Escolar Documentos
Profissional Documentos
Cultura Documentos
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PREFACE
Introduction
Vision 2022
Rural Development
Weaker Sections
New Schemes/Plans
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Skill India
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Agriculture
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14
15
17
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Tax Proposals
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25
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Introduction
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28
Public Finance
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39
Agriculture
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External Sector
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49
53
Infrastructure Performance
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Services Sector
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Introduction
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PREFACE
The Budget 2015-16 & Economic Survey 2014-15 eBook covers the Finance Bill 2015, Railway Budget 2015-16,
14th Finance Commission Report and State Budget of Uttar Pradesh and Madhya Pradesh.
The eBook will be of immense help for the students preparing for different competitive exams and especially for
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detailed analysis and through use of graphs and tables (sourced from Economic Survey 2014-15) we have tried to
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external contents.
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The Union Budget 2015-16 enumerated four major challenges facing the Indian
economy and that needs to be addressed. These major challenges are:
1. Increasing Agricultural incomes which are under stress
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Vision 2022
Vision 2022 enumerated in the Union Budget aims at achieving certain things by 2022,
the 75th Year of Indias independence, which will be observed as Amrut Mahotsav.
The aim is to make India a prosperous country and responsible global power.
The Vision 2022 will be led by State and guided by the Union Government.
The vision includes following things:
Housing for All by 2022: A roof for each family in India requiring construction of 2
crore houses in Urban areas and 4 crore houses in rural areas
24 7 Basic Facilities: Each house of the country will be provided the basic facilities
like 24-hour power supply, clean drinking water, toilet and connection to a road
Access to means for livelihood and employment: At least one member of each
family will be provided access to means for livelihood and employment or economic
opportunity to improve his or her lot
Substantial reduction of poverty: Envisions eliminating absolute poverty by shifting
the focus of all schemes to pro-poor
Electrify remaining 20000 villages by 2020: To be achieved through different
process including off-grid solar power generation
Connecting 178000 unconnected habitations with all weather roads: This requires
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Rural Development
79526 crore rupees has been allocated for rural development activities including
MGNREGA
To develop 4 crore houses in rural areas by 2022, the Amrut Mahotsav, the 75th
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year, of Indias independence, this will be achieved under scheme roof for each
family in India.
By 2020, remaining 20000 villages in India will be electrified; electrification process
will include off-grid solar power generation.
178000 unconnected habitations will be connected by all weather roads
Medical services will be provided in each village
Agricultural productivity will be increased for the welfare of rural areas, for this
purpose, the irrigated area will be increased through improving the efficiency of
existing irrigation systems, promoting agro-based industry for value addition and
increasing farm incomes, and reasonable prices for farm produce
In terms of communication, the rural and urban divide will be ended and connectivity
to all villages will be ensured
Effective and hassle-free agriculture credit will be provided to support the agriculture
sector and will have a special focus on small and marginal farmers
25000 crore rupees was allocated to the corpus of Rural Infrastructure Development
Fund (RIDF) set up in NABARD
15000 crore rupees allocated for Long Term Rural Credit Fund
45000 crore rupees allocated for Short Term Cooperative Rural Credit Refinance
Fund
15000 crore rupees allocated for Short Term RRB Refinance Fund
For the welfare of 10.5 crore senior citizens of rural areas and BPL category, a new
scheme for Physical Aids and Assisted Living Devices for senior citizens has been
proposed
1500 crore rupees allocated for Deen Dayal Upadhyay Gramin Kaushal Yojana
to enhance the employability of 70 percent of Indias population living in rural
population
For rural development activities including MGNREGA, a sum of 79526 crore rupees
was allocated
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Weaker Sections
Being sensitive to the needs of the poor, under-privileged and the disadvantaged,
Union Government made following allocations for the Scheduled Castes (SC),
Scheduled Tribes (rain) and Women and Children
Scheduled Castes: 30851 crore rupees
Scheduled Tribes: 19980 crore rupees
Women: 79258 crore rupees
Integrated Child Development Scheme (ICDS) by 1500 crore rupees
Integrated Child Protection Scheme (ICPS) by 500 crore rupees
Besides, an allocation of 68968 crore rupees has been made to the education sector
including mid-day meals, 33152 crore rupees to the health sector and 10351 crore
rupees to women and child development
Women Security: In order to support programmes for women security, advocacy and
awareness, government announced to provide 1000 crore rupees to the Nirbhaya
Fund.
Financial Inclusion: It is proposed to utilize the vast Postal network with nearly 154000
points of presence spread across the villages of the country with an aim to accelerate
the process of financial inclusion and contribute to Pradhan Mantri Jan Dhan Yojana.
Girl Child & their Education: Union Government also launched the Beti Bachao-Beti
padhao campaign nationwide to protect girls and ensure their education.
Senior Citizens: For the welfare of 10.5 crore senior citizens of rural areas and BPL
category, a new scheme for Physical Aids and Assisted Living Devices for senior
citizens has been proposed.
Also, a Senior Citizen Welfare Fund by utilizing the unclaimed deposits of about
3000 crore rupees in the Public Provident Fund (PPF), and approximately 6000 crore
rupees in the Employee Provident Fund (EPF) corpus.
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New Schemes/Plans
In the budget speech, the Union Government announced some new schemes for
creating a functional social security system for all Indians, specially the poor and the
under-privileged.
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rupees in the Public Provident Fund (PPF), and approximately 6000 crore rupees
in the Employee Provident Fund (EPF) corpus. This fund will be used to subsidize
the premiums of vulnerable groups such as old age pensioners, BPL card-holders,
small and marginal farmers.
Scheme of Physical Aids and Assisted Living Devices: This new scheme will
be launched for providing Physical Aids and Assisted Living Devices for senior
citizens, living below the poverty line.
Other Schemes
Gold Monetisation Scheme: It will replace both the present Gold Deposit and
Gold metal Loan Schemes. The new scheme will allow the depositors of gold to
earn interest in their metal accounts and the jewelers to obtain loans in their metal
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account.
Sovereign Gold Bond: To be developed as an alternative to purchasing metal
gold. The Bonds will carry a fixed rate of interest, and also be redeemable in cash
in terms of the face value of the gold, at the time of redemption by the holder of
the Bond
Scheme for Faster Adoption and manufacturing of Electric Vehicles (FAME): An
initial outlay of 75 crore rupees has been proposed for this Scheme in 2015-16
Skill India
Proposed to set up a fully IT based Student Financial Aid Authority to administer
and monitor Scholarship as well Educational Loan Schemes, through the Pradhan
Mantri Vidya Lakshmi Karyakram.
Proposed to launch a National Skills Mission through the Skill Development and
Entrepreneurship Ministry. The Mission will consolidate skill initiatives spread
across several Ministries and allow us to standardize procedures and outcomes
across our 31 Sector Skill Councils.
To set up a fully IT based Student Financial Aid Authority to administer and monitor
Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya
Lakshmi Karyakram.
In the fiscal year 2015-16, it is proposed to set up All India Institutes of Medical
Sciences in Jammu & Kashmir (J&K), Punjab, Tamil Nadu, Himachal Pradesh and
Assam.
Proposed to set up an Indian Institute of Technology (IIT) in Karnataka, and upgrade
Indian School of Mines, Dhanbad into a full-fledged IIT.
It also propose to set up a Post Graduate Institute of Horticulture Research and
Education in Amritsar.
Indian Institute of Managements (IIMs) will be setup in J&K and Andhra Pradesh.
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In Kerala, the existing National Institute of Speech and Hearing will be upgraded
to a University of Disability Studies and Rehabilitation.
Three new National Institutes of Pharmaceutical Education and Research: in
Maharashtra, Rajasthan, and Chattisgarh proposed
An Institute of Science and Education Research in Nagaland and Odisha is
proposed.
Propose to set up a Centre for Film Production, Animation and Gaming in Arunachal
Pradesh, for the North-Eastern States; and Apprenticeship Training Institute for
Women in Haryana and Uttrakhand
Agriculture
An ambitious Soil Health Card Scheme has been launched to improve soil fertility
on a sustainable basis.
Proposed to support Union Agriculture Ministrys organic farming scheme
Paramparagat Krishi Vikas Yojana.
Proposed the Pradhanmantri Gram Sinchai Yojana which is aimed at irrigating the
field of every farmer and improving water use efficiency to provide Per Drop More
Crop.
5300 crore rupeeswas allocated to support micro-irrigation, watershed development
and the Pradhan Mantri Krishi Sinchai Yojana
25000 crore rupees in 2015-16 to the corpus of Rural Infrastructure Development
Fund (RIDF) set up in NABARD
15000 crore rupees for Long Term Rural Credit Fund
45000 crore rupees for Short Term Cooperative Rural Credit Refinance Fund
15000 crore rupees for Short Term Regional Rural Bank (RRB) Refinance Fund
34699 crore rupees for quality and effectiveness of activities under Mahatma
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Setting up a Public Debt Management Agency (PDMA) which will bring both Indias
external borrowings and domestic debt under one roof.
