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Economics Miscellaneous (Part – III)

📆 October 24, 2024

Total Questions: 50

41. Name the Governor of Reserve Bank of India who also became Finance Minister. [U.P.P.C.S. (Pre) 2008]

Correct Answer: (b) C.D. Desmukh
Solution:Among the given options, C.D. Deshmukh was an Indian Civil Servant and the first Indian to be appointed as the Governor of the Reserve Bank of India in 1943 before the Independence. He subsequently served as the Finance Minister in the Union Cabinet (1950-1956).

Reserve Bank of India (RBI) is the nation's central bank, tasked with overseeing and regulating the monetary and financial framework of India. Established on April 1, 1935, based on the recommendations of the Hilton Young Commission, under the Reserve Bank of India Act of 1934, the RBI plays a crucial role in India's economic development by managing the country's currency, credit, and financial stability.
Reserve Bank of India (RBI) regulates the issue and supply of the Indian currency and manages the country's monetary policy to ensure financial stability and economic growth. It plays a key role in controlling inflation, ensuring the smooth functioning of the financial system, and promoting digital payments and financial inclusion across the country.

42. Bimal Jalan will be First head of: [U.P. P.C.S. (Mains) 2014]

Correct Answer: (b) Expenditure Management Commission
Solution:The Constitution of Expenditure Management Commission (EMC) of India was announced in the Budget Speech by then Finance Minister of India, Arun Jaitley in the budget of 2014-15. The EMC has started its functioning on 4th September, 2014. Former RBI governor Bimal Jalan was the first Chairman of EMC.

EMC will look into various aspects of expenditure reforms to be undertaken by the Government such as review of the institutional arrangements including budgeting process and Fiscal Responsibility and Budget Management (FRBM) rules, suggest ways to improve allocative efficiencies in the existing expenditure classification system, and other issues concerning Public Expenditure Management

43. The two Indian families among the fifty richest in the world according to 'Forbes Billionares List' are: [U.P.P.C.S.(Pre) 2001]

1. Ratan Tata

2. Azim Premji

3. Kumar Mangalam (Birla)

4. Dhirubhai Ambani

Select the correct answer from the codes given below:

Correct Answer: (d) 2 and 4 are correct
Solution:As per the question period option (d) was the correct answer. While, Mukesh Ambani (ranked 9th), Gautam Adani (ranked 17th), Shiv Nadar (ranked 39th), Savitri Jindal and Family (ranked 46th) and Dilip Shanghvi (ranked 69th) are top 5 richest Indians in Forbes World's Billionaires List 2024.
  • The United States leads with a record 813 billionaires, followed by China with 473 and India claiming the third spot with 200 billionaires.
  • Elon Musk is ranking as the world's richest person, with a net worth of $433.9 billion Jeff Bezos of amazon has been ranked 2nd with $239.4 В.
  • Meta founder Mark Zuckerberg has surpassed Oracle founder Larry Ellison to secure the position of the third- wealthiest individual globally. Jensen Huang, the CEO and co-founder of Nvidia, has entered the ranks of the top 10 richest people for the first time.

44. Who represented India at the Micro Credit Summit 1997? [U.P.P.C.S. (Pre) 1997]

Correct Answer: (a) Self-Employed Women's Association
Solution:Self-Employed Women's Association (SEWA) was born as a trade union of poor self-employed women in 1972 in Ahmedabad. The goal of SEWA is to ensure that every SEWA member can achieve full employment and self-reliance. Full employment consists of work security, income security, food security and social security, which includes healthcare, childcare, insurance, pension and housing at the household level. It represented India at the Micro Credit Summit 1997, which was held in Washington D.C. (USA).

45. Match List I with List II and select the correct answer: [I.A.S. (Pre) 2005]

List I (Businesswoman)List II (Company)
A. Zia Mody1. Venkateshwara Hatcheries
B. Anuradha J. Desai 2. AZB and Partners
C. Villoo Morawala Patel 3. Quantum Market Research
D. Meena Kaushik4. Avestha Gengrain Technologies

Codes:

ABCD
(a)4153
(b)2341
(c)4351
(d)2143

Correct Answer: (d)
Solution:The correct matching of pairs are as follows:
List I (Businesswoman)List II (Company)
A. Zia ModyAZB and Partners
B. Anuradha J. DesaiVenkateshwara Hatcheries
C. Villoo Morawala PatelAvestha Gengrain Technologies
D. Meena KaushikQuantum Market Research

46. Consider the following: [I.A.S. (Pre) 2009]

FirmGroup
1. Ashok LeylandHinduja
2. Hindalco IndustriesA.V. Birla
3. Suzlon EnergyPun Lloyd Group

Which of the pairs given above is/are correctly matched?

Correct Answer: (a) 1 and 2 only
Solution:The correct matching of pairs are as follows:
FirmGroup
1. Ashok LeylandHinduja
2. Hindalco IndustriesA.V. Birla
3. Suzlon EnergyTulsi Tanti (Founder)

Suzlon Energy is a wind power company. It was started in 1995 by Tulsi Tanti. It is not related to Punj Lloyd Group.

47. Given below are a few abbreviations and the areas with which they are associated. Match them properly using the given code: [U.P.P.C.S. (Mains) 2007]

CodeCategory
A. OGL, FOBExternal trade
B. SJRY, TRYSEMEmployment
C. WPI, CPIIndex number
D. CRR, SLRBanking

Codes:

Correct Answer: (a)
Solution:TRYSEM: Training of Rural Youth for Self-Employment

SJRY: Swarna Jayanti Rozgar Yojana

TRYSEM: Training of Rural Youth for Self-Employment

OGL: Open General License

FOB: Free on Board, a value determined word, which is related to trade

WPI: Whole-sale Price Index

CPI: Consumer Price Index

CRR: Cash Reserve Ratio

SLR: Statutory Liquidity Ratio

Hence, option (a) is the correct answer.

48. Who among the following is not a member of the Investment Commission formed in December, 2004? [I.A.S. (Pre) 2005]

Correct Answer: (d) Kumarmangalam Birla
Solution:The then Finance Minister P. Chidambaram constituted tri-member Investment Commission in December, 2004 for attracting US $150 billion investment in next 10 years. The members of this commission were as follows: Chairman Ratan Tata, Member - Deepak Parekh and Ashok Ganguly. Hence, option (d) is the correct answer.

49. Which among the following statements signifies a 'Pressure Group': [U.P.P.C.S. (Mains) 2004]

Correct Answer: (c) A group that exercises its influence on policy decisions.
Solution:Pressure groups are organizations that attempts to influence government policies. But unlike political parties, pressure groups do not aim to directly control or share political power. These organizations are formed when people with common occupation, interest and opinions come together in order to achieve a common objective. The causes to influence pressure group are - Organizational form of State and Government, political culture and inter-relation of politicians and public at large.

50. Who is the present Chairman of the Indian Prime Minister's Economic Advisory Council? [M.P.P.C.S. (Pre) 2006*]

Correct Answer: (b) Dr. C. Rangarajan
Solution:When the question was asked, Dr. C. Rangarajan was the Chairman of PM's Economic Advisory Council. Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body constituted to give advice on economic and related issues to the Government of India, specifically to the Prime Minister. At present, Dr. Bibek Debroy is the Chairman of EAC-PM.

The Terms of Reference of EAC-PM include:

  • Analysingany issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.
  • Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. These could be either suo-motu or on reference from the Prime Minister or anyone else.
  • Attending to any other task as may be desired by the Prime Minister from time to time.
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