A serious effort to tackle the problem of poverty began with
Answer: B
The serious effort began with the Second Plan.
The First Plan was largely a collection of ongoing projects. The Second, framed on the Mahalanobis model in 1956, made rapid industrialisation the route to raising incomes and employment, and set the pattern for the plans that followed.
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Legal tender in India includes
Answer: D
Legal tender includes coins and bank notes.
Coins issued by the government are limited legal tender - beyond a certain amount they need not be accepted - while bank notes issued by the RBI are unlimited legal tender, carrying the Governor's promise to pay the bearer.
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If an economy is equilibrium at the point where plans to save and to invest are equal, then government expenditure must be
Answer: B
Government expenditure must be equal to government income.
In equilibrium, total injections equal total leakages. If planned saving alone equals planned investment, then the other pair - government spending and taxation - must balance too; otherwise a deficit or surplus would disturb the equality.
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Devaluation of a currency means
Answer: A
Devaluation is a reduction in the value of a currency against major international currencies.
It is a deliberate act by the authorities under a fixed or managed exchange rate, and it makes exports cheaper abroad and imports dearer at home. India devalued in 1949, 1966 and 1991. A market-driven fall is called depreciation, not devaluation.
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In pursuance with the recommendations of Narsimhan Committee, the RBI has framed new guidelines
Answer: A
The guidelines govern the entry of new private sector banks.
The Narasimham Committee of 1991 recommended opening banking to competition, and the RBI issued entry norms in 1993 covering capital, promoter shareholding and branch obligations. Nine new private banks were licensed under them, among them HDFC, ICICI and Axis.
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The Ex-officio secretary of NDC is
Answer: C
It is the Secretary of the Planning Commission.
The National Development Council was chaired by the Prime Minister, with all Chief Ministers and Union Cabinet ministers as members, and the Planning Commission's Secretary served as its secretary ex officio.
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General Insurance Corporation (GIC) was established in ?
Answer: B
GIC was established in 1972.
General insurance was nationalised that year and 107 insurers were merged into four subsidiaries of the General Insurance Corporation. GIC became a pure reinsurer in 2000, when the four companies were separated from it.
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"FERA" stands for
Answer: A
FERA is the Foreign Exchange Regulation Act.
Enacted in 1973, it treated foreign exchange as a scarce national resource and made contravention a criminal offence with the burden of proof on the accused. FEMA replaced it in 1999, converting the regime into a civil one in which most current-account transactions are free.
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Meera Seth Committee was related to
Answer: A
The Mira Seth Committee dealt with the development of handlooms.
Appointed in 1996, it reviewed the handloom sector and recommended a shift from protection under the reservation order towards raising productivity, design and marketing.
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Which one of the following is a revamp of the Integrated Rural Development Programme?
Answer: D
It is the Swarnajayanti Gram Swarozgar Yojana.
Launched in 1999, it merged the IRDP and its allied schemes into a single self-employment programme built around self-help groups, credit and subsidy. It was itself restructured as the National Rural Livelihoods Mission in 2011.
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