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The 'Udyam Registration' portal, launched by the Ministry of MSME, requires enterprises to upload extensive physical documents and pay a nominal registration fee to obtain their MSME certificate.
- True
- False
Answer: False
Udyam Registration was specifically designed to eliminate bureaucratic friction. It is a completely free, paperless, and self-declaration-based platform. It integrates seamlessly with the Income Tax and GSTN databases to automatically verify investment and turnover details, providing MSMEs with a permanent, dynamic identity without requiring them to visit any government office or submit physical proofs.
Which of the following is an example of a Direct Tax?
- Goods and Services Tax (GST)
- Customs Duty on imported electronics
- Corporation Tax on the net profits of a company
- Excise Duty on petrol and diesel
Answer: Corporation Tax on the net profits of a company
A direct tax is levied directly on the income or wealth of the person or entity that ultimately bears the burden of the tax; it cannot be passed on to someone else. Corporation tax is paid directly by the company out of its profits. GST, Customs, and Excise are indirect taxes, where the initial payer (the business) shifts the tax burden to the final consumer via higher prices.
The Basel Committee on Banking Supervision (BCBS), which formulates the global standards for bank capital and liquidity, is headquartered at the Bank for International Settlements (BIS) in:
- New York, USA
- London, UK
- Basel, Switzerland
- Frankfurt, Germany
Answer: Basel, Switzerland
The BCBS was founded in 1974 by central bank governors of the G10 countries. Operating from Basel, Switzerland, it serves as the primary global standard-setter for the prudential regulation of banks, aiming to enhance financial stability worldwide by ensuring that banks maintain adequate capital buffers to absorb unexpected shocks.
The PM SVANidhi scheme was launched during the pandemic to provide affordable working capital loans of up to Rs. 10,000 specifically to ___, who were severely impacted by the lockdowns.
- street vendors
- Refinery Products
- multiplier
- National Income
Answer: street vendors
Street vendors operate entirely in the informal cash economy and rarely possess the collateral required for traditional bank loans. PM SVANidhi (Street Vendor's AtmaNirbhar Nidhi) provided collateral-free, short-term micro-credit with an interest subsidy to help them restart their small businesses and sustain their livelihoods without falling into the debt trap of local moneylenders.
The Economic Survey of India, which provides a comprehensive review of the country's economic developments over the past year, is presented in Parliament by the Chief Economic Adviser (CEA) a day before the Union Budget.
- True
- False
Answer: False
While the Economic Survey is indeed prepared under the guidance of the Chief Economic Adviser (CEA) within the Ministry of Finance, it is formally tabled in Parliament by the Union Finance Minister, not the CEA. The Survey serves as the analytical prelude to the Budget, outlining the macroeconomic health, challenges, and policy outlook of the nation.
The apex governing body of the NITI Aayog, which includes the Prime Minister and the Chief Ministers of all states and Union Territories with legislatures, is known as the ___.
- Governing Council
- 266 (or 266(3))
- durable (or capital / physical)
- notice
Answer: Governing Council
The Governing Council is the premier body tasked with evolving a shared vision of national priorities and strategies. It embodies the principle of 'cooperative federalism' by providing a direct, high-level platform where state leaders can interact with the Centre as equals, rather than being dictated to by a top-down planning authority.
The 'Gini Coefficient' is a statistical measure primarily used in economics to represent:
- The rate of inflation over a decade
- The income or wealth inequality within a nation
- The efficiency of capital investments
- The balance of trade deficit
Answer: The income or wealth inequality within a nation
The Gini coefficient ranges from 0 to 1 (or 0% to 100%). A score of 0 represents perfect equality, where every citizen has the exact same income, while a score of 1 represents perfect inequality, where a single individual holds all the nation's wealth. It is a crucial metric for assessing the inclusiveness of economic growth.
The MUDRA Bank, launched to provide funding to the non-corporate, non-farm small/micro enterprises, operates under the tagline 'Funding the ___'.
- inflation
- Rules
- Unfunded
- public
Answer: Unfunded
MUDRA stands for Micro Units Development and Refinance Agency. Its core mandate is to 'Fund the Unfunded' by providing institutional credit to millions of small entrepreneurs, street vendors, and artisans who traditionally fall outside the purview of formal banking channels and rely on exorbitant informal moneylenders.
The 'Bombay Plan', drafted in 1944 by leading Indian industrialists, primarily advocated for:
- Complete laissez-faire capitalism with zero state intervention
- A rapid transition to a fully agrarian, decentralized village economy
- Significant state intervention and public sector investment in heavy industries and infrastructure
- Immediate integration with the global free trade market
Answer: Significant state intervention and public sector investment in heavy industries and infrastructure
Authored by industrialists like J.R.D. Tata and G.D. Birla, the Bombay Plan surprisingly argued that the private sector lacked the massive capital required for post-independence reconstruction. It advocated for a strong, interventionist state to drive investments in heavy industries, infrastructure, and social services, heavily influencing India's subsequent mixed-economy and Five-Year Plan models.
The Special Drawing Rights (SDR), an international reserve asset created by the IMF to supplement its member countries' official reserves, is colloquially known as ___.
