1. The share of direct taxes in India’s tax kitty peaked in 2009-10 at 60% and thereafter, it has consistently fallen. Which of the following is the most appropriate reason for the same?
[A] There was a substantial reduction in direct tax rates in the country
[B] The consumption pattern and economic growth were affected by economic recession
[C] The share of indirect taxes increased substantially
[D] None of the above is an appropriate reason
Show Answer
Correct Answer: C [The share of indirect taxes increased substantially ]
Notes:
In October 2018, a Time series data released by the Central Board of Direct Taxes (CBDT) showed that the share of direct taxes in total taxes rose every year through the first decade of this century — going from 36.31% in 2000-01 to 60.78% in 2009-10. Thereafter it has fallen mainly because of rise of “service tax” collections in the country. Service Tax is now subsumed in GST.
Indirect taxes are said to be regressive in nature as they do not distinguish between poor and rich, and therefore, higher proportion of indirect taxes in total tax collection is not considered ideal.
2. The Government of India has decided to allow commercial mining by private companies recently. In which year, coal mining was nationalized in India for the first time?
[A] 1971
[B] 1968
[C] 1952
[D] 1965
Show Answer
Correct Answer: A [1971]
Notes:
Coking coal mines was first nationalized in 1971. In 1973, all non-coking coal mines were nationalized and thus coal India got monopoly over coal mining in the country.
3. The sixth Ministerial Conference of Heart of Asia summit was held at _?
[A] New Delhi
[B] Amritsar
[C] Ahmedabad
[D] Jaipur
Show Answer
Correct Answer: B [ Amritsar ]
Notes: The sixth Ministerial Conference of Heart of Asia summit was held in Amritsar, from December 3 to December 4, 2016. The Key Features of the Conference are:
- The delegates from nearly 40 countries and leading groupings like EU participated in conference
- Indian delegation was led by Union Finance Minister Arun Jaitley
- The theme of this edition of the conference was “Addressing Challenges, Achieving Prosperity”
- The three big issues of the conference were (i) countering terrorism to create stability in Afghanistan, (ii) Providing Afghanistan connectivity to strengthen economic activities and (iii) the development which is essential for its progress
4. India’s first Agri-commodity Options Contracts trading has been launched for which of the following products?
[A] Onions
[B] Pulses
[C] Guarseed
[D] Oil palm
Show Answer
Correct Answer: C [Guarseed]
Notes:
Recently, the government launched options trading in guarseed on the commodity bourse NCDEX. NCDEX is the second exchange after MCX to launch options trading in commodities. In October 2017, MCX had launched gold options. Guarseed is the first agri-commodity options.
5. The Economic Survey 2017-18 has identified four possible headwinds that are impeding India’s transformation from developing to developed economy. Which of following is not the one among them?
[A] Hyper globalization which reduces India’s exporting opportunities
[B] Difficulties of transferring resources from low productivity to higher productivity sectors
[C] Upgrading human capital as per the demands of a technology-intensive workplace
[D] Towering stress on banks due to large loans to the corporate sector turning into stressed and non-performing assets (NPAs)
Show Answer
Correct Answer: D [Towering stress on banks due to large loans to the corporate sector turning into stressed and non-performing assets (NPAs)]
Notes:
The Economic Survey 2017-18 notes that India could face a “Late Converger Stall” when it comes to economic growth. The survey identified four major factors impeding India’s growth to developed economy viz. climate change-induced agricultural stress; hyper-globalization which reduces India’s exporting opportunities; difficulties of transferring resources from low productivity to higher productivity sectors; & upgrading human capital as per the demands of a technology-intensive workplace.
6. The DB Shekatkar committee has given recommendations to bring reforms in:
[A] Defence sector
[B] Telecom sector
[C] Higher Education
[D] Disaster Management
Show Answer
Correct Answer: A [Defence sector]
Notes:
Recently, the Union Defence Ministry has approved most of the proposals of a committee of experts, headed by Lt. Gen. D.B. Shekatkar (Retd) to bring host of reforms in the military and improve financial management. Recommendations of the committee are: Capital expenditure: Roll-on defence budget must have enough capital expenditure available for modernisation. It must be against the present practice of surrendering unspent capital budget at the end of each financial year. Performance audit: It must be conducted of non-combat organisations under the Defence Ministry. It must include those dealing with defence estates and accounts, Director- General of Quality Assurance, Ordnance Factory Board (OFB), Defence Research and Development Organisation (DRDO) and National Cadet Corps (NCC). Downsizing or rationalisation of manpower: It will lead to significant savings. Joint services War College: It must be established for training middle-level officers. Reduce deployment of active-duty soldiers in avoidable postings: They will be replaced by retired officers and jawans in the running of NCC. Comprehensive reforms in the running of NCC: Transfer of NCC out of the Defence Ministry to the HRD Ministry: NCC can be run by re-employed or on-contract ex-service personnel.
7. Recently, the world’s largest and most complex ethane plant has been commissioned in which state?
[A] Gujarat
[B] Maharashtra
[C] Tamil Nadu
[D] West Bengal
Show Answer
Correct Answer: A [Gujarat]
Notes:
The world's largest and most complex ethane plant has been commissioned by Reliance Industries at its Dahej petrochemical complex in Gujarat.
8. As per the Gramin Swachh Survekshan report released in May 2016, which two districts have been named as cleanest districts in the “Hills” and in “Plains” categories?
[A] Sikkim and Mysuru
[B] Shimla and Madhubani
[C] Mandi and Sindhudurg
[D] Chandigarh and Uttarkashi
Show Answer
Correct Answer: C [Mandi and Sindhudurg]
Notes:
Mandi in Himachal Pradesh and Sindhudurg in Maharashtra have emerged the cleanest districts in India according Gramin Swachh Survekshan. Sindhudurg was judged as the cleanest in the ‘Plains’ category and Mandi in the cleanest district in ‘Hills’ category. The Gramin Swachh Survekshan report was released by the Union Ministry of Drinking Water and Sanitation, Rural Development and Panchayati Raj.
9. Which country’s government recently withdrew its largest banknote 100-bolivar from circulation in its latest attempt to tackle the world’s worst inflation crisis?
[A] Greece
[B] Canada
[C] Venezuela
[D] Indonesia
Show Answer
Correct Answer: C [Venezuela]
Notes:
The Venezuelan government withdrew its largest banknote 100-bolivar from circulation in its latest attempt to tackle the world’s worst inflation crisis.
10. Recently, our scientists have discovered a new species of Pika, a mammal belonging to the rabbit and hare family. In which part of India has it been discovered?
[A] Tropical rainforest of Western Ghats
[B] Eastern Ghats
[C] Eastern Himalayas
[D] Western Himalayas
Show Answer
Correct Answer: C [Eastern Himalayas]
Notes:
Eastern Himalaya has been declared a biodiversity hotspot by Conservation International. Our Scientists have recently claimed to have discovered a new species of Pika, a mammal belonging to the rabbit and hare family in the Eastern Himalayas in Sikkim. Pikas are members of the rabbit family and live in the mountains or in temperate regions. The common name "pika" is used for any member of the Ochotonidae family. Pikas do not hibernate unlike other mammalian species inhabiting such cold climates.
