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Economic Survey Questions: India’s Economic Performance in 2017-18

Feb 27, 2018 18:32 IST
    Economic Survey Questions: India’s Economic Performance in 2017-18
    Economic Survey Questions: India’s Economic Performance in 2017-18

    Economic Survey 2017-18 based questions have been provided here for the IAS Prelims Exam 2018. The questions are based on the information given in the ‘An Overview of India’s Economic Performance in 2017-18’ chapter of the Survey.

    1. Which of the following is not correct matched.
    Financial Year     GDP Growth Rate (at constant market prices)
    a) 2014-15        7.5 per cent
    b) 2015-16        8.0 per cent
    c) 2016-17        7.1 per cent
    d) 2017-18        6.5 per cent

    Answer. d

    Explanation:

    With Gross Domestic Product (GDP) growth averaging 7.5 per cent between 2014-15 and 2016-17, India can be rated as among the best performing economies in the world on this parameter. Although growth is expected to decline to 6.5 per cent in 2017-18, bringing the 4-year average to 7.3 per cent, the broad story of India’s GDP growth to be significantly higher than most economies of the world does not alter. The growth is around 4 percentage points higher than global growth average of last 3 years and nearly 3 percentage points more than the average growth achieved by emerging market & developing economies (EMDE)

     

    2. Consider the following statements related to the agriculture sector.
    1) The share of agriculture and allied sectors in GVA declined from 18.2 per cent in 2012-13 to 16.4 per cent in 2017-18.
    2) India has the highest net cropland area in the world.

    Which of the above statements is/are correct?
    a) 1 only
    b) 2 only
    c) Both 1 and 2
    d) Neither 1 nor 2

    Answer. c

    Explanation:

    The share of agriculture and allied sectors in Gross Value Addition (GVA) declined from 18.2 per cent in 2012-13 to 16.4 per cent in 2017-18 (First Advanced Estimate). However, the declining share does not undermine the significance of the sector for employment, livelihood and food security. Further, the agriculture sector itself has been witnessing a gradual structural change in recent years. The share of livestock in GVA of agriculture has been rising since 2011-12, while that of the crop sector declined from 65 per cent in 2011-12 to 60 per cent in 2015-16.

    According to United States Geological Survey 2017, India ranks first, with 9.6 per cent (179.8 Mha) of the global net cropland area. Hence, India has tremendous potential for crop diversification and to make farming a sustainable and profitable economic activity. However, the pattern of cropping is determined by various factors like agro-climatic conditions, farm size, prices, profitability and government policies.

    Economic Survey 2017-18 Questions: Prices and Inflation

    3. Consider the following statements related to the industrial sector.
    1) The industrial output decreased by 3.2 per cent during April-November 2017-18 vis-a-vis the corresponding period of the previous year.
    2) Pradhan Mantri Mudra Yojana was launched for the development of textile sector only.

    Which of the above statements is/are correct?
    a) 1 only
    b) 2 only
    c) Both 1 and 2
    d) Neither 1 nor 2

    Answer. d

    Explanation:

    The industrial output increased by 3.2 per cent during April-November 2017-18 vis-à-vis the corresponding period of previous year. This was a composite effect of growth in electricity generation at 5.2 per cent and growth in mining and manufacturing sectors at 3.0 per cent and 3.1 per cent respectively.

    The Union Government launched the Micro Units Development and Refinance Agency (MUDRA) Yojana to fund small and medium enterprises. As part of the scheme, banks will offer products like Shishu, Kishor and Tarun to differentiate the stage of growth and the funding needs of the beneficiary entrepreneur. While Shishu will cover loans up to 50000 rupees, Kishor will cover loans above 50000 rupees and up to 5 lakh rupees and Tarun will cover loans above 5 lakh rupees and up to 10 lakh rupees.

    4. Consider the following statements related to the infrastructure sector.
    1) Bharatmala Pariyojana was launched to achieve optimal resource allocation for a holistic highway development.
    2) At the end of September 2017, the number of mobile subscribers stood at 1207 million.

    Which of the above statements is/are correct?
    a) 1 only
    b) 2 only
    c) Both 1 and 2
    d) Neither 1 nor 2

    Answer. c

    Explanation:

    Bharatmala Pariyojana was launched by the Union Government by subsuming all the existing highway projects, including the flagship National Highways Development Project (NHDP). The NHDP was launched by the Atal Bihari Vajpayee government in 1998. Bharatmala Pariyojana aims to achieve optimal resource allocation for a holistic highway development.
    At the end of September 2017, the number of subscribers stood at 1207 million, out of which 502 million connections were in the rural areas and 705 million in the urban areas.

    Economic Survey 2017-18 Questions: Agriculture and Food Management

    5. Consider the following statements related to the service sector.
    1) The services sector contributes around 55 per cent of India’s total GVA.
    2) In 2016, India remained the third largest exporter of commercial services in the world.

    Which of the above statements is/are correct?
    a) 1 only
    b) 2 only
    c) Both 1 and 2
    d) Neither 1 nor 2

    Answer. a

    Explanation:

    With a share of 55.2 per cent in India’s GVA, the services sector continued to be the key driver of India’s economic growth, and is expected to contribute almost 72.5 per cent of GVA growth in 2017-18.

    India remained the eighth largest exporter of commercial services in the world in 2016 (WTO, 2017) with a share of 3.4 per cent, which is double the share of India’s merchandise exports in the world. India’s services export growth returned to positive territory with 5.7 per cent growth in 2016-17 from growth of (-) 2.4 per cent in 2015-16.

    Economic Survey 2017-18 Questions: Sustainable Development, Energy and Climate Change

    IAS Exam 2018

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