Proposed to merge the Forwards Markets Commission with SEBI to strengthen
regulation of commodity forward markets and reduce wild speculation. Enabling
legislation, amending the Government Securities Act and the RBI Act is proposed
in the Finance Bill, 2015.
Proposed to create a Task Force to establish a sector-neutral Financial Redressal
Agency that will address grievances against all financial service providers.
Introduced a Gold Monetisation Scheme, which will replace both the present Gold
Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors
of gold to earn interest in their metal accounts and the jewelers to obtain loans in
their metal account.
Proposed to develop a Sovereign Gold Bond as an alternative to purchasing metal
gold. The Bonds will carry a fixed rate of interest, and also be redeemable in cash
in terms of the face value of the gold, at the time of redemption by the holder of
the Bond.
Proposed to commence work on developing an Indian Gold Coin, which will carry
the Ashok Chakra on its face. Such an Indian Gold Coin would help reduce the
demand for coins minted outside India and also help to recycle the gold available
in the country.
In order to improve the Governance of Public Sector banks, the Government
intends to set up an autonomous bank Board Bureau. The Bureau will search and
select heads of Public Sector banks and help them in developing differentiated
strategies and capital raising plans through innovative financial methods and
instruments.
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II.
Hampi, Karnataka
III.
IV.
V.
VI.
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the offenders will not be permitted to approach the Settlement Commission; and
penalty for such concealment of income and assets at the rate of 300% of tax
shall be levied.
II. Non filing of return or filing of return with inadequate disclosure of foreign assets
will be liable for prosecution with punishment of rigorous imprisonment up to 7
years.
III. Income in relation to any undisclosed foreign asset or undisclosed income from
any foreign asset will be taxable at the maximum marginal rate. Exemptions
or deductions which may otherwise be applicable in such cases, shall not be
allowed.
IV. Beneficial owner or beneficiary of foreign assets will be mandatorily required to
file return, even if there is no taxable income.
V.
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Act, 2002 (PMLA). This provision would enable the enforcement agencies to
attach and confiscate unaccounted assets held abroad and launch prosecution
against persons indulging in laundering of black money.
VIII. The definition of proceeds of crime under PMLA is being amended to enable
attachment and confiscation of equivalent asset in India where the asset located
abroad cannot be forfeited.
IX. The Foreign Exchange Management Act, 1999 (FEMA) is also being amended
to the effect that if any foreign exchange, foreign security or any immovable
property situated outside India is held in contravention of the provisions of this
Act, then action may be taken for seizure and eventual confiscation of assets of
equivalent value situated in India. These contraventions are also being made
liable for levy of penalty and prosecution with punishment of imprisonment up
to five years.
As regards curbing domestic black money, a new and more comprehensive Benami
Transactions (Prohibition) Bill will be introduced in the budget session of the Parliament.
This law will enable confiscation of benami property and provide for prosecution,
thus blocking a major avenue for generation and holding of black money in the form
of benami property, especially in real estate.
Besides, it is proposed to amend the Income-Tax Act, 1961 to prohibit acceptance or
payment of an advance of 20000 rupees or more in cash for purchase of immovable
property.
Quoting of PAN is being made mandatory for any purchase or sale exceeding the
value of 1 lakh rupees.
The third party reporting entities would be required to furnish information about
foreign currency sales and cross border transactions.
Provision is also being made to tackle splitting of reportable transactions.
To improve enforcement, Central Board of Direct Taxes (CBDT) and Central Board of
Excise and Customs (CBEC) will leverage technology and have access to information
in each others database.
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Tax Proposals
The proposed direct and indirect taxes proposed in Union Budget 2015-16 will result
in the revenue loss of 8315 crore rupees and 23383 crore rupees, respectively. The
net impact of all tax proposals would be revenue gain of 15068 crore rupees.
These tax proposals were finalised on the basis of certain broad themes and
they are:
Measures to curb black money
Job creation through revival of growth and investment and promotion of domestic
manufacturing and Make in India
Minimum government and maximum governance to improve the ease of doing
business;
Benefits to middle class taxpayers;
Improving the quality of life and public health through Swachch Bharat initiatives;
and
Stand alone proposals to maximise benefits to the economy.
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listing of the units of REITs and InvITs, subject to payment of Securities Transaction
Tax (STT). The rental income of REITs from their own assets will have pass through
facility.
Permanent Establishment (PE) norms will be modified to the effect that mere
presence of a fund manager in India would not constitute PE of the offshore funds,
which would result in adverse tax consequences
It has been decided that GAAR before implementation would apply prospectively
to investments made on or after 1 April 2017
Rate of income tax on royalty and fees for technical services was reduced to 10
percent from previous 25 percent
Benefit of deduction for employment of new regular workmen to all business
entities has been extended. Thus, the eligibility threshold of minimum 100 regular
workmen is being reduced to fifty
Wealth tax has been abolished and replaced with an additional surcharge of 2
percent on the super-rich with a taxable income of over 1 crore rupees.
To reduce the associated hassles to smaller taxpayers and the compliance costs
in domestic transfer pricing, the threshold limit increased from 5 crore rupees to
20 crore rupees.
Minimum Alternate Tax (MAT) provisions for FIIs was rationalised and the profits
corresponding to their income from capital gains on transactions in securities
which are liable to tax at a lower rate, shall not be subject to MAT
To improve the administration in the Tax Departments, number of recommendations
was given for Tax Administration Reform Commission (TARC). These
recommendations are in advanced stage of examination and will be appropriately
implemented during the course of 2015-16.
100 percent deduction was granted for contributions other than by way of CSR
contributions, to the Swachh Bharat Kosh. This was proposed as cleanliness of
households and clean environment are very important social causes.
Tax treatment is also proposed for the Clean Ganga Fund. The taxation proposals
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which relates to initiatives for the Swachh Bharat Abhiyan were termed as the
fourth pillar of taxation proposals.
Yoga was included within the ambit of charitable purpose under Section 2(15) of
the Income-tax Act.
For senior citizens the limit will stand increased to 30000 rupees from the existing
20000 rupees
For very senior citizens of the age of 80 years or more, who are not covered by
health insurance, deduction of 30000 rupees towards expenditure incurred on
their treatment will be allowed
To provide social safety net and the facility of pension to individuals, an additional
deduction of 50000 rupees is proposed to be provided for contribution to the
New Pension Scheme under Section 80CCD. This will enable India to become
a pensioned society instead of a pensionless society.
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under Section 80C. All payments to the beneficiaries including interest payment
on deposit will also be fully exempt.
g) Transport allowance exemption is being increased from 800 rupees to 1600
rupees per month.
h) For the benefit of senior citizens, service tax exemption will be provided on
Varishta Bima Yojana.
The individual tax payer will get tax benefit of 444200 rupees
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to 15 percent.
Tariff rate on commercial vehicle increased from 10 percent to 40 percent.
Basic custom duty on digital still image video camera with certain specification
reduced to nil.
Artificial heart exempted from basic custom duty of 5 percent.
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Reduce deficits
a.
Reduce fiscal deficit over the medium term to the established target of 3% of
GDP
Ensure thereby that borrowing over the cycle is only for capital formation
2.
a.
b. Improve quality of public expenditure; shift away from public consumption (by
reducing subsidies) towards investment
The medium-term fiscal strategy is based on fundamental principles of fiscal policy,
as well as on the need to maintain fiscal credibility.
Implementing the medium-term fiscal strategy outlined above would lead to a
comfortable attainment of the medium-term targets. India can thus balance the shortterm imperative of boosting public investment to revitalize growth with the need to
maintain fiscal discipline.
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After a nearly 12-quarter phase of deceleration, real GDP has been growing at
7.2 percent on average since 2013-14, based on the new growth estimates of the
Central Statistics Office.
Foodgrains production for 2014-15 is estimated at 257.07 million tonnes, which
will exceed average food grain production of last five years by 8.5 million tones
Foreign portfolio flows have stabilized the rupee, exerting downward pressure
on long-term interest rates which is reflected in yields on 10-year government
securities and surge in equity prices.
From a cross-country perspective, a Rational Investor Ratings Index (RIRI) which
combines indicators of macro-stability with growth illustrates that India ranks
amongst the most attractive investment destinations.
It ranks well above the mean for its investment grade category (BBB), and also
above the mean for the investment category above it (on the basis of the new
growth estimates).
In the short run, growth will receive a boost from the cumulative impact of reforms,
lower oil prices, likely monetary policy easing facilitated by lower inflation and
improved inflationary expectations, and forecasts of a normal monsoon in 201516.
Growth in medium-term prospects will be conditioned the balance sheet syndrome
with Indian characteristics that has the potential to hold back rapid increases in
private sector investment.
In the long-run, private investments will be the engine of growth. However, there is
a case for reviving targeted public investment as an engine of growth in the short
run to complement and crowd-in private investment.
