Indian Economy Previous Year Questions (PYQ) with Answers – Page 11

It is the advance grant the Lok Sabha makes so that the government can keep spending from 1 April until the full budget is passed.

The expert group headed by Suresh Tendulkar, which reported in 2009, recommended measuring poverty through MPCE on the Mixed Reference Period.

When the government runs a deficit, it borrows heavily from the same pool of savings that private firms use, so interest rates rise and private investment falls.

The Second Plan (1956 to 1961) was built on the model of the statistician P. C. Mahalanobis and aimed at rapid industrialisation with a stress on heavy and basic industries such as steel, machinery and chemicals, on the belief that machines to make machines would speed up growth.

In India the fiscal or financial year runs from 1 April to 31 March, so the year that starts on 1 April 2025 is written as 2025-26.

Under the Coinage Act 2011 the Government of India alone has the right to mint coins, and the work is handled by the Department of Economic Affairs in the Ministry of Finance.

A revenue receipt is money the government gets without creating a liability for itself or selling off an asset; tax collections such as GST, income tax and excise, and non-tax income such as interest, dividends and fees, all fall in this class.

The Statutory Liquidity Ratio, or SLR, is the share of a bank's net demand and time liabilities, that is, all its demand deposits and term deposits taken together, that it must hold in liquid assets such as cash, gold or approved government securities.

The National Bank for Agriculture and Rural Development was set up on 12 July 1982 by an Act of Parliament, on the recommendation of the Sivaraman Committee (CRAFICARD), as the apex body for rural and farm credit.

Under Article 279A of the Constitution, the Union Finance Minister is the Chairperson of the GST Council. Article 279A was added by the Constitution (One Hundred and First Amendment) Act, 2016, which brought in the Goods and Services Tax.

The Social Market Economy, Soziale Marktwirtschaft, was the model on which West Germany rebuilt its economy after the Second World War.

UDAN is the regional connectivity scheme meant to grow regional air travel and make it affordable while keeping the routes viable for airlines.

The Insolvency and Bankruptcy Board of India was set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.

Allocation of resources through central planning is the mark of a socialist or command economy, not a capitalist one. In a capitalist economy, the means of production such as land, factories and capital are owned mainly by private individuals and firms.

The Extended Fund Facility is a lending arrangement of the International Monetary Fund for countries with serious balance of payments problems.

Monopolistic competition is a market with many buyers and sellers, each seller offering a product that is slightly different from the others.

Input prices change what it costs a firm to produce, so they shift the supply of a good, not the quantity that buyers want.

The India Sanitation Coalition is an industry-led platform, not one funded by the Government of India and the WHO.

The Labour Bureau, an attached office of the Ministry of Labour and Employment, collects and publishes statistics on industrial disputes, closures, retrenchments and lay-offs.

The Occupational Safety, Health and Working Conditions Code, 2020 brought together the Factories Act, 1948, the Plantations Labour Act, 1951 and other laws on safety and working conditions.