers. Consider the following statements regarding the Core sector of the economy:1.Eight Core Industries comprise more than half of the weight of items included in the Index of Industrial Production (IIP).2.Refinery Products has the highest weightage in the Index of Eight Core Industries.Which of the statements given above is/are correct? are also kept outside the purview of GST in India.At present, electricity is not subject to GST and power companies pay multiple taxes on capital goods and other inputs like excise duty, customs duty etc. Maintaining confidence in monetary and exchange rate policies.2. Post liberalization in the early nineties there was a paradigm shift from a regime of command and control to a facilitating regime with increased reliance on market forces.It also led to the enactment of the Competition Act 2002 and establishment of the Competition Commission of India to lay the foundation of a competition ecosystem in the country. Its highest growth since Independence. –There is a provision for a National Coastal and Inland Shipping Strategic Plan. What is the theme of the Economic Survey 2020-2021 ? Statement 1 is correct. The pan India GTAM benefits buyers of Renewable Energy through competitive prices, Free electricity connections to all households in rural areas and poor families in urban, Solar Photovoltaic (SPV) based standalone system for un-electrified households located in, Beneficiary households under the scheme are identified using Socio Economic and Caste. CII for 2020-21 has been notified at 301. It is a scheme of the Gujarat government.Prime Minister inaugurated three projects, including Kisan Suryodaya Yojana for thefarmers in Gujarat recently.Statement 2 is correct. It introduced resident ship in place of citizenship. Which of the following would […] Prelims MCQs Quiz 8 : Economy 1. Statement 1 is correct. Consider the following statements regarding India’s GDP data: 1. In 1965, certain provisions of the Banking Regulation Act, 1949 (BR Act) were made applicable to co-operative banks. Consider the following statements regarding the Economic Census: Statement 1 is incorrect: The Economic Census is being conducted by Ministry of, Statistics and Programme Implementation (MoSPI) to provide disaggregated information on. Essential Commodities Act (ECA), 1955 was enacted to control the production, supply and distribution of, and trade and commerce in, certain goods considered as essential commodities. The projects under it lie within the State of Uttarakhand only.2. Under the NHP, a nationwide repository of water resources data – NWIC has been established. The Consumer Price Index measures the average change in prices (retail) over time that consumers pay for a basket of goods and services. When the TOT is greater than 100%, the country is accumulating more capital from exports than it is spending on imports. Efficiency, speed, interoperability, inclusivity and transparency will be at the heart of this initiative.• It will call for innovative regulatory approaches to achieve these goals and build trust.• A set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present. – Three persons to be appointed by the Central Government—Members. Which of the following resources fall under the category of Capital Goods?1. Uninterrupted and seamless chain of input tax credit is one of the key features of Goods and Services Tax.One of the most important features of the GST system is that the entire supply chain is subject to GST to be levied by Central and State Government concurrently. Which of the following correctly defines the Arakunomics model in news recently? products. Containment, fiscal, financial, and long-term structural reforms, c. Containment, Capital , financial, and short-term structural reforms, ✔️ b. It is a tool used by central bank (RBI) to increase the liquidity and bringing the money market under control.  The Scope and Objective of FEMA was mainly to amend the laws related to foreign exchange to facilitate external trade and payments and to develop the foreign exchange market in India. FERA was mainly formulated to deal with deep crunch of foreign exchange post world war II and hence was a rigid piece of legislation which have left all the businesspeople and Indian citizens at the mercy of Enforcement Directorate as violence of FERA was considered a criminal act and there were major penalties associated with it. Readers may download the each of the notes as PDF … Platform workers use an online platform to access other organizations or individuals tosolve specific problems or to provide specific services.2. To be useful for either of these purposes, the concentration of uranium-235 must be increased by separating it from uranium-238 through a process known as enrichment. With respect to World Economic Forum’s Global Gender Gap Report 2020, India has. Project Timeline: 8 years from 2016-17 to 2023-24. Union Ministry of Electronics and Information Technology recently launched “Chunauti”- Next Generation Startup Challenge Contest to further boost startups and software products with special focus on Tier-II towns of India.Statement 2 is correct. Consider the following statements regarding the Vizag-Chennai Industrial Corridor (VCIC): 1. Later Karnataka, Uttarakhand (UJVNL) and Damodar Valley Corporation (DVC) joined the DRIP.DRIP Phase II & Phase III envisages comprehensive rehabilitation of 736 existing dams located across the country.Statement 2 is correct. Consider the following statements regarding the Index of Industrial