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five year plan upsc, 13th five-year plan, fourth five year plan, first five-year plan, five year plan pdf, objectives of five year plans, what was the main aim of 7th five year plan,
EconomyGeneral

( Best 100+ )Five Year Plan MCQ

by Mr. DJ 15/07/2021
written by Mr. DJ

Five Year Plan MCQ

Meaning 

An economic plan allocates the resources of a nation to fulfil the general and specific goals as planned by the government for a specified period. In India, these plans are made for five years and hence are known as five year plans.

Five Year Plan MCQ

1 Who gives the final approval to the five year plans of India?
A National Development Council (NDC)
B Ministry of Finance
C Planning Commission (now NITI Aayog)
D President of India

Answer: National Development Council (NDC)

2 What as the prime target of the first five year plan of India?
A Development of the industries
B Development of Agriculture
C Development of infrastructure
D Development of ports

Answer: Development of Agriculture

3 In which five year plan India opted for mixed economy?
A First
B Second
C Third
D Fourth

Answer: Second

4 Jawahar Rojgar Yojna was launched in:
A 5th five year plan
B 6th five year plan
C 8th five year plan
D 7th five year plan

Answer: 7th five year plan

5 The LPG Model of Development was introduced by the then Finance Minister
A TT Krishnamachari
B Yashwant Sinha
C Manmohan Singh
D P Chidambaram

Answer: Manmohan Singh

6 “Growth with Social Justice and Equity” was the focus of
A Ninth Five Year Plan
B Tenth Five Year Plan
C Seventh Five Year Plan
D None of the above

Answer: Ninth Five Year Plan

7 The employment generating programmes like Jawahar Rozgar Yojana was started in
A Third Five Year Plan
B Fourth Five Year Plan
C Seventh Five Year Plan
D None of these

Answer: Seventh Five Year Plan

8 Economic planning is in
A Union list
B State list
C Concurrent list
D Not any specified list

Answer: Concurrent list

9 The Planning Commission of India was constituted in the year?
A 1942
B 1947
C 1950
D 1955

Answer: 1950

10 The very first five year plan of India was based on the model of:
A Mahalanobis model
B Harrod Domar Model
C All of the above
D 7

Answer: Harrod Domar Model

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EconomyGeneral

( Best ) India’s Industrial Policy-2

by Mr. DJ 15/07/2021
written by Mr. DJ

India’s Industrial Policy-2

Meaning

  • Government action to influence the ownership & structure of the industry and its performance. It takes the form of pay­ing subsidies or providing finance in other ways, or of regulation.
  • It includes procedures, principles (i.e., the philosophy of a given economy), policies, rules and regulations, in­centives and punishments, the tariff policy, the labour policy, government’s attitude towards foreign capital, etc.

Objectives

The main objectives of the Industrial Policy of the Government in India are:

  • to maintain a sustained growth in productivity;
  • to enhance gainful employment;
  • to achieve optimal utilisation of human resources;
  • to attain international competitiveness; and
  • to transform India into a major partner and player in the global arena.

Industrial Policies in India since Independence
India’s Industrial Policy-2 - Gk By Mr. DJ The main objectives of the Industrial Policy of the Government in India are:

  • Industrial Policy Resolution of 1948– It defined the broad contours of the policy delineating the role of the State in industrial development both as an entrepreneur and authority.
    • It made clear that India is going to have a Mixed Economic Model.
    • It classified industries into four broad areas:
      • Strategic Industries (Public Sector): It included three industries in which Central Government had monopoly. These included Arms and ammunition, Atomic energy and Rail transport.
      • Basic/Key Industries (Public-cum-Private Sector): 6 industries viz. coal, iron & steel, aircraft manufacturing, ship-building, manufacture of telephone, telegraph & wireless apparatus, and mineral oil were designated as “Key Industries” or “Basic Industries”.
        • These industries were to be set-up by the Central Government.
        • However, the existing private sector enterprises were allowed to continue.
      • Important Industries (Controlled Private Sector): It included 18 industries including heavy chemicals, sugar, cotton textile & woollen industry, cement, paper, salt, machine tools, fertiliser, rubber, air and sea transport, motor, tractor, electricity etc.
        • These industries continue to remain under private sector however, the central government, in consultation with the state government, had general control over them.
      • Other Industries (Private and Cooperative Sector): All other industries which were not included in the above mentioned three categories were left open for the private sector.
    • The Industries (Development and Regula­tion) Act was passed in 1951 to implement the Industrial Policy Resolution, 1948.
  • Industrial Policy Statement of 1956 : Government revised its first Industrial Policy (i.e.the policy of 1948) through the Industrial Policy of 1956.
    • It was regarded as the “Economic Constitution of India” or “The Bible of State Capitalism”.
    • The 1956 Policy empha­sised the need to expand the public sector, to build up a large and growing coop­erative sector and to encourage the separation of ownership and management in private in­dustries and, above all, prevent the rise of pri­vate monopolies.
    • It provided the basic framework for the government’s policy in regard to in­dustries till June 1991.
    • IPR, 1956 classified industries into three categories
      • Schedule A consisting of 17 industries was the exclusive responsibility of the State. Out of these 17 industries, four industries, namely arms and ammunition, atomic en­ergy, railways and air transport had Central Government monopolies; new units in the remaining industries were developed by the State Governments.
      • Schedule B, consisting of 12 industries, was open to both the private and public sectors; however, such industries were progressively State-owned.
      • Schedule C- All the other industries not included in these two Schedules constituted the third category which was left open to the pri­vate sector. However, the State reserved the right to undertake any type of indus­trial production.
    • The IPR 1956, stressed the importance of cottage and small scale industries for expand­ing employment opportunities and for wider decentralisation of economic power and activity
    • The Resolution also called for efforts to maintain industrial peace; a fair share of the proceeds of production was to be given to the toiling mass in keeping with the avowed objectives of democratic socialism.
    • Criticism: The IPR 1956 came in for sharp criticism from the private sector since this Resolution reduced the scope for the expan­sion of the private sector significantly.
      • The sector was kept under state control through a system of licenses.

