Latest Indian Economy General Knowledge(GK) Questions and answers

1 .

How many crores Gross GST Revenue Collection in the month of June 2022?

A)

Rs 1,34,616 Crore

B)

Rs 1,44,616 Crore

C)

Rs 1,54,616 Crore

D)

Rs 1,64,616 Crore

Correct Answer : Rs 1,44,616 Crore

The gross GST revenue collected in the month of June 2022 is ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of ₹1,67,540 crore.

The government has settled ₹29,588 crore to CGST and ₹24,235 crore to SGST from IGST. In addition, Centre has also settled ₹27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is ₹68,394 crore for CGST and ₹70,141 crore for the SGST.

The revenues for the month of June 2022 are 56% higher than the GST revenues in the same month last year of ₹92,800 crore. During the month, revenues from import of goods was 55% higher and the revenues from domestic transaction (including import of services) are 56% higher than the revenues from these sources during the same month last year..

Source : PIB

2 .

CRISIL reduces India's FY23 GDP growth estimate to ___% from ____%.

A)

7.3% from 7.8%

B)

7.8% from 8.1%

C)

8.3% from 8.9%

D)

9.0% from 9.5%

Correct Answer : 7.3% from 7.8%

* Crisil has cut the real GDP growth forecast for India to 7.3% in FY23 from 7.8%.

* Reason : The downward revision to higher oil prices, slowing of export demand and high inflation.

* The RBI has also estimated 7.2% real GDP growth for this fiscal year.

* Inflation has been pegged to average at 6.8% in FY23 as against 5.5%t in FY22, it reduces the purchasing power of consumers.

* World Bank GDP forecast for FY23 : 7.5%

Source : Business Standard

3 .

What is the percentage of retail inflation for the estimates in month of May 2022?

A)

7.87%

B)

7.51%

C)

7.25%

D)

7.04%

Correct Answer : 7.04%

* According to data released by the Ministry of Statistics and Programme Implementation, India’s headline retail inflation rate eased to 7.04 percent in May 2022 from April’s 2022 near-eight-year high of 7.79 percent thanks to a favourable base effect.

* The fall in inflation in May is unlikely to do much to slow down the Reserve Bank of India’s (RBI) rate hike cycle. The Consumer Price Index (CPI) based inflation was 7.79 per cent in April. In May 2021, the retail inflation stood at 6.3 per cent.

* Meanwhile, a rise in price across all items from fuel to vegetables and cooking oil pushed WPI or Wholesale Price Inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.

* Retail inflation tracked by the Consumer Price Index (CPI) measures changes in prices from a retail buyer’s perspective.

* The Reserve Bank, which factors in the CPI in its monetary policy, had earlier this month raised the inflation forecast for the current financial year to 6.7 per cent from its previous estimate of 5.7 per cent..

Source : Times Now

4 .

Indian Govt collects Rs _____ lakh crore GST in May 2022.

A)

Rs 1.23 lakh crore

B)

Rs 1.36 lakh crore

C)

Rs 1.41 lakh crore

D)

Rs 1.64 lakh crore

Correct Answer : Rs 1.41 lakh crore

GST revenue for May stood at nearly Rs 1.41 lakh crore, a 44 per cent increase over the same month last year, the Finance Ministry. The Goods and Services Tax (GST) revenues came in lower than the record high collection in April at Rs 1.68 lakh crore. In March GST revenues were at Rs 1.42 lakh crore, while in February it was Rs 1.33 lakh crore.

5 .

State Bank of India's research report Ecowrap, the growth rate of India's Gross Domestic Product (GDP) is expected to be in the range of _____% to _____% in the FY22.

A)

6.1% to 6.9%

B)

7.4% to 7.8%

C)

8.2% to 8.5%

D)

8.9% to 9.2%

Correct Answer : 8.2% to 8.5%

* According to the State Bank of India’s research report Ecowrap, the growth rate of India’s Gross Domestic Product (GDP) is expected to be in the range of 8.2% to 8.5% in the FY22.

