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Question 1 of 20
1. Question
1 pointsWhich of the following statements of fiscal policy shall be laid by the central government in the Parliament along with the budget document?
1. Medium Term Fiscal Policy Statement
2. Fiscal Policy Strategy Statement
3. Macroeconomic Framework Statement
4. Medium-Term expenditure Framework Statement
5. Long Term Fiscal Policy Statement
Select the correct optionCorrect
Statements 1, 2, 3 and 4 are correct and 5 is incorrect.
Statements of fiscal policy shall be laid by the central govt. in the Parliament
• Central government shall lay, in each financial year, before both the houses of parliament, the following statements of fiscal policy along with the budget document:
a) Medium Term Fiscal Policy Statement Hence statement 1 is correct.
b) Fiscal Policy Strategy Statement Hence statement 2 is correct.
c) Macroeconomic Framework Statement Hence statement 3 is correct.
d) Medium-Term expenditure Framework Statement (this should follow up the above three statements and not along with the budget) Hence statement 4 is correct.
• Long Term Fiscal Policy Statement. It is not part of fiscal policy along with the budget document. Hence statement 5 is incorrect.Incorrect
Statements 1, 2, 3 and 4 are correct and 5 is incorrect.
Statements of fiscal policy shall be laid by the central govt. in the Parliament
• Central government shall lay, in each financial year, before both the houses of parliament, the following statements of fiscal policy along with the budget document:
a) Medium Term Fiscal Policy Statement Hence statement 1 is correct.
b) Fiscal Policy Strategy Statement Hence statement 2 is correct.
c) Macroeconomic Framework Statement Hence statement 3 is correct.
d) Medium-Term expenditure Framework Statement (this should follow up the above three statements and not along with the budget) Hence statement 4 is correct.
• Long Term Fiscal Policy Statement. It is not part of fiscal policy along with the budget document. Hence statement 5 is incorrect. -
Question 2 of 20
2. Question
1 pointsThe term ‘Crowd-in’ in the economy is related to which of the following?
1. It occurs when higher government spending leads to an increase in private sector investment.
2. Crowding in may prove to be a temporary effect.
3. Crowding in is more likely to occur when economy is in boom.
Select the correct optionCorrect
Statements 1 and 2 are correct and 3 is incorrect.
‘Crowd-in’ in the economy
• Crowding in occurs when higher government spending leads to an increase in private sector investment. Hence statement 1 is correct.
• The crowding in effects occurs because higher government spending leads to an increase in economic growth and therefore encourages firms to invest because there are now more profitable investment opportunities.
• This is due to the income effect of higher government spending. If the economy is in a recession or below full capacity, expansionary fiscal policy can increase the economic growth rate and create a positive multiplier effect, which leads to greater private sector investment.
• Crowding in is more likely to occur in a recession when the private sector has unused savings. Hence statement 3 is incorrect.
• Crowding in may prove to be a temporary effect. Hence statement 2 is correct.
• Crowding out will occur when the economy is close to full capacity and limited spare savings.Incorrect
Statements 1 and 2 are correct and 3 is incorrect.
‘Crowd-in’ in the economy
• Crowding in occurs when higher government spending leads to an increase in private sector investment. Hence statement 1 is correct.
• The crowding in effects occurs because higher government spending leads to an increase in economic growth and therefore encourages firms to invest because there are now more profitable investment opportunities.
• This is due to the income effect of higher government spending. If the economy is in a recession or below full capacity, expansionary fiscal policy can increase the economic growth rate and create a positive multiplier effect, which leads to greater private sector investment.
• Crowding in is more likely to occur in a recession when the private sector has unused savings. Hence statement 3 is incorrect.
• Crowding in may prove to be a temporary effect. Hence statement 2 is correct.
• Crowding out will occur when the economy is close to full capacity and limited spare savings. -
Question 3 of 20
3. Question
1 pointsWith reference to the ‘Counter-cyclical Fiscal Policy Stance’ during the recession, consider the following statements
1. During a recession, the government increases expenditure and reduces taxes.
2. The government takes the route of expansionary fiscal policy.
3. It decreases the consumption potential of the economy.
Select the correct optionCorrect
Statements 1 and 2 are correct and 3 is incorrect.