Industrial Licenses

  • In order to open new industry or to expand production, obtaining a license from the government was a prerequisite.
  • Opening new industries in economically backward areas was incentivised through easy licensing and subsidization of critical inputs like electricity and water. This was done to counter regional disparities that existed in the country.
  • Licenses to increase production were issued only if the government was convinced that the economy required more of the goods.
  • Industrial Policy Statement, 1977- In December 1977, the Janata Government announced its New Industrial Policy through a statement in the Parliament.
    • The main thrust of this policy was the effective promotion of cottage and small industries widely dispersed in rural areas and small towns.
    • In this policy the small sector was classified into three groups—cottage and household sector, tiny sector and small scale industries.
    • The 1977 Industrial Policy prescribed different areas for large scale industrial sector- Basic industries,Capital goods industries, High technology industries and Other industries outside the list of reserved items for the small scale sector.
    • The 1977 Industrial Policy restricted the scope of large business houses so that no unit of the same business group acquired a dominant and monopolistic position in the market.
    • It put emphasis on reducing the occurrence of labour unrest. The Government encouraged the worker’s participation in management from shop floor level to board level.
    • Criticism: The industrial Policy 1977, was subjected to serious criticism as there was an absence of effective measures to curb the dominant position of large scale units and the policy did not envisage any socio­economic transformation of the economy for curbing the role of big business houses and multinationals.
  • Industrial Policy of 1980 sought to promote the concept of economic federation, to raise the efficiency of the public sector and to reverse the trend of industrial production of the past three years and reaffirmed its faith in the Monopolies and Restrictive Trade Practices (MRTP) Act and the Foreign Exchange Regulation Act (FERA).

New Industrial Policy During Economic Reforms of 1991

The long-awaited liberalised industrial policy was announced by the Government of India in 1991 in the midst of severe economic instability in the country. The objective of the policy was to raise efficiency and accelerate economic growth.

Features of New Industrial Policy

  • De-reservation of Public sector: Sectors that were earlier exclusively reserved for public sector were reduced. However, pre-eminent place of public sec­tor in 5 core areas like arms and ammu­nition, atomic energy, mineral oils, rail transport and mining was continued.
    • Presently, only two sectors- Atomic Energy and Railway operations- are reserved exclusively for the public sector.
  • De-licensing: Abolition of Industrial Licensing for all projects except for a short list of indus­tries.
    • There are only 4 industries at present related to security, strategic and environmental concerns, where an industrial license is currently required-
      • Electronic aerospace and defence equipment
      • Specified hazardous chemicals
      • Industrial explosives
      • Cigars and cigarettes of tobacco and manufactured tobacco substitutes
  • Disinvestment of Public Sector: Government stakes in Public Sector Enterprises were reduced to enhance their efficiency and competitiveness.
  • Liberalisation of Foreign Investment: This was the first Industrial policy in which foreign companies were allowed to have majority stake in India. In 47 high priority industries, upto 51% FDI was allowed. For export trading houses, FDI up to 74% was allowed.
    • Today, there are numerous sectors in the economy where government allows 100% FDI.
  • Foreign Technology Agreement: Automatic approvals for technology related agreements.
  • MRTP Act was amended to remove the threshold limits of assets in respect of MRTP companies and dominant undertakings. MRTP Act was replaced by the Competition Act 2002.

Also Read:- Industrial Policy MCQs Best 100+

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Outcomes of New Industrial Policies

  • The 1991 policy made ‘Licence, Permit and Quota Raj’ a thing of the past. It attempted to liberalise the economy by removing bureaucratic hurdles in industrial growth.
  • Limited role of Public sector reduced the burden of the Government.
  • The policy provided easier entry of multinational companies, privatisation, removal of asset limit on MRTP companies, liberal licensing.
    • All this resulted in increased competition, that led to lower prices in many goods such as electronics prices. This brought domestic as well as foreign investment in almost every sector opened to private sector.
  • The policy was followed by special efforts to increase exports. Concepts like Export Oriented Units, Export Processing Zones, Agri-Export Zones, Special Economic Zones and lately National Investment and Manufacturing Zones emerged. All these have benefitted the export sector of the country.

Limitations of Industrial Policies in India

  • Stagnation of Manufacturing Sector: Industrial policies in India have failed to push manufacturing sector whose contribution to GDP is stagnated at about 16% since 1991.
  • Distortions in industrial pattern owing to selective inflow of investments: In the current phase of investment following liberalisation, while substantial investments have been flowing into a few industries, there is concern over the slow pace of investments in many basic and strategic industries such as engineering, power, machine tools, etc.
  • Displacement of labour: Restructuring and modernisation of industries as a sequel to the new industrial policy led to displacement of labour.
  • Absence of incentives for raising efficiency: Focussing attention on internal liberalisation without adequate emphasis on trade policy reforms resulted in ‘consumption-led growth’ rather than ‘investment’ or ‘export-led growth’.
  • Vaguely defined industrial location policy: The New Industrial Policy, while emphasised the detrimental effects of damage to the environment, failed to define a proper industrial location policy, which could ensure a pollution free development of industrial climate.

Way Forward

  • Industrial policies in India have taken a shift from predominantly Socialistic pattern in 1956 to Capitalistic since 1991.
  • India now has a much liberalised industrial policy regime focusing on increased foreign investment and lesser regulations.
  • India ranked 77th on World Bank’s Doing Business Report 2018. Reforms related to insolvency resolution (Bankruptcy and Insolvency Act, 2017) and the Goods and Services Taxes (GST) are impressive and will result in long-term gains for the industrial sector.
  • Campaigns such as Make in India and Start up India have helped to enhance the business ecosystem in the country.
  • However, electricity shortages and high prices, credit constraints, high unit labour costs due to labour regulations, political interference and other regulatory burdens continue to remain challenges for firm growth of the industrial sector in India.
  • There is a need for a new Industrial Policy to boost the manufacturing sector in the country. Government in December 2018 also felt the need to introduce a new Industrial Policy that would be a road map for all business enterprises in the country.
15/07/2021 0 comment
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International Trad Law MCQ
Economy

( Best 30+ ) International Trad Law MCQ

by Mr. DJ 11/07/2021
written by Mr. DJ

International Trad Law MCQ

International trade finance comprises financial instruments and products that facilitate international trade. Following are some of the international trade and finance multiple choice questions and answers that will help the students in brushing up their understanding of the concept of international trade and finance.

