General Knowledge(GK) (or) General Awareness

Correct Answer :   1.0 %

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The EXIM Policy for 2002-07 which came in effect on 1st April, 2002 was the first policy which had to be formulated keeping in view all the commitments India had made under the WTO. In 2001, all quantitative restrictions on imports were removed. The medium-term export strategy for 2002-07 had set a target of 1.0 % share of global trade by 2006-07. According to the then estimates by the Directorate-General of Foreign Trade, to corner 1 % of the global trade pie, exports needed to grow at a compounded annual growth rate of 14.25 % over the next three years.

Correct Answer :   National Rural Employment Guarantee Programme

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The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme, enacted by legislation on August 25, 2005. The scheme provides a legal guarantee for one hundred days of employment in every financial year to adult members of any rural household willing to do public work-related unskilled manual work at the statutory minimum wage of Rs. 120. This act was introduced with an aim of improving the purchasing power of the rural people, primarily semi or un-skilled work to people living in rural India, whether or not they are below the poverty line. The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October 2009

Correct Answer :   1957

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India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘paisa’ instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term ‘Naya’ was dropped.

Correct Answer :   All of the above

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NABARD is the apex institution in the country which looks after the development of the cottage industry, small industry and village industry, and other rural industries. Its other functions are: to coordinate the rural financing activities of all institutions engaged in developmental work at the field level and maintain liaison with Government of India, State Governments, Reserve Bank of India (RBI) and other national level institutions concerned with policy formulation; to re-finance the financial institutions which finances the rural sector; to regulate the cooperative banks and the RRB’s, etc. NABARD’s refinance is available to State Co-operative Agriculture and Rural Development Banks (SCARDBs), State Co-operative Banks (SCBs), Regional Rural Banks (RRBs), Commercial Banks (CBs) and other financial institutions approved by RBI.

Correct Answer :   IDBI Bank

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The Industrial Development Bank of India (IDBI) was established in 1964 by the government of India under an act of the Indian Parliament called the IDBI Act. On December 15, 2003, the Indian Parliament approved the conversion of Industrial Development Bank of India’s (IDBI) into a universal bank. The government’s move was significant given the fact that the Development Financial Institution (DFI) had been struggling to sustain its growth in recent times. In India, the Development Financial Institutions were established and developed by Government of India and Reserve Bank of India (RBI) to meet the specific needs of the industry and were traditionally engaged in long term financing, as their main objective was to take care of the investment needs of industries and to contribute to a better industrial climate.

Correct Answer :   Employees of postal department

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Postal Life Insurance was started on 01.02.1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18 October, 1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all central and state government departments, nationalised banks, public sector undertakings, financial institutions, local municipalities and District councils and educational institutions aided by the Government.

Correct Answer :   money value of capital goods produced by a country during a year.

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National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data. National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad. Symbolically, Y = PG + PS, where, Y = National Income; P = Price; G = Goods; and S = Service.

Correct Answer :   To make ‘Made in India’ a label of quality.

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India Brand Equity Foundation is a Trust established by the Ministry of Commerce with the Confederation of Indian Industry (CII) as its associate. IBEF’s primary objective is to promote and create international awareness of the Made in India label in markets overseas and to facilitate the dissemination of knowledge of Indian products and services. Towards this objective IBEF works closely with stakeholders across government and industry. IBEF works with a network of stakeholders – domestic and international – to promote Brand India.

Correct Answer :   drawing down of the cash balance

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When the government expenditure exceeds revenues, the government is having a budget deficit. Thus the budget deficit is the excess of government expenditures over government receipts (income). When the government is running a deficit, it is spending more than it’s receipts. Budgetary Deficit is the difference between all receipts and expenditure of the government, both revenue and capital. This difference is met by the net addition of the treasury bills issued by the RBI and drawing down of cash balances kept with the RBI. So when it is estimated, drawing down of cash balances is excluded.

Correct Answer :   Ensure social justice

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Monetary policy is the process by which monetary authority of a country, generally a central bank controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability in the economy.