Expenditure control and expenditure switching from consumption to investment
will be the key to growth in the short-run
It calls for complementing Make in India initiative with Skill India initiative to enable
a larger section of the population to benefit from the structural transformation that
such sectors will facilitate.
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factors like inadequate support from the global economy saddled with subdued
demand conditions, particularly in Europe and Japan, recent slowdown in China,
and, on the domestic front, from possible spill-overs of below normal agricultural
growth and challenges relating to the massive requirements of skill creation and
infrastructural upgradation.
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mutual funds and pension funds, and the regulatory bodies including the Securities
and Exchange Board of India (SEBI), Pension Fund Regulatory and Development
Authority (PFRDA) and Insurance Regulatory and Development Authority (IRDA).
(v) Improved coverage of activities of local bodies and autonomous institutions,
covering around 60 percent of the grants/transfers provided to these institutions.
Relationship between GVA at factor cost, GVA, at basic prices, and GDP at
market price
The relationship between GVA at factor cost, GVA, at basic prices, and GDP (at
market prices) is given below:
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GVA at basic prices = CE + OS/MI + CFC + production taxes less production subsidies
GVA at factor cost = GVA at basic prices - production taxes less production subsidies
GDP = GVA at basic prices + product taxes - product subsidies
(where, CE : compensation of employees; OS: operating surplus; MI: mixed income;
and, CFC: consumption of fixed capital. Production taxes or production subsidies
are paid or received with relation to production and are independent of the volume
of actual production. Some examples of production taxes are land revenues, stamps
and registration fees and tax on profession. Some production subsidies are subsidies
to Railways, input subsidies to farmers, subsidies to village and small industries,
administrative subsidies to corporations or cooperatives, etc. Product taxes or
subsidies are paid or received on per unit of product. Some examples of product
taxes are excise tax, sales tax, service tax and import and export duties. Product
subsidies include food, petroleum and fertilizer subsidies, interest subsidies given to
farmers, households, etc. through banks, and subsidies for providing insurance to
households at lower rates).
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zone. Given the above, and assuming normal monsoons better prospects in the
world economy that could provide impetus to higher exports for Indian products
and services, a growth of around 8.5 per cent is in the realm of possibility in 201516
Public Finance
In 2013-14, proactive policy decisions
of the government with firm
commitment to the policy of fiscal
rectitude improved the year-end
performance of the fiscal deficit
target set for theyear
As per provisional accounts, the
fiscal deficit for 2013-14 worked out
at 4.5 per cent of GDP as opposed
to the Budget Estimate (BE) of 4.8
per cent. Fiscal deficit and revenue
deficit were budgeted at 531177
crore rupees (4.1 per cent of GDP)
and 378348 crore rupees (2.9
percent of GDP) respectively in 2014-15.
The Budget Estimate for 2014-15 aimed at achieving tax to GDP and non-debt
receipt to GDP ratios of 10.6 per cent and 9.8 per cent respectively as against a
13.9 per cent total expenditure to GDP ratio.
The envisaged growth for gross tax revenue was 17.7 per cent over the Revised
Estimates (RE) for 2013-14 and 19.8 per cent over the Provisional Actuals (PA)
2013-14.
On the expenditure side of Union Government accounts, the notable trends
during April-December 2014 include a shortfall in growth in Plan and non-Plan
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reforms in India. The broad features of the proposed GST model are as follows:
(i)
(ii) GST would be a destination-based tax as against the present concept of originbased tax.
(iii) It would be a dual GST with the
centre and the states simultaneously
levying it on a common base. The
GST to be levied by the centre
would be called central GST (CGST)
and that to be levied by the states
would be called state GST (SGST).
(iv) An integrated GST (IGST) would
be levied on inter-state supply
(including stock transfers) of goods
or services. This would be collected
by the centre so that the credit chain
is not disrupted.
(v) Import of goods or services would be treated as inter-state supplies and would
be subject to IGST in addition to the applicable customs duties.
(vi) A non-vatable additional tax, not exceeding 1 percent on inter-state supply of
goods would be levied by the centre and retained by the originating state at
least for a period of two years.
(vii) CGST, SGST, and IGST would be levied at rates to be recommended by the
Goods and Services Tax Council (GSTC) which will be chaired by the Union
Finance Minister and will have Finance Ministers of states as its members.
(viii) GST would apply to all goods and services except alcohol for human
consumption.
(ix) GST on petroleum products would be applicable from a date to be recommended
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Monetary Developments
The RBI kept policy rates unchanged during the year till January 2015. With the easing
of inflationary conditions, the RBI has signalled softening of the monetary policy
stance by cutting policy repo rates by 25 basis points to 7.75 percent in January
2015. Subsequently, the RBI also reduced the statutory liquidity ratio (SLR) by 50
basis points from 22.0 per cent of net demand and time liabilities (NDTL) to 21.5
per cent. The RBI adopted the new CPI (combined) as the measure of the nominal
anchor - for policy communication from April 2014.
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Agriculture
During the Tenth Plan, the contribution of agriculture and allied sectors to the GDP (at
2004- 05 prices) of the country was 19 per cent and it declined to 15.2 per cent during
the Eleventh Plan. This is in accordance with the typical past pattern of structural
transformation of the economies in transition. Agriculture and allied sectors registered
a growth of 2.5 per cent in the Ninth Plan, 2.4 per cent in Tenth Plan, and 4.1 per cent
in the Eleventh Plan.
For the year 2013-14, total food grain production has been estimated at 265.6 million
tonnes, which is higher by 8.5 million tonnes than the previous years production and
22.1 million tonnes than the average production of food grains during the last five
years.
As per the second AE released by the Ministry of Agriculture on 18 February 2015,
total production of food grains during 2014-15 is estimated at 257.1 million tones
The following are some of the challenges and policy recommendations for
Indian agriculture:
Agriculture and food sectors need huge investment in research, education,
extension, irrigation, fertilizers, and laboratories to test soil, water, and commodities,
and warehousing and cold storage. Rationalization of subsidies and better targeting
of subsidies would generate part of the resources for public investment.
There are wide differences in yields between states. Even the best of states have
much lower yield in different crops when compared to the best in the world. This
provides ample opportunity to increase production by bridging the yield gap to the
extent feasible within the climatic zone.
Providing irrigation can improve yield substantially, as vast cropped area is still
unirrigated. For a shift in production function, investment in basic research would
be necessary.
Recommendations of the Shanta Kumar Committee provide useful suggestions
for the future road-map of food policy. Every effort should be made to bring states
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with more than 1 million population; extending it to grain surplus states; and then
giving deficit states for the option of cash or physical grain distribution.
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outside redefined market yard/ sub-yard area of the APMC, MNI, Azadpur, APMC,
Keshopur, and APMC Shahdara.
(iv) The Small Farmers Agribusiness Consortium (SFAC) has taken the initiative for
developing a kisan mandi in Delhi with a view to providing a platform to FPOs for
direct sale of their produce to prospective buyers totally obviating or reducing
unnecessary layers of intermediation in the process .They plan to scale their
activities in other states based on the outcome of the experience of the Delhi
kisan mandi.
External Sector
Following the global crisis of 2008, the global economy came under a cloud
of uncertainty and the prolonged weakness in the euro area, particularly since
2011, led to the International Monetary Fund (IMF) often revising global growth
downwards in its World Economic Outlook (WEO).
On 20 January 2015, the IMF projected the global economy to grow from 3.3 per
cent in 2014 to 3.5 per cent in 2015 and further to 3.7 per cent in 2016.
The United States is the only major economy for which growth projections have
been raised by 0.5 percentage point to 3.6 per cent for 2015.
The WEO Update projects Indias GDP growth at market prices to be 6.3 per cent
in 2015 and for the year 2016, projected growth is 6.5 per cent surpassing the
projection of 6.3 per cent for China.
As per the IMF WEO Update, January 2015, world trade volume growth projections
have been placed at 3.8 per cent and 5.3 per cent, respectively for 2015 and
2016lower by 1.1 percentage points and 0.2 percentage point respectively.
As per the World Trade Organization (WTO), Indias share in global exports and
imports increased from 0.8 per cent and 1.0 per cent respectively in 2004 to 1.7
per cent and 2.5 per cent in 2013.
On the Issue of Indias Merchandise Trade, over the last ten years, Indias
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Balance of payments
The CAD was placed at 17.9 billion US dollars in 2014-15 (April-September 2014)
as against 26.9 billion US dollars in the same period of 2013-14. As a proportion
of GDP, the CAD declined from 3.1 percent in the first half of 2013-14 to 1.9 per
cent in the first half of 2014-15.
Net financial flow was at 36.0 billion US dollars in the first half of 2014-15 compared
to 16.3 billion US dollars in the first half of 2013-14. Net foreign investment surged
from 7.8 billion US dollars in 2013-14 (April-September 2014) to 38.4 billion US
dollars in 2014-15 (April-September 2014)
With net capital flows remaining higher than the CAD, there was net accretion of
18.1 billion US dollars to Indias foreign exchange reserves (on BoP basis) in H1 of
2014- 15 as against a drawdown of 10.7 billion US dollars in H1 of 2013-14.
