1. India enacted The Geographical Indications of Goods (Registration and
Protection) Act, 1999 in order to comply with the obligations to (a) ILO
(b) IME
(c) UNCTAD
(d) WTO
Ans. [D]
Explanation
India, as a member of the World Trade Organization (WTO), enacted the
Geographical Indications of Goods (Registration & Protection) Act, 1999
which came into force from 2003, GI goods are covered under.
(i) Paris Convention for the Protection of Industrial Property.
(ii) TALPS Agreement of WTO.
2. What is/are the advantage/advantages of implementing the ‘National
Agriculture Market’ scheme?
1. It is a pan-India electronic trading portal for agricultural commodities.
2. It provides the farmers access to nationwide market, with prices
commensurate with the quality of their produce.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Explanation
Both statements are correct.
National Agriculture Market (NAM) is a pan-India electronic trading portal
which networks the existing APMC mandis to create a unified national market
for agricultural commodities.
It removes information asymmetry between buyers and sellers and promotes real
time price discovery, based on actual demand and Supply, promotes
transparency in auction process, and access to a nationwide market for the
farmer, with prices commensurate with quality of his produce and online
payment and availability of better quality produce and at more reasonable prices
to the consumer.
3. Which of the following statements is/are correct regarding the Monetary
Policy Committee (MPC)?
1. It decides the RBI’s benchmark interest rates,
2. It is a 12-member body including the Governor of RBI and is
reconstituted every year.
3. It functions under the chairmanship of the Union Finance Minister.
Select the correct answer using the code given below:
(a) 1 only
(b) 1 and 2 only
(c) 3 only
(d) 2 and 3 only
Ans. (a)
Explanation
Statement 1 is correct: It decides the repo rates, CAA, SLA etc.
Statement 2 is wrong: It consists of 6 members (3 from RBI, and 3
nominated by govt), and they hold office for a period of 4 years.
Statement 3 is wrong: The Governor of the ABI is the ex-officio
Chairperson of MPC.
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4. Consider the following statements:
1. National Payments Corporation of India (NPCI) helps in promoting the
financial inclusion in the country
2. NPCI has launched RuPay, a card payment scheme.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Explanation
Statement 1 is correct.
NPCI is an umbrella organization for all retail payments system in India.
Thus, an important objective of NPCI to facilitate an affordable payment
mechanism to benefit the common man across the country and help
financial inclusion.
Statement 2 Is correct.
Rupay is a domestic card payment network that provides an alternative to
international card schemes, It was introduced by NPCI. It offers many
products and services which include RuPay card, BHIM app, Unified
Payment Interface (UPI) among others.
5. What is/are the most likely advantages of implementing ‘Goods and
Services Tax (GST)’?
1. It will replace multiple taxes collected by multiple authorities and will
thus create a single market in India.
2. It will drastically reduce the ‘Current Account Deficit’ of India and will
enable it to increase its foreign exchange reserves.
3. It will enormously increase the growth and size of economy of India and
will enable it to overtake China in the near future.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Ans. (a)
Explanation
Notice the use of words “drastically reduce”, “enormously increase’, ‘overtake
China in near future”, Such statements with extreme Scenarios can be very
easily eliminated, because GST can never result in India overtaking China in
near future, or it will never drastically reduce CAD.
Thus, statements 2 & 3 are wrong.
Statement 1 is correct. GST is one indirect tax for the whole nation, which will
make India one unified common market.
6. Consider the following statements:
1. Tax revenue as a percent of GDP of India has steadily increased in the last
decade.
2. Fiscal deficit as a percent of GDP of India has steadily increased in the
last decade.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither I nor 2
Ans. (d)
Explanation
Statement 1 is wrong: Service tax, Personal income tax.
Excise duty rates and Corporation tax have been reduced in the recent past
to boost aggregate demand, So as to protect the economy from global
recession.
Hence, tax revenue as a percent of GDP of India has NOT steadily
increased in the last decade, (Graph regarding the same given in Economic
Survey).
