UPSC Economy PYQ with Answers

A country's fiscal deficit stands at ₹50,000 crores. It is receiving ₹10,000 crores through non-debt creating capital receipts. The country's interest liabilities are ₹1,500 crores. What is its gross primary deficit?

1. A₹48,500 crores✓
2. B₹51,500 crores
3. C₹58,500 crores
4. DNone of the above

Which of the following statements with regard to the recommendations of the 15th Finance Commission of India are correct? I. It has recommended grants of ₹4,800 crores from the year 2022-23 to 2025-26 for incentivizing States to enhance educational outcomes. II. 45% of the net proceeds of Union taxes should be shared with the States. III. ₹45,000 crores are to be kept as performance-based incentive for all States for carrying out agricultural reforms. IV. It reintroduced the tax effort criteria to reward fiscal performance. Select the correct answer using the code given below.

1. AI, II and III
2. BI, II and IV
3. CI, III and IV✓
4. DII, III and IV

Consider the following statements in respect of the International Bank for Reconstruction and Development (IBRD): I. It provides loans and guarantees to middle income countries. II. It works single-handedly to help developing countries reduce poverty. III. It was established to help Europe rebuild after the World War II. Which of the statements given above are correct?

1. AI and II only
2. BII and III only
3. CI and III only✓
4. DI, II and III

Consider the following statements regarding RTGS and NEFT: I. In RTGS, the settlement time is instantaneous, whereas in the case of NEFT, it takes some time to settle payments. II. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT. III. Operating hours for RTGS are restricted on certain days while this is not true for NEFT. Which of the statements given above is/are correct?

1. AI only✓
2. BI and II
3. CI and III
4. DIII only

Consider the following countries: I. United Arab Emirates II. France III. Germany IV. Singapore V. Bangladesh. Other than India, in how many of the above countries are international merchant payments accepted through UPI?

1. AOnly two
2. BOnly three✓
3. COnly four
4. DAll the five

Consider the following statements about 'PM Surya Ghar Muft Bijli Yojana': I. Its target is to install one crore solar rooftop panels on the roofs of houses in the residential sector. II. The Ministry of New and Renewable Energy aims to impart training on installation, operation, maintenance and repairs of solar rooftop systems at the grassroot level. III. Its aim is, under the skill component of capacity building, to create more than three lakh skilled manpower through fresh skilling and upskilling. Which of the statements given above are correct?

1. AI and II only
2. BI and III only
3. CII and III only
4. DI, II and III✓

Consider the following statements: Statement I: In India, State Governments have no power for making rules for grant of concessions in respect of extraction of minor minerals even though such minerals are located in their own territories. Statement II: In India, the Central Government has the power to notify minor minerals under the relevant law. Which one of the following is correct in respect of the above statements?

1. ABoth Statement I and Statement II are correct and Statement II explains Statement I
2. BBoth Statement I and Statement II are correct but Statement II does not explain Statement I
3. CStatement I is correct but Statement II is not correct
4. DStatement I is not correct but Statement II is correct✓

Examine the pattern and trend of public expenditure on social services in the post-reforms period in India. To what extent has this been in consonance with achieving the objective of inclusive growth? (Answer in 150 words)

What are the causes of persistent high food inflation in India? Comment on the effectiveness of the monetary policy of the RBI to control this type of inflation. (Answer in 150 words)

Discuss the merits and demerits of the four Labour Codes in the context of labour market reforms in India. What has been the progress so far in this regard? (Answer in 250 words)

With reference to the Indian economy, “Collateral Borrowing and Lending Obligations” are the instruments of:

1. ABond market
2. BForex market
3. CMoney market✓
4. DStock market