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Post 1991 BoP crisis Indias prudent external debt policy and management with a
focus on sustainability, solvency and liquidity have helped contain the increase in
size of external debt to moderate level.
Indias total external debt stock at end March 2014 stood at 442.3 billion US dollar
(8.0 per cent) over the end-March 2013 level.
The rise in the external debt during the period was due to long term debt particularly
NRI deposits and commercial borrowings.
At the end of September, 2014, a long term debt accounted for 81.1% of the total
external debt vis-a-vis 79.8 per cent at the end of March, 2014 and short term
debt accounted for 18.9% of the total external debt vis--vis 20.2% at the end of
March, 2014.
The net external commercial borrowing has also increased from 2.4 billion US
dollar in 2013-14 to 3.4 billion US dollar in 2014-15.
State Action Plans on Climate Change: Subsequent to the NAPCC, in 2009 all the
state governments were requested to prepare State Action Plans on Climate Change
(SAPCC). So far, 31 states have prepared and submitted SAPCC documents. The
SAPCCs have both adaptation and mitigation components to address climate change
impacts, though adaptation has been identified as the more important element.
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and solar power. Census of Indian 2011 showcased that 1.1 million households used
solar energy to meet their lighting needs and similar number of met cooking energy
needs from biogas plants.
Clean Energy Cess on Coal: To deal with the climate change, carbon taxes was
introduced, which is used by very few countries of the world. India introduced a clean
energy cess on coal in 2010, which feeds the National Clean Energy Fund (NCEF).
It has been increased from 50 to 100 per tonne in Budget 2014-15 and it helped
in collecting 17084.45 crore rupees (Budget EstimatesBE) and 46 clean energy
projects worth 16511.43 crore rupees have been recommended for funding out of
the NCEF till September 2014.
Progress in Adaptation Actions: India is implementing the action on adaptations
through creation of adaptation fund in NABARD which is the National Implementing
Entity (NIE) for the fund.
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stand in the negotiations was guided by the principle of Equity and Common but
Differentiated Responsibilities (CBDR).
International Carbon Markets: India has been proactive in its approach to the
carbon market and represents a significant component of the global market of the
Clean Development Mechanism (CDM) established under the Kyoto Protocol. As on
1 December 2014, 1541 of the total 7589 projects registered by the CDM Executive
Board are from India. This so far is the second highest in the world with China leading
with 3763 registered projects.
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at all levels
Strengthen the means of implementation and revitalize the global partnership for
sustainable development
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Industrial performance
-- Industries registered 2.1% growth during April-Dec 2014 based on IIP (Index of
Industrial Production) compared to the same period during the financial year 201314.
--The Advance Estimates (AE) for the year 2014-15 show industrial growth of 5.9 per
cent as per 2011-12 base year.
Recovery in the mining sector and impressive growth in the power sector are the
reasons for reversing the declining trend in the industrial production during 2011-14.
However the growth is not on the expected lines. Reasons for low growth are: high
rate of interest, infrastructure bottlenecks and low domestic and external demand.
-Manufacturing Sector registered 1.2% growth during April-Dec 2014 compared to
that of -0.4% registered during the same period in 2013-14 financial year. Indias
share in the global manufacturing output is 1.8%. The improved performance in
manufacturing is attributed to the change in methodology and use of new data
sources.
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Infrastructure Performance
Power
Objective: To provide round the clock power supply across the country by 2019.
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Steps taken
To meet the objective the government is considering the following measures:
Increasing power generation
strengthening of transmission and distribution
separate feeder lines for agriculture and non-agriculture purposes
metering of power to consumers.
To facilitate the above reforms the Electricity (Amendment) Bill 2014 has been
introduced in the Lok Sabha.
With a target of 765.39 billion units (BU) and achievement of 793.73 BU, electricity
generation by power utilities has exceeded the target for April-December, 2014.
As against the capacity-addition target of 17,830.3 MW in 2014-15, 11,610.41 MW
(including 1,000MW nuclear capacity commissioned) has been added till 31December
2014.
To give further boost to the intended reforms in the power sector reforms the
government is implementing the following schemes.
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Recent Policy Initiatives for enhancing Crude Oil and Natural Gas production:
New Gas Pricing Formula: The Government approved the New Gas Pricing formula
on 18 October, 2014 and released New Gas Pricing Guidelines, 2014. The increase
in price of domestically produced natural gas strikes a fine balance between the
expectations of investors and interests of consumers.
Reforms in Production-Sharing Contracts to push Investment in Exploration: The
government has ironed out a number of rigidities in production- sharing contracts
to instil confidence among investors and ensure that work, which was stuck in a
number of blocks, takes off in right earnest and without further delay.
Reassessment of Hydrocarbon Potential: An elaborate plan has been rolled out to
reassess hydrocarbon resources in Indias sedimentary basins which will provide
greater clarity to future investors on the prospects of the basins.
Project for Survey of Un-appraised Sedimentary Basins of India: A project has been
undertaken to appraise about 1.5 million sq. km area in twenty-four sedimentary
basins where scanty geo-scientific data is available. Data generated under the
project shall be stored, maintained, validated in a National Data Repository (NDR)
which is being set up in the Directorate General of Hydrocarbons (DGH).
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Data Acquisition through Non Exclusive Multi-Client Model: A policy for acquisition
of geo-scientific data through a non-exclusive multi-client model is being
implemented. This model replaces the earlier fiscal term of profit sharing after cost
recovery with the payment of a one- time project fee.
Level Playing Field for Gas operations in the North East Region: For incentivizing
exploration and production in the North East region, a 40 per cent subsidy on gas
operations has been extended to private companies operating in the region.
Gas Grid Infrastructure: In addition to the existing 15,000 km gas pipeline network,
another 15,000 km has been planned for completion of the gas grid.
Solar energy
To provide a big push to solar energy, two new schemes, viz., Scheme for Development
of Solar Parks and Ultra Mega Solar Power Projects and Pilot-cum-Demonstration
Project for Development of Grid Connected Solar PV Power Plants on Canal Banks
and Canal Tops were rolled out in December, 2014. Supplementary guidelines were
issued under the existing Solar Pumping Programme for Irrigation and Drinking
Water scheme to solarize the targeted one lakh such pumps throughout the country
during the current year.
Railways
New initiatives by Indian Railways during 2014-15:
Completion of Udhampur-Katra broad gauge line: The Udhampur-Katra broad
gauge line in Jammu and Kashmir, bringing the state closer to the rest of the nation,
is an engineering marvel by IR. Four train services up to Katra have commenced
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existing routes, iii) station re-development, iv) high speed rail, and v) setting up of
a Railway University.
Early completion of coal transportation projects: Three rail connectivity projects
for coal movement in Jharkhand, Odisha, and Chhattisgarh have been put on fast
track
Civil aviation
During April - December 2014-15, 101.34 million domestic passengers and 36.74
million international passengers were handled at Indian airports. Domestic passenger
traffic throughput increased by 7.1 per cent and international passengers increased
by 10.3 per cent during April-December 2014-15 as compared to the same period in
2013- 14.
Telecommunications
Overall teledensity (number of telephone connections for every 100 people) has
increased from 75.23 per cent at the beginning of April 2014 to 77.12 per cent at
the end of November 2014, while total broadband connections have touched 82.22
million.
Urbanization
The level of urbanization has increased from 27.78 per cent in 2001 to 31.18 per cent
in 2011. According to Census 2011, as many as thirty-five cities in India had a million
plus population. At current rates of growth, urban population in India is projected to
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Services Sector
Services in India are emerging as a prominent sector in terms of contribution to
national and states incomes, trade flows, FDI inflows, and employment.
The services sector accounting for 51.3 per cent of Indias gross value added
(GVA) at basic prices (current prices) in 2013-14, grew by 9.1 per cent compared
to 6.6 per cent total GVA growth and 6.9 per cent GDP growth at market prices.
The sector has grown rapidly in the last decade with almost 72.4 per cent of the
growth in Indias GDP in 2014-15 coming from this sector.
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with the US under the India-US Trade Policy Forum (TPF), with Australia under the
India-Australia Joint Ministerial Commission (JMC), with China under the IndiaChina Working-Group on Services, and with Brazil under the India-Brazil Trade
Monitoring Mechanism (TMM).
Tourism
Indias share in International Tourist Arrivals is a paltry 0.6 per cent compared to 7.8
per cent in France and 6.4 per cent in the US. However, in terms of ITRs, Indias share
is at 1.5 per cent.
As per the Second Tourism Satellite Account of India (TSA), the contribution of tourism
to total GDP during 2012-13 was 6.9 per cent (3.7 per cent direct and 3.1 per cent
indirect) and to total employment 12.4 per cent (5.3 per cent direct and 7.0 per cent
indirect).
