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The Hindu Newspaper Analysis | 28th July 2020 | By Laxmikant Jaybhaye

DAILY WISDOM TEST-THE PT QUEST 2020  Date:- (28-07-2020) Question-1 The correct Answers is Answer: c) Explanation: Fiscal consolidation in India includes: • Rationalization of tax exemption • Decreasing revenue expenditure such as rationalizing subsidies, removing redundant schemes rather than increasing revenue expenditure. • Cutting out non-essential schemes and projects • Getting proper outcome from output Question-2 The correct Answers is Answer: c) • Statement 1 is incorrect: Food inflation is reflected more in CPI as its weight is much more in CPI than in WPI. • Statement 2 is incorrect: In the CPI basket, services are included while in WPI services are not included. Question-3 The correct Answers is Answer: c) Explanation: • Major taxes that were levied by Centre subsumed under GST: Central Excise Duty, Service Tax, Central Sales Tax, Cesses like KKC (Krishi Kalyan Cess) and SBC (Swachh Bharat Cess). • Major State taxes subsumed under GST: VAT/Sales Tax, Entry Tax, L

The Hindu Newspaper Analysis | 27th July 2020 | By Laxmikant Jaybhaye

DAILY WISDOM TEST-THE PT QUEST 2020  Date:- (27-07-2020) Question-1 The correct Answers is Answer: b) Explanation: •     Statement 1 is incorrect: The Act is applied to Union government only though many state governments have enacted their own fiscal responsibility legislations. •     Statement 2 is correct: The Act mandates the central government to take appropriate measures to reduce fiscal deficit to not more than 3 percent of GDP and to eliminate the revenue deficit by March 31, 2009. Statement 3 is correct: The central government shall not borrow from the Reserve Bank of India except by way of advances to meet temporary excess of cash disbursements over cash receipts. Question-2 The correct Answers is Answer: c Explanation: • Bank rate  and intervention in forex market are quantitative/ tangible tools available for central bank to achieve monetary policy. • Moral suasion ,selective credit control and supervision of banks through inspection, closed door meetings are qualitative

The Hindu Newspaper Analysis | 26th July 2020 | By Laxmikant Jaybhaye

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The Hindu Newspaper Analysis | 25th July 2020 | By Laxmikant Jaybhaye