Counter-cyclical Fiscal Policy
• Counter-cyclical fiscal policy refers to the steps taken by the government that go against the direction of the economic or business cycle.
• Thus, in a recession or slowdown, the government increases expenditure and reduces taxes to create a demand that can drive an economic boom. Hence statement 1 is correct.
• In Recession:
o The government takes the route of expansionary fiscal policy i.e. the government expenditure is increased and taxes are reduced. Hence statement 2 is correct.
o This increases the consumption potential of the economy and helps soften the recession. Hence statement 3 is incorrect.
• In Economic Boom:
o The government takes the route of contractionary fiscal policy i.e. the government expenditure is decreased and taxes are increased.
o This decreases the consumption potential of the economy and helps moderate the boom.Incorrect
Statements 1 and 2 are correct and 3 is incorrect.
Counter-cyclical Fiscal Policy
• Counter-cyclical fiscal policy refers to the steps taken by the government that go against the direction of the economic or business cycle.
• Thus, in a recession or slowdown, the government increases expenditure and reduces taxes to create a demand that can drive an economic boom. Hence statement 1 is correct.
• In Recession:
o The government takes the route of expansionary fiscal policy i.e. the government expenditure is increased and taxes are reduced. Hence statement 2 is correct.
o This increases the consumption potential of the economy and helps soften the recession. Hence statement 3 is incorrect.
• In Economic Boom:
o The government takes the route of contractionary fiscal policy i.e. the government expenditure is decreased and taxes are increased.
o This decreases the consumption potential of the economy and helps moderate the boom. -
Question 4 of 20
4. Question
1 pointsConsider the following statements with reference to ‘Tax Buoyancy’
1. It refers to the responsiveness of tax revenue growth to changes in GDP.
2. When a tax is buoyant, its revenue increases without increasing the tax rate.
3. It is used to assess the efficiency of the tax system.
4. Tax buoyancy is highest for indirect taxes.
Select the correct optionCorrect
Statements 1, 2 and 3 are correct and 4 is incorrect.
Tax Buoyancy
• Tax buoyancy explains this relationship between the changes in government’s tax revenue growth and the changes in GDP.
• It refers to the responsiveness of tax revenue growth to changes in GDP. Hence statement 1 is correct.
• When a tax is buoyant, its revenue increases without increasing the tax rate. Hence statement 2 is correct.
• Tax buoyancy is used to assess the efficiency of the tax system. Hence statement 3 is correct.
• Tax buoyancy will be highest for direct taxes. Hence statement 4 is incorrect.
• As the economy grows fast, the additional income generated goes to the rich group. A part of that they have to pay to the government in the form of taxes.Incorrect
Statements 1, 2 and 3 are correct and 4 is incorrect.
Tax Buoyancy
• Tax buoyancy explains this relationship between the changes in government’s tax revenue growth and the changes in GDP.
• It refers to the responsiveness of tax revenue growth to changes in GDP. Hence statement 1 is correct.
• When a tax is buoyant, its revenue increases without increasing the tax rate. Hence statement 2 is correct.
• Tax buoyancy is used to assess the efficiency of the tax system. Hence statement 3 is correct.
• Tax buoyancy will be highest for direct taxes. Hence statement 4 is incorrect.
• As the economy grows fast, the additional income generated goes to the rich group. A part of that they have to pay to the government in the form of taxes. -
Question 5 of 20
5. Question
1 pointsConsider the following statements with reference to the Production Linked Incentive (PLI) Scheme
1. The scheme invites foreign companies to set up units in India.
2. The PLI scheme will make the Indian automotive Industry more competitive and will enhance the globalization of the Indian automotive sector.
3. It has the potential to create 60 lakh new jobs during the next five years.
Select the correct optionCorrect
All Statements 1, 2, and 3 are correct.
Production Linked Incentive (PLI) Scheme:
• In order to boost domestic manufacturing and cut down on import bills, the union government in March 2020 introduced a PLI scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units.
• Apart from inviting foreign companies to set shop in India, the scheme also aims to encourage local companies to set up or expand existing manufacturing units. Hence statement 1 is correct.
• The finance minister informed that the Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs.Incorrect
All Statements 1, 2, and 3 are correct.
Production Linked Incentive (PLI) Scheme:
• In order to boost domestic manufacturing and cut down on import bills, the union government in March 2020 introduced a PLI scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units.
