Every year new budget, economic survey, new reports, schemes and every one loses their minds. Take a look at the questions being asked and it will soothe your nerves. One can easily and quickly cover economy syllabus by using only 2 sources at center for this topic. Keep NCERT macro as the guiding light and use India Year Book as the supplement. IYB has links in each section, visiting these websites of govt institutions puts a solid print on memory and also gives authentic reliable material which can be found anywhere else in the market.
2014
If interest rate is
decreased in an economy, it will---increase the investment expenditure in
economy
Which organization
brings out World Economic Outlook----IMF
Which are covered
under Union budget as non plan expenditure---defence expenditure, interest
payments, salaries and pensions, subsidies
Which are associated
with 'planning' in India---NDC, Parliament, FC,
MORD, MOUD
Sales tax paid while
purchasing toothpaste is a ----tax imposed and collected by state govt
Venture capital
means---long term start up capital provided to new entrepreneurs
Main objective of
12th FYP is---faster, sustainable and more inclusive growth
Wrt balance of
payments, which is under current account----balance of trade, balance of
invisibles, foreign assets, SDRs
Facilities
beneficiaries can get from services of BCs in branchless areas---enables
beneficiaries to draw their subsidies and social security benefits in villages,
to make deposits & withdrawals
Purpose of Statutory
Reserve Requirements----enable central bank to control amount of advances banks
can create, make people's deposits with banks safe and liquid, prevent
commercial banks from making excessive profits, force banks to have sufficient
vault cash to meet their day to day requirements
2013
PSL by banks in
India constitutes the lending to---agriculture, micro and small enterprises,
weaker sections, education, housing, export credit(etc)
To obtain full
benefits of demographic dividend India should-----promote skill development
Rise in general
level of prices may be caused by----increase in money supply, decrease in
aggregate level of output, increase in effective demand
Which is included in
India's forex reserves----FCA foreign currency assets, gold, SDRs
Balance of payments
of a country is a systematic record of --- all import and export transactions
of a country during a given period of time, usually a year
RBI regulates the
commercial banks in matters of----liquidity of assets, branch expansion, merger
of banks, winding up of banks
Increase in Bank
rate generally indicates that the----Central bank is following a tight money
policy
In India, deficit
financing is used for raising resources for----economic development
Most inflationary
among----repayment of public debt, borrowing from public to finance a budget
deficit, borrowing from banks to finance a budget deficit, creating new money
to fiance budget deficit
Which banks grant
direct credit assistance to rural households---RRB, Land Development Banks, NABARD
Which of following
constitute Capital account---foreign loans, FDI, portfolio investment, private remittances
Inflation benefits
debtors, hurts bond holders
Disguised
unemployment--->marginal productivity of labour is zero
Decreasing order of
liquid assets ---currency>demand deposit with banks>savings deposits with
banks>time deposits with banks
OMO refers
to----purchase and sale of government securities by RBI
Supply of money
regaining the same when there is an increase in demand for money, there will
be---an increase in rate of interest
National income of a
country for a given period is equal to----money value of final goods and
services produces
2012
Which are
essentially parts of 'inclusive governance' --- estb effective DPCs in all
dists, increasing govt spending on health, strengthening MDMS, permitting nbfc in banking
In nrhm, what are
jobs of ASHA---accompanying women to health facility for antenatal checkup,
using pregnancy test kits for early detection of pregnancy, providing info on
nutrition and immunization, conducting
delivery of baby
Multi-dimensional
poverty index developed by Oxford Poverty and Human Development Initiative with
UNDP support covers---deprivation of education, health, assets and services at
household level, purchasing power
parity at national level, extent of budget deficit and GDP growth rate at
national level
Noticeable features
of reco of 13th FC---design for GST and compensation package linked to
adherence to proposed design(YES), devolution of specified share of central
taxes to local bodies as grants(YES), design
for creation of lakhs of jobs in next 10 years in consonance with India's
demographic dividend
Recent policy
initiatives to promote manufacturing sector---set up of NIMZ, single window