Production (IIP):1. Around 9.1% to 9.4% of the world will be affected by extreme poverty in 2020. Year + Doc Type + Doc Number. The Goods and Services Tax mechanism in India does not incorporate the ITC.Which of the statements given above is/are correct? Recently, the Cabinet Committee on Economic Affairs chaired by the Prime Minister has, approved the DRIP Phase II & Phase III with the financial assistance of the World Bank, (WB), and Asian Infrastructure Investment Bank (AIIB) to improve the safety and, operational performance of selected dams across the whole country, along with institutional. NITI Aayog proposed the National Health Stack as a digital health infrastructure at national level.2. FEMA came into act on 1st of June 2000. Such centres deal with flows of finance, financial products and services across borders. As per the Code, the central government will fix a floor wage, taking into account living standards of workers. The National Viral Hepatitis Control Program was launched by Ministry of Health and Family Welfare on the World Hepatitis Day, 28th July 2018.It is an integrated initiative for the prevention and control of viral hepatitis in India to achieve Sustainable Development Goal (SDG) 3.3 which aims to ending viral hepatitis by 2030.Statement 1 is correct. Other than this, the combine is also developing two more deep-water gas fields in KG D6 block, called the Satellites Cluster and MJ. The NIP will be completely funded from domestic resources. It for the first time in India introduced taxation on services.2. Consider the following statements regarding the recently approved ‘Natural GasMarketing Reforms’:1. Bharatmala Pariyojana is an umbrella program for the highways sector that focuses on optimizing efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps through effective interventions like development of Economic Corridors, Inter Corridors and Feeder Routes, National Corridor Efficiency Improvement, Border and International connectivity roads, Coastal and Port connectivity roads and Green-field expressways.# A multi-modal logistic park is being developed in Assam under the Bharatmala Pariyojna.Statement 2 is incorrect. Which of the following is/are dominant policy objectives of keeping forex reserves?1. National Hydrology Project (World Bank supported initiative of Ministry of Jal Shakti) is a Central Sector Scheme, with 100% grant to the States. Insolvency Professionals are a specialised cadre of licensed professionals. There have been nine revision of base year of all-India IIP since the. An increase in public healthcare spending EASE (Enhanced Access and Service Excellence) Reforms Index independently measures progress on the Public Sector Banks (PSB) Reforms Agenda.  The ADB, which prepared the concept paper, has agreed to give $500 million towards multi-tranch financing facility and policy-based loan worth $125 million. Statement 2 is correct. The Scheme was made effective from 01-07-2018 on pilot basis for a period of two years initially. 40.27 per cent weight in the Index of Industrial Production (IIP). RBI may buy securities from the market, thereby releasing liquidity into the market. The Board of Directors of the Reserve Bank of India formed a Sub-Committee of the Board to study matters and concerns in the microfinance sector insofar as they are related to the entities regulated by the Bank. The monthly GST collection has consistently been below one lakh crore rupees.2. The affiliate companies can participate in the bidding process for sale of gas.2. The all-India IIP is being released as a monthly series since 1950. The Code on Wages, 2019 prohibits gender discrimination inmatters related to wages and recruitment of employees for the same work or work of similarnature. If end users are seeing lesser money in hand than earlier, demand will certainly be impacted. Therefore, in an environment where the other factors of production are not favourable for an investor, low interest rates by themselves may not prove attractive enough. Any revival of economic activity will be contingent on joint efforts by the government on the fiscal front to stimulate demand, and the RBI, to keep interest rates low. The Bill provides for the creation of a Board of Major Port Authority for each major port. The Code on Wages 2019 prohibits gender discrimination in matters related to wages and recruitment of employees for the same work or work of similar nature. Statement 1 is correct. Project Objective is to improve the extent, quality, and accessibility of water resources information, decision support system for floods and basin level resource assessment/planning and to strengthen the capacity of targeted water resources professionals and management institutions in India. Monetary transmission is the pass-through of the RBI’s rate actions to the economy at large. 24. It acknowledges the Government’s debt obligation. Consider the following statements regarding the Direct Tax Vivad se Vishwas Act, 2020: Statement 1 is correct. Consider the following statements regarding the GST e-Invoice System:1. It is also the third largest consumer of the finished steel after China and USA. is/are correct regarding the Inequality and Growth in India? It consists of a diffusion index that summarizes whether market conditions, as viewed by purchasing managers, are expanding, staying the same, or contracting.  