Statement 2 is wrong: The fiscal deficit has steadily declined over the last 3
years.
7. Consider the following statements:
1. The Standard Mark of Bureau of Indian Standards (BIS) is mandatory for
automotive tyres and tubes.
2. AGMARK is a quality Certification Mark issued by the Food and
Agriculture Organisation (FAO).
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (a)
Explanation:
In 2010, a certification from the Bureau of Indian Standards (BIS) has been
made mandatory for all types of automotive tyres and tubes.
AGMARK is a certification mark employed on agricultural products in India,
assuring that they conform to a set of standards approved by the Directorate of
Marketing and Inspection, an agency of the Government of India. The
AGMARK is legally enforced in India by the Agricultural Produce (Grading
and Marking) Act of 1937 (and ammended in 1986).
8. Which of the following has/have occurred in India after its liberalization
of economic policies in 1991?
1. Share of agriculture in GDP increased enormously.
2. Share of India’s exports in world trade increased.
3. FDI inflows increased. 4. India’s foreign exchange reserves increased
enormously.
Select the correct answer using the codes given below:
(a) 1 and 4 only
(b) 2, 3 and 4 only
(c) 2 and 3 only
(d) 1, 2, 3
Ans. (b)
Explanation
Statement 1 is wrong.
The post-reform period shows the gradual ‘decline’ in the agriculture
sector’s contribution to the Indian economy, Agriculture now contributes
only about 15% to the GDP, down from 29% in 1991.
Statement 2 is correct.
Share of India’s exports increased Since 1991, since India opened up its
economy in 1991 by LPG reforms.
Statement 3 is correct.
Before 1991, foreign investment in India was negligible, because we were a
more or less closed economy, Thus, FDI increased post-1991 LPG reforms.
Statement 4 is correct.
It was India’s dismal state of forex reserves that forced the government to
bring in economic reforms in 1991, Currently, India’s forex reserves are
more than $360 billion, In 1991, it stood at Just $5.8 billion.
9. Which of the following statements best describes the term ‘Scheme for
Sustainable Structuring of Stressed Assets (S4A)’
, recently seen in the
news?
(a) It is a procedure for considering ecological costs of developmental schemes
formulated by the Government.
(b) It is a scheme of RBI for reworking the financial structure of big
corporate entities facing genuine difficulties.
(c) It is a disinvestment plan of the Government regarding Central Public Sector
Undertakings.
(d) It is an important provision in The Insolvency and Bankruptcy Code’
recently implemented by the Government.
Ans. (b)
Explanation
A straightforward question from current affairs, Stressed assets and NPAS were
a major issue all around the year (and will continue to be So for coming years
too), and various Schemes of ABI kept cropping up in the news.
The S4A by RBI envisages bifurcation of the outstanding large debts into
‘sustainable debt’ and ‘unsustainable debt’.
The un-SuStainable part then can be converted into equity/ quasi-equity
instruments which are expected to provide upside to the lenders.
This is because the Sustainable part is essentially ‘sustainable’, and hence, one
can hope to recover them via normal means, It is the un-SuStainable part that
needs Some intervention, and hence the new proposal via S4A scheme to
convert them into equity, So that banks/ lenders can benefit.
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10. Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (a)
Explanation:
Self explanatory
11. With reference to the ‘National Intellectual Property Rights Policy’
,
consider the following statements:
1. It reiterates India’s commitment to the Doha Development Agenda and
the TRIPS Agreement.
2. Department of Industrial Policy and Promotion is the nodal agency for
regulating intellectual property rights in India.
Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Explanation
Both the given statements are correct and are self-explanatory.
12. Which of the following is a most likely consequence of implementing the
Unified Payments Interface (UPI)?
(a) Mobile wallets will not be necessary for online payments.
(b) Digital currency will totally replace the physical currency in about two
decades.
(c) FDI inflows will drastically increase.
(d) Direct transfer of subsidies to poor people will become very effective.
