Indian Economy Study Material 2024
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Questions and Answers

Which of the following are true about "Variable Rate Repo (VRR)"? (Select all that apply.)

  • The RBI uses this tool to address liquidity deficit in the banking system. (correct)
  • It is a fixed rate at which banks borrow money from RBI.
  • It usually applies to loans with durations not exceeding one day.
  • It is generally lower than the Repo Rate, but not below the Reverse Repo Rate. (correct)

    • The "Prompt Corrective Action (PCA) framework is a new framework for Primary Urban Co-Operative Banks (UCBs).

    False (B)

    What are the key objectives of the "National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds)"?

  • Increase domestic edible oil production to 25.45 million tonnes and meet around 72% of our projected domestic requirement.
  • Focus on increasing the production of key primary oilseed crops such as Rapeseed-Mustard, Groundnut, Soybean, Sunflower, and Sesamum.
  • Expand oilseed cultivation by an additional 40 lakh hectares by targeting rice & potato fallow lands
  • All of the above. (correct)

    • The Central Silk Board is responsible for the following (select all that apply):

    <p>Advise the government on all matters concerning sericulture and silk industry. (A), Administration of various production processes, etc. (B), The International Sericulture Commission - Member Secretary for the tenure was elected as the Secretary General of an International Inter-governmental organization (ISC) 2023-27. (C)</p> Signup and view all the answers

    India's first Microfinance Institution (MFI), Self Employed Women’s Association (SEWA) Bank established in 1974, completed 50 years.

    <p>True (A)</p> Signup and view all the answers

    What is "financialization?"

    <p>Financialization is a process in which financial markets, institutions, and elites gain more influence over economic policy and economic outcomes.</p> Signup and view all the answers

    What are the components of "Gross Fixed Capital Formation (GFCF)"? (Select all that apply.)

    <p>Land improvements (e.g., leveling, fencing, drainage) (A), Infrastructure development (e.g., roads, bridges, railways) (B), Purchases of plant, machinery, and equipment (C)</p> Signup and view all the answers

    When was the "General Agreement on Tariffs and Trade (GATT)" replaced by "World Trade Organisation (WTO)"?

    <p>1995</p> Signup and view all the answers

    The "National Industrial Corridor Development Programme (NICDP)" has a goal of developing futuristic industrial cities that can compete with the best manufacturing and investment destinations in the world. How many phases will the program be broken down into?

    <p>4 phases (D)</p> Signup and view all the answers

    What is the "unified payments interface" or "UPI"?

    <p>UPI is a real-time payment system, powered by the National Payments Corporation of India (NPCI).</p> Signup and view all the answers

    What are the major sources of funding for startups?

    <p>All of the above (D)</p> Signup and view all the answers

    What is the "Angel Tax"?

    <p>It is a type of income tax levied on funding raised by unlisted companies or startups, when their valuation exceeds the company’s fair market value.</p> Signup and view all the answers

    What are the three main objectives of the "Treaty on Intellectual Property, Genetic Resources and Associated Traditional Knowledge"

    <p>The Treaty aims to enhance the efficacy, transparency and quality of the patent system, prevent patents being granted erroneously for non-novel inventions, and acknowledge the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and its commitments.</p> Signup and view all the answers

    The "National Bank for Financing Infrastructure and Development (NaBFID)" was established to support:

    <p>Both A and B. (C)</p> Signup and view all the answers

    The "Indian Space Association (ISpA)" is a for-profit industry body, setup for development of the private space industry in India.

    <p>False (B)</p> Signup and view all the answers

    Why was the "Voluntary Vehicle Modernization Program or Vehicle Scrapping Policy" launched?

    <p>The program aims to create an ecosystem for phasing out unfit polluting vehicles through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs), and it is part of a larger effort by the government to promote the circular economy in the automotive sector by promoting recycling and reducing the consumption of raw materials.</p> Signup and view all the answers

    Which of the following are true about "Green Shoots"? (Select all that apply.)

    <p>They are signs that an economy or a sector is growing after an economic downturn. (A), Examples of Green Shoots include detergents, toiletries, tooth cleaning products, cosmetics. (C)</p> Signup and view all the answers

    Finland is the only multilateral partnership dedicated to assisting Least-developed countries (LDCs) to use trade as an engine for growth, sustainable development and poverty reduction.

    <p>True (A)</p> Signup and view all the answers

    Which of the following is an objective of the "Digital Bharat Nidhi (DBN)?

