CDS (II) 2017 Exam: GK Practice Questions – Indian Economy Set 02

This Indian Economy practice questions set cover important aspects like – schemes, finance commission, taxation reforms, etc.

Created On: Nov 8, 2017 18:52 IST
CDS (II) 2017 Exam: GK Practice Question – Indian Economy Set 02
CDS (II) 2017 Exam: GK Practice Question – Indian Economy Set 02

The UPSC will conduct the CDS (II) Exam 2017 on 19 November 2017. For the benefit of aspirants, Jagran Josh is providing Indian Economy practice questions. The questions given below cover important aspects like

1. Which one of the following was not subsumed under the Goods and Services Tax (GST)?

a) Customs
b) Octroi
c) Excise
d) Purchase Tax

Answer. (a) Customs

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. While the GST is an indirect tax, Income Tax is a direct tax and not subsumed by it. While Octroi, Excise and Purchase Tax was subsumed under the GST, customs was exempted from it.

2. TRIMs Agreement pertains to

a) international tariff regime
b) investments related to trade
c) international practices on trade facilitation
d) international taxation of property

Answer. (b) investments related to trade

The agreement on the Trade Related Investment measures (TRIMS) calls for introducing national treatment of foreign investment and removal of quantities restrictions. It identifies five investment measures which are inconsistent with the General Agreement on Trade and Tariff (GATT) on according national treatment and on general elimination of quantitative restrictions. These are measure which are imposed on the foreign investors the obligation to use local inputs, to produce for export as a condition to obtain imported goods as inputs, to balance foreign exchange outgo on importing inputs with foreign exchange earnings through export and not to export more than a specified proportion of the local production.

3. What is India’s rank in the Doing Business Report 2018?

a) 100
b) 101
c) 102
d) 103

Answer. (a) 100

The World Bank on 31 October 2017 released the Doing Business (DB) Report 2018 titled as 'Doing Business 2018: Reforming to Create Jobs'. As per the report, India ranked 100 among 190 countries, assessed by the Doing Business Team. The Doing Business Report assesses 190 economies and covers 10 indicators which span the lifecycle of a business.

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4. Who is the chairperson of the Monetary Policy Committee?

a) RBI Governor
b) Union Finance Minister
c) Union Finance Secretary
d) CEO, NITI Aayog

Answer. (a) RBI Governor

The Union Government on 29 September 2016 notified the constitution of the Monetary Policy Committee (MPC). The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016,  to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability. The RBI Governor is the ex-officio chairperson of the MPC.

5. Pradhan Mantri Kisan Sampada Yojana is related to

a) Drip Irrigation
b) Food Processing Industry
c) Organic Farming
d) Animal Husbandry

Answer. (b) Food Processing Industry

In August 2017, the CCEA gave its nod for the Pradhan Mantri Kisan Sampada Yojana (PMKSY). It is an umbrella scheme that incorporates various ongoing schemes like Mega Food Parks, Integrated Cold Chain, Value Addition Infrastructure, Food Safety and Quality Assurance Infrastructure, Infrastructure for Agro-processing Clusters, Creation of Backward and Forward Linkages and Creation and Expansion of Food Processing and Preservation Capacities.

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6. Which of the following issued India’s first Green Infrastructure Bonds?

a) ICICI Bank
b) SBI
c) Yes Bank
d) Bank of Baroda

Answer. (c) Yes Bank

Yes Bank was the first Indian Bank to issue Green Infrastructure Bonds (GIBs) in India. The bonds were issued in 2015 and were worth 1,000 crore rupees. Proceeds from GIBs will be used to fund Renewable Energy projects including solar power and wind power projects.

7. Who is the chairperson of the NITI Aayog?

a) Prime Minister
b) Union Home Minister
c) Union Finance Minister
d) Union Cabinet Secretary

Answer. (a) Prime Minister

NITI Aayog replaced the previous Planning Commission in January 2015. The Prime Minister is its ex-officio chairperson. Its day-to-day operations are handled by the Vice Chairperson and the CEO.

8. Who was the chairperson of the fourteenth finance commission?

a) YV Reddy
b) Bimal Jalan
c) Subba Rao
d) T Prasad

Answer. (a) YV Reddy

The 14th Finance Commission (FFC) was constituted by the orders of President on 2 January 2013 in accordance to the Article 280 of the Constitution of India. The commission submitted its report with recommendations to the President Pranab Mukherjee on 15 December 2014. The commission was formed to suggest recommendations for the period from 1 April 2015 to 31 March 2020. The commission was headed by former RBI Governor YV Reddy.

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9. The World Food India 2017 event was organised in

a) New Delhi
b) Mumbai
c) Chennai
d) Kolkata

Answer. (a) New Delhi

The Union Ministry of Food Processing Industry organised the World Food India 2017 event in New Delhi in early November 2017. The event sought to showcase India’s food processing industry potential to the global audience.

10. The Global Entrepreneurship Summit 2017 will be held in

a) Pune
b) New Delhi
c) Hyderabad
d) Bengaluru

Answer. (c) Hyderabad

The Global Entrepreneurship Summit 2017 will be held in the last week of November in Hyderabad. The summit will be attended by the policy makers and industrialists from across the globe.

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