Indian Economy Mixed Quiz: Set 72

Statement 3 is wrong because the RBI uses CPI, not WPI, as its main measure of inflation. Food has a much larger weight in the CPI, close to half of the basket, than in the WPI, where food articles and manufactured food together form roughly a quarter.

Industrial corridors are linear development belts built along a transport spine to speed up industrial growth, but they do not link all State capitals.

Keynes argued that in a depression the government should spend more than it earns, even by borrowing, to revive demand and employment.

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

Statement II is wrong because the 15th Finance Commission fixed the States' share at 41%, not 45%. The 15th Finance Commission, chaired by N. K. Singh, covered 2021-22 to 2025-26.

Passed in 1978, it deleted the right to property from Part III and re-enacted it as Article 300A, under which no person may be deprived of property except by authority of law, so the protection is now a legal right enforceable through the ordinary courts rather than a fundamental right.

India sells more goods to the United States than it buys from it, and the USA has been the country with which India runs its largest trade surplus.

It is called a command economy because a central planning authority, and not the market, commands how resources are used: it fixes the targets of output, allots raw materials to factories and often fixes prices and wages as well.

Procurement at MSP is limited, and MSP is a floor price that market prices often exceed. The Government announces MSPs for 22 mandated crops on the recommendation of the Commission for Agricultural Costs and Prices (CACP).

Under the definition notified for recognition by DPIIT, an entity qualifies as a startup for up to ten years from the date of its incorporation or registration, provided its turnover has not exceeded one hundred crore rupees in any financial year, it works towards innovation, development or improvement of products…

SAUBHAGYA, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana, aimed to give an electricity connection to every household. The scheme was launched by the Ministry of Power in September 2017 and was carried out mainly through the Rural Electrification Corporation.

National Statistics Day has been observed on 29 June every year since 2007 to mark the birth anniversary of Prasanta Chandra Mahalanobis and to create awareness about the use of statistics in planning and policy; a theme is announced each year by the Ministry of Statistics and Programme Implementation.

Statement II is wrong because the IBRD works alongside other World Bank Group institutions and partners, not single-handedly. The IBRD was set up at the Bretton Woods Conference in 1944, together with the IMF.

It replaced the Indian Patents and Designs Act of 1911 on the recommendations of the Ayyangar Committee, allowed only process patents in medicines and food at first, and was amended in 1999, 2002 and 2005 to meet the obligations India accepted at the World Trade Organization.

Economic development means better lives for people, so rising income alone is not development if poverty and joblessness are growing.

In an EPC contract the government owns the project, funds it from its own budget and simply buys construction services; the contractor is paid for the work done, keeps no operating responsibility and takes no revenue risk, so none of the defining features of a partnership is present.

A change in the good's own price moves the buyer along the same demand curve; it does not shift the curve.

A free good still uses up resources, and taxpayers pay for them. Opportunity cost is the value of the next best alternative given up when resources are used for something.

Commercial paper and call money are correctly described; the statements on certificates of deposit and zero-coupon bonds are wrong. Commercial paper is an unsecured promissory note issued by companies to raise short-term funds, usually for 7 days to one year.

The coal industry was nationalised under Indira Gandhi, but coal blocks are not given by lottery and India still imports coal.