    <p>Both A and B. (C)</p> Signup and view all the answers

    What is the "National Electricity Plan (NEP)"?

    <p>It is a strategic framework designed to guide the future development of the Indian Electricity sector. The plan focuses mainly on the transmission system.</p> Signup and view all the answers

    The World Gold Council (WGC) is an authority on:

    <p>Gold (B)</p> Signup and view all the answers

    Which country is the second-largest consumer of gold?

    <p>India</p> Signup and view all the answers

    Which of the following describes the "ISI Mark"?

    <p>A mark that is mandatory for certain products to be sold in India. (A)</p> Signup and view all the answers

    The "National Technical Textiles Mission" set the goal of positioning India as the global leader in technical textiles.

    <p>True (A)</p> Signup and view all the answers

    Which economic system is most characterized by centralized planning and collective ownership of resources?

    <p>Socialism (B)</p> Signup and view all the answers

    A country's improved standards of living, healthcare systems and overall quality of life would best be described as:

    <p>Economic Development (A)</p> Signup and view all the answers

    Which of the following is a key tool used by the government to control inflation?

    <p>Fiscal and Monetary Policy (B)</p> Signup and view all the answers

    A country has a comparative advantage in producing a good if it:

    <p>Can produce the good with lower opportunity cost than other countries. (A)</p> Signup and view all the answers

    A key focus of sustainable economics is on:

    <p>Long-term economic growth that considers environmental and social aspects. (A)</p> Signup and view all the answers

    Which of these is a contemporary challenge that has a large impact on economies worldwide?

    <p>Geopolitical Instability (D)</p> Signup and view all the answers

    Which policy is mostly concerned with government spending and taxation to influence the economy?

    <p>Fiscal Policy (C)</p> Signup and view all the answers

    Monetarists primarily believe that controlling which factor is most important for stabilizing prices?

    <p>Money Supply (B)</p> Signup and view all the answers

    An increase in a countries output of goods and services would best be described as:

    <p>Economic Growth (C)</p> Signup and view all the answers

    Which economic system combines elements of both private enterprise and government intervention?

    <p>Mixed Economy (C)</p> Signup and view all the answers

    Which economic concept most directly measures the responsiveness of consumer purchases to a change in price?

    <p>Elasticity (D)</p> Signup and view all the answers

    Which of the following best describes the focus of macroeconomics?

    <p>The aggregate changes in the performance of a national economy (B)</p> Signup and view all the answers

    What is the primary tool used by a central bank when conducting monetary policy?

    <p>Manipulating the money supply and credit conditions (A)</p> Signup and view all the answers

    Which of the following is NOT generally considered a component of microeconomic analysis?

    <p>National unemployment rates (B)</p> Signup and view all the answers

    Which school of economic thought most strongly emphasizes the role of government intervention to stabilize the economy during recessions?

    <p>Keynesian economics (C)</p> Signup and view all the answers

    If a market is said to be in equilibrium, it is generally understood that:

    <p>The quantity supplied and the quantity demanded are equal. (C)</p> Signup and view all the answers

    What does Gross Domestic Product (GDP) primarily measure?

    <p>The total value of goods and services produced in a country. (A)</p> Signup and view all the answers

    A market with a single seller and significant barriers to entry would be described by what market structure?

    <p>Monopoly (D)</p> Signup and view all the answers

    What economic concept is used to describe a situation where markets fail to allocate resources efficiently?

    <p>Market failures (B)</p> Signup and view all the answers

    Which of the following best explains the role of fiscal policy?

    <p>Manipulating the overall level of taxes and government spending (B)</p> Signup and view all the answers

    Study Notes

    VisionIAS Classroom Study Material

    • Focuses on classroom study material pertaining to the Indian economy.
    • Covers the period from April 2024 to October 2024.
    • Provides contact information for inquiries.
    • Lists various locations of VisionIAS offices.
    • Includes a table of contents.

    Table of Contents

    • Contains a detailed list of topics covered in the economy study material, including monetary policy, banking, finance & taxation, payment systems, financial markets, external sector, and growth & development.
    • Includes specific subtopics/sections under each larger topic.

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    Related Documents

    VisionIAS PT 365 January 2025 Economy PDF

    Description

    This quiz covers classroom study materials related to the Indian economy, focusing on the key topics from April 2024 to October 2024. It includes detailed sections on monetary policy, banking, taxation, and financial markets, among other essential areas. Perfect for students and professionals seeking to enhance their understanding of the Indian economy.

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