• Apart from inviting foreign companies to set shop in India, the scheme also aims to encourage local companies to set up or expand existing manufacturing units. Hence statement 1 is correct.
• The finance minister informed that the Productivity Linked Incentive in 14 sectors for achieving the vision of AtmaNirbhar Bharat has received excellent response, with potential to create 60 lakh new jobs. -
Question 6 of 20
6. Question
1 pointsConsider the following statements with reference to the implications of postponing the “Fiscal Deficit” targets
1. It may decrease in bond prices.
2. It may increase in bond yield.
3. It may decrease market interest rates.
4. It may boost economic growth and result in job creation.
Select the correct optionCorrect
Statements 1, 2 and 4 are correct and 3 is incorrect.
Fiscal Deficit
• If government has targeted to keep the fiscal deficit within a definite percent of GDP, but if it crosses that limit, it’s called ‘Fiscal Slippage’.
• When government postpones its fiscal deficit target or when fiscal deficit increases then interest rate in the economy goes up because government borrows more (demand supply concept). Hence statement 3 is incorrect.
• When interest rate in the economy goes up bond prices comes down and the return/yield on bonds goes up. Hence statement 1 and 2 are correct.
• A high fiscal deficit can also be good for the economy if the money spent goes into the creation of productive assets like roads, ports and airports that boost economic growth and result in job creation. Hence statement 4 is correct.Incorrect
Statements 1, 2 and 4 are correct and 3 is incorrect.
Fiscal Deficit
• If government has targeted to keep the fiscal deficit within a definite percent of GDP, but if it crosses that limit, it’s called ‘Fiscal Slippage’.
• When government postpones its fiscal deficit target or when fiscal deficit increases then interest rate in the economy goes up because government borrows more (demand supply concept). Hence statement 3 is incorrect.
• When interest rate in the economy goes up bond prices comes down and the return/yield on bonds goes up. Hence statement 1 and 2 are correct.
• A high fiscal deficit can also be good for the economy if the money spent goes into the creation of productive assets like roads, ports and airports that boost economic growth and result in job creation. Hence statement 4 is correct. -
Question 7 of 20
7. Question
1 pointsIndia’s direct tax collection has seen a jump recently. With reference to this, consider the following statements
1. This tax is levied at a specific rate according to the provisions of the Income Tax Act, 1961.
2. Corporation tax is imposed on the net profit that enterprises make.
3. To improve tax collections after corona, India recently has increased the corporate tax rate.
4. India has abolished the wealth tax.
Select the correct optionCorrect
Statements 1, 2 and 4 are correct and 3 is incorrect.
Direct tax
• Corporation tax is a direct tax imposed on the net income or profit that enterprises make from their businesses. Hence statement 2 is correct.
• Companies, both public and privately registered in India under the Companies Act 1956, are liable to pay corporation tax.
• This tax is levied at a specific rate according to the provisions of the Income Tax Act, 1961. . Hence statement 1 is correct.
• In September 2019, India slashed corporate tax rates to 22% from 30% for existing companies and to 15% from 25% for new manufacturing companies. . Hence statement 3 is incorrect.
• Including a surcharge and cess, the effective tax rate for existing companies now stands at 25.17%, down from 35%.
• Wealth tax was abolished in the Union Budget (2016–2017). . Hence statement 4 is correct.Incorrect
Statements 1, 2 and 4 are correct and 3 is incorrect.
Direct tax
• Corporation tax is a direct tax imposed on the net income or profit that enterprises make from their businesses. Hence statement 2 is correct.
• Companies, both public and privately registered in India under the Companies Act 1956, are liable to pay corporation tax.
• This tax is levied at a specific rate according to the provisions of the Income Tax Act, 1961. . Hence statement 1 is correct.
• In September 2019, India slashed corporate tax rates to 22% from 30% for existing companies and to 15% from 25% for new manufacturing companies. . Hence statement 3 is incorrect.
• Including a surcharge and cess, the effective tax rate for existing companies now stands at 25.17%, down from 35%.
• Wealth tax was abolished in the Union Budget (2016–2017). . Hence statement 4 is correct. -
Question 8 of 20
8. Question
1 pointsConsider the following statements with reference to the Pradhan Mantri Fasal Bima Yojana (PMFBY)
1. It has prescribed the uniform premium is to be paid by farmers for all types of crops.
2. The scheme was compulsory for loanee farmers.
3. Insurance companies have to spend 0.5% of the total premium collected on information, education and communication (IEC) activities.