clearance, estd TADF tech acq and dvlpmt fund
Order of demographic
transition phases: (high birth and death rate)-->(high birth, low
death)-->(low birth, low death rate)
8 core industries
making up IIP
Janani suraksha
yojana is to---(objectives)
RBI acts as banker's
bank, which means---other banks retain their deposits w/ RBI, RBI lends funds
to commercial banks in times of need, RBI advises commercial banks on monetary
matters
Capital gains arise
when--- there is an increase in
sales of a product there is a natural increase in value of property
owned, you purchase a painting and there is a growth in its value due to
increase in its popularity
Which measures
result in increase in money supply in economy---purchase of gsecs from public
by central bank, borrowing by govt from central bank
Which includes FDI
in India----subsidiaries of companies in India, majority foreign equity holding
in Indian companies, companies exclusively fin by foreign companies, portfolio investment
Price of any
currency in international market is decided by the ---demand for goods/services
provided by country concerned, stability of govt of concerned country economic potential of country in question
Basic aim of Lead
Bank Scheme is that----individual banks should adopt particular districts for
intensive development
2011
India has
experienced persistent and high food inflation in recent past
because----increasing incomes and significant change in consumption patterns,
food supply chain has structural constraints, gradual switch over to cultivation of commercial crops with
steady decrease in area under cultivation of food grains
In terms of economy,
visit by foreign nationals to witness XIX commonwealth games in India amounts
to ------ export
Appropriate
description of "fiscal stimulus" is ---- an intense affirmative
action of govt to boost economic activity in the country
Actions that can
help reduce CAD -- devaluing domestic currency, adopting suitable policies
which attract greater FDI and more FIIs, reduction
in export subsidy
Rapid increase in
rate of inflation is sometimes attributed to base effect which means---- impact
of price levels of previous year on calculation of inflation rate
Features of VAT ----
multi-point destination based system of taxation, tax levied on value addition
at each stage of transaction in production-distribution chain, tax on fianl
consumption of goods or services and must ultimately be borne by the consumer, basically subject of central govt with
state govt as only a facilitator for successful implementation
"Closed
economy" is an economy in which --- no import/export takes place
Karl Marx explained
process of class struggle with help of ----- Dialectical materialism
Both FDI and FII are
related to investment in a country, difference is----FII helps increase capital
availability in general, while FDI only targets specific sectors
Mega food park
scheme includes--- to provide good infra for food processing industries, to
increase processing of perishable items and reduce wastage, to provide emerging and eco-friendly food
processing technologies to entrepreneurs
Micro finance is
provision of financial services to people of low income groups. This includes
both consumers and self employed. Services rendered under micro finance are ---
credit facilities, savings facilities, insurance facilities, fund transfer facilities
Wrt Look East policy
of India----India wants to establish itself as imp regional player in East
Asian affairs, wants to restore historical and cultural ties with neighbours in
SE and E Asia, wants to plug vacuum
created by termination of cold war
Regarding IMF ----
it grants loans to only member countries
Offering of
"teaser loans" by commercial banks is a cause of concern because ---
teaser loans are considered to be an aspect of sub prime lending and banks amy
be exposed to risk of defaulters in future
For Indian economy,
----- growth rate of GDP has
steadily increased in last 5 years, growth rate in per capita income has
steadily increased in last 5 years (YES)
In India, highest
share in disbursement of credit to agriculture and allied activities comes from
---- commercial banks coop banks,
RRBs, MFIs
Reasons for govt
disinvesting equity in CPSEs --- govt
intends to use revenue earned from disinvestment mainly to pay back external
debt, govt no longer intends to retain management control of CPSEs
Economic growth is
usually coupled with----- inflation deflation,
stagflation, hyperinflation
Lowering of Bank
rate by RBI leads to ---- more liquidity in the market
Demographic dividend
of India is due to---- high population in age group of 15-64 years
Aam Aadmi Bima
Yojana features(scheme from 2007)
What benefits are
available to the disabled in India?
