Test-2: Indian Economy
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Question 1 of 5
1. Question
2 pointsWith reference to Agriculture Infrastructure Fund (AIF), consider the following statements –
- It is a centrally sponsored scheme that aims to provide medium to long term debt financing facility through interest subvention and credit guarantee.
- It is under the Ministry of Agriculture and Farmers Welfare.
Which of the statements given above is/are correct?
Correct
Explanation:
Recently, the Prime Minister of India has launched Agriculture Infrastructure Fund (AIF). It is a central sector scheme that aims to provide medium to long term debt financing facility through interest subvention and credit guarantee. So, statement 1 is correct.
The Agriculture Infrastructure Fund (AIF) is under the Ministry of Agriculture and Farmers Welfare. So, statement 2 is correct.
Hence, option B is correct.
Incorrect
Explanation:
Recently, the Prime Minister of India has launched Agriculture Infrastructure Fund (AIF). It is a central sector scheme that aims to provide medium to long term debt financing facility through interest subvention and credit guarantee. So, statement 1 is correct.
The Agriculture Infrastructure Fund (AIF) is under the Ministry of Agriculture and Farmers Welfare. So, statement 2 is correct.
Hence, option B is correct.
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Question 2 of 5
2. Question
2 pointsWith reference to Pradhan Mantri Krishi Sinchayee Yojana, consider the following statements –
- It has been formulated with the vision of extending the coverage of irrigation ‘Har Khet ko pani’ and improving water use efficiency ‘More crop per drop’.
- The scheme will be implemented by Ministries of Agriculture, Water Resources and Rural Development.
Which of the statements given above is/are correct?
Correct
EXPLANATION:
Pradhan Mantri Krishi Sinchayee Yojana (PMKSY):
It has been formulated with the vision of extending the coverage of irrigation ‘Har Khet ko pani’ and improving water use efficiency ‘More crop per drop. So, statement 1 is correct.
The scheme will be implemented by Ministries of Agriculture, Water Resources and Rural Development. So, statement 2 is correct.
The major objective of PMKSY is to achieve convergence of investments in irrigation at the field level, expand cultivable area under assured irrigation, improve on-farm water use efficiency to reduce wastage of water, enhance the adoption of precision-irrigation and other water saving technologies (More crop per drop), enhance recharge of aquifers and introduce sustainable water conservation practices by exploring the feasibility of reusing treated municipal waste water for peri-urban agriculture and attract greater private investment in precision irrigation system.
Hence, option C is correct.
Incorrect
EXPLANATION:
Pradhan Mantri Krishi Sinchayee Yojana (PMKSY):
It has been formulated with the vision of extending the coverage of irrigation ‘Har Khet ko pani’ and improving water use efficiency ‘More crop per drop. So, statement 1 is correct.
The scheme will be implemented by Ministries of Agriculture, Water Resources and Rural Development. So, statement 2 is correct.
The major objective of PMKSY is to achieve convergence of investments in irrigation at the field level, expand cultivable area under assured irrigation, improve on-farm water use efficiency to reduce wastage of water, enhance the adoption of precision-irrigation and other water saving technologies (More crop per drop), enhance recharge of aquifers and introduce sustainable water conservation practices by exploring the feasibility of reusing treated municipal waste water for peri-urban agriculture and attract greater private investment in precision irrigation system.
Hence, option C is correct.
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Question 3 of 5
3. Question
2 pointsWith reference to India’s status in Agricultural Export, consider the following statements –
- India is the second largest agriculture producer in the world and has the largest arable land of 156 million hectares.
- India exports 70% of its commodities and agricultural product exports to nearby geographies, including the Middle East, Africa and Asia Pacific, only exporting 30% to Europe and the Americas showing low agri market diversification.
Which of the statements given above is/are correct?
Correct
EXPLANATION:
India is the second largest agriculture producer in the world and has the largest arable land of 156 million hectares.
In 2019, India exported USD 38.7 billion of agricultural goods, which is only 7% of Indian agriculture production.
India ranks 13th in the world in agriculture exports despite being leading producer of milk, bananas, mangoes etc.
One key cause of the discrepancy between rank in production and exports is the large domestic demand of a population of 1.34 bn people.
From 2013 to 2018, growth has slowed down relative to the impressive growth of 2009 to 2011.
Exports dropped by 10% CAGR due to a drop in global process and back to back drought in 2014, 2015 and 2016.
India exports 70% of its commodities and agricultural product exports to nearby geographies, including the Middle East, Africa and Asia Pacific, only exporting 30% to Europe and the Americas showing low agri market diversification.
India has a 2018 Agri Export Policy which is framed with a focus on agriculture export-oriented production, export promotion, better farmer realization and synchronization within policies and programmes of Government.
