Indian Economy Mixed Quiz: Set 69

The President of India has no place in NITI Aayog's Governing Council, which is a forum of the Prime Minister and the heads of the States and Union Territories.

PAHAL is the direct benefit transfer scheme for subsidy on cooking gas (LPG). PAHAL stands for Pratyaksh Hanstantrit Labh, meaning direct transferred benefit.

Legal tender is money that the law says must be accepted in payment of a debt. In India, banknotes issued by the Reserve Bank under the RBI Act, 1934 are unlimited legal tender: no one can refuse them for any amount.

As a member of the World Trade Organization, India had to protect geographical indications under the TRIPS Agreement, and the 1999 Act was passed for that purpose.

The RBI brought in the Standing Deposit Facility in April 2022 and made its rate the new floor of the policy corridor.

Land, rights in and over land, land tenures, the relation of landlord and tenant, and the collection of rent are entries of List II of the Seventh Schedule, which is why zamindari abolition, tenancy law and ceilings were enacted state by state and why their record varies so much.

Indexation links a payment to a price index so that its real value is protected when prices rise. Under indexation, wages, pensions or other payments are adjusted automatically in line with a price index.

The correct answer is B, the Department for Promotion of Industry and Internal Trade, known as DPIIT, which works under the Ministry of Commerce and Industry and is the nodal department for both programmes; it also recognises startups and maintains the national single window system.

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 Industrial Policy Resolution of 1956 followed the Congress session at Avadi that called for a socialistic pattern of society, and it gave the public sector the commanding role.

Public investment means government spending that creates lasting assets or capacity, while support prices, free power and loan waivers are subsidies or transfers.

The index measures the short term change in the volume of production of the industrial sector and is published every month, with mining, manufacturing and electricity as its three sectors and a use-based classification into primary goods, capital goods, intermediate goods, infrastructure and construction goods, consumer durables and consumer non-durables.

In a free market, prices are set by buyers and sellers, not by the government. The price mechanism is how a market economy answers the basic questions of what to produce, how much and for whom.

Decimal coinage came into force on 1 April 1957 under the Indian Coinage Amendment Act, and the rupee, which had earlier been divided into sixteen annas, each of four pice or twelve pies, was divided into one hundred paise; the new coin was called the naya paisa until 1964, when…

A famine is marked by widespread deaths from starvation and from epidemics, which spread through contaminated water, rotting food and bodies weakened by hunger.

The deflator is nominal GDP divided by real GDP and multiplied by a hundred, so it is not computed from a fixed basket of goods at all; it is implied by the two GDP series, and that is exactly why it carries the word implicit.

The short-term part of the Kisan Credit Card covers working capital for farm assets, household consumption needs and post-harvest expenses.

The logo of Make in India is a lion in mid-stride, drawn out of cogwheels or gears, the gears standing for manufacturing and industry and the lion for courage and strength; it is derived from the Ashoka emblem in spirit and was unveiled with the programme in September 2014.

The law of equi-marginal utility, called Gossen's second law and also the law of maximum satisfaction, says that a consumer distributes his income among goods so that the last rupee spent on each gives him the same marginal utility; he reaches that position by substituting the good with the higher…

Fixed cost is the payment for factors that cannot be varied in the short run, such as the rent of the factory building, insurance and the salary of permanent staff, and it has to be met even when output is zero, which is why it is also called supplementary or…