In Budget 2014-15, the government announced several measures for boosting
tourism like streamlining of some service tax bottlenecks and focused effort for the
development of a global scale Buddhist circuit and cleaning of the Ganga along
with creation of world class amenities to enhance the spiritual experience along the
holy river. Further, easing of the Indian tourism visa regime through the execution of
tourist visa on arrival enabled by electronic travel authorization (ETA) for forty-three
countries will provide a major boost to tourism.
Shipping
Around 95 per cent of Indias trade by volume and 68 per cent in terms of value is
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transported by SEA.
As on 31 December 2014, India had a fleet strength of 1209 ships with gross
tonnage (GT) of 10.3 million, with the public-sector Shipping Corporation of India
(SCI) having the largest share of around 31 per cent.
India continues to be a leading ship breaking destination. It topped the list of ship
recycling countries in 2014 (January to October) with a world share of 32 per cent,
scrapping 234 ships of 7.98 million DWT as per the ISL Shipping Statistics and
Market Review.
India is also a major supplier of seafarers to the world. According to BIMCO/
ISF Manpower Update 2010-2014, India supplied 60000 crew (fresh seamen) and
44500 officers in 2014
Port Services
In the Maritime Agenda, a target of 3130 million tonnes (MT) port capacity has been
set for the year 2020 with around 296000 crore rupees investment. FDI up to 100 per
cent under automatic route is permitted for construction and maintenance of ports.
IT and ITeS
(ITeS) including business process management (BPM), software engineering R & D
services and product development has emerged as one of the most dynamic and
vibrant sectors in Indias economy.
It is the single largest contributor to services exports.
The sector continues to be one of the largest employers in the country, directly
employing nearly 3.5 million people as per the National Association of Software and
Service Companies (NASSCOM).
As per the Central Statistics Office (CSO), computer and related services with a share
of 3.3 per cent in Indias GDP grew by 14.4 per cent in 2013-14.
As per NASSCOMs estimate the revenue of the IT-BPM industry at 119 billion US
dollars grew by 12 per cent in 2014-15, while the export market at 98 billion US
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Consultancy Services
Indias outsourcing and consulting industry is estimated at 86.4 billion US dollars in
2014, accounting for almost 20 per cent of global consulting industry revenue, and is
projected to reach 99.0 billion US dollars in 2015.
Indias emergence as one of the fastest growing consultancy markets worldwide
is largely attributable to increased investment activities due to liberalization of FDI,
entry of many new players into the Indian market and low cost sourcing. Indian
consultants have good expertise particularly in engineering consultancy which could
be leveraged to enhance consultancy exports.
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In order to encourage savings, the deduction limit on housing loan interest for selfoccupied property was also increased to 2 lakh from the earlier 1.5 lakh in Budget
2014-15. In order to push development of affordable housing and achieve the target
of housing for all by 2022, the Reserve Bank of India (RBI) relaxed norms for issue of
long-term bonds by banks for financing affordable housing.
Internal Trade
The 1147274 crore rupees trade and repair services sector with a share of 11.0 per
cent in GDP grew by 14.3 per cent in 2013-14. The retail sector was affected in 2013
by high consumer price inflation, currency fluctuations, and strict FDI policies.
However, India remains an attractive long-term retail destination for several reasons,
including its large population, 58.3 per cent of which is below 30 years and 31.1 per
cent of which lives in urban areas with rising disposable incomes. Migration from
traditional stores to modern retail continues, though the latter accounts for only 8 per
cent of the total market.
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permitted in the film sector. Disney, Fox, Sony, and Warner Brothers have entered
into coproduction and distribution deals with domestic production houses.
To sum up, the performance of the services sector in recent years has been reasonably
good, despite the unfavourable international and domestic situation.
Educational Challenges
While only 73 per cent literacy has been achieved as per Census 2011, there has
been marked improvement in female literacy.
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Male literacy at 80.9 per cent is still higher than female literacy at 64.6 per cent but
the latter has increased by 10.9 percentage points compared to 5.6 percentage
points for the former.
The Right of Children to Free and Compulsory Education (RTE) Act, 2009 was
enacted by the centre to increase the quality as well as accessibility of elementary
education in India in April 2010.
Sarva Shiksha Abhiyan (SSA) is the designated scheme for implementation of the
RTE Act.
Between 2007-08 and 2013-14, according to the District Information System for
Education, total enrolment in primary schools increased from 134 million to 137
million in 2011- 12 and then declined to 132 million in 2013-14 while upper primary
enrolment grew from 51 million to about 67 million.
However, the overall standard of education is below the global standards, as per
Programme for International Student Assessment 2009+ results. It ranked Tamil
Nadu and Himachal Pradesh 72 and 73 out of 74 participants, higher only than
Kyrgyzstan.
ASER (Annual Status of Education Report) findings reported low levels of learning
amongst the 5 to 16 age group in rural India since 2005.
Concurrently, to build capacity in secondary schools, several schemes like MidDay Meal (MDM) scheme, Rashtriya Madhyamik Shiksha Abhiyan (RMSA), Model
School Scheme (MSS), and Saakshar Bharat (SB) have been implemented.
The number of colleges and universities have gone up from 350 universities and
16982 colleges in 2005-06 to 713 universities, 36739 colleges and 11343 diplomalevel institutions in 2013-14.
The gross enrolment ratio (GER) in higher education has nearly doubled from
around 11.6 percent in 2005-06 to 21.1 percent in 2012-13.
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Employment Matters
As per the Labour Bureau Report 2014, the current size of Indias formally skilled
workforce is small, approximately 2 percent.
At all-India level, around 6.8 percent people aged 15 years and above are reported
to have received or will be receiving vocational training.
As per National Skill Development Corporation (NSDC), there is an incremental
requirement of 120 million skilled people in the non-farm sector.
Some recent initiatives have been undertaken in the area of higher and vocational
education including Rashtriya Uchchatar Shiksha Abhiyan (RUSA), Technical
Education Quality Improvement Programme (TEQIP), and National Skill Qualification
Framework (NSQF).
A total of 51956 candidates have been skilled under the Deen Dayal Upadhyaya
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Grameen Koushalya Yojana (DDU-GKY), of which 28995 have been placed till
November during 2014-15.
Compound annual growth rate (CAGR) of employment during 2004-05 to 2011-12
to 0.5 percent from 2.8 percent during 1999-2000 to 2004-05 as against CAGRs of
2.9 percent and 0.4 percent respectively in the labour force for the same periods.
As per the National Sample Survey Office data during 1999-2000 to 2004-05,
employment on usual status (US) basis increased by 59.9 million persons from
398.0 million to 457.9 million.
Based on current daily status (CDS), CAGR in employment was 1.2 percent and
2.6 percent against 2.8 percent and 0.8 percent in the labour force respectively for
the same periods.
Employment in the secondary and tertiary sectors increased to 24.3 percent
and 26.8 percent respectively in 2011-12 from 18.1 percent and 23.4 percent
respectively in 2004-05.
Self-employment continues to dominate, with a 52.2 percent share in total
employment.
Data from the sixty-eighth NSSO round (2011-12) indicates a revival in employment
growth in manufacturing from 11 percent in 2009-10 to 12.6 percent in 2011-12.
The number of unemployed people (under US) declined from 11.3 million during
2004-05 to 9.8 million in 2009-10 but again increased to 10.8 million in 2011-12.
The man-days lost on account of strikes and lockout have been steadily declining
from 17.6 million in 2009 to 14.46 million in 2011, and further to 3.65 million
(Provisional) during 2013 and 1.79 million (Provisional) from January 2014 to 9
December 2014.
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India is set to reach the UN Millennium Development Goals (MDG) with respect
to maternal and child survival. The MDG for maternal mortality ratio (MMR) is 140
per 100000 live births, while India had achieved 178 by 2010-12 and is estimated
to reach 141 by 2015.
The under-5 mortality rate (U5MR) MDG is 42, while India has an U5MR of 52 and
is expected to reach 42 by 2015.
The Swachh Bharat Mission launched on 2 October 2014 aims at attaining an
open defecation free (ODF) India by 2 October 2019 by providing access to toilet
facilities to all rural households and initiating Solid and Liquid Waste Management
activities.
In order to improve the availability of drinking water in rural areas, 20000 solar
power based water supply schemes have been approved under the National Rural
Drinking Water Programme (NRDWP) across all the states.
Mission Indradhanush was launched on 25 December 2014 with the aim of
covering all those children who are either unvaccinated or are partially vaccinated
against diphtheria, whooping cough, tetanus, polio, tuberculosis, measles, and
hepatitis B by 2020.
With the goal of providing holistic health solutions, the erstwhile Department of
AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) was
elevated to a full-fledged ministry from 9 November 2014.
Over a span of seven years the incidence of poverty declined from 37.2 per cent
to 21.9 percent in 2011-12 for the country as a whole, with a sharper decline in
the number of rural poor.
