Economics Miscellaneous (Part – I)

Total Questions: 50

21. What is the meaning of 'Athavana'? [Jharkhand P.C.S. (Pre) 2003]

Correct Answer: (a) Revenue department
Solution:In the Vijayanagar administration, Athavana was the Department of Revenue. The prosperity of the Vijayanagar empire was due to the growth of agriculture, industries, trade and commerce. The State followed a wise irrigation policy. Industries were also encouraged by the State. Commerce was inland, coastal and overseas.

22. "TRAI' is a regulatory body associated with which of the following sectors? [U.P.R.O./A.R.O. (Pre) 2017]

Correct Answer: (d) Telecom
Solution:The Telecom Regulatory Authority of India (TRAI) was established with effect from 20 February, 1997 by an Act of Parliament (TRAI Act, 1997), to regulate telecom services, including fixation/revision of tariffs for telecom services which were earlier vested in the Central Government.

TRAI'S mission is to create and nurture conditions for growth of telecommunications in the country in a manner and at a pace which will enable India to play a leading role in emerging global information society. One of the main objectives of TRAI is to provide a fair and transparent policy environment which promotes a level playing field and facilitates fair competition.

23. Which of the following statements are true about Telecom Regulatory Authority of India (TRAI)? [Jharkhand P.C.S. (Pre) 2023]

I. It was first established in 1997.

II.. It is a statutory body.

III. It was established to regulate telecom services, including fixation/revising tariffs.

IV. Its headquarters is located in Mumbai.

Select the correct answer:

Correct Answer: (b) Only I, II and III
Solution:TRAI's headquarters is located in New Delhi. Other three statements are correct.

I. It was first established in 1997.

II.. It is a statutory body.

III. It was established to regulate telecom services, including fixation/revising tariffs.

IV. Its headquarters is located in Mumbai.

Select the correct answer:

24. Consider the following statements: [I.A.S. (Pre) 2005]

1. The number of post offices in India is in excess of 1.5 lakh.bl

2. Bharat Sanchar Nigam Limited (BSNL) was formed in the year 1997.

3. Telecom Regulatory Authority of India (TRAI) was established in the year 2000.

Which of the statements given above is/are correct?

Correct Answer: (c) I only
Solution:As on 31 March, 2003, the number of post offices in India was 155618. According to the Department of Posts, Ministry of Communications, the number of operational post offices in India is 159225 (including Head Post Offices, Sub Post Offices and Branch Post Offices) as on December, 2022.

Hence, Statement 1 is correct. PAN India Telecom Operator BSNL refers to Bharat Sanchar Nigam Limited, it is 100% government owned communication corporation, and it is a public telecommunication service in India launched on 15th September, 2000 and celebrating the formation day by starting the operations from 01.10.2000 having operational headquarters in New Delhi.

Hence, Statement 2 is not correct. Telecom Regulatory Authority of India (TRAI) was established in the year 1997. Hence, Statement 3 is also incorrect.

25. 'Project Arrow' is concerned with the modernization of which of the following? [U.P.P.C.S (Pre) 2010]

Correct Answer: (b) Post Offices
Solution:India Post has undertaken a Quality Improvement Project called 'Project Arrow' to transform India Post into a vibrant and responsive organization. This was launched in April, 2008. Project Arrow entails comprehensive improvement of the Core Operations of Post Offices as well as the ambience in which postal transaction undertaken.
  • The goal of the project is to modernize post offices in urban and rural locations, transforming them into dynamic, responsive organizations with improved service and aesthetics.
  • The project's objectives include delivering secure IT services, enhancing mail delivery, remittances (both electronic and physical), and postal-savings strategies while fostering an efficient and welcoming workplace for both employees and clients.
  • The India Post is a part of the Department of Post under the Ministry of Communications.

26. India is divided into how many PIN zones? [Uttarakhand P.C.S. (Mains) 2006]

Correct Answer: (d) 8
Solution:India has been divided into 9 PIN (Postal Index Number) zones. In which 8 PIN zones are related to States/Union Territories of India and 9th for the Army Post Office and Field Post Office. On the basis of States/UTs PIN Zones, the correct answer is option (d).

