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Financial Emergency - Polity, UPSC IAS Examination Video Lecture | Polity and Constitution (Prelims) by IAS Masters
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36 videos|144 docs|138 tests
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FAQs on Financial Emergency - Polity, UPSC IAS Examination Video Lecture - Polity and Constitution (Prelims) by IAS Masters
| 1. What is a financial emergency? |  |
Ans. A financial emergency refers to a situation where a country's financial stability is severely threatened, leading to the imposition of emergency measures by the government to restore economic stability. These measures can include restrictions on currency transactions, freezing of assets, and significant changes in fiscal policies.
| 2. How does a financial emergency impact the polity? | |
Ans. A financial emergency has a significant impact on the polity as it affects the overall governance and decision-making processes. During such emergencies, the government may gain enhanced powers to manage the economy, which can lead to a temporary shift in the balance of power between different branches of the government. Additionally, the emergency measures may also impact the social and political dynamics of the country.
| 3. What is the relevance of financial emergencies in the UPSC IAS examination? | |
Ans. Financial emergencies hold relevance in the UPSC IAS examination as they are an important aspect of the Indian polity and governance. Candidates are expected to have a comprehensive understanding of the impact of financial emergencies on the country's economy, polity, and society. Questions related to financial emergencies may be asked in the General Studies paper or in the Essay paper of the examination.
| 4. What are some examples of financial emergencies in India? | |
Ans. India has witnessed financial emergencies in the past. One notable example is the financial emergency imposed in 1975 by the then Prime Minister Indira Gandhi. This emergency was declared due to the prevailing economic and political instability in the country. It led to the curtailment of civil liberties, censorship of the media, and the centralization of power in the executive branch.
| 5. How can a financial emergency be lifted in India? | |
Ans. In India, a financial emergency can be lifted by the President of India. The President has the authority to revoke the financial emergency if they are satisfied that the situation has improved and the emergency measures are no longer necessary. The revocation can be done through a proclamation issued by the President, after consultation with the Council of Ministers. The decision to lift a financial emergency lies solely with the President.
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Dec 21, 2024 Last updated |
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