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5.3 years while gross national income (GNI) per capita increased by about 306.2
percent.
In terms of gender equality, the HDR ranks India 127 out of 152 countries with a
Gender Inequality Index (GII) of 0.563.
The female HDI value for India is 0.52 as compared to 0.63 for males, resulting in
a GDI value of 0.828.
A new scheme, Beti Bachao Beti Padhao (BBBP) Programme, for promoting
survival, protection, and education of the girl child was launched on 22 January
2015 at Panipat, Haryana, a state that is noted for the lowest CSR 835 (SRS
2013).
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This lag in demographic transition among states in India could turn out to be
a great blessing from the point of view of coping with the problem of declining
population.
Problems plaguing the Social Infrastructure, Employment, and Human Development in India
Poverty remains a pressing problem, no nation can become great when the life
chances of so many of its citizens are benighted by poor nutrition.
Economic growth has historically been good for the poor both directly because
it raises incomes and indirectly because it gives the state resources to provide
public services and social safety.
Price subsidies have formed an important part of the anti-poverty discourse in
India and the governments own policy toolkit.
Rice, wheat, pulses, sugar, kerosene, LPG, naphtha, water, electricity, diesel,
fertiliser, iron ore, railways are just a few of the commodities and services that the
government subsidises.
The estimated direct fiscal cost of this illustrative subset of subsidies is about `
378,000 crore or about 4.24 percent of GDP.
Price subsidies are often challenging for the state to implement because they offer
large rent-seeking opportunities to black marketers.
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To remedy the situation the survey suggested the following policy initiatives.
Combining the situation of Indian public sector banks and corporate balance
sheets suggests that the expectation that the private sector will drive investment
needs to be moderated. In this light, public investment may need to step in to
recreate an environment to crowd-in private sector investment in the short term.
Efforts must be made to revitalise the public-private partnership model of
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investment, albeit in a different manner (specific details are offered in Box 4.1).
In addition, serious consideration must be given to setting up an Independent
Renegotiation Committee. In the presence of weak mechanisms for bankruptcy and
exit, we have to think creatively about distributing pain amongst the stakeholders
from past deals gone sour.
Restructuring the existing modalities to operationalize Public Private Partnerships
to make them financially accountable and viable.
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Four goals for Indian Railways to transform over next five years
To deliver a sustained and measurable improvement in customer experience.
To make Rail a safer means of travel.
To expand Bhartiya Rails capacity substantially and modernise infrastructure: for
this purpose daily passenger carrying capacity will be increased from 21 million
to 30 million. Track length will also be increased by 20 percent from 114000 km
to 138000 km. Annual freight carrying capacity will be grown from 1 billion to 1.5
billion tonnes.
To make Bhartiya Rail financially self-sustainable.
Cleanliness
Swachh Rail - Swachh Bharat campaign
New department for cleanliness
Integrated cleaning by engaging professional agencies and training our staff
Waste to energy conversion plants
New toilets covering 650 additional stations compared to 120 stations in 2014
Bio-toilets to be fitted in the coaches
Bed linen
National Institute of Fashion Technology (NIFT), Delhi to design bed linen
The facility of online booking of disposable bedrolls at select stations will be
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Help-line
Start a 24X7 helpline number 138 and a toll-free number 182 for security related
complaints
Ticketing
Operation Five Minutes to ensure Speedy Purchase of Tickets for Unreserved
Class Passengers.
Provision of modified hot-buttons, coin vending machines and single destination
teller windows will be launched to reduce the transaction time.
For the differently-abled travellers, a special initiative will be launched whereby
they can purchase concessional e-tickets after one-time registration.
Proposal to work towards developing a multi-lingual e-ticketing portal
Some other facilities include introduction of integrated ticketing system on the
lines of rail-cum-road tickets on Jammu Srinagar route will be expanded.
Catering
Integrate Best Food Chains for E-Catering
Railway passengers to order their food through IRCTC website at the time of
booking tickets
Leveraging technology
Introduce hand-held terminals to Travelling Ticket Examiners (TTEs) for verification
of passengers and downloading charts.
Extending facility of SMS on mobiles as a valid proof of travel for PRS tickets
SMS Alert service to inform passengers in advance of the updated arrival/departure
time of trains at starting or destination stations
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Surveillance
Surveillance cameras will be provided on a pilot basis in selected mainline coaches
and ladies compartments of suburban coaches without intruding into privacy
Entertainment
Project for introducing on-board entertainment on select Shatabdi trains on license
fee basis
Mobile phone charging facilities will be provided in general class coaches & its
numbers will be increased in sleeper class coaches
Station facilities
200 more stations to come under Adarsh Station scheme
Wi-Fi will be provided at B category station
Facility of self-operated lockers to be made available at stations
Provision of concierge services will be introduced through IRCTC at major stations
Online booking of wheel chair on payment basis for senior citizens, patients and
the differently-abled passengers will be available through IRCTC on select stations
Train capacity
Capacity in identified trains will be augmented to run with 26 coaches
More General class coaches will be added in identified trains
Comfortable travel
NID to design user friendly ladders for climbing to the upper berths
Quota of lower berths for senior citizens will be increased
Middle bay of coaches will be reserved for women and senior citizens
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Station Redevelopment
Zonal and Divisional offices to be empowered for quicker decision making
Development of 10 Satellite Railway terminals in major cities with twin purpose of
decongesting the city and providing service to suburban passengers
Network expansion
Fast-track sanctioned works on 7000 kms of double/third/fourth lines
Commission of 1200 km of network in 2015-16 at an investment of 8686 crore
rupees
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Bullet train
Feasibility study for High Speed Rail between Mumbai-Ahmadabad is in advanced
stage.
Safety
RDSO to develop a suitable device with reliable power supply system based
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Technology upgradation
Constitution of an innovation council called Kayakalp for business re-engineering.
Technology portal being constituted to invite innovative technological solutions.
Research Centers to be set up in selected universities for fundamental research.
Resource Mobilisation
Support from the Central Government for 41.6 percent of the Plan and Internal
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generation of 17.8 percent for setting up of a Financing Cell in the Railway Board.
Setting up an infrastructure fund, a holding company and a Joint Venture with an
existing NBFC of a PSU with IRFC for raising long term debt from domestic as
well as overseas sources.
Digitized mapping of land records and responsibility fixing for encroachments.
New strategy to tap latent advertising potential including offering stations and
trains for corporate branding.
Railways in partnership with ports will deliver rail connectivity to Nargol, Chharra,
Dighi, Rewas and Tuna. Scrap disposal policy to be reviewed for speedier scrap
disposal.
Human Resources
Human Resource Audit to be undertaken; Separate accounting head for HRD;
ERP based Human Resource Management System.
Setting up a full-fledged University during 2015-16 and Improved delivery of
health services to employees
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Social initiatives
Infrastructure like stations and training centers to be made available for skill
development.
Promotion of products made by Self Help Groups, consisting mainly of women
and youth on the model of Konkan Railway.
Tourism
Incredible Rail for Incredible India to be launched and Promotion of training of autorickshaw and taxi-operators as tourist-guides on the model of Konkan Railway.
Coaches in selected trains connecting major tourist destinations to travel agencies
may be offered on a revenue sharing model.
IRCTC to work on promoting the Gandhi circuit to attract tourists to mark the
occasion of 100 years of the return of Mahatma Gandhi to India from South Africa.
IRCTC will work on Kisan Yatra, a special travel scheme for farmers for farming &
marketing technique centres.
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Lease charges, interest component of the current and previous market borrowings
are pegged at a growth of 21 percent
Appropriation to Pension Fund is proposed at 35260 crore rupees and appropriation
to DRF at 8100 crore rupees
Appropriation of 7616 crore rupees is proposed to be made to Capital Fund for
payment of principal component of lease charges to IRFC
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Impact of FFC
All states stand to gain from FFC transfers in absolute terms
The major gainers in per capita terms turn out to be Kerala, Chhattisgarh and
Madhya Pradesh for General Category States (GCS) and Arunachal Pradesh,
Mizoram and Sikkim for Special Category States (SCS)
The FFC recommendations are expected to add substantial spending capacity
to states budgets. In terms of the impact based on NSDP, the benefits of FFC
transfers are highest for Chhattisgarh, Bihar and Jharkhand among the GCS and
for states like Arunachal Pradesh, Mizoram and Jammu & Kashmir among the
SCS.
While in terms of states own tax revenues, the largest gains accrue to GCS of
Bihar, Jharkhand and Chhattisgarh and SCS of Arunachal Pradesh, Mizoram and
Nagaland.
The FFC transfers have more favorable impact on the states (only among the GCS)
which are relatively less developed which is an indication that the FFC transfers
are progressive i.e. states with lower per capita NSDP receive on average much
larger transfers per capita.
The correlation between per capita NSDP and FFC is transfer per capita is -0.72.
