Indian Economy Previous Year Questions (PYQ) with Answers – Page 3

Gross primary deficit is the fiscal deficit minus interest payments: 50,000 − 1,500 = ₹48,500 crores. The fiscal deficit is total expenditure minus total receipts other than borrowings, so it already takes account of non-debt capital receipts such as recovery of loans and disinvestment proceeds.

The Petroleum and Natural Gas Regulatory Board covers the downstream chain, refining to sale, but not the production of crude oil and natural gas.

Each organisation is paired with the wrong ministry. The National Automotive Board works under the Ministry of Heavy Industries; it supports the automobile sector with testing and certification work and helps run schemes for the industry.

The Rashtriya Gokul Mission was launched to conserve and develop indigenous cattle and buffalo breeds scientifically, and it matters most to the small farmers and landless labourers who keep most of these animals.

The Code on Wages, 2019 was passed by Parliament, received the President's assent and was notified in the Gazette of India on 8 August 2019.

The Finance Minister announced Sovereign Green Bonds in the Union Budget speech of 1 February 2022, as part of the government's overall market borrowing.

Hilly terrain, economic backwardness and a sizeable tribal population are criteria; the strategic factor is location along international borders, not a coastal zone.

The G20 was formed in 1999, not 2001, as a forum of Finance Ministers and Central Bank Governors. The Group of Twenty was set up in 1999 after the Asian financial crisis, so that finance ministers and central bank governors of major developed and emerging economies could meet regularly.

It is the umbrella scheme of the Ministry of Food Processing Industries for building modern infrastructure and an efficient supply chain from farm gate to retail outlet.

The whole point of comparative advantage is that a country gains from trade even when it has no absolute advantage in any good.

A firm in perfect competition faces a perfectly elastic demand curve, but a monopolistically competitive firm faces a downward-sloping, fairly elastic one, not a perfectly inelastic one.

Necessities and luxuries are matched correctly, but an inferior good has a negative income elasticity, not a positive one. Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income.

Capital receipts either add to liabilities or reduce assets, and borrowings and disinvestment are typical examples; interest received is a revenue receipt.

The World Trade Organization came into being on 1 January 1995 as the successor to the General Agreement on Tariffs and Trade, and India, which had been a party to GATT since 1948, became a member of the WTO on that very first day, which makes it a founding member.

This Act of 1985 had created the Board for Industrial and Financial Reconstruction to deal with sick industrial units in the private sector.

In the SDG India Index 2023-24, the fourth edition brought out by NITI Aayog in July 2024, the states' composite scores ran from 57 at the bottom to 79 at the top, with Uttarakhand and Kerala sharing the highest score of 79 and Bihar the lowest at 57.

The Smart Cities Mission was launched on 25 June 2015 by the Ministry of Housing and Urban Affairs for 100 cities, chosen through a two-stage City Challenge competition in which states nominated cities and the cities then sent in their own proposals.

Competition policy in India rests on the Competition Act of 2002, which was passed on the advice of the Raghavan Committee after liberalisation, and it replaced the older monopolies law.

The New Industrial Policy of 24 July 1991 abolished industrial licensing for all but a short list of industries, so a firm no longer needed a government permit to start production, to expand or to import.

The Fiscal Responsibility and Budget Management Act, 2003 is a fiscal reform: it binds the Union government to cut its fiscal and revenue deficits and to report on its borrowing.