Incorrect
EXPLANATION:
India is the second largest agriculture producer in the world and has the largest arable land of 156 million hectares.
In 2019, India exported USD 38.7 billion of agricultural goods, which is only 7% of Indian agriculture production.
India ranks 13th in the world in agriculture exports despite being leading producer of milk, bananas, mangoes etc.
One key cause of the discrepancy between rank in production and exports is the large domestic demand of a population of 1.34 bn people.
From 2013 to 2018, growth has slowed down relative to the impressive growth of 2009 to 2011.
Exports dropped by 10% CAGR due to a drop in global process and back to back drought in 2014, 2015 and 2016.
India exports 70% of its commodities and agricultural product exports to nearby geographies, including the Middle East, Africa and Asia Pacific, only exporting 30% to Europe and the Americas showing low agri market diversification.
India has a 2018 Agri Export Policy which is framed with a focus on agriculture export-oriented production, export promotion, better farmer realization and synchronization within policies and programmes of Government.
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Question 4 of 5
4. Question
2 pointsWhich of the following are the features of the “Transparent Taxation – Honouring the Honest” platform?
- It provides a taxpayers charter where the rights and responsibilities of both tax officers and taxpayers are outlined.
- To eliminate the direct contact between Taxpayer and Income Tax officer the assessment has been made faceless.
- It has provisions of faceless appeals where appeals will be randomly allotted to any officer in the country and identity of the officer deciding the appeal will remain unknown.
Which of the statements given above is/are correct?
Correct
EXPLANATION:
Recently, the Prime Minister of India has launched a “Transparent Taxation – Honouring the Honest” platform. This platform is envisaged to strengthen the efforts of reforming and simplifying India’s taxation system.
It aims to resolve the problems of a taxpayer instead of entangling him further and ensure that there is no direct contact in all matters of scrutiny, notice, survey or assessment.
Features of the “Transparent Taxation – Honouring the Honest” platform –
- It provides a taxpayers charter where the rights and responsibilities of both tax officers and taxpayers are outlined. So, statement 1 is correct.
- To eliminate the direct contact between Taxpayer and Income Tax officer the assessment has been made faceless. So, statement 2 is correct.
- It has provisions of faceless appeals where appeals will be randomly allotted to any officer in the country and identity of the officer deciding the appeal will remain unknown. So, statement 3 is correct.
Hence, option D is correct.
Incorrect
EXPLANATION:
Recently, the Prime Minister of India has launched a “Transparent Taxation – Honouring the Honest” platform. This platform is envisaged to strengthen the efforts of reforming and simplifying India’s taxation system.
It aims to resolve the problems of a taxpayer instead of entangling him further and ensure that there is no direct contact in all matters of scrutiny, notice, survey or assessment.
Features of the “Transparent Taxation – Honouring the Honest” platform –
- It provides a taxpayers charter where the rights and responsibilities of both tax officers and taxpayers are outlined. So, statement 1 is correct.
- To eliminate the direct contact between Taxpayer and Income Tax officer the assessment has been made faceless. So, statement 2 is correct.
- It has provisions of faceless appeals where appeals will be randomly allotted to any officer in the country and identity of the officer deciding the appeal will remain unknown. So, statement 3 is correct.
Hence, option D is correct.
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Question 5 of 5
5. Question
2 pointsThe Reserve Bank of India has recently released the National Strategy for Financial Education (NSFE) 2020-2025. In this regards, consider the following statements –
- It recommends adoption of a 5C approach for disemmination of financial education which includes content creation, capacity building, community involvement, communication and collaboration.
- The NFSE has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators in India.
Which of the statements given above is/are correct?
Correct
EXPLANATION:
Recently, the Reserve Bank of India has released the National Strategy for Financial Education (NSFE) 2020-2025. The strategy aims to empower Indian citizens to develop knowledge, skills, attitude and behaviour which are needed to manage their money better and to plan for their future.
- It recommends adoption of a 5C approach for disemmination of financial education which includes content creation, capacity building, community involvement, communication and collaboration. So, statement 1 is correct.
- The NFSE has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators in India. So, statement 2 is correct.
Hence, option C is correct.
Incorrect
EXPLANATION:
Recently, the Reserve Bank of India has released the National Strategy for Financial Education (NSFE) 2020-2025. The strategy aims to empower Indian citizens to develop knowledge, skills, attitude and behaviour which are needed to manage their money better and to plan for their future.
- It recommends adoption of a 5C approach for disemmination of financial education which includes content creation, capacity building, community involvement, communication and collaboration. So, statement 1 is correct.
- The NFSE has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators in India. So, statement 2 is correct.
Hence, option C is correct.
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