International Trad Law MCQ

Q1. Trade between two countries can be useful if cost ratios of goods are:

A. Undetermined

B. Decreasing

C. Equal

D. Different

Answer: D

Q2. The term Euro Currency market refers to

A. The international foreign exchange market

B. The market where the borrowing and lending of currencies take place outside the country of issue

C. The countries which have adopted Euro as their currency

D. The market in which Euro is exchanged for other currencies

Answer: B

Q3. Which of the following theories suggests that firms seek to penetrate new markets over time?

A. Imperfect Market Theory

B. Product cycle theory

C. Theory of Comparative Advantage

D. None of the above

Answer: B

Q4.Dumping refers to:

A. Reducing tariffs

B. Sale of goods abroad at low a price, below their cost and price in home market

C. Buying goods at low prices abroad and selling at higher prices locally

D. Expensive goods selling for low prices

Answer: B

Also Read :- 30+ International Trade MCQs

Q5. International trade and domestic trade differ because of:

A. Different government policies

B. Immobility of factors

C. Trade restrictions

D. All of the above

Answer: D

Q6. The margin for a currency future should be maintained with the clearing house by

A. The seller

B. The buyer

C. Either the buyer or the seller as per the agreement between them

D. Both the buyer and the seller

Answer: D

Q7.The following statement with respect to currency option is wrong

A. Foreign currency- Rupee option is available in India

B. An American option can be executed on any day during its currency

C. Put option gives the buyer the right to sell the foreign currency

D. Call option will be used by exporters

Answer: D

Q8. Govt. policy about exports and imports is called:

A. Commercial policy

B. Fiscal policy

C. Monetary policy

D. Finance policy

Answer: A

Q9.Which of the following is international trade:

A. Trade between countries

B. Trade between regions

C. Trade between provinces

D. Both (b) and (c)

Answer: A

Q10. Market in which currencies buy and sell and their prices settle on is called the

A. International bond market

B. International capital market

C. Foreign exchange market

D. Eurocurrency market

Answer: C

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Commerce MCQsEconomy

( Best 40+ ) Monopoly MCQ

by Mr. DJ 10/07/2021
written by Mr. DJ

Monopoly MCQ

What do you mean by monopoly?

A monopoly refers to when a company and its product offerings dominate one sector or industry. Monopolies can be considered an extreme result of free-market capitalism and are often used to describe an entity that has total or near-total control of a market.
Monopoly MCQ
1. Which of the following best defines price discrimination ?

A. charging different prices on the basis of race
B. charging different prices for goods with different costs of production
C. charging different prices based on cost-of-service differences
D. selling a certain product of given quality and cost per unit at different prices to different buyers

2. Compared to the case of perfect competition, a monopolist is more likely to ?

A. charge a higher price
B. produce a lower quantity of the product
C. make a greater amount of economic profit
D. all of the above

3. In pure monopoly, what is the relation between the price and the marginal revenue ?

A. the price is greater than the marginal revenue
B. the price is less than the marginal revenue
C. there is no relation
D. they are equal

4. If a marginal revenue exceeds marginal cost, a monopolists should?

A. increase should
B. decrease output
C. keep output the same because profits are maximized when marginal revenue exceeds marginal cost
D. raise the price

5. If regulators break up a natural monopoly into many smaller firms, the cost of production ?

A. will rise
B. will fall
C. will remain the same
D. could either rise or fall depending on the elasticity of the monopolist’s supply curve

6. Public ownership of natural monopolies ?

A. tends to be inefficient.
B. usually lowers the cost of production dramatically.
C. creates synergies between the newly acquired firm and other government-owned companies.
D. does none of the things described in these answers

7. Using government regulations to force a natural monopoly to charge a price equal to his marginal cost will ?

A. Cause the monopolist to exit the market
B. improve efficieny
C. raise the price of good
D. attract additional firms to enter the market

8. Compared to a perfectly competitive market a monopoly market will usually generate ?

A. higher prices and lower output
B. higher prices and higher output
C. lower prices and lower output
D. lower prices and higher output

9. A monopolist maximizes profit by producing the quantity at which ?

A. marginal revenue equals marginal cost
B. marginal revenue equals price
C. marginal cost equals price
D. marginal cost equals demand
E. none of these answers

>10. A firm whose average total cost continually declines at least to the quantity that could supply the entire market is known as a ?

A. natural monopoly
B. perfect competitor
C. government monopoly
D. regulated monopoly

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International Trad Law MCQ
Economy

MCQ on Internal Trade ( Best MCQ )

by Mr. DJ 01/06/2021
written by Mr. DJ

MCQ on Internal Trade

Internal trade is the other name for the domestic trade, which refers to the buying and selling of goods within the boundaries of a nation. The buying and selling process takes place between the buyers and sellers who are living in the same locality, town, city. A nation will generate most of its GDP from the internal trade taking place in the country.

Following are some of the internal trade multiple choice questions and answers that will help the students in brushing up their understanding of the concept of internal trade

MCQ on Internal Trade

MCQ on Internal Trade

1. Purchasing goods from a foreign country is called

A. Import

B. Entrepot

C. Export

D. Re-Export

Answer: A

2. Goods imported for the purpose of export is known as

A.Home trade

B. Foreign trade

C. Entrepot

D. Trade

Answer: C

3. Agents are appointed by?

A. Manufacturer

B. Wholesaler

C.Retailer

D.Principal

Answer: D

4. Who among these can check the price fluctuations in the market by holding back the goods when prices fall and releasing the goods when prices rise

