Ayussh Sanghi is teaching live on Unacademy Plus
QI What is/are the most likely advantages of implementing Goods and Services Tax (GST) 1. It wil replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the Current Account Deficit' of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below a) 1 only b) 2 and 3 only c) 1 and 3 only d) , 2 and 3
Answer and Explanation Ans: a Exp: Statements 2 and 3 are probable but not deterministic.
Difficulty level+Why was it asked? Easy/Medium. GST has been the most debated topic in recent times. A question was definitely expected on it in Prelims.
Q.8 Consider the following statements: 1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country 2.NPCl has launched RuPay, a card Payment scheme. Which of the statements given above is/are correct? a) 1 only b) 2 only c) Both 1 and 2 d) Neither 1 nor 2
Answer and Explanation Ans: c Exp: National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country. RuPay is an Indian domestic card scheme conceived and launched by the National Payments Corporation of India (NPCI). It was created to fulfil the Reserve Bank of India's desire to have a domestic, open loop, and multilateral system of payments in India.
Difficulty level+Why was it asked? Easy. NPCI was in news due to UPI, BHIM apps and other digital payment promotion initiatives by government BHIM app was launched on 30 December 2016
Q.9 Which of the following has/have occurred in India after its liberalization of economic policies in 1991? 1. Share of agriculture in GDP increased enormously. 2. Share of India's exports in world trade increased. 3. FDI inflows increased. 4. India's foreign exchange reserves increased enormously. Select the correct answer using the codes given below: a) 1 and 4 only b) 2, 3 and 4 only c) 2 and 3 only d) 1, 2, 3 and 4
Answer and Explanation Ans: b Exp: Share of agriculture in GDP is decreasing constantly. p: Share of agriculture in G
Difficulty level+Why was it asked? Easy. 25 years of economic liberalisation completed in 2016. Silver jubilees, golden jubilees, centenary years have been basis of framing questions for UPSC centenary years have been basis of framing questions for UPSC
Q.10 With reference to the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)', consider the following statements: 1.A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction. 2. Properties held benami are liable for confiscation by the Government. 3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism. Which of the statements given above is/are correct? a) 1 only b) 2 only c) 1 and 3 only d) 2 and 3 only
Answer and Explanation Ans: c Exp: The Digital Single Market strategy aims to open up digital opportunities for people and business and enhance Europe's position as a world leader in the digital economy.
Answer and Explanation Ans: a Exp: The Monetary Policy Committee would be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. It consists of 6 members. The Members of the Monetary Policy Committee appointed by the Central Government shall hold office for a period of four years. The Governor of the Bank Chairperson, ex officio of the Bank-Chairpenon, ex officio
Difficulty level+Why was it asked? Medium. MPC and Repo rates have been in news for long time owing to various factors like etisation, growing unemployment etc The Reserve Bank of India Act, 1934 (RBI Act) was amended by the Finance Act, 2016 to provide for a statutory and institutionalised framework for a Monetary Policy Committee. The provisions of the RBI Act relating to Monetary Policy have been brought into force through a Notification in the Gazette of India Extraordinary on 27 June 2016. (Source- PIB)