What rights come
under the Universal Declaration of Human Rights
What can aid
furthering govt objective of 'inclusive growth' --- promoting SHG, promoting
MSME, implementing RTE
2010
Which of the
following indicates a mechanism used by commercial banks for providing credit
to the govt ---- SLR
Wrt NBFCs --- the cant engage in acq of g-secs, they
cant accept demand deposits like savings account
What are targets and
provs under FRBMA 2003
Lot of FDI comes
from Mauritius because ---- we have DTAA with them(and they don’t have capital
gains tax)
Size of economy and
populations of China and India wrt other BRICS countries
Objective of NFSM is
to increase production of certain crops(rice,
wheat and pulses only) thru area expansion and productivity enhancement
in a sustainable manner
Main ways of
providing "fiscal stimulus" --- cut tax rates, raise govt spending
WPI, CPI--- how
often are they released, weights of items in it, base years?
In India's FYPs, a
shift in pattern of industrialization, with lower emphasis on heavy industries
and more on infra begins in ----- 6th plan
Wrt Consumer
Disputes Redressal at district level in India ----- District Forum entertains
complaints where value of goods or services does not exceed 50 lakh INR
What is regulated by
FMC ---- commodities futures trading
Wrt Banking
Ombudsman ---- it is appointed by RBI (YES), it can consider complaints from
NRIs with accounts in India (YES), it provides services for free (YES), it is
quasi judicial and its orders are not final and binding---one can appeal to
Appellate authority(dy gov of RBI)
Wrt LLP firms ---
partnership and mgt need not be separate, internal governance may be decided by
mutual agreement among partners, it is corporate body with perpetual
succession, it is body corporate and legal entity separate from its partners,
one partner is not liable for another partner's misconduct or negligence
Check 5 yearly
trends of contributions of different tax streams to gross revenue
In India, taxes on
transactions in Stock exchanges and futures market are ---- levied by Union, collected by states
2009
Definition of IMR
--- number of newborns dying under a year of age per 1000 live births
1st telegraph line
in India was laid between Calcutta and Diamond Harbour
1st Export
Processing Zone in India was setup at Kandla
Which are Direct
Taxes --- Fringe Benefit tax, Interest tax, securities transaction tax
Dulhasti power
station and Baglihar power projects are on --- Chenab
BK Chaturvedi
committee was about ---- price reform in oil sector
Emergency
proclamation, new elections and Janata party govt came during FYP # ---- 5
"Energy
Statistics" publication is brought out by ---- CSO
MMTC is India's
largest international trading org (YES)
Neelachal Ispat
Nigam Limited was set up by MMTC jointly with Govt of Orissa (YES)
Commission for
Agricultural Costs and Prices CACP sets MSP for 24 crops
[Minimum support
prices are currently announced for 24 commodities including seven cereals
(paddy, wheat, barley, jowar, bajra, maize and ragi); five pulses (gram,
arhar/tur, moong, urad and lentil); eight oilseeds (groundnut,
rapeseed/mustard, toria, soyabean, sunflower seed, sesamum, safflower seed and
nigerseed); copra, raw cotton, raw jute and virginia flu cured (VFC) tobacco]
[Kharif : Paddy,
Jowar, Bajra, Ragi, Maize, Tur(ahar), moong, urad, groundnut, sunflower,
soyabean, sesamum, nigerseed, cotton] [wheat, barley, gram, lentil(masur),
rapeseed/mustard, safflower] [other commercial: Jute, sugarcane, copra]
HQ of AWBI animal
welfare board of India is at --- Chennai
2nd FYP emphasized
on estb of heavy industries (YES), 3rd FYP introduced concept of import
substitution as strategy for industrialization (YES)
NSD national school
drama set up by Sangeet Natak Akademi in 1959, highest honour conferred by
Sahitya Akademi on writer is by electing him its fellow (YES)
2008
National Center for
Cell Science Pune, Center for DNA Fingerprinting and Diagnostics Hyderabad,
National Brain Research Center Gurgaon
2007
SS Tarapore
committee was constituted by RBI to set out framework for fuller capital
account convertibility
Participatory Notes
are associated with ----- Foreign Institutional Investors undp, kyoto protocol, CFI
Repo rate is rate at
which RBI borrows from banks, while bank rate is rate at which banks borrow
from RBI
Value of 1 for Gini
coefficient implies perfect income equality
MCA 21 is major
initiative taken up by GOI in areas of --- e governance
