Indian Economics: Policy, Banking, and Development

Correct answer is (2). 

The Gold Bond Scheme was launched with a minimum deposit limit of 500 grams to attract even small holders. It allows gold deposits without any investigation into the source of the gold (to encourage voluntary disclosure) and places no upper limit on deposits. All the features mentioned in options A, B, and C are correct.

Kisan Call Centres were established with the primary objective of providing agriculture-related consultancy services to farmers. They offer expert advice on crop problems, pest management, and best practices through a toll-free number, acting as a crucial link between agricultural scientists and farming communities.

Option (2) is the correct answer. 

The Sundararajan Committee (1990) was constituted to review and recommend reforms in the petroleum sector pricing, particularly examining alternatives to the Administered Price Mechanism (APM). It focused on the downstream petroleum sector and pricing reforms. This is a specialized economic history fact requiring specific committee knowledge.

Unit Trust of India is not affiliated to the Reserve Bank of India.

Option (3) is the correct answer.

Option (3) is correct.

One of the major recommendations given by Kelkar Task Force (KTF) was the implementation of a single union GST.
It was contradictory to the recommendations given by most of the scholars and those given by the Joint Working Group.

The Income Tax Act of 1961 imposes tax on income under the following five heads:

The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance, Government of India.
It is India's official FATF unit. The purpose of the FATF is to develop policies to combat money laundering and terrorism financing.

The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7. The purpose of the FATF is to develop policies to combat money laundering and terrorism financing.
The FATF Secretariat is housed at the headquarters of OECD in Paris.

The economic liberalisation in India refers to ongoing economic reforms in India that started on July 24, 1991. After Independence in 1947, India adhered to socialist policies. Attempts were made to liberalise the economy in 1966 and 1985. The first attempt was reversed in 1967. Thereafter, a stronger version of socialism was adopted. Second major attempt was in 1985 by Prime Minister Rajiv Gandhi.

The Fourth Five Year Plan (1969-74) explicitly adopted poverty alleviation as a primary objective for the first time in India's planning history. It introduced programs like the Rural Works Programme and focused on redistributive policies. Earlier plans prioritized industrialization and agriculture over direct poverty intervention.

According to official Indian economic data, approximately 94% of India's workforce was employed in the unorganised sector in 2012-13. The unorganised sector includes small enterprises, informal jobs, self-employment, and casual labour without formal contracts or social security. This figure highlights the predominance of informal employment in India's economy.

It is easy to suggest that one may park the funds in equity. In times of inflationary turbulence, there could be greater uncertainty in equity returns, which, in any case, are not sure guarantees. The best way to hedge against inflation is to park funds in saving instruments that offer interest rates in excess of the average rate of inflation. 

In the past, there have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and in the mindset of the Indians in general. Let’s have a look over India’s progress chart.

1. From a shortage economy of food and foreign exchange, India has now become a surplus one.
2. From an agro-based economy, it has emerged as a service oriented one.
3. From the low-growth of the past, the economy has become a high-growth one in the long-term. In fact, in post 2008 period, the resistance of Indian economy manifested by its impressive growth has been highly appreciated throughout the globe.
4. After having been an aid recipient, India has now joined the aid givers club. India has become a net creditor to IMF, since July 2003.

The current account is that part of Balance of Payment (BOP) account which details the balance of goods and services traded with the rest of the world. The excess of imports of goods and services over their export is referred to as Current Account Deficit (CAD).
Robust demand for gold and continuing high crude oil prices (which India imports a lot), along with decelerating growth in emerging and developing economies, are responsible for adversely affecting India's trade balance.
High rate of inflation persisting in the economy attracts cheap imports and makes export costly in the international market. High fiscal deficit run by the government is one factor behind the high inflation.

Correct answer is (3). 

The ASI extends to the entire nation, except the states of Arunachal Pradesh, Sikkim and Mizoram and the Union Territory of Lakshadweep.

The 1997-98 budget referred to nine well performing public sector enterprises - Navratnas, which were provided full financial and managerial autonomy to become global giants.

A sunrise industry is a new industry that is expanding rapidly (e.g. the telecom industry in the mid-1990s) and is expected to be increasingly important in the future.
The term was coined in 1983 to describe the then new, successful manufacturing industries, upon which the economic sun was supposedly rising. This is also used as an antonym for an earlier term 'sunset industry'.

The 'plan holiday' refers to the period 1990-92 when India suspended formal Five Year Planning due to severe economic crisis and political instability. This period included the 1991 economic crisis, balance of payment crisis, and initiation of structural reforms. The Eighth Five Year Plan could not be launched on schedule (1990) due to these circumstances. Annual plans were prepared for 1990-92 instead.

Correct answer is (3). 

The A K Khandelwal Committee recommended a common recruitment programme to standardize hiring across all public sector banks, replacing individual bank exams. This aimed to improve efficiency and reduce duplication in the recruitment process.

The Panipat oil refinery is owned by Indian Oil Corporation (IOC), a public sector undertaking. During nationalization, major refineries were brought under government ownership, placing Panipat in the public sector.

The Rashtriya Swasthya Bima Yojana (RSBY) provides health insurance of Rs. 30,000 per family annually. BPL families pay a nominal premium of Rs. 30 per year, making it highly affordable health coverage for economically vulnerable sections.

Option (3) is the correct answer.