A.Agent

B.Mercantile agent

C.Wholesaler

D. Retailer

Answer: C

5. These are agents whose function is to bring the buyer and the seller into contact.

A.Commission agent

B. Selling agent

C.Broker

D.Stockist

Answer: C

6. Who among the following appoints the agent

A. Principal

B. Retailer

C. Manufacturer

D.Wholesaler

Answer: A

7. Which among the following is not concerned with Chambers of Commerce & Industry

A.CII

B.FICCI

C.ICICI

D.ASSOCHAM

Answer: C

8. Mobile traders who deal in low priced articles with no fixed place of business are called

A. Street stalls

B.Retailers

C. Agents

D.Itinerant traders

9. One example of Small scale Fixed retailers among these is

A. Pedlars

B.General stores

C.Hawkers

D. Cheap Jacks

Answer: B

10. This retail business acts as a universal supplier of a wide variety of products.

A.Multiple shop

B.Mail order Business

C.Tele-shopping

D.Departmental store

Answer: D

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EconomyCurrent Affairs

Important office-holders in Government of India 2021

by Mr. DJ 01/02/2021
written by Mr. DJ

List Of Important office-holders in Government of India 2021

Important Office-Holders in India List of Important Office-Holders and their tenure in India and the world Office Holders Names Most Important persons in India list of who is who in India list of important office holders in India / World Check List of Latest Office Holders Tenure list in India Download List of Who is Who in India 2020 List of Important Office Holders latest Office Holder

Important office-holders

Important office-holders

List Of Important office-holders in Government of India 2021

Office Name
President Ram Nath Kovind
Vice President & Rajya Sabha Chairman Venkaiah Naidu
Prime Minister Narendra Modi
Chief Justice of India Sharad Arvind Bodbe
First Lokpal of India Pinaki Chandra Ghose
Speaker of the Lok Sabha Om Birla
Chief Election Commissioner Sunil Arora
Chief Information Commissioner Yashvardhan Kumar Sinha (New)
Comptroller and Auditor General of India Girish Chandra Murmu (New)
Chairman of Union Public Service Commission Pradeep Joshi (New)
Chairman of CBSE Manoj Ahuja
Chairman of NCERT Hrushikesh Senapaty
Attorney General of India K K Venugopal
Home Minister Amit Shah
Finance Minister Niramala Sitharaman
Defence Minister Rajnath Singh
Railway Minister Piyush Goyal
External Affairs Minister Subrahmanyam Jaishankar
HRD Minister Ramesh Pokhriyal ‘Nishank’
Agriculture Minister Narendra Singh Tomar
Law & Justice Minister Ravi Shankar Prasad
Information & Broadcast Minister Prakash Javadekar
Cabinet Secretary of India Rajiv Gauba
Principal Secretary to Prime Minister Pramod Kumar Misra
Additional Principal Secretary to Prime Minister Sh. S. Gopalakrishnan
Advisors to Prime Minister Amarjeet Sinha, Bhaskar Kulbe (New)
Secretary General of the Lok Sabha Snehlata Shrivastava
Secretary General of the Rajya Sabha Desh Deepak Verma

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List Of Important office-holders in Government of India 2021

List Of Important office-holders in Government of India 2021

Railway Board CEO Vinod Kumar Yadav
Home Secretary AJAY KUMAR BHALLA
Finance Secretary Ajay Bhushan Pandey
Defence Secretary Ajay Kumar (New)
Foreign Secretary Harsh V Shringla
Solicitor General of India Tushar Mehta
Chief Economic Adviser Krishnamurthy Subramanian
Chairman, National Human Rights Commission H. L. Dattu
Chairman, National Commission for Minorities Syed Ghayorul Hasan Rizvi
Chairman of National Commission for Scheduled Caste Prof.(Dr.) Ram Shankar Katheria
Chairman of National Commission for Scheduled Tribes Mr. Nand Kumar Sai
Chairman of National Commission for Backward Classes Bhagwan Lal Sahni
Chairman, National Commission for Women Rekha Sharma
Chairman, Central Administrative Tribunal Justice L Narasimha Reddy
Chairman, Central Vigilance Commission Sanjay Kothari (New)
Chairman, Atomic Energy Commission of India Shri Kamlesh Nilkanth Vyas
Chairman, Department of Space Dr. Kailasavadivoo Sivan
Chairman, University Grants Commission D P Singh
Chairman, Central Water Commission Sh. Rajendra Kumar Jain
Director, Space Application Centre Shri D. K. Das
Chairman, National Forest Commission B N Kirpal
Chairman, Competition Commission of India Shri Ashok Kumar Gupta,
Chairman, 15th Finance Commission of India Nand Kishore Singh
Chairman, SEBI Ajay Tyagi
Chairman, IRDAI Subhash Chandra Khuntia
Chairman, 7th Pay Commission Justice A.K. Singh Mathur
Chairman, SIDBI Muhammad Mustafa
Chairman, Company Law Board Shri Mahesh Mittal Kumar,

List Of Important office-holders in Government of India 2021

Chairman, Exim Bank TC Venkat Subramanian
CEO, National Housing Bank Smt. Dakshita Das
Chairman, NABARD Dr. G.R. Chintala
Chairman, SBI Dinesh Kumar Khara (New)
CEO, Industrial Finance Corporation of India  (IFCI) Dr. Emandi Sankara Rao
Chairman, National Stock Exchange Girish Chandra Chaturvedi
Chairman, Bombay Stock Exchange Shri Ashishkumar Chauhan
Chairman, LIC Shri M.R. Kumar
President, Federation of Indian Chambers of Commerce & Industry (FICCI) Jahnabi Phookan
Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay
Chairman, Telecom Regulatory Authority of India (TRAI) Dr. PD Vaghela (New)
Chairman, Press Information Bureau (PIB) KS Dhatwalia.
Chairman, Banks Boards Bureau Bhanu Pratap Sharma
MD & CEO, SBI Life Insurance Mahesh Kumar Sharma
President, Confederation of Indian Industry (CII) Uday Kotak
President, Associated Chambers of Commerce and Industry of India (Assocham) Dr Niranjan Hiranandani
Chairman, National Statistical Commission Prof. Bimal K. Roy
Director-General, Archaeological Survey of India Smt. V Vidyavathi
Director, Enforcement Directorate Sanjay Kumar Mishra (New)
CMD, ONGC Shashi Shanker
Chairman & MD, GAIL Shri Manoj Jain
Chairman, IOCL Shrikant Madhav Vaidya
Chairman, Oil India Limited Sushil Chandra Mishra
Chief of Army Staff Manoj Mukund Naravane
Chief of Naval Staff Admiral Karambir Singh
Chief of the Air Staff Rakesh Kumar Singh Bhadauria
Director, Intelligence Bureau Arvind Kumar
Director, CBI Rishi Kumar Shukla
Director-General, BSF Rakesh Asthana (New)
Director-General, CRPF A P Maheshwari
Director-General, CISF Sh. RAJESH RANJAN
Director-General, ITBP Sh Surjeet Singh Deswal
Director-General, NSG Anup Kumar Singh
Director-General, NIA Yogesh Chander Modi (Y.C. Modi)
Director-General, NDRF Shri S N Pradhan
Chief, RAW Samant Goel
Director-General, National Testing Agency Vineet Joshi
National Security Adviser Ajit Doval
Governor, Reserve Bank of India Shaktikanta Das

