Expected Questions in Economy 2019 IAS/NET(Part-1)(Set-2) (Download PDF)

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Please find below the most important expected topics for the upcoming UPSC Prelims exam 2019. Subscribe@Examrace YouTube Channel to get the complete series of expected questions. For practice and solutions visit - doorsteptutor. com. You can download the pdf by clicking the option “Download PDF”.

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Expected Questions on Economy 2019 (UPSC CSE/SSC/IBPS)

Dr. Manishika Jain discusses Expected Questions on Economy 2019 (UPSC CSE/NET/SSC/IBPS)

Indian startup ecosystem: Changing landscape

Slew of policies is rolled out under “Start Up India” scheme, launched in 2016.

Changing landscape:

  • Global start-up landscape is dominated by West, though a discernible shift is underway. As per Global Start-up Eco System Report 2018, US remains leader w/41 % share of start-ups but China is closing gap w/35 % share of market.
  • Grant Thornton-Assocham report estimates that there are nearly 10,000 start- ups in India, of which 43 % are tech-based ventures. Annually, close to 800 start-ups are taking root in country.
  • Bengaluru is one of emerging global hubs.
  • Flipkart, Ola, PayTm are some of start-ups that have made it big.

Indian start-up ecosystem:

  • According to NITI Aayog, India has 2.6 million STEM graduates (Sci. , Tech. , Eng. & Math), next only to China.
  • Dept. of Sci. & Tech. & MHRD have approved establishment of 13 start-up centres, 16 technology business incubators & 6 research parks in technical institutions across country.

GI Tag for rural crafts in W. B

  • Chau mask of Purulia, wooden mask of Kushmandi, Patachitra, Dokras of Bengal & Madhurkathi (a kind of mat) are presented w/Geographical Indication (GI) tag by Geographical Indication Registry & Intellectual Property India.
  • GI tags for 5 rural crafts will help artisans create their own brand & will provide legal protection to artisans practicing crafts against attempts to duplicate them in other regions.

GI Tags:

  • GI tags are given on basis of Geographical Indications of Goods (Registration & Protection) Act, 1999.
  • GI tag connects quality & authenticity of a given product to a particular geographical origin, thereby ensuring that no one other than authorised user can use popular product’s name.
  • 1st product to be included in list was Darjeeling Tea.

Benami Transactions (Prohibition) Act

Prosecution of accused persons (of almost 100 confirmed cases) under Benami Act stuck.

Reason: Special courts meant for purpose have not yet been set up across country.

Assets worth more than ₹5,000 cr. are attached by Income-Tax Dept. under law.

‘Benami’ transaction

  • When a transaction is done in name of a person other than one who finances, is called benami transaction.

About Benami Transactions (Prohibition) Act

  • It is Act to prohibit benami transactions & right to recover properly held benami.
  • It extends to whole of India except State of J&K.
  • Act provides that Central govt. , in consultation w/Chief Justice of respective High Courts, will establish special courts.
  • Special court is to conclude trial w/I 6 months.

Ease of Living Index

Pune ranked 1st among 116 cities (w/population of 1 million plus) in Ease of Living Index released by Ministry of Housing & Urban Affairs (MoHUA).

2 more Maharashtra cities — Navi Mumbai & Greater Mumbai ranked 2nd & 3rd spots. Index exercise was launched in January 2018 by MoHUA w/help of consortium of IPSOS Research Pvt. Ltd, Athena Infonomics & Economist Intelligence Unit (EIU).

Key Facts

  • Top 10 cities are Pune, Navi Mumbai, Greater Mumbai, Tirupati, Chandigarh, Thane, Raipur, Indore, Vijaywada & Bhopal.
  • Chennai ranked 14th rank, Ahmedabad 23rd, Hyderabad 27th, Varanasi 33rd, Bengaluru 58th & Delhi 65th. Rampur in UP was ranked worst on scale & Kohima & Patna on bottom 2 & 3 ranks while.

NPCI launches UPI 2.0

National Payments Corporation of India (NPCI) has launched UPI 2.0, upgraded & renewed version of Unified Payments Interface (UPI).