Ans. (a)
Explanation
UPI allows a customer to pay directly from a bank account to different
merchants, both online and offline, without the hassle of typing credit card
details, IFSC code, or net banking/wallet passwords,
13. What is the purpose of setting up of Small Finance Banks (SFBs) in
India?
1. To supply credit to small business units
2. To supply credit to small and marginal farmers
3. To encourage young entrepreneurs to set up business particularly in rural
areas.
Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Ans. (a)
Explanation
As per RBI Guidelines, “The objectives of setting up of small finance banks will
be to further financial inclusion by
(i) provision of savings vehicles, and
(ii) supply of credit to Small business units; small and marginal farmers3 micro
and Small industries; and other unorganised sector entities, through high
technology-low cost operations.”
It will thus Support unserved and underserved sections.
However, there is no explicit provision that SFBs have been setup to encourage
setting of businesses in rural areas, Statement 3 will be considered wrong.
14. With reference to the ‘Prohibition of Benami Property Transactions
Act, 1988 (PBPT Act), consider the following statements:
1. A property transaction is not treated as a benami transaction if the owner
of the property is not aware of the transaction.
2. Properties held benami are liable for confiscation by the Government.
3. The Act provides for three authorities for investigations but does not
provide for any appellate mechanism.
Which of the statements .given above is/are correct?
(a) 1only
(b) 2 only
(c) 1 and 3 only
(d) 2 and 3 only
Ans. (b)
Explanation:
Salient features of Prohibition of Benami Property Transaction Act, 1988 (PBPT
Act)-
– The PBPT Act defines benami transactions, prohibits them and further
provides that violation of the PBPT Act is punishable with imprisonment and
fine. The PBPT Act prohibits recovery of the property held benami from
benamidar by the real owner.
– The definition of a benami transaction has been widened to include a
transaction made in a fictitious name; where the owner is not aware or denies
knowledge of the ownership of the property or the person providing the
consideration for the property is not traceable.
– Properties held benami are liable for confiscation by the Government without
payment of compensation.
– An appellate mechanism has been provided under the PBPT Act in the form of
Adjudicating Authority and Appellate Tribunal.
15. ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes
seen in the news in the context of negotiations held between India and
(a) European Union
(b) Gulf Cooperation Council
(c) Organization for Economic Cooperation and Development
(d) Shanghai Cooperation Organization
Ans. (a)
Self explained
16. The term ‘Digital Single Market Strategy’seen in the news refers to
(a) ASEAN
(b) BRICS
(c) EU
(d) G20
Ans. (c)
Self Explained
17. Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above is/are correct?
(a) 1 and 2only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Ans. (a)
Self explanatory
18. Consider the following in respect of ‘National Career Service’:
1. National Career Service is an initiative of the Department of Personnel
and Training, Government of India.
2. National Career Service has been launched in a Mission Mode to improve
the employment opportunities to uneducated youth of the country.
Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
National Career Service (NCS) project is an initiative launched by the
Ministry of Labour and Employment (India) Government of India as a
Mission Mode Project for establishing quick and efficient career related
services. Hence statement 1 is not correct.
The main stakeholders for the NCS would include:
– Unemployed candidates seeking jobs – Students seeking career counseling
– Candidates seeking vocational / occupational guidance – Illiterate,
under-privileged sections of society, blue-collar workers seeking placements
and guidance
– Person with different abilities (PWDs), ex-servicemen, veterans / senior
citizens, etc.
– Employers seeking suitable candidates
Thus statement 2 is correct.
19. What is the aim of the programme ‘Unnat Bharat Abhiyan’?
(a) Achieving 100% literacy by promoting collaboration between voluntary
organizations and government’s education system and local communities.
(b) Connecting institutions of higher education with local communities to
address development challenges through appropriate technologies.
(c) Strengthening India’s scientific research institutions in order to make India a
scientific and technological power.
(d) Developing human capital by allocating special funds for health care and
education of rural and urban poor, and organizing skill development
programmes and vocational training for them.
