Correct Answer :   Finance Commission

The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Constitution of India has made several provisions to bridge the gap of finances between the Centre and the States. These include various articles in the constitution like Article 268, which facilitates levy of duties by the Centre but equips the states to collect and retain the same. Similarly, there are Articles 269, 270, 275, 282 and 293 all of which specify ways and means of sharing resources between Union and States. Apart from the above- mentioned provisions, The Indian Constitution provides an institutional framework to facilitate Centre- State Transfers. This body is the Finance Commission

Correct Answer :   Fifth Five Year Plan (1974-79)

Garibi Hatao (Meaning “Abolish Poverty” in Hindi) was the theme and slogan of Indira Gandhi’s 1971 election bid. The slogan and the proposed anti-poverty programs that came with it were designed to give Gandhi an independent national support, based on rural and urban poor. The fifth plan prepared and launched by D.D. Dhar proposed to achieve two main objectives viz, ‘removal of poverty’ (Garibi Hatao) and ‘attainment of self reliance’, through promotion of high rate of growth, better distribution of income and a very significant growth in the domestic rate of savings.

Correct Answer :   National Development Council

The National Development Council (NDC) or the Rashtriya Vikas Parishad is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister. It was set up on August 6, 1952 to strengthen and mobilize the effort and resources of the nation in support of the Plan, to promote common economic policies in all vital spheres, and to ensure the balanced and rapid development of all parts of the country. The Council comprises the Prime Minister, the Union Cabinet Ministers, Chief Ministers of all States or their substitutes, representatives of the union territories and the members of the Commissions. It is an extraconstitutional and non-statutory body. Its status is advisory to planning commission but not binding.

Correct Answer :   Planning Commission

The Commission for Agricultural Costs and Prices (CACP), the government’s nodal agency to recommend the minimum price for farm commodities. The Agricultural Prices Commission was set up in January, 1965 to advise the Government on price policy of major agricultural commodities with a view to evolving a balance and integrated price structure in the perspective of the overall needs of the economy and with due regard to the interests of the producer and the consumer. Since March 1985, the Commission has been known as Commission for Agricultural Costs and Prices

Correct Answer :   16

Navratna was the title given originally to nine Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as “public sector companies that have comparative advantages”, giving them greater autonomy to compete in the global market so as to “support [them] in their drive to become global giants”. The number of PSEs having Navratna status has been raised to 16, the most recent addition being Oil India Limited.

Correct Answer :   New Delhi

The Indian Institute of Foreign Trade (IIFT) is an autonomous public business school established in 1963 by the government of India to help professionalize the country’s foreign trade management and increase exports by developing human resources, generating, analyzing and disseminating data. It is located in New Delhi, India.

Correct Answer :   Fifth

The Fifth Five-Year Plan (1974–1979) laid stress on employment, poverty alleviation, and justice. The plan also focused on self-reliance in agricultural production and defence.

Correct Answer :   existence of both private and public sectors

Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital remain the fundamental driving force behind economic activity. However, unlike a free-market economy, the government would wield considerable indirect influence over the economy through fiscal and monetary policies.

Correct Answer :   None of the above

LIC (Life Insurance Corporation, India) introduces its pension plan to offer individuals with regular income during their old age. Pension also well-known as retirement plans are predominantly intended for the citizens who are disposed to make their old age financially secure. Jeevan Kishore is a children’s plan under which the child becomes the owner of the policy automatically at the age of 18 years. Jeevan Chhaya is beneficial for partner having less than a year old child (not an adopted child). It makes provision for higher education / marriage of the child. Jeevan Sanchay is a without profit money-back plan available for the age group between 14 years and 58 years. LIC’s Jeevan Akshay- VI is a pension plan for people who are at present in their retirement age and have no pension. Under this policy, LIC will pay the policy holders a reliable payment at normal time periods starting right after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his aspiration either monthly, quarterly, half-yearly or yearly.

Correct Answer :   3.5%

The Tara pore Committee on capital account convertibility had laid down a three year, three phase schedule for allowing convertibility. It laid down three pre-conditions:
(a) fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP;
(b) a mandated inflation target; and
(c) strengthening of the financial system to
     (i) involve a near complete clampdown on activities of weak banks,
     (ii) major cut in the CRR,
     (iii) complete deregulation of interest rates.