- stagflation
- Paper Gold
- IDRCL (or India Debt Resolution Company Ltd)
- jobless growth
Answer: Paper Gold
The SDR was created in 1969 during the Bretton Woods fixed exchange rate system when gold and the US dollar were the primary reserve assets. Because it was intended to act as a synthetic substitute for gold in international settlements, despite existing only as a bookkeeping entry, it earned the nickname 'Paper Gold'.
The Insurance Regulatory and Development Authority of India (IRDAI) was established as a statutory body in the year ___ to regulate and promote the insurance industry.
- first
- 1999
- Pareto Efficiency (or Pareto Optimality)
- crowding out
Answer: 1999
Following the recommendations of the R.N. Malhotra Committee, the IRDA was constituted in 1999 and later given statutory status through the IRDA Act, 1999. Its mandate includes issuing licenses to private and foreign insurers, protecting policyholder interests, and ensuring the orderly growth of the insurance sector in India.
The first wave of nationalization of commercial banks in India, where 14 major private banks were taken over by the government, occurred in the year 1969.
- True
- False
Answer: True
Prime Minister Indira Gandhi nationalized 14 major private banks in July 1969. The primary objective was to align the banking sector with the socialist goals of the state, ensure credit flow to neglected sectors like agriculture and small-scale industries, and expand banking penetration into unbanked rural areas.
The Reserve Bank of India (RBI) was originally established as a private shareholders' bank in 1935 based on the recommendations of the:
- Hilton Young Commission (Royal Commission on Indian Currency and Finance)
- Narasimham Committee
- Shivaraman Committee
- Urjit Patel Committee
Answer: Hilton Young Commission (Royal Commission on Indian Currency and Finance)
The Royal Commission on Indian Currency and Finance, appointed in 1925 and chaired by Sir Hilton Young, recommended the creation of a central bank to separate the control of currency and credit from the government. This led to the RBI Act of 1934, and the bank commenced operations on April 1, 1935, before being nationalized in 1949.
The Goods and Services Tax (GST), which subsumed multiple indirect taxes to create a unified national market, is a ___-based tax levied on the supply of goods and services.
- social
- destination (or consumption)
- Paris
- milk
Answer: destination (or consumption)
GST is a destination-based consumption tax, meaning the tax revenue accrues to the state where the goods or services are ultimately consumed, rather than the state where they are manufactured. This shift from an origin-based tax system fundamentally altered the fiscal dynamics between manufacturing-heavy states and consumption-heavy states in India.
What is the primary difference between 'Disinflation' and 'Deflation'?
- Disinflation means falling prices, while deflation means rising prices
- Disinflation is a slowdown in the rate of inflation, while deflation is a negative inflation rate (falling prices)
- Both terms mean exactly the same thing
- Disinflation applies to assets, deflation applies to consumer goods
Answer: Disinflation is a slowdown in the rate of inflation, while deflation is a negative inflation rate (falling prices)
Disinflation occurs when the inflation rate decreases over time (e.g., dropping from 8% to 4%); prices are still rising, just at a slower pace. Deflation, however, occurs when the general price level actually falls below zero (e.g., -2%), meaning money gains purchasing power, which is often a symptom of a severe economic recession.
Which of the following represents the purest measure of a country's National Income?
- GDP at Market Price
- NDP at Factor Cost
- NNP at Factor Cost
- GNP at Market Price
Answer: NNP at Factor Cost
Net National Product (NNP) at Factor Cost is universally recognized as 'National Income'. It represents the total net income earned by the residents of a country from the production of goods and services, excluding indirect taxes and including subsidies, and after accounting for the depreciation of capital assets.
The Production Linked Incentive (PLI) scheme provides financial rewards to companies based on their total historical capital investments rather than their incremental sales.
- True
- False
Answer: False
The PLI scheme is specifically designed to incentivize *incremental sales* from goods manufactured in domestic units over a defined base year. This output-oriented approach ensures that government funds reward actual production and market success, encouraging companies to scale up manufacturing and integrate into global value chains.
The 'Yellow Revolution' in India is associated with the exponential growth in the production of oilseeds, particularly mustard and sunflower.
- True
- False
Answer: True
The Yellow Revolution was initiated in the late 1980s, spearheaded by Sam Pitroda, to achieve self-sufficiency in edible oils. Through the Technology Mission on Oilseeds (TMO), it successfully introduced high-yielding varieties and improved farming practices, significantly boosting the domestic production of oilseeds like mustard, groundnut, and sunflower.
Which of the following 'Revolutions' in India is specifically associated with the massive increase in fish production and aquaculture?
- White Revolution
- Yellow Revolution
- Blue Revolution
- Silver Revolution
Answer: Blue Revolution
The Blue Revolution (Neel Kranti Mission) was launched to promote the sustainable and intensive development of the fisheries sector. It focuses on enhancing fish production, modernizing aquaculture technologies, and improving the livelihoods of fisherfolk, transforming India into one of the leading fish-producing nations globally.
The Kisan Credit Card (KCC) scheme, which provides farmers with timely access to credit for agricultural needs, was introduced in the year ___.
- government spending (or autonomous expenditure)
- banks
- inflation
- 1998
Answer: 1998
The KCC scheme was launched in 1998 based on the recommendations of the R.V. Gupta Committee. It revolutionized rural credit by providing flexible, low-cost working capital loans to farmers, reducing their dependence on exploitative informal moneylenders and ensuring timely availability of seeds, fertilizers, and pesticides.