Assertion (A) :
The development programmes undertaken in India are oriented towards economic growth along with social justice.

Reason (R) :
Indian economy is afflicted with poverty, unemployment and inequalities.

Select the correct answer from the following options.

• Both (A) and (R) are correct, and (R) is the correct explanation for (A)
• Both (A) and (R) are correct, but (R) is not the correct explanation for (A)
• (A) is correct, but (R) is not correct
• (A) is not correct, but (R) is correct
Solution
Correct Option: A  [ Both (A) and (R) are correct, and (R) is the correct explanation for (A) ]

Explanation:

What is hard currency?

• A stable currency
• Arranged in war time
• Issued by IMF
• Given by RBI to foreign banks
Solution
Correct Option: A  [ A stable currency ]

Explanation:

Tertiary sector activities include

• Cottage industries
• Mining activities
• Construction activities
• Infrastructure services
Solution
Correct Option: D  [ Infrastructure services ]

Explanation:

Which of the following sources provides highest tax revenue to Government of India?

• Personal Income Tax
• Excise Duty
• Corporation Tax
• Customs Duty
Solution
Correct Option: C  [ Corporation Tax ]

Explanation:

Consider the following statements regarding the Goods and Services Tax (GST) of India:

(i) GST is a successor to VAT used in India on the supply of goods and services.

(ii) GST came into effect from 1st July, 2017 through the implementation of the one hundred and first Amendment of the Constitution of India.

(iii) Every decision of the GST Council is to be taken by a majority of not less than three fourths of the weighted votes of the members present and voting at the meeting.

(iv) The GST Council is chaired by the Prime Minister of India.

Select the correct statement/statements using the codes given below.

• (i) only
• (ii) only
• (iii) and (iv) only
• (i), (ii) and (iii) only
Solution
Correct Option: D  [ (i), (ii) and (iii) only ]

Explanation:

Fiscal Deficit is:

• Government expenditure minus borrowings
• Government expenditure minus revenue receipts
• Same as budget deficit
• Budget deficit minus borrowings and other liabilities
Solution
Correct Option: B  [ Government expenditure minus revenue receipts ]

Explanation:

National Development Council was set up in:

• 1950
• 1951
• 1952
• 1954
Solution
Correct Option: C  [ 1952 ]

Explanation:

The earlier name of WTO was:

• UNCTAD
• GATT
• UNIDO
• OECD
Solution
Correct Option: B  [ GATT ]

Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.

Pradhan Mantri Jan Dhan Yojana was first announced by Hon'ble Prime Minister Modi on:

• 15th August, 2014
• 28th August, 2015
• 26th January, 2016
• None of the above
Solution
Correct Option: A  [ 15th August, 2014 ]

Explanation:

The LPG model of development was introduced by India since:

• 1991
• 1992
• 1993
• 1994
Solution
Correct Option: A  [ 1991 ]

Explanation: