Expected Questions on Economics 2018 – Part 1 (Set - 2) (Download PDF)

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Aadhaar to be linked to driving licence - Union Minister for Electronics and Information Technology announced that the Union government would now link Aadhar with driving license. Why to link Aadhar? : To help check the menace of multiple licenses.

  • Considering Aadhaar as a safe and secure tool for good governance and empowerment.

  • Come to rescue when there will be any issue of multiple licenses.

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Expected Questions on Economics 2018 - UPSC IAS Prelims (Part 1) (In English)

Dr. Manishika Jain discusses Expected Questions on Economics 2018 for IAS Prelims

Time for Caution

  • Last week Current account deficit (CAD) widened to a four - year high of $14.3 billion in Q1 of the current financial year.

  • Standing at 2.4 % of GDP, compared to 0.1 % last year.

Causes of widening Current Account Deficit:

  • Merchandise exports

  • Fall in exports of Service

  • Increase import of Gold

  • Lower farm growth and government expenditure.

  • The prolonged effects of demonetisation.

  • Introduction of a new tax regime (Introduction of GST)

👌 How Tez Works

  • Google’s entry into India’s payment wallet app market.

  • Mobile wallet based on Unified Payments Interface (UPI) platform.

  • Built by the National Payments Corporation of India (NPCI).

  • It permits users to transfer money without the recipient’s bank account details.

  • Tez does not require money to be stored in the app to make digital payments.

How can you transfer money using Tez?

  • Can be used on an Android or an iOS device.

  • Users have to sync their wallets with their Google account.

  • Mobile number linked to it.

  • Access to the wallet from the app drawer.

  • Protected by a Google PIN and by security settings on the device such as passcodes, fingerprints and pattern locks.

  • Integration of one’s bank account with the wallet is done via SMS.

  • Integration will not be completed if the phone number associated with the account does not match.

  • Non- Resident Indian (NRI) account is not supported for this feature.

  • Users without UPI id will have to create one and enter a secure UPI pin.

Cabinet to Soon Take up $5 Billion Convention Centre Project

Union Cabinet will soon take up the proposal for a ” $5 billion worth world class and state of the art” Exhibition-cum-Convention Centre (ECC) in the national capital.

  • Largest such facility in Asia once completed by 2021.

  • Cabinet will consider on approval of the project and formation of a Special Purpose Vehicle (APV) to implement the same.

  • Part of the $100 billion Delhi Mumbai Industrial Corridor (DMIC) project.

  • SPV will be a 100 % subsidiary of DMIC Development Corporation.

  • SPV will be given the rights to activities, including:

    • sub-leasing of land parcels

    • sub - contracting project components

    • granting long term concessions to private developers as well as fixing lease rentals

Asia Pacific Energy Research Centre (APERC)

  • Setup in 1996 in Tokyo.

  • Objective: To conduct researches to foster understanding among APEC members of regional energy outlook, market developments and policy.

  • It publishes “Energy Demand and Supply Outlook” report.

  • Japan is the world’s largest importer and India is the 4th largest importer in LNG sector.

Asia Pacific Economic Cooperation (APEC)

  • APEC is a forum for 21 Pacific Rim member economies.

  • That promotes free trade throughout the Asia Pacific region.

  • Headquartered at Singapore.

  • Grow inter dependence among Asia Pacific regions.

  • Increasing regional trade block to diffuse growing power of Japan.

  • APEC also includes three official observers:

    • ASEAN

    • The Pacific Islands Forum

    • The Pacific Economic Cooperation Council

National Infrastructure Investment Fund (NIIF)

  • Abu Dhabi Investment Authority (ADIA) became the first institutional investor in the NIIF with an investment of $1 billion.

  • It is a trust that raises debt to invest in the equity of infrastructure finance companies.

  • Government owns 49 % of NIIF.

  • Provides equity support to NBFCs/Financial Institutions (FIs) engaged in infrastructure financing.

  • Being considered as an Alternative Investment Fund (AIF) under SEBI regulation.

  • Acts like a banker’s bank in infrastructure financing.

Free Trade Pact with Mauritius

  • India and Mauritius are negotiating to revive efforts for a free trade agreement.

  • That was suspended in 2013 due to disagreement over the Double Taxation Avoidance Agreement (DTAA).

  • DTAA was revised last year clearing the hurdle for the FTA.

  • FTA is referred to as the Comprehensive Economic Cooperation and Partnership Agreement (CECPA).

👌 Global Hunger Index 2017

  • GHI is designed to measure and track hunger globally and by country and region.

  • Calculated each year by the International Food Policy Research Institute (IFPRI).

  • GHI ranks countries on a 100 - point scale.

  • Zero is the best score and 100 is the worst.

Components:

  • Undernourishment

  • Child wasting

  • Child stunting

  • Child mortality

Government to Set up Plastic Park in Jharkhand’s Deoghar District

  • Union Ministry of Chemicals & Fertilizers approved proposal of setting up of Plastic Park in Deoghar District, Jharkhand.

  • Also, it will set up Central Institute for Plastic Engineering & Technology (CIPET) and Plastic Recycling unit at Deoghar.

  • Plastic park will manufacture range of polymer products including:

    • woven sacks

    • moulded furniture

    • water tanks

    • bottles

    • pipes mosquito nets, etc

  • Project likely to provide:

    • direct employment generation to about 6000 people

    • indirect employment to over 30000 people

Government Scraps Export Duty on Sugar

  • Central Board of Excise and Customs (CBEC) under Ministry of Finance scrapped export duty of 20 % on raw and refined sugar to boost shipments.

  • Removal of export duty help to export excess sugar output in India for sugar season 2017 - 18.

  • Also, prevent further price erosion of the domestic sugar prices.

