INDIAN ECONOMY
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Question 1 of 5
1. Question
2 pointsFiscal consolidation in India includes which of the following reforms?
- Rationalization of tax exemption
- Increasing revenue expenditure
- Cutting out non-essential schemes and projects
- Getting proper outcome from output
Choose the correct answer using codes given below:
Correct
Explanation:
Fiscal consolidation in India includes:
- Rationalization of tax exemption
- Decreasing revenue expenditure such as rationalizing subsidies, removing redundant schemes rather than increasing revenue expenditure.
- Cutting out non-essential schemes and projects
- Getting proper outcome from output
Incorrect
Explanation:
Fiscal consolidation in India includes:
- Rationalization of tax exemption
- Decreasing revenue expenditure such as rationalizing subsidies, removing redundant schemes rather than increasing revenue expenditure.
- Cutting out non-essential schemes and projects
- Getting proper outcome from output
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Question 2 of 5
2. Question
2 pointsConsider the following statements regarding Wholesale Price Index (WPI)
and Consumer Price Index (CPI):
- Food inflation is reflected more in WPI as its weight is much more in WPI than in CPI.
- In the WPI basket, services are included while in CPI services are not included.
Which of the above statements is/are incorrect?
Correct
Explanation:
Statement 1 is incorrect: Food inflation is reflected more in CPI as its weight is much
more in CPI than in WPI.
Statement 2 is incorrect: In the CPI basket, services are included while in WPI
services are not included.
Incorrect
Explanation:
Statement 1 is incorrect: Food inflation is reflected more in CPI as its weight is much
more in CPI than in WPI.
Statement 2 is incorrect: In the CPI basket, services are included while in WPI
services are not included.
-
Question 3 of 5
3. Question
2 pointsConsider the following taxes:
- Central Sales Tax,
- Service Tax
- Central Excise Duty
- VAT
- Basic Customs duty
- Entertainment Tax
Which of the above taxes have been subsumed under GST?
Correct
Explanation:
- Major taxes that were levied by Centre subsumed under GST: Central Excise Duty, Service Tax, Central Sales Tax, Cesses like KKC (Krishi Kalyan Cess) and SBC (Swachh
Bharat Cess).
- Major State taxes subsumed under GST: VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, Taxes on Advertisements, Taxes on Lottery /Betting/ Gambling, State Cesses on goods etc.
Incorrect
Explanation:
- Major taxes that were levied by Centre subsumed under GST: Central Excise Duty, Service Tax, Central Sales Tax, Cesses like KKC (Krishi Kalyan Cess) and SBC (Swachh
Bharat Cess).
- Major State taxes subsumed under GST: VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, Taxes on Advertisements, Taxes on Lottery /Betting/ Gambling, State Cesses on goods etc.
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Question 4 of 5
4. Question
2 pointsConsider the following statements about Treasury bills or T-bills:
- They are money market instruments.
- They are long term debt instruments.
- No interest is paid on these bills.
Which of the statements given above are correct?
Correct
Explanation:
Statement 1 is correct: Treasury bills or T-bills are money market instruments.
Statement 2 is incorrect: They are short term debt instruments issued by the
Government of India and are presently issued in three tenors, namely, 91 days, 182
days and 364 days.
Statement 1 is correct: Treasury bills are zero coupon securities and pay no interest.
Instead, they are issued at a discount and redeemed at the face value at maturity.
Incorrect
Explanation:
Statement 1 is correct: Treasury bills or T-bills are money market instruments.
Statement 2 is incorrect: They are short term debt instruments issued by the
Government of India and are presently issued in three tenors, namely, 91 days, 182
days and 364 days.
Statement 1 is correct: Treasury bills are zero coupon securities and pay no interest.
Instead, they are issued at a discount and redeemed at the face value at maturity.
-
Question 5 of 5
5. Question
2 pointsConsider the following statements with reference to Commercial Paper (CP):
- It is an unsecured money market instrument issued in the form of a promissory note.
- CP can be issued in denominations of Rs.5 lakh or multiples thereof
- RBI act as Issuing and Paying Agent for issuance of CP.
Which of the statements given above is/are correct?
Correct
Explanation:
Statement 1 is correct: It is an unsecured money market instrument issued in the
form of a promissory note.
Statement 2 is correct: CP can be issued in denominations of Rs.5 lakh or multiples
thereof.
Statement 3 is incorrect: Only a scheduled bank can act as Issuing and Paying Agent
(IPA) for issuance of CP.
Incorrect
Explanation:
Statement 1 is correct: It is an unsecured money market instrument issued in the
form of a promissory note.
Statement 2 is correct: CP can be issued in denominations of Rs.5 lakh or multiples
thereof.
Statement 3 is incorrect: Only a scheduled bank can act as Issuing and Paying Agent
(IPA) for issuance of CP.
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