4. The allocation of scheme has been kept lower for financial year 2022-23, as compared to the Budget Estimates of for 2021-22.
Select the correct optionCorrect
Statements 3 and 4 are correct and 1 and 2 are incorrect.
Pradhan Mantri Fasal Bima Yojana (PMFBY):
• In the budget 2022, The allocation of Pradhan Mantri Fasal Bima Yojana (PMFBY) has been kept at Rs 15,500 crore for financial year 2022-23, which is lower than the Budget Estimates of Rs 16,000 crore for 2021-22 and revised estimates of Rs 15989.39 crore for the current financial year. Hence statement 4 is correct.
• PMFBY was launched on 13th January 2016.
• It provides a comprehensive insurance cover against failure of the crop thus helping in stabilizing the income of the farmers.
• Premium: The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%. Hence statement 1 is incorrect.
• Completely Voluntary: Enrolment 100% voluntary for all farmers from 2020 Kharif. Hence statement 2 is incorrect.
• Insurance companies have to now spend 0.5% of the total premium collected on information, education and communication (IEC) activities. Hence statement 3 is correct.Incorrect
Statements 3 and 4 are correct and 1 and 2 are incorrect.
Pradhan Mantri Fasal Bima Yojana (PMFBY):
• In the budget 2022, The allocation of Pradhan Mantri Fasal Bima Yojana (PMFBY) has been kept at Rs 15,500 crore for financial year 2022-23, which is lower than the Budget Estimates of Rs 16,000 crore for 2021-22 and revised estimates of Rs 15989.39 crore for the current financial year. Hence statement 4 is correct.
• PMFBY was launched on 13th January 2016.
• It provides a comprehensive insurance cover against failure of the crop thus helping in stabilizing the income of the farmers.
• Premium: The prescribed premium is 2% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. In the case of annual commercial and horticultural crops, the premium is 5%. Hence statement 1 is incorrect.
• Completely Voluntary: Enrolment 100% voluntary for all farmers from 2020 Kharif. Hence statement 2 is incorrect.
• Insurance companies have to now spend 0.5% of the total premium collected on information, education and communication (IEC) activities. Hence statement 3 is correct. -
Question 9 of 20
9. Question
1 pointsConsider the following statements with reference to Union Budget 2022-23
1. India’s economic growth in the FY22 is estimated to be 8−8.5 per cent.
2. India’s economic growth in the FY23 is projected to be 9.2 per cent.
3. The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP.
Select the correct optionCorrect
Both Statements 1 and 2 are incorrect and 3 is correct.
Union Budget 2022-23:
• India’s economic growth in the FY22 is estimated to be 9.2 per cent, highest among all large economies.
• The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience.
Growth estimates:
• 9.2 percent expansion in GDP in FY22 Hence statement 1 is incorrect.
• 8−8.5 percent projected GDP growth for FY23 Hence statement 2 is incorrect.
• The revised Fiscal Deficit in the current year is estimated at 6.9 percent of GDP.
• The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP. Hence statement 3 is correct.Incorrect
Both Statements 1 and 2 are incorrect and 3 is correct.
Union Budget 2022-23:
• India’s economic growth in the FY22 is estimated to be 9.2 per cent, highest among all large economies.
• The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience.
Growth estimates:
• 9.2 percent expansion in GDP in FY22 Hence statement 1 is incorrect.
• 8−8.5 percent projected GDP growth for FY23 Hence statement 2 is incorrect.
• The revised Fiscal Deficit in the current year is estimated at 6.9 percent of GDP.
• The Fiscal Deficit in 2022-23 is estimated at 6.4 per cent of GDP. Hence statement 3 is correct. -
Question 10 of 20
10. Question
1 pointsConsider the following statements with reference to the PARIVESH (Proactive and Responsive Facilitation by Interactive, Virtuous and Environmental Single-window Hub)
1. It is a web-based application developed for online submission and monitoring of the proposals submitted by the proponents for seeking Environment clearance.
2. This portal is developed under ‘Digital India’ initiative by the Ministry of Environment, Forest and Climate Change (MoEFCC).
