Indian Economy MCQs

Notes:
MGNREGA payments are treated mainly as revenue expenditure because they are recurring outlays on wages, materials, and administration rather than acquisition of durable assets by the government. In budget terminology, the old plan and non-plan classification is no longer used. Therefore, for a standard current classification question, the correct answer is revenue expenditure only.

Notes:
The Agreement on the Application of Sanitary and Phytosanitary Measures – also known as the SPS Agreement is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade, and entered into force with the establishment of the WTO at the beginning of 1995. Under the SPS agreement, the WTO sets constraints on member-states’ policies relating to food safety (bacterial contaminants, pesticides, inspection and labeling) as well as animal and plant health (phytosanitation) with respect to imported pests and diseases. The SPS agreement is closely linked to the Agreement on Technical Barriers to Trade, which was signed in the same year and has similar goals.

Notes:
The two presses of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) are located at Mysore and Salboni.

Notes:
The Liquidity Adjustment Facility is RBI’s short-term liquidity management window. Its main instruments include repo and reverse repo operations, through which banks borrow from or park funds with the RBI. Cash Reserve Ratio and Statutory Liquidity Ratio are reserve requirements, not LAF instruments. Hence, only statements 1 and 2 are correct. In the present framework, LAF also works alongside standing facilities such as SDF and MSF.

Notes:
India’s first tribal circuit tourism project under the Swadesh Darshan scheme has launched at Gangrel in Chhattisgarh on September 13. It covers 13 sites in Chhattisgarh which are Jashpur, Kunkuri, Mainpat, Kamleshpur, Maheshpur, Kurdar, Sarodadadar, Gangrel, Kondagaon, Nathiya Nawagaon, Jagdalpur, Chitrakoot and Tirthgarh. Under the tribal circuit theme of the scheme the Ministry of Tourism has sanctioned 4 projects to Nagaland, Telangana and Chhattisgarh for Rs. 380 crore. Major components sanctioned in the tribal circuit theme include eco log huts, craft haats, souvenir shops or kiosk, tourist reception and facilitation centres, open amphitheatre, tribal interpretation centres, workshop centres, tourist amenities centres, last mile connectivity, wayside amenities, viewpoints, nature trails, solar illuminations, signages and solid waste management among others. The Swadesh Darshan scheme was launched in 2014 -15 for development of thematic circuits in the country in a planned and prioritized manner.

Notes:
The 3 main instruments of fiscal policy are government taxation and public expenditure and public debt. Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy.

Notes:
The “Socialistic Pattern” is derived from the Mixed Economy system. In a mixed economic system, the features of both capitalism and socialism are amalgamated. It safeguards private property ownership and promotes certain economic liberty regarding capital usage. Yet, it also permits the government to meddle in economic activities to fulfill societal goals. This marriage of capitalism and socialism in a mixed economy paves the way for the emergence of the so-called “Socialistic Pattern”.

Notes:
The Indian Institute of Heritage is located in Sector 62, Noida, Uttar Pradesh. The institute shifted from the National Museum premises in New Delhi to Noida in 2020. It functions as a Deemed University approved by UGC. The institute offers postgraduate and doctoral courses related to heritage, conservation, museology, and allied fields.

Notes:
NITI Aayog consists of a number of specialized wings such as the research wing, the consultancy wing, the team India wing. NITI Aayog functions in close cooperation, consultation and coordination with the Ministries of the Central Government, and State Governments of India.

Notes:
Mechanization can reduce the demand for agricultural labor and make existing skills or jobs obsolete. Such unemployment caused by a mismatch between workers’ skills and available jobs is called structural unemployment. It is different from disguised unemployment, seasonal unemployment, or short-term job loss from temporary demand changes.