Indian Economy Previous Year Questions (PYQ) with Answers – Page 28

Benami property can be confiscated by the Central Government, but the Act covers transactions the owner is unaware of and it does provide an appeal.

The MPC fixes the policy repo rate, the RBI's benchmark rate, but it has six members and is chaired by the RBI Governor.

The Global Gender Gap Index is published every year by the World Economic Forum in its Global Gender Gap Report.

The Approach Paper to the Twelfth Five Year Plan, released in 2011, aimed at average GDP growth of 9% a year for 2012–17.

Indian statistical practice treats persons aged fifteen to fifty-nine years as the working age population, and the labour force is made up of those among them who are either working or seeking and available for work.

Robert Giffen observed that when the price of a cheap staple such as coarse bread fell, poor families did not buy more of it but less, because the saving let them shift to a better food; such inferior goods are therefore called Giffen goods and their demand curve slopes upward.

An oligopoly is a market in which a few large firms supply the whole output, so each must watch how the others will react to its price, and the cigarette industry is the standard example because a handful of companies hold almost the entire market.

Perfect competition assumes a homogeneous product, very many buyers and sellers, perfect knowledge and free entry and exit, and the visible result of all this is a single ruling price: the same good cannot sell at two prices at the same moment, because any buyer would move to the cheaper…

Banking produces no goods; it supports the making and selling of goods by taking deposits, lending and moving money, so it belongs to the tertiary or service sector.

Net investment is gross investment minus depreciation, that is, the addition to the stock of capital left after making good the wear and tear of existing machines, buildings and equipment.

The Goods and Services Tax was announced for the first time in the Union Budget for 2006-07, presented by the then Finance Minister P. Chidambaram, who proposed 1 April 2010 as the date for rolling it out.

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…

India allows foreign direct investment of up to 100 per cent through the automatic route in railway infrastructure.

Dairying takes its produce directly from nature, so it belongs to the primary sector. Economic activity is usually grouped in three sectors.

The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.

Hot money is foreign capital that flows in quickly to earn short-term returns and can leave just as quickly, and in India this describes portfolio investment in shares and bonds.

Since independence, and especially since the reforms of 1991, the services sector has grown faster than the rest of the economy and now produces more than half of India's gross value added.

NIIF and the National Investment Fund are two different bodies with different purposes. The National Investment Fund was created in 2005 to hold the money the government raised from disinvestment of public sector enterprises, and it is part of the Public Account of India.

Capital deepening means the stock of capital grows faster than the labour force, so each worker has more machines and tools to work with.

Classical economists held that the economy always tends back to full employment, so any unemployment is short-lived. The classical theory rests on Say's Law, that supply creates its own demand, so there can be no general overproduction.