New features:

  • Latest edition has 4 new features: New features will allow users to link their overdraft account to UPI, creation of one-time mandates & pre-authorisation of transactions for payment at later date & checking invoice sent by merchant prior to making payment.
  • UPI is system developed by NPCI & RBI to aid instant transfer of money using cashless system. Using UPI services, one just requires a smartphone & banking app to send & receive money instantly or to pay a merchant for retail purchase.
  • UPI is likely to replace current NEFT, RTGS & IMPS systems as they exist today.

UPI ecosystem functions with 3 key players:

  • Payment service providers (PSPs) to provide interface to payer & payee. Unlike wallets, payer and the payee can use two different PSPs.
  • Banks to provide underlying accounts. In some cases, bank & PSP may be same.
  • NPCI to act as central switch by ensuring VPA resolution, effecting credit & debit transactions thru IMPS.

G20 Digital Economy Ministerial meeting

Meeting was held in Salta, Argentina from 23 to 24 August, 2018. It took place as part of Sherpa Track for 2018 G20 Leaders’ Summit, which is to be hosted by Argentina by end of 2018.

Theme of meeting was ‘Building consensus for fair & sustainable development’.

Its 3 key issues for agenda were future of work, infrastructure for development & sustainable food future.

Key Facts

  • Meeting was attended by 33 heads of delegation- ministers, senior officials & representatives from invited countries & international organizations like EU, UNCTAD, ITU etc.
  • India was represented by Union Minister for Electronics and IT & Law & Justice Ravi Shankar Prasad.

Checking Banking Frauds

Nirav Modi case has once again cast spotlight on dark corners of Indian banking universe. Information available till now suggests that there was a failure at diff. levels—internal controls, corporate governance & weak regulatory capabilities.

Minimizing risks of banking frauds:

  • Technology should be seen as game changer. It can reduce chances of human connivance & can be used to detect outlier lending or guarantees.
  • Good technology system should make it impossible—or at least extremely difficult—for individual employees to bypass controls, as seems to have happened in Punjab National Bank case.
  • Usage of blockchain technology to reduce fraud. Blockchain technology could be used to make banking transactions more transparent. Banks can set up a special fraud monitoring agency, w/officials specially trained to detect incipient frauds.
  • Role of 3rd parties like CA, auditors & advocates who figure in bank frauds should be examined w/tough eye. Regulator should revisit role of auditors both in case of borrowers & lenders. They will need to design stringent systems where auditors are not able to get away w/fraudulent financial statements.
  • RBI will have to build capabilities, both in terms of designing rules & making sure that they are effectively implemented.

World Happiness Report

India was ranked 133rd among 156 countries in World Happiness Index 2018, released by UN Sustainable Development Solutions Network.

Index ranked 156 countries based on factors (parameters) like inequality, life expectancy, GDP per capita, social freedom, generosity, public trust (i. e. a lack of corruption in govt. & business) & social support.

2018 report, for 1st time ranked happiness of foreign-born immigrants in 117 countries.

Key Facts

10 Happiest Countries: Finland (1st), Norway (2nd), Denmark (3rd), Iceland (4th), Switzerland (5th), Netherlands (6th), Canada (7th), New Zealand (8th), Sweden (9th) & Australia (10th). US was ranked 18th down from 14th place last year. Britain was 19th & UAE at 20th. In 2018 rankings, top-10, as ever dominated by Nordic countries.

India’s ranking: World’s largest democracy’s rank fell to 133rd position from 122nd last year. India was behind majority of South Asian Association for Regional Cooperation (SAARC) nations apart from war-ravaged Afghanistan, which was ranked 145th.

SAARC nations: Pakistan (75th), Nepal (101st), Bhutan (97th), Bangladesh (115th), Sri Lanka (116th).

- Published/Last Modified on: May 31, 2019

Economy

Monthy-updated, fully-solved, large current affairs-2019 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, NTA-NET, Bank-PO and other competetive exams.