Indian Economy GK Questions with Answers – Page 40

Under the Regional Connectivity Scheme called UDAN, which stands for Ude Desh ka Aam Nagrik and was launched in 2016, the fare on a subsidised seat is capped at about 2,500 rupees for an hour of flight on a fixed-wing aircraft, and the difference between that fare and the cost…

Interest paid on the government's past borrowing is the classic non-plan expenditure, because it is a committed charge the Centre must meet whatever its plans are.

The law of demand says that, other things remaining equal, a rise in the price of a good reduces the quantity demanded and a fall in price raises it, so the two move in opposite directions.

NITI Aayog, the National Institution for Transforming India, was set up by a Cabinet resolution on 1 January 2015 and took the place of the Planning Commission, which had run since 1950.

Skill is built on schooling and training, so a workforce in which a large share of workers is illiterate or barely schooled cannot absorb technical instruction the way a fully literate one can.

Money has a time value, so a rupee received years later is worth less than a rupee in hand, and every cash flow of a project is first brought to today's value before a decision is taken.

SMILE stands for Support for Marginalised Individuals for Livelihood and Enterprise, the central scheme that covers the welfare of transgender persons and of people engaged in begging.

Seasonal unemployment is the kind in which people find work only in certain months and sit idle in the rest.

The reverse repo rate is the rate at which the Reserve Bank of India borrows from commercial banks, that is, the rate it pays banks for parking their surplus money with it for a short term.

The law of variable proportions divides short run production into three stages. In stage one, increasing returns, both total and marginal product rise because the fixed factor is still under used.

The marginal product of a variable factor first rises, reaches a peak and then falls, so the curve traced out is an inverted U. This is the law of variable proportions at work.

Setting up an institution in India means putting money into a real asset and running it, which is exactly what Foreign Direct Investment is.

Economists call something a public good when it has two features: it is non-rival, so one person's use does not reduce what is left for others, and non-excludable, so nobody can be kept out of the benefit.

Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price. If the elasticity is zero, the numerator is zero: buyers take the same quantity however the price moves.

Goods and Services Tax is collected by the state where the goods or services are finally consumed, not by the state that produced them.

Reserves had been drained by years of current account deficits, by the rise in oil prices and the fall in remittances after the Gulf crisis, and by the withdrawal of deposits held by non-resident Indians, and at the worst point they could cover only a fortnight of imports.

The older law had treated size itself with suspicion and required large firms to obtain the government's approval before expanding, setting up a new undertaking or merging; the reforms of 1991 removed that requirement, and the Act of 2002 replaced the law altogether, shifting attention from the size of a…

It is the sale of a part of the government's equity in a public enterprise, either to the public through the stock market or to institutional and strategic buyers; when a majority holding is sold and management also passes to the buyer, it is called a strategic sale.

The World Trade Organisation came into being on that date at the end of the Uruguay Round of negotiations, taking the place of the General Agreement on Tariffs and Trade of 1947, and India, having been a party to the GATT, became a founder member.

The older Act of 1973 treated a breach of exchange control as a criminal offence and presumed guilt; the new Act treats most breaches as civil contraventions punishable with a penalty, and its purpose is stated as facilitating external trade and payments and the orderly development of the foreign exchange…