The minister linked the co-location initiative to preparing India to become an economy of what size by 2047?
- A.USD 10 trillion
- B.USD 20 trillion
- C.USD 30 trillion
- D.USD 50 trillion
Correct answer
Explanation
The correct answer is USD 30 trillion. Highlighting the Ministry's widening responsibilities in the context of several new trade agreements and the opening up of new markets, the minister said India had emerged as a bold and confident economy on the global stage and stressed the need to prepare the country for the goal of becoming an economy of that size by the year 2047. The other options name figures that were not cited. The same target year is attached to Viksit Bharat 2047, the journey towards which the co-located centres are meant to support by helping businesses and industry. Candidates should remember that co-location, digitisation and faceless assessments were presented together as measures to raise transparency, accountability and public confidence, and that a unified presence of the Ministry in each State is intended to assure businesses of support from a single location.
Read the full article: Jaipur Becomes First City With Co-located Commerce Offices
Practice Questions
Which city became the first in India to house all departments and affiliated offices of the Ministry of Commerce and Industry at one location?
- A.Lucknow
- B.Jaipur
- C.Bhopal
- D.Ahmedabad
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Union Minister of Commerce and Industry Piyush Goyal virtually inaugurated Vanijya Bhawan and Udyog Bhawan there, and with that Jaipur became the first city and also the first State capital to bring all these offices together under one roof.
Read the full explanation →How many organisations function under the Ministry of Commerce and Industry, as stated at the inauguration?
- A.28
- B.36
- C.46
- D.56
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The minister informed that the Ministry currently has 46 organisations and runs around 500 offices, and he called for the offices of all of these organisations to be co-located across the country.
Read the full explanation →By which date must digitisation, including of past records at the Regional Authorities of the DGFT, be completed as directed by the minister?
- A.31 March 2027
- B.1 April 2027
- C.31 December 2026
- D.31 March 2028
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The correct answer is 31 March 2027, the deadline set for completing the necessary digitisation, including the digitisation of past data and records at the Regional Authorities of the Directorate General of Foreign Trade across the country.
Read the full explanation →Which state received the largest amount in this instalment of tax devolution?
- A.Maharashtra
- B.Bihar
- C.Uttar Pradesh
- D.West Bengal
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In the state-wise break-up published with the release, Uttar Pradesh was allotted the largest amount of the Rs 1,09,019 crore shared among twenty-eight states, which follows from its being the biggest claimant on the states' share of central taxes.
Read the full explanation →Why did the Union Government advance the November instalment of tax devolution?
- A.Because the Finance Commission's term was ending
- B.In view of the festive season and to help states accelerate capital spending
- C.To offset a shortfall in GST compensation
- D.Because states had failed to meet borrowing limits
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The Ministry of Finance said the early transfer would also let states finance expenditure related to development and welfare.
Read the full explanation →