FEMA is more human and natural in nature and removed all kinds of restrictions on withdrawal of foreign exchange. Receipts in budget can be capital or revenue. It is horse shoe shaped, single tube double lane highway tunnel, (not railway). An increase in public healthcare spending Statement 2 is correct. Consider the following statements regarding the Major Port Authorities Bill, 2020:1. 40. All four NFHS surveys have been conducted under the stewardship of the Ministry of Health and Family Welfare (MoHFW).MoHFW designated the International Institute for Population Sciences (IIPS), Mumbai, as the nodal agency for all of the surveys.Statement 2 is correct.  The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. Singapore, Mauritius, Netherlands, Cayman Islands and USA are the top sources of FDI inflows to India.# The data source is recently released Annual Report of the Reserve Bank of India for the Year 2019-20 (Snapshot below). Similar Classes. Manufacturing sector has highest weightage in IIP calculation. The Employees’ State Insurance Act, 1948 is applicable to non-seasonal, manufacturing establishments (other than a mine subject to the operation of the Mines Act, 1952, or a railway running shed) employing 10 or more workers. 38. Answer: Household savings Public sector savings; Government revenue surpluses; Corporate savings; 3.In India, the Public Sector is most dominant in? in several of his writings, but it found this economic interpretation in his book An. India has entered into Air Bubble agreements with 10 countries viz. Which of the following is/are correctly matched? It aims to improve the extent, quality, and accessibility of water resources information, decision support system for floods. The Scheme is only applicable for target segments namely mobile phones and specified electronic components. Input Tax Credit (ITC) allows a person to avail credit of tax paid on the inward supply of goods or services or both which is used or intended to be used in the course or furtherance of business.ITC is a mechanism to avoid cascading of taxes, i.e., ‘tax on tax.Statement 2 is incorrect. ForumIAS is the only online website where quality IAS interview preparations happen. The Silver line project, sometimes seen in news is related to which of the following state? Consider the following statements regarding Consumer Price Index (CPI): The National Statistics Office coordinates the statistical activities in the, country and evolves statistical standards. In current affairs reading Editorials Online needs an in-depth focus and hence we provide a separate analysis of daily editorials which is not found in any other website. Consider the following statements regarding female Labour Force Participation Rate (LFPR) in India report by World Bank: India’s female Labour Force Participation Rate (LFPR)—the share of working-age women who report either being employed, or being available for work—has fallen to a historic low of 23.3% in 2017-18, meaning that over three out of four women over the age of 15 in India are neither working nor seeking work. 4. Who presented the Economic Survey 2020-2021 (annual document) ? Consider the following statements regarding the Circuit breakers of stock market:1. ICI measures collective and individual performance of production in selected eight core industries viz. Before fixing the floor wage, the central government may obtain the advice of the Central Advisory Board and may consult with state governments. The term “Side Pocketing” often seen in news is related to which of the following? ASI is principal source of industrial statistics in India.The Annual Survey of Industries (ASI) is the principal source of industrial statistics in India. Getting Electricity2. 2. •Countries that are classified as “developing” are allowed to export certain goods to the U.S. without being hit by punitive tariffs that are usually imposed on goods from “developed” countries.• The “developing country” status owes its origin to the U.S. Trade Act of 1974, which authorised the Generalized System of Preferences (GSP) to help poor countries develop faster.• These benefits were extended further under the World Trade Organization wherein rich countries agreed to grant trade benefits to countries that classified themselves as poor.• It is worth noting that about two-thirds of countries that are members of the WTO classify themselves as “developing” countries and avail benefits. These local governmental bodies utilize the funds raised through these bonds to finance projects for socio-economic development through building bridges, schools, hospitals, providing proper amenities to households, etc.Statement 2 is incorrect. Statement 1 is correct. Consider the following statements regarding the Doing Business Report:1. Statement 2 is correct. Consider the following statements regarding the Cost Inflation Index (CII): Statement 1 is correct.  The Mission is rolled out by Union Petroleum and Natural Gas & Steel Ministry. The theme of this edition is “India’s Energy Future in a world ofChange”.It is not an intergovernmental summit, rather the event will convene an international groupof speakers and a community of over a a thousand delegates from India and over 30countries, including from regional energy companies, energy-related industries, institutionsand governments.  