GK Quiz On Economic And Social Development

The Enforcement Directorate (ED) of the Finance Ministry is responsible for putting into effect the provisions of the Foreign Exchange Management Act (FEMA), compiling intelligence concerning possible cases of money laundering, and eliminating property of crime under the Prevention of Money Laundering Act (PMLA).

Population experts are referring to the phenomenon of a rush in the population in the productive age group when they mention the possible 'demographic dividend' that may accrue to India during 2016 A.D. This means that there is a large proportion of the population in India that is in the working age range, which can potentially lead to increased productivity, economic growth, and development for the country.

Black money refers to wealth that has been generated through both lawful and unlawful means but the income from it has not been declared and the taxes due have not been paid to the government. It can include money earned through crime, drug trade, terrorism, corruption, as well as income that is generated legally but not reported for tax purposes. Therefore, both statements 1 and 2 are attributes of black money.

The rationale put forward in the 1st plan for state intervention in the industrial sector was that the private sector was neither capable nor willing to invest in certain sectors. This suggests that the government believed that there were certain sectors of the economy that required investment for development, but the private sector was not interested or capable of making those investments. Therefore, the state decided to intervene and invest in these sectors to promote their growth and development.

Sustaining price levels by means of effective PDS is a measure to contain inflation among the supply side. Price levels can be controlled by implementing an efficient Public Distribution System (PDS), which ensures that essential goods are available to the public at affordable prices. By effectively managing the distribution of goods, the government can prevent excessive price increases and maintain stability in the market. This measure focuses on addressing the supply side of inflation by ensuring a steady and affordable supply of goods to the consumers.

Both statements 1 and 2 are true in terms of the findings of Census 2011. Statement 1 states that the rates of growth of population have descended in the 6 most populous states, which means that the population growth in these states has slowed down compared to previous years. Statement 2 states that Bihar topped among the major states in terms of population growth during the decade, indicating that Bihar had the highest population growth rate among all the major states in India during that time period.

The payment of dearness allowance to employees is not a reason for cost-push inflation because it is a form of compensation that is provided to employees to offset the impact of inflation on their purchasing power. It is a measure taken by employers to ensure that their employees can maintain their standard of living despite rising prices. Cost-push inflation, on the other hand, occurs when the costs of production increase, leading to higher prices for goods and services. Factors such as extreme indirect taxation, variations in industrial and agricultural output, and the existence of a large parallel economy can contribute to cost-push inflation.

The new policy of the Disinvestment Policy of the Government of India involves the sale of shares of PSU with a management change. This means that when the government sells its shares in a public sector undertaking (PSU), it also includes a change in the management of that PSU. This allows for a fresh perspective and potentially better governance and efficiency in the PSU.

The given correct answer is "Only 2". This means that statement 2, which states that the share of the service sector in the Gross Domestic Product (GDP) of India is 25%, is incorrect. The correct explanation for this answer is that the service sector actually contributes a much larger share to India's GDP. According to recent data, the service sector accounts for around 55% of India's GDP, making statement 2 incorrect.

The correct answer is Only 1. This is because FEMA, 1999 does not deal with money laundering and related crimes, as stated in statement 2. However, statement 1 is correct as any resident in India can dispatch up to 200,000 US Dollar per year to acquire real estate outside the nation.