Select the correct optionCorrect
Both Statements 1 and 2 are correct.
PARIVESH (Proactive and Responsive Facilitation by Interactive, Virtuous and Environmental Single-window Hub):
• PARIVESH is a web-based, application which has been developed for online submission and monitoring of the proposals submitted by the proponents for seeking Environment, Forest, Wildlife and Coastal Regulation Zones (CRZ) Clearances from Central, State and district level authorities. Hence statement 1 is correct.
• It automates the entire tracking of proposals which includes online submission of a new proposal, editing/updating the details of proposals and displays status of the proposals at each stage of the workflow.
• This portal is developed under ‘Digital India’ initiative by the Ministry of Environment, Forest and Climate Change (MoEFCC). Hence statement 2 is correct.
• The Minister of Finance announced the Expansion of the single window portal, PARIVESH (Proactive and Responsive Facilitation by Interactive, Virtuous and Environmental Single window Hub), for all green clearances to promote ease of doing business in the Union Budget 2022-23.Incorrect
Both Statements 1 and 2 are correct.
PARIVESH (Proactive and Responsive Facilitation by Interactive, Virtuous and Environmental Single-window Hub):
• PARIVESH is a web-based, application which has been developed for online submission and monitoring of the proposals submitted by the proponents for seeking Environment, Forest, Wildlife and Coastal Regulation Zones (CRZ) Clearances from Central, State and district level authorities. Hence statement 1 is correct.
• It automates the entire tracking of proposals which includes online submission of a new proposal, editing/updating the details of proposals and displays status of the proposals at each stage of the workflow.
• This portal is developed under ‘Digital India’ initiative by the Ministry of Environment, Forest and Climate Change (MoEFCC). Hence statement 2 is correct.
• The Minister of Finance announced the Expansion of the single window portal, PARIVESH (Proactive and Responsive Facilitation by Interactive, Virtuous and Environmental Single window Hub), for all green clearances to promote ease of doing business in the Union Budget 2022-23. -
Question 11 of 20
11. Question
1 pointsConsider the following statements with reference to the changes made in the Taxation through the union budget 2022
1. Income from Long Term Capital Gains will be taxed at 25%.
2. Taxpayers can now update I-T returns within 2 years counting from the relevant assessment year.
3. No change in personal income tax slabs and rates in Budget 2022.
Select the correct optionCorrect
Statements 2 and 3 are correct and 1 is incorrect.
Changes made in the Taxation through the union budget 2022 :
• Finance Minister Nirmala Sitharaman today announced no change in personal income tax slabs and rates in Budget 2022. Hence statement 3 is correct.
• Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.
• Taxpayers can now update I-T returns within 2 years (counting from the relevant assessment year). Hence statement 2 is correct.
• Income from Long Term Capital Gains will be taxed at 15% and corporate surcharge would be reduced from 12% to 7% Hence statement 1 is incorrect.
• Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.
• It will ease exits from startups and Unicorns by facilitating investor exits and investment churns.Incorrect
Statements 2 and 3 are correct and 1 is incorrect.
Changes made in the Taxation through the union budget 2022 :
• Finance Minister Nirmala Sitharaman today announced no change in personal income tax slabs and rates in Budget 2022. Hence statement 3 is correct.
• Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.
• Taxpayers can now update I-T returns within 2 years (counting from the relevant assessment year). Hence statement 2 is correct.
• Income from Long Term Capital Gains will be taxed at 15% and corporate surcharge would be reduced from 12% to 7% Hence statement 1 is incorrect.
• Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.
• It will ease exits from startups and Unicorns by facilitating investor exits and investment churns. -
Question 12 of 20
12. Question
1 pointsIn the context of Economic Survey 2021-22, consider the following statements
1. The agricultural sector was the least impacted by the pandemic-related disruptions.
2. The area sown under Kharif and Rabi crops and the production of wheat and rice has been steadily increasing over the years.
3. Due to the pandemic, the food grains production for the Kharif season is estimated to be reduced compared to the last few years.
Select the correct option:Correct
Statements 1 and 2 are correct and 3 is incorrect.
Sectoral Trends: Agriculture
• The agricultural sector was the least impacted by the pandemic-related disruptions (figure has attached below). Hence statement 1 is correct.