Currently, the average cover given to banks by the ECGC is 60%. Cases relating to Serious Frauds, Benami Cases and International Taxation are not to be covered under the Faceless Assessment & Faceless Appeal. Indian Economy MCQ with Answer For UPSC, SSC, WBPSC Exams P13; MCQ on Indian Economy for Competitive Exam UPSC, SSC, PSC P14; Indian Economy MCQ Collected From WBCS Prelims Exams P15; Indian Economy MCQ for WBCS, UPSC, SSC CGL, RAIL P16; Economy of India Practice Set For WBCS Prelims P17; PSC Online Preparations of Indian Economy MCQs P18 Consider the following statements regarding the Kisan Suryodaya Yojana:1. Statement 1 is correct. RBI’s flexible inflation targeting places price stability, in terms of Consumer Price Index inflation, as the primary objective of the monetary policy. After the impurities are removed from the synthesis gas, the carbon monoxide in the gas, mixture is reacted with steam through the water-gas shift reaction to produce additional, hydrogen and carbon dioxide. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.Statement 2 is correct. Unrequited transfers.Select the correct answer using the codes given below: : The Balance of Payments and International Investment Position Manual (BPM6) of the International Monetary Fund (IMF) defines the Balance of Payments (BoP) as a statistical statement that summarizes economic transactions between residents and non-residents during a specific time period.The BoP, thus, includes all transactions showing:• transactions in goods, services and income between an economy and the rest of the world,• changes of ownership and other changes in that economy’s monetary gold, special drawing rights (SDRs), and financial claims on and liabilities to the rest of the world, and• Unrequited transfers. Transparent and hassle free land acquiring.2.  As per population projections by UNFPA, these five States will account for more than half of the growth in the labour force in India.  Minister also launched online web portal ‘GATI’ on the pattern of ‘PRAGATI’, the portal used by the Prime Ministers’ Office for monitoring projects. It is compiled by the Labour Bureau.2. The government has recently set up an expert committee headed by former comptroller and auditor general (CAG) Rajiv Mehrishi to assess the impact of “waiving of interest and waiving of interest on interest on the Covid-19-related moratorium” on the economy and financial stability.The Reserve Bank of India (RBI) had in March this year allowed banks to offer a three-month moratorium on principal and interest payments beginning March 1 to provide relief to borrowers hit by the Covid-19 pandemic. Which of the following constitute the ‘Public debt’ of India? Ministry of New & Renewable Energy (MNRE) is the nodal agency at the central level for promotion of grid-connected and off-grid renewable energy in the country. Consider the following statements regarding the Foreign Investments in the Defence Sector:1.  A move that has been labelled ‘anti public health’ by international humanitarian organisation Médecins Sans Frontières or the Doctors Without Borders. Valley Corporation (DVC) joined the DRIP. It determines SDR allocation to a member country. # The country’s foreign exchange reserves rose to reach a lifetime high of $542.013 billion in the week ended September 4. There is a lag of three weeks in the publication of the IIP index data after the reference month ends. Inverted duty structure (IDS) is a situation where the rate of tax on inputs used is higher than the rate of tax on the finished good. Accordingly, Parliament enacted the Contingency fund of India Act 1950. An oligopoly is a market structure in which a few firms dominate. with financial assistance from World Bank in 2011. UBI would allow care-workers to support themselves, encouraging care work within the home and relieving pressure on public services that provide care to the sick and elderly. Prelims MCQs Quiz 38 : Economy 1. The RBI had formed a committee under the chairmanship of former ICICI Bank CEO KV Kamath to make recommendations on the financial parameters to be considered in the restructuring of loans impacted by the COVID-19 pandemic. Endeavour to ensure that that the general Government debt does not exceed sixty percent and the Central Government debt does not exceed forty percent. Consider the following statements regarding Air Transport Bubbles:1. procurement. Statement 2 is correct. It allows GDP. India is the third largest steel producing country in the world after china and USA.2. UPSC IAS Prelims 2021: Topic-wise Important Questions on Economics. DRIP Phase II & Phase III envisages comprehensive rehabilitation of 736 existing dams, Statement 2 is correct. The monthly Index of Eight Core Industries (ICI) is a production volume index, measuring monthly changes in the output of industry. It provides a knowledge sharing platform for the States in renewable energy sector.Which of the statements given above is/are correct? The number of items directly retained in the index basket has increased to 463 items as against 392 items in the 2001 series. Under the Constitution of India, Labour is a subject in the Concurrent List where both the Central & State Governments are competent to enact legislation subject to certain matters being reserved for the Centre.Entry 22: Trade Unions; industrial and labour disputes.Entry 23: Social Security and insurance, employment and unemployment.Statement 2 is incorrect. 