* In the report, the projected growth for the Q4 FY22 at 2.7%.

* Early trend of Q4FY22 results for corporates, in the listed space, Sectors like IT-software, auto ancillary, steel, FMCG, chemicals, and paper has better growth numbers in report.

Source : The Print

6 .

Which Indian state was the top recipient of FDI equity inflows in FY 2021-22?

A)

Karnataka

B)

Tamil Nadu

C)

Telangana

D)

Madhya Pradesh

Correct Answer : Karnataka

Under the sector `Computer Software & Hardware’, the major recipient states of FDI Equity inflow are Karnataka (53%), Delhi (17%) and Maharashtra (17%) during FY 2021-22.

Karnataka is the top recipient state with 38% share of the total FDI Equity inflow reported during the FY 2021-22 followed by Maharashtra (26%) and Delhi (14%). Majority of the equity inflow of Karnataka has been reported in the sectors `Computer Software & Hardware’ (35%), Automobile Industry (20%) and `Education’ (12%) during the FY 2021-22..

Source : PIB

7 .

India recorded how much annual FDI inflow in FY 2021-22?

A)

USD 69.24 billion

B)

USD 83.57 billion

C)

USD 85.83 billion

D)

USD 89.35 billion

Correct Answer : USD 83.57 billion

India recorded the highest-ever annual FDI inflow of USD 83.57 billion in the Financial Year 2021-22, overtaking last year's FDI by USD 1.60 billion. India's FDI inflow has witnessed a 23 percent rise post-COVID-19 outbreak despite lockdowns and Russian military operations in Ukraine.

Source : NDTV

8 .

WPI inflation at record high of ____% in April 2022 on price rise across all items.

A)

12.34%

B)

13.21%

C)

14.42%

D)

15.08%

Correct Answer : 15.08%

* Wholesale price-based inflation has risen to 15.08% in April on rising prices across segments from food to commodities.

* The WPI-based inflation was 14.55% in March 2022 and 10.74% in April 2021.

* Reason : due to the rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products etc.

* The WPI inflation has remained double-digit for the 13th consecutive month since April 2021.

Source : Times Of India

9 .

By what percentage did Morgan Stanley downgraded India's growth forecast to FY2023?

A)

6.2%

B)

6.7%

C)

7.2%

D)

7.6%

Correct Answer : 7.6%

Morgan Stanley downgraded India’s growth forecast to 7.6% from 7.9% for FY2023 amid a slowdown in global growth, higher commodity prices and risk aversion in global capital markets. This 7.6% forecast is a baseline forecast for India while its bearish and bullish growth projections are 6.7% and 8%, respectively.

* For FY24, it lowered its growth forecast to 6.7% from the 7% estimated earlier.

* However, the Indian economy will expand at above pre-pandemic growth rates in FY23 and FY24.

* On the global front, it projected growth at 2.9% in the calendar year 2022 as compared to 6.2% growth in 2021.

* Within Asia, India would be the economy which will be most exposed to upside risks to inflation.

* CPI (Consumer Price Index) inflation is expected to be 6.5% for FY23.

* The current account deficit to widen to a 10-year high of 3.3% of GDP (Gross Domestic Product) in FY23.

10 .

GST collections in April 2022 touch all-time high of Rs _______ lakh crores.

A)

₹2.10 lakh crore

B)

₹1.96 lakh crore

C)

₹1.68 lakh crore

D)

₹1.57 lakh crore

Correct Answer : ₹1.68 lakh crore

Goods and services tax (GST) collections hit an all-time high of ₹1.68 lakh crore in April 2022, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and ₹25,000 crore more than the previous highest of ₹1.42 lakh crore in March this year.

"Total number of e-waybills generated in the month of March 2022 was 7.7 crore, which is 13% higher than 6.8 crore e-way bills generated in the month of February 2022, which reflects recovery of business activity at faster pace," a finance ministry statement said on Sunday.

The ministry also attributed the jump in the returns filed to "strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence."..

Source : Economic Times

Indian Economy - General Knowledge Questions