( Best ) Union Budget 2021-22 Key Highlights

01/02/2021 0 comment
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Economy

Budget 2021-22: What gets costlier and whats cheaper | Check Full List

by Mr. DJ 01/02/2021
written by Mr. DJ

Budget 2021-22: What gets costlier and what’s cheaper | Check Full List

Budget 2021: Union Finance Minister Nirmala Sitharaman on Monday presented Union Budget 2021-22 in Lok Sabha on Monday, February 1. This year’s Budget is unique as finance minister used a Made in India tablet to deliver a paperless Budget address, and ditched a ‘bahi khata’, that she used last year. The Budget 2021 is special as it was presented in challenging circumstances amidst the Covid-19 pandemic

Budget 2021-22: What gets costlier and what's cheaper | Check Full List

Budget 2021-22: What gets costlier and what’s cheaper | Check Full List

Sitharaman in her budget speech quoted Rabindranath Tagore “Faith is the bird that feels the light and sings when the dawn is still dark” to say that the budget this time was prepared in circumstances like never before. Presenting the Union Budget 2021, Sitharaman said that in the history of independent India, only three times has the Union Budget followed a GDP. FM Sitharaman tabled the 15th Finance Commission report in Lok Sabha.

Budget 2021 focused on infrastructure development to boost growth and create jobs. However, has been no relief for the middle class as I-T slabs remain unchanged.

 

As the Budget for FY21-22 is announced, many commodities are set to become more expensive and some items of daily use will have revised prices. Let’s take a look.

Items that got cheaper:

– Naphtha

– Caprolactam

– Nylon Chips

– Nylon fibre and yarn

– Iron and Steel melting scrap, including stainless steel scrap

– Primary/Semi-finished products of non-alloy steel

– Flat products of non-alloy and alloy-steel

– Long products of non-alloy, stainless and alloy steel

– Raw materials used in manufacture of CRGO Steel

– Copper Scrap

– Components or parts, including engines, for manufacture of aircrafts by Public Sector Units of Ministry of Defence

– Platinum, Pallidum

– Waste and Scrap of Precious Metals

Items that got costlier:

– Cotton

– Cotton waste

– Raw Silk (not thrown) and silk yarn/yarn spun from silk waste

– Denatured ethyl alcohol (ethanol) for manufacture of excisable goods

– Prawn Feed

– Fish feed in pellet form

– Flours, meals and pellets of fish, crustaceans, molluscs or other aquatic invertebrates

– Maize Bran

– De-oiled rice bran cake

– Carbon Black

– Plastics Builder’s ware of plastic, not elsewhere specified or included

– Polycarbonates

– Wet blue chrome tanned leather, crust leather, finished leather of all kinds, including their splits and slides

– Cut and Polished Cubic Zirconia

– Synthetic Cut and Polished Stones

– Parts and components for manufacture of Tunnel Boring Machines

– Metal products like Screws, Nuts, etc.

– Plastic, for manufacture of charger or adapter

– Compressor of Refrigerator/Air Conditioner

– Specified insulated wires and cables

– Inputs and parts of LED lights or fixtures including LED

– Lamps

– Solar Inverters

– Solar lanterns or solar lamps

Here’s what gets costlier and what gets cheaper

Costlier:

  • Mobile phones
  • Chargers
  • Power banks
  • Imported raw silk
  • Solar inverters
  • Leather items
  • Imported Gemstones
  • Tunnel boring machines
  • Kabuli chana, Pulses
  • Urea
  • Imported Auto parts

Cheaper:

  • Iron
  • Steel
  • Nylon clothes
  • Copper items
  • Leather goods
  • Gold & Silver
  • Insurance
  • Shoes
  • Agricultural equipment
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EconomyCurrent Affairs

( Best ) Union Budget 2021-22 Key Highlights

by Mr. DJ 01/02/2021
written by Mr. DJ

Union Budget 2021-22 Key Highlights

Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2021 for the 3rd time in a row. The Union Budget is the yearly financial report estimating the income and expenditure presented to outline future policies to be adopted by the government for sustainable growth and development. The Economic Survey 2020-21 was released on 29th January 2021 by the Chief Economic Advisor of India, Krishnamurthy Subramanian. According to the survey, India’s economy could contract 7.7 per cent in the financial year that ends on March 31. Union Budget 2021-22 key highlights.

Union Budget 2021-22 Key Highlights

Union Budget 2021-22 Key Highlights

What got costlier?

– Petrol & Diesel: Agriculture Infrastructure & Development Cess (AIDC) of Rs 2.5 per litre & Rs 4 per litre to be imposed respectively

– Electronic items

– Mobile Phones

– Crude palm oil, soyabean & sunflower oil

– Apples, Peas, Kabuli Chana, Bengal Gram/Chick peas, Lentil

-Cotton

-Raw Silk and silk yarn

-Denatured ethyl alcohol for manufacture of excisable goods

-Prawn Feed

-Fish feed

-Flours, meals & pellets of fish, molluscs

-Maize Bran

-Carbon Black

-Polycarbonates

-Leather, crust leather, finished leather of all kinds

-Gemstones

-Tunnel Boring Machines

-Metal products – Screws, Nuts

-Compressor of Refrigerator & Air Conditioner

-Inputs and parts of LED lights

-Lamps

-Solar Inverters, lanterns or lamps

Union Budget 2021-22 key highlights.

UNION BUDGET AT A GLANCE

What got cheaper?

-Naphtha

-Caprolactam

-Nylon Chips

-Nylon fabric

-Iron and Steel melting scrap

-Primary/Semi-finished products of non-alloy steel

-Copper Scrap

-Components or parts for aircraft manufacture by PSUs for Ministry of Defence

-Platinum

-Pallidum

-Waste & Scrap of Precious Metals

-Gold and silver

– Shoes

– Insurance

Union Budget 2021-22 key highlights.

