QUESTIONS & ANSWERS
1. Consider the following statements regarding FDI Policy in India.
1)Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment.
2)Private sector investment in Atomic energy requires the prior approval of the Government of India.
3)Gambling and Betting sectors are prohibited for FDI.
Which of the above statements is/are correct?
a) 1, 2
b) 2, 3
c) 1, 3
d) 1, 2, 3
Solution: c)
Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment.
Under the Government Route, prior to investment, approval from the Government of India is required. Proposals for foreign investment under Government route, are considered by respective Administrative Ministry/Department.
PROHIBITED SECTORS
- Lottery Business including Government/private lottery, online lotteries, etc.
- Chit Funds
- Trading in Transferable Development Rights (TDR)
- Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes
- Nidhi Company
- Real Estate Business or Construction of farm houses
- Sectors not open to private sector investment- atomic energy, railway operations
2.The origins of this dance form can be traced back to temple dancers or devadasis?
a) Mohiniattam
b) Kalbelia Dance
c) Kuchipudi
d) Bharatanatyam
Solution: d)
The origins of Bharatanatyam can be traced back to ‘Sadir’ – the solo dance performance of the temple dancers or ‘devadasis’ in Tamil Nadu. It was also referred to as ‘Dashiattam’.
3. Consider the following composition and the author associated with it
1)Sariputraprakarana-Bhavabhuti
2)Mricchakatika-Ashvaghosh
3)Ratnavali-Harshavardhan
4)Vikramorvashi-Kalidasa
Select the correct answer code:
a) 1, 2
b) 3, 4
c) 1, 2, 3
d) 2, 3, 4
Solution: b)
Sariputraprakarana by Ashvaghosh, an eminent philosopher, is considered the first example of classical Sanskrit drama.
Sudraka was the first to introduce the essence of conflict in his play Mricchakatika.
4.With reference to the Financial Stability and Development Council (FSDC), consider the following statements:
1)It is headed by the Governor of RBI
2)It will monitor macro prudential supervision of the economy, including the functioning of large financial conglomerates.
3)It will focus on financial literacy and financial inclusion.
Which of the above statements is/are correct?
a) 1, 2
b) 1, 3
c) 2, 3
d) 1, 2, 3
Solution: c)
- In pursuance of the announcement made in the Union Budget 2010–11 and with a view to strengthen and institutionalize the mechanism for maintaining financial stability and enhancing inter-regulatory coordination, Indian Government has setup an apex-level Financial Stability and Development Council (FSDC).
- The Chairman of the FSDC is the Finance Minister of India and its members include the heads of the financial sector regulatory authorities (i.e, SEBI, IRDA, RBI, PFRDA and FMC), Finance Secretary and/or Secretary, Department of Economic Affairs (Ministry of Finance), Secretary, (Department of Financial Services, Ministry of Finance) and the Chief Economic Adviser.
- This Council would monitor macro prudential supervision of the economy, including the functioning of large financial conglomerates.
- It will address inter-regulatory coordination issues and thus spur financial sector development.
- It will also focus on financial literacy and financial inclusion.
5.The Financial Stability Report (FSR) is released by
a) Reserve Bank of India
b) Department of Economic Affairs
c) Ministry of Commerce and Industry (India)
d) Department of Revenue
Solution: a)
- RBI releases Financial Stability Report.
- The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, as also the resilience of the financial system.
- The Report also discusses issues relating to development and regulation of the financial sector.
6. Consider the following statements
1)Vice-President is a member and chairman of Council of States.
2)Vice-President can be removed only through a formal impeachment process similar to that of President.
3)Dr S. Radhakrishnan was elected as Vice President continuously for two terms.
Which of the above statements is/are correct?
a) 3 only
b) 1, 3
c) 2, 3
d) 1 only
Solution: a)
Vice-President is not a member, however he/she is the chairman of Council of States. There is no exact procedure mentioned in Indian Constitution for the removal of Vice President.
7. Which of these bodies are envisaged by the Constitution as the bulworks of the democratic system of Government in India?
1)Finance Commission
2)Union Public Service Commission
3)Comptroller and Auditor-General of India
4)State Public Service Commission
Select the correct answer code:
a) 1, 2, 3
b) 1, 3, 4
c) 2, 3, 4
d) 1, 2, 3, 4
Solution: c)
The Indian Constitution not only provides for the legislative, executive and judicial organs of the government (Central and state) but also establishes certain independent bodies. They are envisaged by the Constitution as the bulworks of the democratic system of Government in India. These are:
(a) Election Commission to ensure free and fair elections to the Parliament, the state legislatures, the office of President of India and the office of Vice-president of India.
(b) Comptroller and Auditor-General of India.
(c) Union Public Service Commission.
(d) State Public Service Commission.
8. Consider the following statements
1)Congress Ministries resigned from the provinces in 1939 because the government did not allot them seats in the Executive Council.
2)Government of India Act, 1935 abolished dyarchy in the provinces and introduced provincial autonomy in its place.
Which of the above statements is/are correct?
a) 1 only
b) 2 only
c) Both
d) None
Solution: b)
Congress Ministries resigned from the provinces in 1939 because the consent of congress was not taken when British entered the WW – II for the participation of India in WW – II.
9. Consider the following statements.
1)According the Aitreya Brahmana a daughter has been described as a source of pride.
2)During later vedic period, gold and silver coins were used as media of exchange.
Which of the above statements is/are correct?
a) 1 only
b) 2 only
c) Both
d) None
Solution: b)
According the Aitreya Brahmana a daughter has been described as a source of misery.
Besides nishka of the Rig Vedic period, gold and silver coins like satamana and krishnala were used as media of exchange during later vedic period.
10. Aryavarta, Madhyadesa and Dakshinapatha refer to
a) Kingdoms of Aryans in the eastern Gangetic plains.
b) Titles given to the rulers of Kuru Kingdom.
c) Divisions of India referred in the later vedic texts.
d) None of the above
Solution: c)
The later Vedic texts refer to the three divisions of India – Aryavarta (northern India), Madhyadesa (central India) and Dakshinapatha (southern India).