Indian Economy Previous Year Questions (PYQ) with Answers – Page 29

The European Stability Mechanism is a permanent rescue fund for the countries that use the euro. It was set up by a treaty among the eurozone members and began work in 2012, taking over from the temporary European Financial Stability Facility created during the sovereign debt crisis.

Pradhan Mantri MUDRA Yojana gives collateral-free loans to small and micro business owners so that they can borrow from banks instead of moneylenders.

Both schemes, launched in November 2015, aimed to put idle household gold to work and to cut the demand for imported gold; neither was about foreign investment.

SWAYAM is India's national platform of free online courses. SWAYAM stands for Study Webs of Active-Learning for Young Aspiring Minds.

Base Erosion and Profit Shifting (BEPS) describes how multinationals shrink their tax base in one country by moving profits to low-tax places.

The Financial Stability and Development Council (FSDC) is chaired by the Union Finance Minister and oversees macroprudential supervision, but it has nothing to do with NITI Aayog.

The Ease of Doing Business ranking was published by the World Bank in its annual Doing Business report.

Mission Indradhanush is the Health Ministry's drive to vaccinate every child and pregnant woman left out of routine immunisation. The mission was launched on 25 December 2014 to raise full immunisation coverage among children under two years and pregnant women.

The neem layer releases nitrogen slowly, so crops take up more of it and less is lost. Plain urea dissolves fast and much of its nitrogen is lost by leaching into groundwater and as gases.

Import cover is the number of months of imports a country could pay for with its foreign exchange reserves. It is worked out by dividing a country's total international reserves by its average monthly import bill.

The capital budget records capital receipts and capital expenditure, and all three items fall in it. The Union Budget has two parts.

Amber, blue and green boxes are the categories in which the WTO Agreement on Agriculture classifies farm subsidies. The Agreement on Agriculture came out of the Uruguay Round and took effect with the WTO in 1995.

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.

Estimates of poverty and unemployment in India rest on the large sample surveys of the National Sample Survey Office, which since 2019 works as part of the National Statistical Office under the Ministry of Statistics and Programme Implementation.

The State Finance Commission owes its existence directly to the Constitution: Article 243-I, added by the seventy-third Amendment, requires the Governor to constitute it every fifth year for the Panchayats, and Article 243-Y extends the arrangement to the Municipalities.

Asia takes the largest share of India’s exports, close to half of the total, far ahead of any other continent.

Disguised unemployment, also called hidden unemployment, exists where more persons are engaged in a job than are actually needed, so withdrawing one of them would not reduce output at all; that worker's marginal contribution is therefore zero.

A brand is the name, term, sign, symbol or design a seller gives a product so that buyers can tell it apart from everything else on the shelf.

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.

A bear expects prices to slide and therefore sells, hoping to buy the same security back cheaper, which is why a falling market is called a bear market.