Q 1: Consider the following statements and choose the correct options
- Fiscal deficit refers to the shortfall in a government’s income compared with its spending.
- A high fiscal deficit is always harmful for the economy.
- The Fiscal Responsibility and Budget Management Act provides for the fiscal deficit to be upto 3% of the GDP by March 2021.
- 1 and 2 only
- 2 and 3 only
- 1 and 3 only
- 1, 2 and 3
Q 2: Consider the following statements with reference to Index of Industrial Production (IIP) and choose the correct options:
- The IIP is an index that shows the growth rates in different industry groups of the economy in a fixed period of time.
- It is compiled and published annually by the National Statistical Office (NSO).
- Current Base Year for IIP calculation is 2004-2005.
- 1 only
- 1 and 2 only
- 1 and 3 only
- 1, 2 and 3
Q 3: With reference to the ‘Finance Commission’, consider the following statements and choose the correct options:
- It is a statutory body that determines the method for distributing the tax proceeds between the Centre and states.
- The Parliament is required to constitute a Finance Commission at an interval of five years.
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Q 4: With reference to ‘Gramodyog Vikas Yojana’, consider the following statements and choose the correct options:
- It is launched by the Ministry of Micro, Small and Medium Enterprises.
- Khadi and Village Industries Commission (KVIC) is entrusted with providing training and assistance.
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Q 5: ‘Operation Breathing Space’ is a joint collaboration mission between which of the following two countries?
- India and Sri Lanka
- India and U.S
- India and Bhutan
- India and Israel
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