Indian Economy MCQs

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India has used a managed floating exchange rate regime since 1993. The Reserve Bank of India intervenes in the foreign exchange market to reduce excessive volatility. The exchange rate is mainly market-determined but subject to RBI intervention. The International Monetary Fund describes India’s regime as a managed float. RBI does not follow a fully fixed or fully floating rate policy.

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The GDP deflator is a measure of price inflation. It is calculated by dividing Nominal GDP by Real GDP and then multiplying by 100. Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation

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Debtors benefit from inflation as they repay loans with money of reduced purchasing power. During inflation, the real burden of debt decreases. Creditors lose since repayment occurs in depreciated currency. This effect is most significant under unanticipated inflation when previous interest rates did not account for inflation rise. Debtors’ effective liability lowers, giving them a financial advantage.

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Top carnivores occupy the highest trophic level. Energy transfer efficiency between levels averages around 10%. Population and biomass decrease at higher trophic levels. Top carnivore survival relies on the stability of all lower levels. Population declines at any lower level affect top carnivores first. Examples include tigers and lions in terrestrial ecosystems.

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Zambian-born economist Dambisa Moyo focuses on wealth and poverty in the global economy. A key critic on development aid for low-income economies, her work has earned her the Friedrich Hayek Institute’s lifetime achievement award.

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Dr. Chelliah was one of the top consultants in public finance anywhere in the world. After He served in an advisory capacity with the government of Papa New Guinea and a number of other countries, Chelliah became the father of the direct taxation reforms in early India. He was honored with the Padma Vibushan in 2007 and died in 2009.

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The Governing Council of NITI Aayog includes all Chief Ministers of States, Chief Ministers of Delhi and Puducherry, and Lieutenant Governors of Union Territories. Governors of States are not part of the NITI Aayog Governing Council. The NITI Aayog was established on 1 January 2015. The Prime Minister of India chairs the Governing Council.

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In India, approvals for GM crops for environmental release and commercial cultivation are handled through the Genetic Engineering Appraisal Committee (GEAC) under the Ministry of Environment, Forest and Climate Change. The Ministry of Agriculture and ICAR are involved in agricultural research and policy, but they do not give the final approval for cultivation.

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Project CHAMAN was launched with the aim of helping the horticulture segment of Indian agriculture. This project aims to make use of the Geo-informatics to help the farmers and policy makers in the Government.

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The Indian Institute of Oilseeds Research was established in 1977. It is situated in Hyderabad, Telangana. It functions under the Indian Council of Agricultural Research. The institute focuses on research and development related to nine annual oilseed crops. Current director is Dr. Sunil Archak. The main campus is located at Rajendranagar in Hyderabad.