Which one of the following continents accounts for the maximum share in exports from India?
- A.Asia
- B.Europe
- C.Africa
- D.North America
Correct answer
Explanation
The correct answer is A, Asia. Asia takes the largest share of India’s exports, close to half of the total, far ahead of any other continent. The reason is geography and trade policy together: India’s biggest regional markets are its own neighbourhood and West Asia, where the United Arab Emirates, Singapore, Bangladesh, China and Saudi Arabia buy petroleum products, engineering goods, gems and jewellery, rice and pharmaceuticals. Short shipping routes, free trade agreements with ASEAN and a large Indian diaspora in the Gulf all add to the flow. Option B is wrong because Europe is the second largest destination region but well behind Asia. Option C is wrong because Africa, though a growing market for Indian medicines and vehicles, takes only a small share. Option D is wrong because North America is dominated by the United States, which is India’s largest single export partner, yet one country cannot outweigh a whole continent. Exam tip: by continent it is Asia, by country the United States; the two facts are asked in exactly this way.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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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.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
Show answer
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.
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