This indicates that the FFC recommendations do go in the direction of equalizing
the income and fiscal disparities between the major states. However, FFC transfers
are less progressive compared to the transfers of Thirteenth Finance Commission
(TFC).
The significant impact due to increase in the divisible pool is on states like Uttar
Pradesh, Bihar, Madhya Pradesh, West Bengal and Andhra Pradesh (United) while
states like Arunachal Pradesh, Chhattisgarh, Madhya Pradesh, Karnataka and
Jharkhand are the major gainers due to a change in the horizontal devolution
formula which now gives greater weight to a states forest cover.
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State Budget of 2015-16 is inspired by the aim to realise Make in Madhya Pradesh
by increasing employment opportunities for youth of the state and by increasing
production capacities.
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2. Which one of the below given visions does not form the part of Vision 2022 that
was enumerated by the Union Finance Minister, Arun Jaitley on 28 February
2015 while presenting the Union Budget 2015-16 in the Lok Sabha?
I. A roof for each family in India
II. At least two members from each family will have access to the means for livelihood
and employment
III. Electrification by 2020
IV. Spirit of entrepreneurship in India will be encouraged
a) Only I
b) Only II
c) Only I and III
d) Only II and IV
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3. Which one of the following is/are part of the proposals for rural development
made in Union Budget 2015-16?
I. One crore houses will be developed in rural areas by 2022, under scheme roof
for each family in India
II. By 2022, each house will receive basic facilities like 24-hour power supply, clean
drinking water, a toilet, and connection to a road
III. By 2020, remaining 5000 villages in India will be electrified; electrification process
will include off-grid solar power generation
a) Only I
b) Only II
c) Only III
d) Only I and II
4. How much amount was allocated for Scheduled Castes (SC) in the Union Budget
2015-16 that was presented on 28 February 2015?
a) 30851 crore rupees
b) 19980 crore rupees
c) 79258 crore rupees
d) 28800 crore rupees
5. How much amount was allocated for Women in the Union Budget 2015-16 that
was presented on 28 February 2015?
a) 30851 crore rupees
b) 19980 crore rupees
c) 79258 crore rupees
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6. Which scheme was announced by the Union Government in the Union Budget
on 28 February 2015 to utilise unclaimed deposits to help vulnerable groups
such as old age pensioners and BPL card-holders?
a) Nai Manzil Scheme
b) Pradhan Mantri Jeevan Jyoti Bima Yojana
c) Atal Pension Yojana
d Senior Citizen Welfare Fund
7. In his Budget speech on 28 February 2015, Union Finance Minister Arun Jaitley
announced the Atal Pension Yojana. Consider the following statements in this
context:
I.
The scheme will provide a defined pension depending upon the contribution of
the person and its period
II. The scheme will cover accidental death risk of 2 lakh rupees
a) Only I
b) Only II
c) Both I & II
d) Neither (i) nor (ii)
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I. 31 states have prepared and submitted State Action Plans on Climate Change
(SAPCC) documents
II. On 31 December 2014, the total installed capacity of renewable power of India
was 50 GW, this included (wind energy with 66 percent is followed by biomass,
small hydro power, and solar power
III. To deal with the climate change, carbon taxes was introduced, which is used by
very few countries of the world
a) Only I
b) Only II
c) Only III
d) All I, II and III
10. Union Finance Minister Arun Jaitely on 27 February 2015 while presenting
Economic Survey of India 2014-15 said that India represents a significant
component of the global market of the Clean Development Mechanism (CDM)
defined in Article 12. CDM was established through which protocol?
a)
Geneva protocol
b)
Firearms Protocol
c)
Kyoto protocol
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d)
Vienna Protocol
11. Consider the following statements in the context of Railway Budget 2015-16:
I.
Total plan outlay of Railway Budget 2015-16 is pegged at 100011 crore rupees,
an increase of 52 percent over Revised Estimates of 2014-15.
II. Plan size for 2014-15 increased from 65445 crore rupees in the Budgeted
Estimates to 65798 crore rupees in the Revised Estimates.
a) Only I
b) Only II
c) Both I and II
d) Neither I nor II
It suggested the need for reorientation and restructuring of the PPP model.
3.
The total stock of stalled projects stands at Rs. 8.8 lakh crore or 7% of GDP.
a)
Only 1
b)
1 and 2
c)
1 and 3
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d)
13. The Union Government introduced the term JAM in the Economic Survey 201415 presented in the Parliament on 27 February 2015. What is JAM?
a)
b)
c)
d)
14. What was the Fiscal target of Union Government for 2014-15 enumerated in the
Economic Survey presented in the Parliament on 27 February 2015?
a)
5% of GDP
b)
4.1% of GDP
c)
3.5% of GDP
d)
3% of GDP
2.
3. Infrastructure
a)
Only 1
b)
1 and 2
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c)
2 and 3
d)
16. What is the fiscal deficit target of the Union Government for 2015-16 announced
in the Union Budget 2015-16?
A) 3% of GDP
B) 4% of GDP
C) 2% of GDP
D) 3.5% of GDP
17. In the Economic Survey 2014-15 presented on 27 February 2015, out of the
following sectors, which of the following sector has largest share of employment?
a) Agriculture
b) Construction
c) Hospitality
d) Tourism
India is set to reach the UN Millennium Development Goals (MDG) with respect
to maternal and child survival.
2.
The MDG for maternal mortality ratio (MMR) is 140 per 100000 live birth
3.
India had achieved 178 by 2010-12 and is estimated to reach 141 by 2015
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a)
Only 1
b)
1 and 2
c)
2 and 3
d)
19. What is aim of the Mission Indradhanush as per the Economic Survey 2014-15
presented on 27 February 2015?
a)
b)
c)
d) Vaccinating all those children who are either unvaccinated or are partially
vaccinated by 2020
20. What is the rate of literacy for the year 2014-15 as per Economic Survey 201415 presented on 27 February 2015?
a)
73 percent
b)
85 percent
c)
70 percent
d)
78 percent
21. What is the under-5 mortality rate (U5MR) of India as per the Economic Survey
2014-15 presented on 27 February 2015?
a) 52
b) 42
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c) 48
d) 49
22. Which statements is/are correct in context of Economic Survey 2014-15 that
was released on 27 February 2015?
I.
There has been a gradual decline in the share of population in the age group
0-14 from 36.3 to 28.4 percent during 1991 to 2013.
II.
The percentage of elderly (60+ age) has gone up from 6.0 to 8.3 percent during
1991 to 2013.
a)
Only I
b)
Only II
c)
Both I and II
d)
Neither I nor II
23. Union Finance Minister Arun Jaitely on 27 February 2015 presented Economic
Survey 2014-15 in the Parliament. Which of the statement is correct in context
of Employment matters mentioned in the Economic Survey 2014-15?
I.
II.
The number of unemployed people declined from 11.3 million during 2004-05 to
9.8 million in 2009-10 but again increased to 10.8 million in 2011-12.
a)
Only I
b)
Only II
c)
Both I and II
d)
Neither I nor II
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24. Which of the statement is correct in context of Human Development Index (HDI)
as per the Economic Survey 2014-15?
I.
Indias Human Development Index (HDI) value for 2013 is 0.586, positioning the
country at 135 out of 187 countries and territories.
II.
The female HDI value for India is 0.63 as compared to 0.52 for males.
a)
Only I
b)
Only II
c)
Both I and II
d)
Neither I nor II
25. Which scheme fostered inclusive growth in the year 2014 as per Economic
Survey 2014-15?
A. Sansad Adarsh Gram Yojna (SAGY)
B. Pradhan Mantri Jan Dhan Yojna (PMJDY)
C. Vanbandhu Kalyan Yojna
D. Deen Dayal Upadhyaya Grameen Koushalya Yojana
26. As per the Economic Survey 2014-15, what is/are the solutions for improving
social infrastructure, human development and employment in India?
1.
2.
3.
a)
1&2
b)
2&3
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c)
3&1
d)
1, 2 & 3
27. Which of the statement is true in context of Goods and Services Tax (GST) in
Economic Survey 2014-15?
I.
The Union Government decided to implement Goods and Services Tax (GST) in
2018.
II. GST is proposed to increase the present rate of service tax plus education
cesses from 12.36 percent to a consolidated rate of 14 percent.
a)
Only I
b)
Only II
c)
Both I and II
d)
Neither I nor II
28. Railway Minister Suresh Prabhu on 26 February 2015 presented the Railway
Budget 2015-16 in the Lok Sabha. In his first Rail Budget, Prabhu highlighted
four goals for Indian Railways to transform over next five years. Which of the
mentioned goals is correct?
I.
II.
b)
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c)
d)
29. Railway Minister Suresh Prabhu on 26 February 2015 presented the Railway
Budget 2015-16 in the Lok Sabha. In his first Rail Budget, Prabhu 11 thrust
areas to improve quality of life in train journeys which will be a part of Swachh
Rail - Swachh Bharat.