  • Sugar output is estimated to rise sharply to 29.5 MT in 2017 - 18 marketing year (October-September) from 20.3 MT in the previous year.

  • In February 2018: Government doubled import duty on sugar to 100 % and restricted sale by mills to keep a check on falling prices.

Government Imposed Anti-dumping Duty on Ofloxacin Import from China

  • Revenue Department in the Finance Ministry imposed anti-dumping duty on import of ‘Ofloxacin’.

  • A pharma product from China used in treatment of certain infections

  • Imposed for 3 years following recommendations of Directorate General of Anti-Dumping and Allied Duties (DGAD) to protect domestic producers from below-cost shipments.

  • Ofloxacin is in class of antibiotics called fluoroquinolones.

  • It is an import duty imposed by government on imported products which have prices less than their normal values or domestic price.

Pune Tops in Urban Governance: ASICS 2017 Report

  • Pune was ranked first among 23 cities across India in terms of quality of urban governance in 5th edition of Annual Survey of India’s City-Systems (ASICS) 2017.

  • Report released by Bengaluru-based non-profit organisation, Janaagraha.

  • Objective of survey: To measure preparedness of cities to deliver high quality infrastructure and services in long term by evaluating city systems.

  • It spans 23 Indian cities and factors in answers to 89 questions.

  • These questions are classified on four categories:

    • urban planning & design

    • urban capacities & resources

    • transparency

    • accountability & participation

    • empowered & legitimate political representation

  • In it, Pune topped the list by scoring 5.1 out of 10 for the first time.

👌 India ranks 78th on WEF Energy Transition Index

  • India ranked at 78 among 114 countries on World Economic Forum’s (WEF) Energy Transition Index (ETI).

  • Released as part of report titled Fostering Effective Energy Transition.

  • Index ranks countries on:

    • How well they are able to balance energy security.

    • Access with environmental sustainability and affordability.

Top 10 countries in 2018 ETI: Sweden (1st), Norway (2nd), Switzerland (3rd), Finland (4th), Denmark (5th), Netherlands (6th), UK (7th), Austria (8th), France (9th) and Iceland (10th).

BRICS Countries in ETI: Brazil (38th), Russia (70th) and China (76th).

👌 Major Changes/Amendments in FDI Policy

  • Permit 100 % FDI under automatic route for SBRT Single Brand Retail Trading (SBRT).

  • Permit single brand retail trading entity to set off its incremental sourcing of goods from India.

  • Clarifies that real-estate broking service does not come under real estate business.

  • Foreign airlines allowed investing up to 49 % in Air India under government approval route.

GST Telemetry- Important Findings- 50 % Increase in Indirect GST Taxpayers

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GST (Goods and Service Tax): Yojana August 2017 Summary (Important)

Dr. Manishika Jain presents the summary of Yojana August 2017. The highlights include - GST.

  • GST implementation increased indirect taxpayer base by more than 50 % with 34 lakh businesses coming into the tax net.

  • GST will allow radical alteration in the understanding of the Indian economy.

  • Analysis of data shows GST registrants rose because of large increase in voluntary registrations.

  • Especially by small enterprises that buy from large enterprises and want to avail themselves of input tax credits.

  • Survey said the highest number of GST registrants are in the states of Maharashtra, Uttar Pradesh, Tamil Nadu and Gujarat.

  • Five States-Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana account for 70 % of India’s exports.

  • New data on the international exports of States suggests a strong correlation between export performance and States’ standard of living.

WEF Ranks India below Pakistan and China in Inclusive Development Index

  • India ranked 62nd among emerging economies on an Inclusive Development Index (IDI-2018) released by World Economic Forum (WEF).

  • India’s rank was much below China (26th position) and Pakistan (47th position).

  • Three pillars that make up the index, India ranks:

    • 72nd for inclusion

    • 66th for growth and development

    • 44th for inter-generational equity

  • Norway remained world’s most inclusive advanced economy, while Lithuania topped the list of emerging economies.

👌 Government Efforts to Simplify of Labour Laws- Model Shops and Establishment

  • The Second National Commission on Labour recommended that the existing Labour Laws should be broadly grouped into four or five Labour Codes on functional basis.

  • Maternity Benefit Amendment Act, 2017, increases the paid maternity leave from 12 weeks to 26 weeks.

  • By simplifying, amalgamating, and rationalizing the relevant provisions of the existing Central Labour Laws.

  • These codes are:

    • Wages

    • Industrial Relations

    • Social Security & Welfare

    • Occupation Safety

    • Health and Working Conditions

👌 Bharatiya Nirdeshak Dravya (BND) - 4201 Becomes India’s First High Purity Gold Standard

  • India Government Mint (IGM) launched India’s first homegrown high purity gold reference standard- Bharatiya Nirdeshak Dravya (BND-4201).

  • IGM is a unit of Security Printing and Minting Corp of India Ltd.

  • BND-4201 is reference material for gold of ‘9999’ fineness - gold that is 99.99 % pure with impurities of only 100 parts-per-million.

  • Gold reference standard is indispensable in gold and jewelry hall marking.

  • BND-4201 standard reference material.

  • BND-4201 standard gold bar is 25 % cheaper than the imported version.

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Expected Questions on Economics 2018 - UPSC IAS Prelims (Part 1) (In Hindi)

Dr. Manishika Jain discusses Expected Questions on Economics 2018 for IAS Prelims

👌 implies important for Objective Questions/MCQ

📝 implies important for Subjective Questions

📹 implies covered in Videos or Upcoming Videos

- Published/Last Modified on: May 9, 2018

Eco.

Monthy-updated, fully-solved, large current affairs-2018 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, CBSE-NET, Bank-PO and other competetive exams.