The Indian Postal Service is one of the Group 'A' Civil Services of India. They are responsible for running "India Post', the largest postal network in the world which provides services ranging from traditional postal services to banking and e-commerce services.

It also provides non-commercial services such as disbursal of old-age pensions and MGNREGA wages. The IPOS cadre officers are the higher grade officers of the post office hierarchy in India. The cadre controlling authority for this service is the Ministry of Communications, Government of India.

27. Project ARROW is related with: [U.P.P.C.S. (Mains) 2009]

Correct Answer: (d) giving a new identity to post offices
Solution:
  • The goal of the project is to modernize post offices in urban and rural locations, transforming them into dynamic, responsive organizations with improved service and aesthetics.
  • The project's objectives include delivering secure IT services, enhancing mail delivery, remittances (both electronic and physical), and postal-savings strategies while fostering an efficient and welcoming workplace for both employees and clients.
  • The India Post is a part of the Department of Post under the Ministry of Communications.

28. Which bank has been presented with the 'Asian Banking Award 2001' for operational efficiency in treasury operations: [U.P.P.C.S. (Pre) 2002]

Correct Answer: (a) Industrial Development Bank of India
Solution:Industrial Development Bank of India (IDBI) was awarded the 'Asian Banking Award 2001' for operational efficiency in treasury operations
  • Major IDBs operating under the Indian Banking System are:

Industrial Finance Corporation of India (IFCI)

  • Industrial Finance Corporation of India (IFCI) Ltd. was set up in 1948 as a Statutory Corporation to provide medium and long-term finance to industry.
  • The primary business of IFCI is to provide medium to long-term financial assistance to the manufacturing, services, and infrastructure sectors.

Industrial Development Bank of India (IDBI)

  • The Industrial Development Bank of India (IDBI) was, initially, set up in 1964 as a subsidiary of the Reserve Bank of India (RBI) to provide credit and other financial facilities for the development of the Indian industry.
  •  At present, it's a full-service commercial bank under the Banking System in India that supports industrial growth.

Small Industries Development Bank of India (SIDBI)

  • Small Industries Development Bank of India (SIDBT) was set up in 1990 as an independent financial institution under the Banking System in India to aid the growth and development of Micro, Small and Medium Enterprises (MSMEs) in India.
  • It acts as the principal financial institution for the promotion, financing, and development of the MSME sector in India, as well as for coordinating the functions of institutions engaged in similar activities.

29. In which State, India's largest NaphthaCracker Plant was inaugurated by Union Petroleum Minister in February, 2011? [U.P.P.C.S. (Mains) 2011]

Correct Answer: (a) Andhra Pradesh
Solution:Union Petroleum and Natural Gas Minister in February, 2011 inaugurated India's largest Naphtha Cracker Plant at Indian Oil Corporation's (IOC) Panipat Complex, Haryana.

The Ministry of Petroleum & Natural Gas is concerned with exploration and production of Oil & Natural Gas, refining, distribution and marketing, import, export and conservation of petroleum products.

Oil and Gas being the important import for our economy, many initiatives have been taken by the Ministry for increasing production and exploitation of all domestic petroleum resources to address the priorities like Energy Access, Energy Efficiency, Energy Sustainability and Energy Security

30. How much is one barrel of oil approximately? [I.A.S. (Pre) 2008]

Correct Answer: (b) 159 litres
Solution:A barrel of oil is approximately equal to 158.9873 litre (or 42 American gallons).

The Ministry of Petroleum & Natural Gas is concerned with exploration and production of Oil & Natural Gas, refining, distribution and marketing, import, export and conservation of petroleum products.

Oil and Gas being the important import for our economy, many initiatives have been taken by the Ministry for increasing production and exploitation of all domestic petroleum resources to address the priorities like Energy Access, Energy Efficiency, Energy Sustainability and Energy Security