Union Budget 2021-22 Key Highlights – Gk By Mr. DJ

Union Budget 2021 Live Updates:

  • Total COVID-19 support measures amount to 13 per cent of GDP and total COVID-19 support measures by government and RBI amounts to Rs 27.1 lakh crore. The ‘Aatmanirbhar’ Packages accelerated India’s rate of reform.
  • India has two COVID-19 vaccines available and we expect two more vaccines soon. India currently also has one of the lowest death rate and active cases in the world. India’s economic contraction is due to a global pandemic. The government is fully prepared to support and facilitate economic reset.
  • Three times has a Budget followed contraction in the economy. Vision for Aatmanirbhar Bharat in Part-A of the Budget speech.  ‘Aatmanirbharta’ consists of doubling farm income and strong infrastructure. It consists of good governance and women empowerment. Proposals for the FY22 Budget rests on 6 pillars.
  • First of six pillars Aatmanirbhar Yojana in addition to the National Health Mission introduce the Aatmanirbhar Health Yojana with an outlay of Rs 64,180 crore over six years. This will strengthen the National Centre for Disease Control. Besides this, the government will also set up 15 Health Emergency Centres.
  • Jal Jeevan Mission with an outlay of Rs 2.87 lakh crore to cover houses and to be implemented over five years. Budget 2021 will also launch Mission Poshan 2.0. Besides this, the launch of urban ‘Swacch Bharat Mission’ 2.0 with an outlay of Rs 1.42 lakh crore has been made.
  • Finance Minister Nirmala Sitharaman has announced voluntary vehicle scrapping policy. Vehicles to undergo fitness test – which is 20 years for passenger vehicles and 15 years for commercial vehicles. Further details of the scrappage policy to be announced shortly.
  • Fitness testing for both PVs and CVs a positive move to create not only employment opportunities but a move that will ensure a cleaner environment as part of the Health Infrastructure pillar. This will also boost demand for more cleaner vehicles.
  • The government has set an ambitious target of building infrastructure in the country. But funding these infrastructure projects would have posed a steep challenge because of the revenue constraints and the stress on the loan books of banks. FM Sitharaman is likely to announce a dedicated development financial institution to facilitate the financing of greenfield infrastructure projects.
  • Union Budget 2021-22 key highlights.