Ans. (b)
Explanation:
With a view to uplift rural India, the Unnat Bharat Abhiyan programme is
launched in collaboration with the Indian Institutes of Technology (IIT) and the
National Institutes of Technology (NITs) across the country.
The programme aims to connect institutions of higher education, including
Indian Institutes of Technology (IITs), National Institutes of Technology (NITs)
and Indian Institutes of Science Education & Research (IISERs) etc. with local
communities to address the development challenges through appropriate
technologies.
20. The Global Infrastructure Facility is a/an
(a) ASEAN initiative to upgrade infrastructure in Asia and financed by credit
from the Asian Development Bank.
(b) World Bank collaboration that facilitates the preparation and
structuring of complex infrastructure Public-Private Partnerships (PPPs)
to enable mobilization of private sector and institutional investor capital.
(c) Collaboration among the major banks of the world working with the OECD
and focused on expanding the set of infrastructure projects that have the
potential to mobilize private investment.
(d) UNCTAD funded initiative that seeks to finance and facilitate infrastructure
development in the world.
Ans. (b)
Explanation:
The GIF supports Governments in bringing well-structured and bankable
infrastructure projects to market. GIF’s project support can cover the spectrum
of design, preparation, structuring and transaction implementation activities,
drawing on the combined expertise of the GIF’s Technical and Advisory
Partners and focusing on structures that are able to attract a wide range of
private investors.
Along with the World Bank Group, Canada is co-chair of the GIF’s Governing
Council.
21. With reference to ‘National Investment and Infrastructure Fund’
,
which of the following statements is/are correct?
1. It is an organ of NITI Aayog.
2. 2. It has a corpus of Rs. 4, 00,000 crore at present.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
Explanation
Feb 2017 It was reported that NILF will raise %8k-cr from anchor
investors in FY13.
NIIF was proposed in Budget 2015.
NIIF has been structured as a ‘fund of funds’.
It was set up as Category II Alternate Investment Fund (ALF) under SEBI
Regulations.
Total corpus of the fund is % 40,000 Crore, Thus, both statements are
wrong.
22. Which of the following are the objectives of ‘National Nutrition
Mission’?
1. To create awareness relating to malnutrition among pregnant women and
lactating mothers.
2. To reduce the incidence of anemia among young children, adolescent girls
and women.
3. To promote the consumption of millets, coarse cereals and unpolished
rice.
4. To promote the consumption of poultry eggs.
Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 1, 2 and 3 only
(c) 1, 2 and 4 only
(d) 3 and 4 only
Ans. (a)
Explanation
In some part of India people not that much educated, They having but
knowledge like which medicine take in to the pregnancy, how to take ourself
.The baby growth and development is only depend what mother is eating and
how much quality food she is eating .This all mandatory things should do.
The Aim of NNM is to educate women as well as hygiene and what to eat or
not. The pregnant women should have a proper diet with Hemoglobin and
multivitamin Medicine,
The fetus growth and development is totally depending on that only.
Another strategy of this program is Children which belong to the poor family
they don’t even afford basic schooling and Daily needs .To provide such a poor
children at least they can be took basic education and eat properly.
that’s what midday meal program.
23. What is the purpose of Vidyanjali Yojana’?
1. To enable the famous foreign educational institutions to open their
campuses in India.
2. To increase the quality of education provided in government schools by
taking help from the private sector and the community.
3. To encourage voluntary monetary contributions from private individuals
and organizations so as to improve the infrastructure facilities for primary
and secondary schools.
Select the correct answer using the code given below:
(a) 2 only
(b) 3 only
(c) 1 and 2 only
(d) 2 and 3 only
Ans. (a)
Explanation:
The Ministry of HRD recently launched the Vidyanjali scheme aimed at
boosting the education system by delivering volunteer teachers to government
schools.
It will not replace the regular and professionally qualified teachers in the
government schools.
The volunteer’s responsibility is towards overall development of the child, not
academics.
The volunteer service will be used in developing skills like public speaking,
creative writing, counseling, music and dance
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