I.
Only I
b)
Only III
c)
d)
30. Union Finance Minister Arun Jaitely on 27 February 2015 presented Economic
Survey of India 2014-15 in the Parliament. Which of the following is/are a correct
statement/s in context of the survey?
I.
The Economic Survey highlighted the need for balance between Make in India
and Skilling India
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112
II.
III. Wiping Every Tear from Every Eye: The Jan Dhan Yojana, Aadhaar and Mobile
Numbers Provide the Solution
a)
Only I
b)
Only II
c)
Only III
d)
31. Union Finance Minister, Arun Jaitley while presenting the Union Budget 2015-16
in the Lok Sabha on 28 February 2015 termed something as Amrut Mahotsav.
What is Amrut Mahotsav?
a)
b)
c)
d)
32. Union Finance Minister, Arun Jaitley on 28 February 2015 presented Union
Budget 2015-16 in the Lok Sabha and announced the Vision of Budget aimed
at achieving certain things by 2022. Which of the following is/are not part of the
vision that was announced in the budget?
I.
II. At least two members from each family will have access to the means for
livelihood and employment
III. Electrification by 2020
IV. Spirit of entrepreneurship in India will be encouraged
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a)
Only I
b)
Only II
c)
d)
Only II and IV
33. Union Finance Minister, Arun Jaitley on 28 February 2015 presented Union
Budget 2015-16 in the Lok Sabha and highlighted some Macro Economic
Indicators. Which of the following statements in relation to the Macro Economic
Indicators is/are false?
I.
Based on the new series, the real GDP growth is expected to accelerate to 8.4
percent
II.
Consumer Price Index (CPI) inflation rate is 5.1 percent and Wholesale Price
Inflation (WPI) inflation is negative
III. Current Account Deficit for 2014-15 is expected to be below 0.3 percent of GDP
IV. Rupee has become stronger by 6.4 percent against the broad basket of currencies
a)
Only I
b)
Only III
c)
d)
Only II and IV
34. Union Finance Minister, Arun Jaitley on 28 February 2015 presented first full
year Union Budget 2015-16 of NDA government in the Lok Sabha. Jaitley in his
second budget proposed certain direct taxes proposal. Which of the following
is true?
I.
Reduction of the rate of Corporate Tax from 30 percent to 25 percent over the
next 4 years
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114
II.
Tax pass through was proposed for both Category-I and Category-II Alternative
Investment Funds, so that tax is levied on the investors in these Funds and not
on the Funds per se
III. Increase in basic custom duty on Metallergical coke from 2.5 percent to 5
percent.
IV. Tariff rate on iron and steel and articles of iron and steel increased from 10
percent to 15 percent.
a)
b)
Only II and IV
c)
Only I and II
d)
35. Union Finance Minister, Arun Jaitley on 28 February 2015 presented first full
year Union Budget 2015-16 of NDA government in the Lok Sabha. Jaitley while
presenting his second budget proposed certain direct taxes proposal based
on certain broad themes. Which of the following theme was followed while
proposing the taxes?
I.
II.
Job creation through revival of growth and investment and promotion of domestic
manufacturing and Make in India
III. Minimum government and maximum governance to improve the ease of doing
business;
IV. Benefits to middle class taxpayers
a)
b)
Only II and IV
c)
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d)
36. In the Union Budget 2015-16 presented on 28 February 2015 by which year it
has been proposed to provide Housing for All?
a) 2020
b) 2022
c) 2021
d) 2019
37. As on 31 December 2014 what was total installed capacity of renewable power
in India as per Economic Survey 2014-15 presented on 27 February 2015?
a)
b)
35 Giga Watt
c)
40 Giga Watt
d)
38. How many States and Union Territories (UTs) have implemented State Action
Plan on Climate Change (SAPCC) according to Economic Survey 2014-15
presented on 27 February 2015?
a) 29
b) 31
c) 30
d) 28
39. Arrange the given below form of energy in descending order with respect to their
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116
I.
a)
II, I, III, IV
b)
I, II, III, IV
c)
III, I, II, IV
d)
I, II, IV, II
40. Union Finance Minister, Arun Jaitley on 28 February 2015 presented Union
Budget 2015-16 in the Lok Sabha. Which of the following statement/s in context
of the Budget is/are true?
I.
Corporate tax was reduced to 25 percent over next four years from existing 30
percent
II.
Only I
b)
Only II
c)
Only III
d)
41. Union Finance Minister, Arun Jaitley on 28 February 2015 presented Union
Budget 2015-16 in the Lok Sabha. Which of the following statement/s in context
of the Budget is/are false?
I.
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II.
42. As per the Economic Survey 2014-15 released on 27 February 2015, what is the
Medium term Fiscal Deficit target of the Indian Government?
a)
2.5 %
b) 3.25%
c) 3%
d)
None of these
43. As per the Economic Survey 2014-15 released on 27 February 2015, from which
year the Goods and Service Tax will come in effect?
a) 2015-16
b) 2016-17
c) 2017-18
d) 2018-19
44. What is the number of Taxable Services that falls under the Service Tax Net as
per Economic Survey 2014-15 released on 27 February 2015?
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118
a) 52
b) 98
c) 120
d) 100
It is the difference between the rate of real debts and the rate of real borrowings
b)
c)
The difference between the real rate of economic growth on the one hand, and
the real cost of borrowing
d)
None of these
46. The stalling rate of projects has been increasing at an alarmingly high rate.
According to Economic Survey 2014-15 released on 27 February 2015, in which
type of projects it is highest in the last five years?
a) Private Sector Projects
b) Union Government Projects
c) Public-Private Partnership (PPP) Projects
d) State Government Projects
It is an indirect tax
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c)
48. Consider the following statements with respect to carbon emissions in India:
1. India has cut subsidies and increased taxes on fossil fuels (petrol and diesel)
turning a carbon subsidy regime into one of carbon taxation.
2. This has significantly increased petrol and diesel price while reducing annual
CO2 emissions.
a) 1 only
b) 2 only
c) 1 and 2
d) None of the above
49. What is the new target of Solar Power under the Jawaharlal Nehru National
Solar Mission according to Economic Survey 2014-15 released on 27 February
2015?
a) 50000 MW
b) 40000 MW
c) 80000 MW
d) 100000 MW
120
a) 44 %
b) 55 %
c) 66 %
d) 33 %
51. Consider the following statements with respect to 14th Finance Commission
report:
1. The Fourteenth Finance Commission enhanced the share of the states in the
central divisible pool from the current 32 percent to 42 per cent.
2. The Fourteenth Finance Commission has not made any recommendation
concerning sector specific-grants unlike the Thirteenth Finance Commission.
a)
1 Only
b)
2 Only
c) Both 1 and 2
d) Neither 1 nor 2
2015-16 to 2020-2021
b) 2016-17 to 2021-2022
c) 2017-18 to 2022-2023
d) None of these
53. According to the Economic Survey 2014-15 released on 27 February 2015, the
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55. Consider the following Statement with respect to human development in India
as per Economic Survey 2014-15:
1. Indias HDI value for 2013, positioning the country at 135 out of 187 countries
and territories is the lowest among the BRICS countries.
2.
The incidence of poverty declined from 37.2 per cent to 21.9 per cent in 201112 for the country as a whole, with a sharper decline in the number of rural poor.
a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2
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122
56. Consider the following statements with respect to agriculture in the Economic
Survey 2014-15:
I.
The contribution of agriculture sector to the national GDP was 19% during the
tenth five year plan.
II.
The contribution of agriculture sector to the national GDP was 15.2% during the
eleventh five year plan.
a)
Only I
b)
Only II
c)
Both I and II
d)
57. Consider the following statements regarding the financial year 2014-15 given in
the Economic Survey 2014-15 released on 27 February 2015:
I.
II.
a)
Only I
b)
Only II
c)
Both I and II
d)
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I.
The Current Account Deficit was registered as US $17.9 billion during AprilSeptember 2014.
II.
As a proportion of GDP, the CAD declined from 3.1 per cent in the first half of
2013-14 to 1.9 per cent in the first half of 2014-15.
a)
Only I
b)
Only II
c)
Both I and II
d)
59. Which one of the following is not a reason for decline in inflation in recent times
as per Economic Survey 2014-15 released on 27 February 2015?
a)
b)
c)
d)
60. According to the Economic Survey 2014-15 of the Union government the
incidence of poverty came down to what percentage in 2011-12?
a) 21.9%
b) 31.9%
c) 41.9%
d) 11.9%
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124
61. According to the census 2011 how many households used solar energy for
lighting needs?
a)
1.5 million
b)
1.1 million
c)
3.2 million
d)
4.2 million
62. Consider the following statements related to the Economic Survey 2014-15
I.
II.
The RBI formulates and implements the monetary policy of the country.
a)
Only I
b)
Only II
c)
Both I and II
d)
ANSWERS
1.
2.
3.
4.
5.
6.
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7.
8.
9.
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