Indian Economy Mixed Quiz: Set 15

Inventory investment, also called change in stock, measures the physical stock of goods a firm holds at the end of the year minus the stock it held at the start.

This law makes the right to work a legal guarantee: every rural household whose adult members are willing to do unskilled manual work is entitled to at least 100 days of wage employment in a financial year.

The Planning Commission was set up in March 1950 by a resolution of the Union Cabinet, not by the Constitution or by an Act of Parliament, so it was an extra-constitutional and non-statutory body.

It is a private sector joint venture, not a public sector insurer. SBI Life was set up in 2001 as a partnership between the State Bank of India and BNP Paribas Cardif of France.

The Reserve Bank of India issued the fifty-rupee note of the Mahatma Gandhi (New) series in August 2017 with fluorescent blue as its base colour.

SIDBI is the apex institution for micro, small and medium enterprises. It was set up in 1990 under an Act of Parliament, began work on 2 April that year, and has its head office at Lucknow.

Fiscal policy means the use of taxation, public expenditure and public borrowing to influence output, employment and prices, and all three instruments belong to the government and are given effect through the Union Budget.

The Foreign Exchange Management Act was passed in 1999 and came into force on 1 June 2000, replacing the Foreign Exchange Regulation Act of 1973.

GST is charged on the supply of goods and services, and although the registered supplier deposits it with the government, the amount is recovered from the buyer in the price.

Consumer theory studies how a household decides to spend its money among the goods and services available to it. The idea rests on three things: the wants of the consumer, the prices of goods, and the income in hand, which is the budget constraint.

Article 280 requires the President to constitute a Finance Commission at the expiration of every fifth year, or earlier if the President considers it necessary, consisting of a Chairman and four other members, and lists the matters on which it is to make recommendations.

IBM and Coca-Cola wound up their Indian operations in 1977 rather than dilute their holdings to 40 per cent. The Foreign Exchange Regulation Act, passed in 1973, required foreign companies to cut their equity in Indian subsidiaries to that level and to obtain permission for most dealings in foreign exchange.

The Bombay Stock Exchange became the first stock exchange in India to enter commodity derivatives when it launched futures contracts in gold and silver on 1 October 2018.

Article 280 requires the President to constitute a Finance Commission every fifth year, or earlier if needed, with a chairman and four other members.

The poverty line in India is worked out from the consumption expenditure data that the NSSO collects through its large sample surveys.

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 Pradhan Mantri Ujjwala Yojana was launched on 1 May 2016 at Ballia in Uttar Pradesh. It is run by the Ministry of Petroleum and Natural Gas and gives a free LPG connection, with a deposit-free cylinder and a fitted regulator, to women of poor households.

Rural cooperative credit societies were the microfinance structure already in place when India became independent.

In zero based budgeting every item of expenditure starts from a zero base and has to be justified afresh for the coming period, instead of being carried over because it existed last year.

A gift tax is charged on the transfer of money or property from one person to another without consideration; it is a tax on a transfer between persons, not on any sale of goods or supply of services.