• The area sown under Kharif and Rabi crops, and the production of wheat and rice has been steadily increasing over the years. Hence statement 2 is correct.
• In the current year, food grains production for the Kharif season is estimated to post a record level of 150.5 million tonnes. Hence statement 3 is not correct.Incorrect
Statements 1 and 2 are correct and 3 is incorrect.
Sectoral Trends: Agriculture
• The agricultural sector was the least impacted by the pandemic-related disruptions (figure has attached below). Hence statement 1 is correct.
• The area sown under Kharif and Rabi crops, and the production of wheat and rice has been steadily increasing over the years. Hence statement 2 is correct.
• In the current year, food grains production for the Kharif season is estimated to post a record level of 150.5 million tonnes. Hence statement 3 is not correct. -
Question 13 of 20
13. Question
1 pointsConsider the following statements with reference to ‘PM SVANidhi scheme’
1. The vendors can avail a working capital loan of up to Rs. 100,000 which is repayable in monthly instalments within a year and the loans would be without any collateral.
2. There will be no penalty on early repayment of loan.
3. On timely/early repayment of the loan, the interest will be waived off and only principle amount need to be paid back.
Select the correct optionCorrect
Statement 2 is correct and statements 1 and 3 are incorrect.
PM SVANidhi scheme
• Loan facility: The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments within a year. The loans would be without collateral. Hence statement 1 is incorrect.
• There will be no penalty on early repayment of loan. Hence statement 2 is correct.
• This is for the first time that street vendors from peri-urban/rural areas have become beneficiaries of an urban livelihood programme.
• The scheme is valid until March 2022.
• Interest Subsidy: On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accountsof beneficiaries through direct benefit transfer on a six monthly basis. Hence statement 3 is incorrect.
• Encourage digital transactions: The scheme incentivises digital transactions by the street vendors through monthly cash back.Incorrect
Statement 2 is correct and statements 1 and 3 are incorrect.
PM SVANidhi scheme
• Loan facility: The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments within a year. The loans would be without collateral. Hence statement 1 is incorrect.
• There will be no penalty on early repayment of loan. Hence statement 2 is correct.
• This is for the first time that street vendors from peri-urban/rural areas have become beneficiaries of an urban livelihood programme.
• The scheme is valid until March 2022.
• Interest Subsidy: On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accountsof beneficiaries through direct benefit transfer on a six monthly basis. Hence statement 3 is incorrect.
• Encourage digital transactions: The scheme incentivises digital transactions by the street vendors through monthly cash back. -
Question 14 of 20
14. Question
1 pointsConsider the following statements with reference to recently issued liberalized guidelines by Indian govt. for Other Service Providers (OSPs)
1. India has removed the registration requirement for Other Service Providers (OSP) centres and no bank guarantee required for any facility or dispensation for them.
2. Interconnection between two or more OSP centres of the same or unrelated company is not permitted in India.
3. The applicability of new guidelines is only limited to entities that provide Voice based BPO services to its customers.
Select the correct optionCorrect
Statements 1 and 3 are correct and 2 is incorrect.
Liberalized guidelines for Other Service Providers (OSPs):
• Clear definition of OSP: The applicability of new guidelines is limited to entities that provide ‘Voice based BPO services’ to its customers. Voice based BPO services are defined to mean call centre services. Hence statement 3 is correct.
• Removal of registration requirement for OSP centres in India. No bank guarantee required for any facility or dispensation under these guidelines. Hence statement 1 is correct.
• Distinction between Domestic and International OSPs removed.
• Work from home and remote locations allowed: The agents at home/ anywhere shall be treated as remote agents of the OSP centre.Incorrect
Statements 1 and 3 are correct and 2 is incorrect.
Liberalized guidelines for Other Service Providers (OSPs):
• Clear definition of OSP: The applicability of new guidelines is limited to entities that provide ‘Voice based BPO services’ to its customers. Voice based BPO services are defined to mean call centre services. Hence statement 3 is correct.
• Removal of registration requirement for OSP centres in India. No bank guarantee required for any facility or dispensation under these guidelines. Hence statement 1 is correct.
• Distinction between Domestic and International OSPs removed.