6. Cirrhosis and Hepato-cellular carcinoma (liver cancer);– Reduce the risk, morbidity and mortality due to Hepatitis A and E.Statement 2 is correct. Consider the following statements regarding the Municipal Bonds:1.It is an equity instrument issued by local governing bodies across the world.2.Lucknow Municipal Corporation has become the first urban local body in India to issue Municipal Bonds.Which of the statements given above is/are correct? Despite the COVID-19 crisis, which sector has remained a silver lining ? Reduce external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis. In a floating rate exchange system, the value of a currency constantly changes based on supply and demand in the forex market.A revaluation is a calculated upward adjustment to a country’s official exchange rate relative to a chosen baseline, such as wage rates, the price of gold, or a foreign currency. These professionals administer the resolution process, manage the assets of the debtor, and provide information for creditors to assist them in decision making.Statement 3 is correct. Real GDP measures an economy’s total goods and, services in a given year, taking into account changes in price levels. They work to promote India’s interests from a bilateral and a global perspective. The Union Government has recently given approval for the construction of 66 Megawatt Dhaulasidh hydroelectric projects in Hamirpur district, Himachal Pradesh.It is a run of river scheme on river Beas with a concrete gravity dam. 21. Harnessing fresh data from frontline surveys and economic simulations, it shows that pandemic-related job losses and deprivation worldwide are hitting already-poor and vulnerable people hard, while also partly changing the profile of global poverty by creating millions of “new poor.”Global extreme poverty is expected to rise for the first time in 20 years because of the disruption caused by COVID-19. Statement 1 is incorrect. Consider the following statements regarding the Production Linked Incentive Scheme (PLI) for Electronics Manufacturing:1.It provides a financial incentive to boost domestic manufacturing and attract large investments in the electronics value chain in India.2.The scheme covers all electronics items manufacturing in India except mobile phones.Which of the statements given above is/are correct? A notification foramendments to the Central Motor Vehicles Rules 1989, for inclusion of H-CNG as anautomotive fuel has been published by the Ministry.The Bureau of Indian Standards (BIS) has also developed specifications (IS 17314:2019) ofHydrogen enriched Compressed Natural Gas (H-CNG) for automotive purposes, as a fuel.Certain CNG-engine were tested to understand the emission reduction using H-CNG ascompared to ‘neat’ CNG. Natural uranium is composed of various isotopes, or different types of uranium. For health and medical institutions, the threshold limit is 20 workers. Indian Railways has launched “Meri Saheli” initiative for focused action on security of women across all zones with an objective to provide safety and security to lady passengers travelling by trains for their entire journey from starting station to destination station.Statement 2 is correct. Consider the following statements regarding the Monetary Policy Committee, Statement 1 is correct. The demarcation of rural abadi areas would be done using Drone Surveying technology.The scheme seeks to achieve the following objectives:–To bring financial stability to the citizens in rural India by enabling them to use their property as a financial asset for taking loans and other financial benefits.–Creation of accurate land records for rural planning.–Determination of property tax, which would accrue to the GPs directly in States where it is devolved or else, add to the State exchequer.–Creation of survey infrastructure and GIS maps that can be leveraged by any department for their use.–To support in preparation of better-quality Gram Panchayat Development Plan (GPDP) by making use of GIS maps.–To reduce property related disputes and legal cases. In this post, you will find the Economy current affairs Quiz MCQs of the last quarter, along with a few book based MCQs, segregated as per topics. during the period starting from April 1 and ending on September 30. In this session , Arpita Sharma will be taking a Prelims Mock Test on Economic Survey 2021 , providing the UPSC CSE Aspirants real time questions which can be formed from the Economic Survey . It is a statutory body under the Major Port Trusts Act, 1963.2. Similarly, when the liquidity conditions are tight, RBI may buy securities from the market, thereby releasing liquidity into the market. Expanding the overall pie - Consider the following statements regarding the Index of Eight Core Industries (ICI):1.It is a monthly production volume index.2.It is released by Office of Economic Adviser, Department for Promotion of Industry and Internal Trade.Which of the statements given above is/are correct? The main components of capital and financial account include foreign investment, loans and banking capital.Foreign investment comprising foreign direct investment (FDI) and portfolio investment represents non-debt liabilities, while loans (external assistance, external commercial borrowings and trade credit) and banking capital including non-resident Indian (NRI) deposits are debt liabilities.# A new convention splits the Capital Account into financial account and capital account. Union Education Minister recently launched the ‘KAPILA’ Kalam Program for Intellectual Property Literacy and Awareness campaign on the 89th birth anniversary of former President and Scientist Late Dr. APJ Abdul Kalam.Under this campaign, students pursuing education in higher educational institutions will get information about the correct system of application process for patenting their invention and they will be aware of their rights.

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