Correct Answer: C) IRDAI
Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for regulating and promoting the insurance and re-insurance industries in India.
A) Direct tax
B) Indirect tax
C) Corporate tax
D) Wealth tax
Correct Answer: B) Indirect tax
Explanation: GST is an indirect tax that has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. It is aimed at being comprehensive for most goods and services.
A) RBI
B) SEBI
C) IRDAI
D) AMFI
Correct Answer: C) IRDAI
Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for regulating and promoting the insurance and re-insurance industries in India.
A) Urban upper class
B) Non-resident Indians
C) Rural and urban poor
D) Corporate entities
Correct Answer: C) Rural and urban poor
Explanation: The Pradhan Mantri Jan Dhan Yojana (PMJDY) aims to increase banking services’ accessibility to the rural and urban poor, promoting financial inclusion.
A) Interest rates
B) Inflation
C) Bank credit
D) Liquidity and credit
Correct Answer: D) Liquidity and credit
Explanation: SLR (Statutory Liquidity Ratio) is a term used by banks to control the credit growth and liquidity by requiring banks to maintain a certain percentage of their net demand and time liabilities in liquid assets.
A) Enhancing online infrastructure and internet connectivity
B) Promoting digital transactions over cash
C) Both A and B
D) Developing the software export industry
Correct Answer: C) Both A and B
Explanation: ‘Digital India’ is a campaign launched by the Government of India to ensure government services are made available to citizens electronically by improving online infrastructure and by increasing internet connectivity and making the country digitally empowered in the field of technology.
A) Facilitate bank loans for large industries
B) Provide tax relief to multinational companies
C) Promote sustainable development goals
D) Foster innovation through funding and incentives
Correct Answer: D) Foster innovation through funding and incentives
Explanation: ‘Startup India’ is a flagship initiative of the Government of India intended to build a strong ecosystem for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.
A) Monitor fiscal deficits of the states
B) Oversee compliance by financial institutions with various regulations
C) Regulate financial reporting by companies
D) Manage RBI’s financial reporting needs
Correct Answer: C) Regulate financial reporting by companies
Explanation: NFRA aims to improve the transparency and reliability of financial statements and information provided by companies, ensuring their compliance with accounting and financial reporting standards.
A) 2005
B) 2016
C) 2012
D) 2018
Correct Answer: B) 2016
Explanation: The Insolvency and Bankruptcy Code, 2016, is a bankruptcy law in India seeking to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
A) Make in India
B) Digital India
C) Skill India
D) Zero Defect Zero Effect
Correct Answer: D) Zero Defect Zero Effect
Explanation: ‘Zero Defect Zero Effect’ is an initiative launched for the MSME sector under which products that are manufactured for export have to adhere to certain quality standards while ensuring that the manufacturing process does not have a negative impact on the environment.
A) SEBI
B) RBI
C) FMC
D) NABARD
Correct Answer: A) SEBI
Explanation: SEBI (Securities and Exchange Board of India) regulates commodity market transactions in India after the merger of the Forward Markets Commission (FMC) with SEBI in 2015.
A) All farmers
B) Small and marginal farmers
C) Landless agricultural laborers
D) Women farmers
Correct Answer: B) Small and marginal farmers
Explanation: The PM-KISAN scheme provides income support to all small and marginal farmers’ families across the country, aiming to meet their financial needs for procuring inputs related to agriculture and allied activities.
A) Real Estate Regulatory Authority
B) Rural Economic Regulatory Agency
C) Renewable Energy Regulations Act
D) Real Estate Reforms Act
Correct Answer: A) Real Estate Regulatory Authority
Explanation: RERA, or Real Estate Regulatory Authority, was established to regulate and promote the real estate sector in India, ensuring the sale of plot, apartment, or building, or sale of a real estate project, in an efficient and transparent manner.
A) AMRUT
B) UDAY
C) Smart City Mission
D) FAME India
Correct Answer: D) FAME India
Explanation: FAME India (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) aims to support the development of electric and hybrid vehicle markets and their manufacturing ecosystem to achieve self-sustenance.
A) Pulses and cereals
B) Oilseeds and vegetables
C) Tomato, Onion, and Potato (TOP)
D) Fruits and nuts
Correct Answer: C) Tomato, Onion, and Potato (TOP)
Explanation: Operation Greens aims to stabilize the supply chain for Tomato, Onion, and Potato (TOP), preventing fluctuations in the prices and ensuring farmer sustainability.
A) Cultural heritage
B) Innovation and entrepreneurship
C) Traditional arts and crafts
D) Rural tourism
Correct Answer: B) Innovation and entrepreneurship
Explanation: The Atal Innovation Mission (AIM) is aimed at fostering curiosity, creativity, and imagination in young minds and inculcating skills such as design thinking, problem-solving, adaptive learning, and physical computing among others.
A) Reserve Bank of India
B) State Bank of India
C) Ministry of Finance
D) Securities and Exchange Board of India
Correct Answer: B) State Bank of India
Explanation: Electoral Bonds can be purchased by any citizen of India or entities incorporated or established in India from specified branches of the State Bank of India.
A) Consumer Price Index (CPI)
B) Gross Domestic Product (GDP)
C) Fiscal Deficit
D) Balance of Trade
Correct Answer: A) Consumer Price Index (CPI)
Explanation: CPI measures changes in the price level of a market basket of consumer goods and services purchased by households, reflecting the rate of inflation.
A) Stock market index
B) GDP growth rate
C) Unemployment rate
D) National debt percentage
Correct Answer: B) GDP growth rate
Explanation: GDP growth rate is a key indicator that reflects the economic activity and health of a country’s economy, showing how much it has grown or contracted in a specific period.
A) The Reserve Bank of India
B) The Ministry of Finance
C) Securities and Exchange Board of India
D) The Planning Commission
Correct Answer: B) The Ministry of Finance
Explanation: The Ministry of Finance is responsible for formulating fiscal policy, which involves government revenue and expenditure decisions.
A) Stagflation
B) Hyperinflation
C) Deflation
D) Cost-push inflation
Correct Answer: D) Cost-push inflation
Explanation: Cost-push inflation occurs when the overall prices increase (inflation) due to increases in the cost of wages and raw materials.
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