• Work from home and remote locations allowed: The agents at home/ anywhere shall be treated as remote agents of the OSP centre. -
Question 15 of 20
15. Question
1 pointsUnion Budget 2022-23 mentioned about National Tele Mental Health Programme. With respect to this consider the following statements
1. It will be launched for better access to quality mental health counseling and care services.
2. This will include a network of 100 tele-mental health centers of excellence.
3. Given the shortage of mental health professionals, especially in rural areas, telemedicine would greatly enhance accessibility for patients requiring psychiatric help.
Select the correct optionCorrect
Statements 1 and 2 are correct and 3 is incorrect.
• Recognizing the mental health problems accentuated by the pandemic, a ‘National Tele Mental Health Programme’ will be launched for better access to quality mental health counselling and care services. Hence statement 1 is correct.
• This will include a network of 23 tele-mental health centres of excellence. Hence statement 2 is incorrect.
• Given the shortage of mental health professionals, especially in rural areas, telemedicine would greatly enhance accessibility for patients requiring psychiatric help. Hence statement 3 is correct.Incorrect
Statements 1 and 2 are correct and 3 is incorrect.
• Recognizing the mental health problems accentuated by the pandemic, a ‘National Tele Mental Health Programme’ will be launched for better access to quality mental health counselling and care services. Hence statement 1 is correct.
• This will include a network of 23 tele-mental health centres of excellence. Hence statement 2 is incorrect.
• Given the shortage of mental health professionals, especially in rural areas, telemedicine would greatly enhance accessibility for patients requiring psychiatric help. Hence statement 3 is correct. -
Question 16 of 20
16. Question
1 pointsConsider the following statements about Defence manufacturing in India
1. The share of the private sector in total defence production is on declining trend in last five year.
2. India accounted for 0.2% of the share of global arms exports during 2016-20.
3. India is the world’s 24th largest exporter of major arms.
Select the correct optionCorrect
Statements 2 and 3 are correct and 1 is incorrect.
• The share of the private sector in total defence production has risen from 19% in 2016-17 to 22% in 2018-19. Hence statement 1 is incorrect.
• According to Sipri, India accounted for 0.2% of the share of global arms exports during 2016-20. Hence statement 2 is correct.
• Making the country the world’s 24th largest exporter of major arms. Hence statement 3 is correct.Incorrect
Statements 2 and 3 are correct and 1 is incorrect.
• The share of the private sector in total defence production has risen from 19% in 2016-17 to 22% in 2018-19. Hence statement 1 is incorrect.
• According to Sipri, India accounted for 0.2% of the share of global arms exports during 2016-20. Hence statement 2 is correct.
• Making the country the world’s 24th largest exporter of major arms. Hence statement 3 is correct. -
Question 17 of 20
17. Question
1 pointsUnion Budget 2022-23 provided for a new scheme, Prime Minister’s Development Initiative for North East (PM-DevINE). With respect to this consider the following statements:
1. PM-DevINE will be implemented by NITI Aayog.
2. It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the northeast.
3. This will enable livelihood activities for youth and women, filling the gaps in various sectors.
4. One of the Pilot projects includes the construction of Bamboo Link Road at different locations in various districts in Mizoram.
Select the correct optionCorrect
Statements 2, 3 and 4 are correct and 1 is incorrect.
Union Budget 2022-23 provided for a new scheme, Prime Minister’s Development Initiative for North East (PM-DevINE) will be implemented through the North-Eastern Council. Hence statement 1 is incorrect.
PM-DevINE
• It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the northeast. Hence statement 2 is correct.
• This will enable livelihood activities for youth and women, filling the gaps in various sectors. Hence statement 3 is correct.
• While the Central Ministries may also pose their candidate projects, priority will be given to those posed by the States.
Some of the projects to be implemented are:
1. Dedicated Services for the Management of Paediatric and Adult Haemotolymphoid Cancers in North East India, Guwahati
2. Construction of Aizawl bypass on western side, gap funding for passenger ropeway system.Incorrect
Statements 2, 3 and 4 are correct and 1 is incorrect.
Union Budget 2022-23 provided for a new scheme, Prime Minister’s Development Initiative for North East (PM-DevINE) will be implemented through the North-Eastern Council. Hence statement 1 is incorrect.
PM-DevINE
• It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the northeast. Hence statement 2 is correct.
• This will enable livelihood activities for youth and women, filling the gaps in various sectors. Hence statement 3 is correct.