Contribution of
different sectors to GDP ---[Services, Industry, Agriculture]
Correct decreasing
order of production---Rice>wheat>coarse cereals>pulses
2006
Balance of payments
is a better picture of country's economic transactions with world than Balance
of trade, because it accounts for both visible and invisible items
FRBMA concerns both
fiscal and revenue deficit
Service tax is a
----indirect tax levied by central govt
Check trade profile
of India, % of world trade, max to which countries, from which countries
2005
NYSE is oldest stock
exchange in world, Sensex is based on 50 most imp stocks available on BSE
2004
India continues to
depend on imports to meet requirement of oilseeds in country because ---
farmers prefer to grown foodgrains with highly remunerative prices, most of
cultivation of oil seed crops continue to depend on rainfall, oils from seeds
of tree origin and rice bran have remained unexploited
India doesn’t export
natural rubber because 97% of India's demand for natural rubber is met from
domestic production
Rural sanitation is
a subject in State list
NHB is wholly owned
subsidiary of RBI and SIDBI is subsidiary to IDBI [check this might have
changed now]
Check reco of 14th
FC
Check MSP and FRP,
APMC and FCI, Shanta Kumar
2003
Debenture holders of
a company are its --- creditors shareholders,
debtors
Check Level of FDI %
allowed in various sectors
Check new FTP
foreign trade policy---released this year
2002
WPI series,
components, weightage
Components of M3
broad money
Might have
changed---Check---External liabilities reported in Union budget are not based
on historical exchange rates, continued high borrowing has kept real interest
rates high in the economy, upward trend in ratio of fiscal deficit to GDP in
recent years has an adverse effect on private investments, interest payments is
single largest component of non-plan revenue expenditure of Union govt
India's external
debt---owed to whom?
WIPO world
intellectual property org-- UN org, HQ at Geneva
WDR world
development report is annual publication of ---- IBRD/WB
Country is in debt
trap means----it has to borrow to make interest payments on outstanding loans
2001
Prices at which govt
purchases food grains for maintaining PDS and building buffer stocks is known
as ----procurement prices
NAIS and other
insurance schemes---what do they cover
Internal debt
comprises of ---market borrowing, T bills, Special securities issued to RBI
Check if RBI ----
handles borrowing program(who handles), acts as agent of govt in IMF(who reps
India there)
Which are called
direct taxes, which are indirect taxes
What is UNCTAD
What are WB group
National income =
GNP-depreciation-IDT+subsidies
WPI is brought out
by which ministry,
2000
Definitions of
boom(business activity at high level with increasing income, output and
employment at macro level), recession(gradual fall of income, output and
employment with business activity in low gear), depression(unprecedented level
of under employment and unemployment, drastic fall in income, output
employment), recovery(steady rise in general level of prices, income, output,
employment)
Gilt edged market
means ---- market of g secs
Y = C + I + G +
(X-M)
1st Indian state to
have its HDR prepared and released by Amartya Sen in Delhi is ---- MP
1999
From balance sheet
one can assess---size and compostion of assets and liabilities of a
company(cant say about profitability, market share)
Devaluation of a
currency may promote exports, because, price of country's products in
international market may fall due to devaluation
1998
White goods---items
purchased for conspicuous consumption --- TV, AC, fridge, cooler
Region that supplies
max import --- arrange in order
Dow Jones--USA, Hang
Seng--Seoul, FTSE-100--London
1997
EU members, Eurozone
members, difference, EU org structure
Broad money M3
consists of?
HDI calculation
method
Non-plan expenditurs
--- subsidies, interest payments, defence expenditure, maintenance expenditure
for infra created in previous plans
NI=NNP at FC = NNP
at MP - IDT + subs
1996
Arrange top 5 export
items of India in increasing order, top 5 imported items
1995
Check regulation
areas of various financial regulatory authorities--- SEBI, RBI
Objectives and
functions of CACP
FCNR(A) and FCNR(B)
What comes under
plan and non-plan expenditures, is this classification required statutorily
WB group banks and
functions
Agricultural income
tax is assigned to State govt by ---- Constitution FC, ISC, NDC
