Indian Economy Mixed Quiz: Set 94

Since independence, and especially since the reforms of 1991, the services sector has grown faster than the rest of the economy and now produces more than half of India's gross value added.

An option gives its buyer the right, but not the obligation, to buy or sell the underlying asset at the strike price on or before a stated date, and for this right the buyer pays a premium to the seller, who is called the writer.

The RBI uses all-India CPI (Combined) inflation as the measure for its monetary policy. For a long time the Wholesale Price Index was India's headline inflation measure.

He estimated India's national income for the year 1867-68 and used the figure in his argument about the drain of wealth from India under British rule, which is why he is remembered as the first to attempt the exercise.

GST is charged only on the value added at each stage, with credit for tax already paid, so it is not levied on the gross value again and again.

NPCI, set up in 2008 as the umbrella organisation for retail payments in the country, built and runs the Unified Payments Interface, along with RuPay, IMPS, the Aadhaar Enabled Payment System, the National Automated Clearing House and FASTag.

In the 14th Finance Commission's formula for sharing central taxes among the States, income distance carried a weight of 50 percent, the highest of all the criteria.

SIDBI has its head office at Lucknow in Uttar Pradesh, which makes it the one major apex financial institution of the country not headquartered in a metropolitan financial centre, and that is exactly why the question is asked.

Under MFN, a favour given to one trading partner must be given to all WTO members. The MFN rule is Article I of the General Agreement on Tariffs and Trade (GATT), and it also appears in the services and intellectual property agreements of the WTO.

Set up by the Finance Ministry after a decade in which stalled road and power concessions turned into bad loans, the Kelkar Committee reported in 2015 that risk had been pushed on to whoever would accept it rather than on to the party best able to manage it.

The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.

The leaders of Brazil, Russia, India and China met for the first summit of the grouping at Yekaterinburg in Russia in June 2009, turning an analyst's acronym into a working forum.

Classical economists held that the economy always tends back to full employment, so any unemployment is short-lived. The classical theory rests on Say's Law, that supply creates its own demand, so there can be no general overproduction.

Bharatiya Reserve Bank Note Mudran Private Limited was set up in 1995 as a wholly owned subsidiary of the Reserve Bank and runs the two banknote presses at Mysuru in Karnataka and Salboni in West Bengal.

NIIF and the National Investment Fund are two different bodies with different purposes. The National Investment Fund was created in 2005 to hold the money the government raised from disinvestment of public sector enterprises, and it is part of the Public Account of India.

The laws passed between 1948 and the middle of the nineteen fifties ended zamindari, jagirdari and similar tenures across the country and brought about twenty million cultivators into direct relation with the state, and the First Amendment of 1951 secured those laws, so the class of rent collecting intermediaries disappeared.

Hot money is foreign capital that flows in quickly to earn short-term returns and can leave just as quickly, and in India this describes portfolio investment in shares and bonds.

Copyright arises automatically the moment an original work is created and fixed in some form. Under the Copyright Act, 1957 and the Berne Convention, which India has joined, an author of a literary, dramatic, musical or artistic work, a film or a sound recording gets copyright without any formality.

UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.

GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.