• While the Central Ministries may also pose their candidate projects, priority will be given to those posed by the States.
Some of the projects to be implemented are:
1. Dedicated Services for the Management of Paediatric and Adult Haemotolymphoid Cancers in North East India, Guwahati
2. Construction of Aizawl bypass on western side, gap funding for passenger ropeway system. -
Question 18 of 20
18. Question
1 pointsConsider the following statements regarding Land Records Managemen
1. Unique Land Parcel Identification Number for IT-based management of land records.
2. The facility for transliteration of land records across any of the Schedule VI (Indian constitution) languages will also be rolled out.
Select the correct optionCorrect
Statement 1 is correct and 2 is incorrect.
Land Records Management:
• Unique Land Parcel Identification Number for IT-based management of land records. Hence statement 1 is correct.
• The facility for transliteration of land records across any of the Schedule VIII languages will also be rolled out. Hence statement 2 is incorrect.Incorrect
Statement 1 is correct and 2 is incorrect.
Land Records Management:
• Unique Land Parcel Identification Number for IT-based management of land records. Hence statement 1 is correct.
• The facility for transliteration of land records across any of the Schedule VIII languages will also be rolled out. Hence statement 2 is incorrect. -
Question 19 of 20
19. Question
1 pointsConsider the following statements regarding National Generic Document Registration System (NGDRS)
1. NGDRS is an in-house advanced software application for the registration system developed by Centre for Development of Advanced Computing (C-DAC).
2. It ensures transparency, accountability of the officials executing the documents and reduction in cost, time and number of visits and procedures required for the execution of the registration documents.
3. It has already been implemented in 12 States and pilot tested in 3 States covering more than 10 crore population.
Select the correct optionCorrect
Statements 2 and 3 are correct and 1 is incorrect.
NATIONAL GENERIC DOCUMENT REGISTRATION SYSTEM (NGDRS):
• NGDRS is an in-house advanced software application for the registration system developed by NIC. Hence statement 1 is incorrect.
• It ensures transparency, accountability of the officials executing the documents and reduction in cost, time and number of visits and procedures required for the execution of the registration documents. Hence statement 2 is correct.
• So far, it has already been implemented in 12 States and pilot tested in 3 States covering more than 10 crore population. Hence statement 3 is correct.
• As per the report, more than 25 lakh documents have already been registered using this system.Incorrect
Statements 2 and 3 are correct and 1 is incorrect.
NATIONAL GENERIC DOCUMENT REGISTRATION SYSTEM (NGDRS):
• NGDRS is an in-house advanced software application for the registration system developed by NIC. Hence statement 1 is incorrect.
• It ensures transparency, accountability of the officials executing the documents and reduction in cost, time and number of visits and procedures required for the execution of the registration documents. Hence statement 2 is correct.
• So far, it has already been implemented in 12 States and pilot tested in 3 States covering more than 10 crore population. Hence statement 3 is correct.
• As per the report, more than 25 lakh documents have already been registered using this system. -
Question 20 of 20
20. Question
1 pointsAccording to Economic survey 2021-22, which of the following statements are correct?
1. Since last two years, India’s fiscal deficit is growing continuously.
2. India’s primary deficit has seen a decrease in the second half of 2021.
3. The data on Government accounts are released by the Controller General of Accounts.
Select the correct optionCorrect
Statement 2 and 3 are correct and statement 1 is not correct.
Performance of fiscal indicators during 2021-22
• The data on Government accounts are released by the Controller General of Accounts. Hence statement 3 is correct.
• The graph above shows that Fiscal Deficit has shown up and downs in last couple of years. Hence statement 1 is not correct.
• India’s primary deficit has seen a decrease in the second half of 2021. Hence statement 2 is correct.Incorrect
Statement 2 and 3 are correct and statement 1 is not correct.
Performance of fiscal indicators during 2021-22
• The data on Government accounts are released by the Controller General of Accounts. Hence statement 3 is correct.
• The graph above shows that Fiscal Deficit has shown up and downs in last couple of years. Hence statement 1 is not correct.
• India’s primary deficit has seen a decrease in the second half of 2021. Hence statement 2 is correct.
Leaderboard: 25th May 2022 | Nikaalo Prelims- Economy Test 3: Budget 2022-23/IYB/Eco Survey
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