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  • Rs 35,000 crore to be allocated for further funds for COVID-19 vaccines. we will provide more for COVID-19 vaccines if required. The private sector may be kept out of vaccination efforts it appears, a disappointment for them. At a blended cost of Rs255/dose (in the first phase), that will cover 2 doses of the vaccine for 68.6crore people in FY22.
  • Government has committed Rs 1.97 lakh crore for Production Linked Incentive Scheme (PLI) covering 13 sectors. Further, 7 textile parks will be launched for over three years.
  • National Infrastructure Pipeline has been expanded to 7,400 projects. Further, projects worth Rs 1.1 lakh crore have been completed under the National Infra Pipeline. The government will also introduce a bill to set up DFI providing Rs 20,000 crore to launch the National Asset Monetisation Pipeline to fund new infra projects.
  • The FM has announced that a Bill will be introduced to set up a DFI or developmental financial institution to fund long-term infra projects with a capital of Rs 20,000 crore.  Rs 5 lakh crore will be lent by DFI in three years time.
  • An asset monetisation dashboard will be created to provide clarity to investors.  For 2021-22; capital expenditure is seen at Rs 5.54 lakh crore which is up by 34.5 per cent year-on-year (YoY).
  • NHAI has sponsored one InVit to attract investors. Thus 5 operational roads with Rs 5,000 crore value being transferred to NHAI InVit. NHAI operational roll roads are to be monetised.
  • Meanwhile, Railways will monetise dedicated freight corridors after commissioning. The next lot of airports will also be monetised for operations and management. AAI airports in tier-2,3 cities and other railway assets are to be monetised.
  • Amendment in InvIT and REIT structures for debt investors will ease fundraising and will provide the momentum to the commercial real estate asset class.
  • More than 13,000 km of roads awarded under Bharat Mala project. Around 3,800 km have been constructed in Bharatmala so far and 8,500 km to be awarded by March 2022. Will complete additional 11,000 km of NH corridor by March 2022. More economic corridors are being planned – 3,500 km of NH works are ongoing in Tamil Nadu.
  • Power transmission assets of Rs 7,000 crore is to be transferred to Power Grid InvIT. The Centre will also provide Rs 2 lakh crore to states and autonomous bodies for Capex. We will nudge states for more capital expenditure. FY22 Capex has targetted at Rs 5.54 lakh crore v/s FY21’s Rs 4.39 lakh crore. The alternatives will be worked out so that consumers could choose from more than one power distribution companies. It’s a positive for Tata Power.
  • Bloomberg reports that fiscal deficit will be 9.8 per cent of the GDP for FY21 and 6.8 per cent for FY22.
  • The government will allot Rs 1.03 lakh crore for National Highway Projects in Tamil Nadu; Rs 65,000 core for National Highway Projects in Kerala; Rs 25,000 crore for National Highway Projects in West Bengal.
  • The Eastern Freight Corridor is to be taken up this year via PPP mode. Further, three future dedicated freight corridors — East Coast, East-west, North-south are in works. These will have an automatic system on high-density rail routes to avoid collisions. Complete, 100% electrification of broad-gauge rail routes will be done by December 2023.
  • Union Budget 2021-22 key highlights.
  • Proposed to update the definition of small companies to be raised up to rs crore from Rs 50 lakh net worth. 
  • Rs 2,217 crore for 42 urban centres with a million-plus population, to tackle the burgeoning problem of air pollution.
  • Supplementary Nutrition Programme and POSHAN Abhiyaan to be merged, Mission POSHAN 2.0 to be launched, To strengthen nutritional content, delivery and outcome, Intensified strategy for improving nutritional outcomes in aspirational districts.
  • In Budget 2021, Union Finance Minister Nirmala Sitharaman has announced Rs 1.1 lakh crore for Indian Railways.
  • A record Rs 1,10,055 crore has been provided for Indian Railways. Out of the total, Rs 1,07,100 crore will be provided for capital expenditure in 2021-22, says FM Nirmala Sitharaman.
  • The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering in the coming year. An amendment to the existing Act to facilitate the public offer, says FM Nirmala Sitharaman.
  • The government plans to further strengthen the NCLT framework and continue with the e-court system for faster resolution of bad debts. A separate framework for MSMSe will also be made by the government.
  • Strategic disinvestment of companies including BPCL, Air India, Pawan Hans, IDBI Bank, Container Corporation of India to be completed in 2021-22, Sitharaman has announced. The government will ask Niti Aayog to start working on identifying the next list of companies for strategic sale.
  • FM announces further infusion of Rs 20,000 crore for public sector banks.
  • FDI in insurance sector proposed to be hiked to 74% from 49% now.
  • Rs 1,000 crore to solar energy corporation and Rs 1,500 to renewable energy development agency.
  • Finance Minister Nirmala Sitharaman announces a new gas pipeline project for Jammu and Kashmir.
  • Centre to provide Rs 18,000 crore for public buses, announces FM.
  • FM Sitharaman proposes an increase in agriculture credit target to Rs 16.5 lakh crore. “The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities. The total amount paid to paddy farmers surged to Rs 1.72 lakh crore in 2020-21.”
  • The government has announced the extension of benefits of the Ujjawala scheme to an additional 1 crore people. The scheme, which provides LPG connections with financial assistance from the central government and currently benefits 12 crore households, will be extended further to provide clean cheap cooking fuel.
  • The government has announced an independent gas transport system operator for booking and coordination to ensure for unbiased allocation of natural gas transportation capacity. The government aims to address concerns of bias in the allocation of gas transportation capacity by players such as Gail involved in both the supply and transportation of natural gas.
  • FM says the definition of small companies to be revised by raising the capital base to Rs 2 cr from the current limit of Rs 50 lakh.
  • FM puts disinvestment receipts at Rs 1.75 lakh cr for the fiscal year beginning April 1, 2021. Two PSBs and one general insurance company to be divested, legislations amendments to be introduced in this session.
  • The government has allocated close to Rs 3.60 lakh crore in the Budget towards launching a “revamped”, reforms-based, result-linked power distribution sector scheme.
  • National Education Policy got a good reception, FM said. “Over 15,000 schools to be qualitatively strengthened under the National Education Policy.
  • Finance Minister Nirmala Sitharaman earmarks Rs 1,500 crore for promoting a digital mode of payment.
  • Finance Minister Nirmala Sitharaman announced an allocation of Rs 300 crore to the state of Goa for celebrating the 60th anniversary of the liberation from Portuguese rule.
  • Social security benefits to be extended to gig and platform workers. Minimum wages will apply to all categories of workers and will be covered under ESIC. This will impact around 15 million gig workers in India, in addition to online platform providers across sectors such as transportation (Uber and Ola), food delivery (Swiggy and Zomato), and the contract workers in IT and software firms.
  • FM announces a special scheme for the welfare of women and children in Assam and West Bengal. Rs 1,000 crore for Bengal, Assam tea workers.
  • Fiscal deficit estimated at 9.5% of GDP for 2020-21. Fiscal deficit for 2021-22 at 6.8% of GDP.
  • Forthcoming Census could be India’s first digital Census, says Sitharaman allocating Rs 3,768 crore for FY-21.
  • Allocation to rural infra development increased to Rs 40,000 cr in next fiscal from Rs 30,000 crore in FY21.
  • FM announces development of 5 major fishing hubs.
  • 1,000 more mandis will be integrated with the electronic national market.
  • Central University to be set up in Leh, Ladakh.
  • Operation green scheme to cover 22 more perishable commodities.
  • Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection. To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on gig workers, building/construction workers among others. It’ll help formulate health, housing, skill, insurance credit &food schemes for migrant workers.
  • Non-resident individuals with entrepreneurial potential are now enabled to set up One Person Companies (OPC) with no paid-up capital and turnover restrictions, reducing registration timeline from 182 days to120 days. Earlier only Indian resident citizens were permitted to set up OPCs. This would be attractive to the Indian Diaspora.
  • In the 75th year of Independence of our country, we shall reduce the compliance burden on senior citizens. For senior citizens who only have a pension and interest income, I propose exemption of filing of income tax returns: FM
  • In serious tax evasion cases, only where there is evidence of concealment of income of Rs 50 lakh or more in a year, can reassessment be opened for 10 years. For others, assessment reopening only for 3 years.
  • NRIs to be spared from double taxation. New rules to be notified. Tax audit limit increased from Rs 5 crore to Rs 10 crore.
  • Govt proposes setting up of a conciliatory mechanism for quick resolution of contractual disputes.
  • Govt proposes to introduce the National Nursing and Midwifery Commission Bill.
  • Govt proposes national language translation initiative.
  • Govt proposes deep ocean mission with an outlay of more than Rs 4,000 cr over five years.
  • The government has given relief measures for senior citizens by removing the need to file income tax returns for those aged over 75 years. It has also announced a halving of the time frame for reopening of income-tax assessment cases from 6 years to 3 years. For reopening of serious tax evasion cases up to 10 years, the government has put in a monetary limit of cases involving over Rs 50 lakh in a year. This is expected to reduce instances of tax harassment of income taxpayers.
  • Late deposit of employee’s contribution to PF by employers will not be allowed as a deduction to the employer.
  • Tax holiday for start-ups increased by one more year – till March 31, 2022.
  • NRIs allowed operating One Person Companies or OPCs in India.
  • Tax exemption for aircraft leasing company may finally see India getting its first player in this aviation segment. Till now, the Indian aviation industry is dominated by lessors from Ireland and Hong Kong.
  • Customs duty on copper scrap cut to 2.5 per cent. Customs duty on some auto parts to be raised to 15 per cent.”
  • No deduction to employers for late deposit of employee contribution to Provident Fund.
  • To extend eligibility for startups to claim tax holiday by 1 year.
  • Nifty Metal index drops by nearly 2 per cent from its top as custom duties on steel and copper are reduced.
  • Easing Compliance requirements of Small Companies – Threshold increased to Share Capital up to Rs.2 crore and Turnover up to Rs.20 crore will be Small Companies.
  • National Language Translation Mission will be set up to boost regional languages and translation for our regional speakers. This will phenomenally help in increasing the utilisation of internet services and augment the vision of digital India!.
  • 100 new Sainik #schools will be set up in partnership with the NGOs, private schools and States.
  • Exemption duty on steel scrap up to March 2022; customs duty on naphtha cut to 2.5 pc: FM
  • Rationalising customs duties on gold and silver says FM in Budget for 2021-22
  • Customs duty on cotton increased to 10%, silk to 15%
  • Customs duty on solar lanterns cut to 5%.
  • The Finance minister surprised taxpayers by not announcing any change in income tax slab rates. Some relief in filing ITR for senior citizens above 75. No Covid tax, surcharges on income tax.
  • Union Budget 2021-22 key highlights.

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Current AffairsEconomy

Introducing India’s own cryptocurrency

by Mr. DJ 30/01/2021
written by Mr. DJ

Introducing India’s own cryptocurrency

Government to ban cryptocurrencies; to create official digital currency framework under RBI in the Budget session

The government will table a ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ during the Budget session. It is slated for introduction, consideration, and passing in the Lok Sabha.

own cryptocurrency

The Indian Parliament, in the current Budget session, will consider a bill that prohibits all private cryptocurrencies. The bill is expected to create an official digital currency to be issued by the Reserve Bank of India, according to a bulletin of the Lok Sabha for the Budget session.

The schedule for the session also reveals that ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is slated for introduction, consideration, and passing during the session.

In India, cryptocurrency startups, including CoinSwitch Kuber, WazirX, CoinDCX, BuyUCoing, Giotuss, and others have been operating in a grey area after the RBI banned the trading of cryptocurrencies, including Bitcoin, in India.

Earlier, in March 2020, the Supreme Court lifted the ban on cryptocurrency, rejecting the earlier order. In a landmark judgment, a three-judge bench, consisting of Justices Rohinton Nariman, Aniruddha Bose, and V Ramasubramanian, said the RBI order was “unconstitutional.” The apex court judgment had come after two years of the ban, which was put in place in April 2018.

UNION BUDGET AT A GLANCE

Why in news?

The government is considering the possibility of introducing India’s own cryptocurrency, code-named “Lakshmi”.

What is the need?

  • Crypto-currency is a digital currency that allows transacting parties to remain anonymous while confirming the transaction is valid.
  • The provision of anonymity is widely misused especially in making cross-border transactions.
  • They are widely used as a means for money-laundering, terror funding and drug trafficking, and other illegal activities.
  • The increasing share and presence of bitcoins due to speculative trading for return on investments is getting to be a cause of concern.

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How can legalising help address this?

  • India’s attempt to legalise and introduce its own cryptocurrency would give it the status of a fiat currency.
  • This formal government authorization could prove to be an alternative to popular non-fiat cryptocurrencies such as bitcoin and ethereum.
  • “Lakshmi” would adopt a variation of the blockchain technology employed by bitcoin.
  • The technology would help verify every trade and rule out the possibility of dual transactions employing the same coin.
  • Also, the new currency would be subject to the same capital account controls as the rupee, in terms of cross-border transactions.
  • The money supply at every instant is known and cannot be manipulated, unlike with normal fiat currencies.
  • Besides, users would have to submit to the usual know-your-customer norms.

What are the challenges?

  • The introduction of such a new cryptocurrency, would make it a legal tender alongside the rupee.
  • This requires legislative action of making amendments to the Currency Act.
  • Pegging it to rupee would  have an impact on the rupee exchange rate along with the risk of fluctuations.

What is the way forward?

  • India can consider legalising and regulating the existing popular bitcoin instead of introducing a new crypto-currency.
  • Ex: Japan has recognised bitcoin as a legal currency, with anti-money laundering rules and capital requirements.
  • Also, India can use GST as a tool to curb the frenzy over bitcoins by taxing their supply.
  • Capital requirements, levy of GST on supply of bitcoins and income tax on the profits made are certain to reduce the speculative effect.
  • It is for the RBI, CBDT and GST Council to discuss and formulate and roll out a  policy to deal with bitcoins effectively.
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Economy

INDIAN ECONOMY Multiple choice questions

by Mr. DJ 29/01/2021
written by Mr. DJ

INDIAN ECONOMY Multiple choice questions

Indian Economy Multiple Choice Questions (MCQs) for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.

INDIAN ECONOMY  Multiple choice questions

INDIAN ECONOMY  Multiple choice questions

1. India’s economic planning cannot be said to be:
a. Indicative
b. Imperative
c. Limited
d. Democratic.

“Show
Ans. Option : B

2. Economic Survey is published by:
a. Ministry of finance
b. Planning commission
c. Govt. of India
d. Indian statistical institute

“Show
Ans. Option : A

3. India is the biggest produces as well as the largest consumer and importer of which of the following crops?
a. Wheat
b. Cotton
c. Sugarcane
d. Pulses

“Show
Ans. Option : D

4. Which of the is an example of passive investment instrument?
a. Gold ETFs
b. Mutual funds
c. Stocks
d. Preference shares

“Show
Ans. Option : A

5. A persistent fall in the general price level of goods and services is known as:
a. Deflation
b. Disinflation
c. Stagflation
d. Depression

“Show
Ans. Option : A

6. Who is the chairman of planning commission in India:
a. President
b. Vice president
c. Prime Minister
d. Finance Minister

“Show
Ans. Option : C

7. The one rupee not bears the signature of :
a. RBI governor
b. President of India
c. Finance Minister
d. Finance Secretary

“Show
Ans. Option : D

8. Which of the following will not some under the proposed GST in India?
a. Agricultural products
b. Handicrafts
c. Gems and Jewelleries
d. Petroleum products

“Show
Ans. Option : D

9. The concept of five year plan was borrowed from:
a. USA
b. England
c. Rusia
d. France

“Show
Ans. Option : C

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10. Who is the largest trading partner of India?
a. USA
b. China
c. England
d. United Arab Emirates

“Show
Ans. Option : B

Pages: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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