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Test: Economic and Financial Affairs - CUET MCQ


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10 Questions MCQ Test - Test: Economic and Financial Affairs

Test: Economic and Financial Affairs for CUET 2024 is part of CUET preparation. The Test: Economic and Financial Affairs questions and answers have been prepared according to the CUET exam syllabus.The Test: Economic and Financial Affairs MCQs are made for CUET 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economic and Financial Affairs below.
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Test: Economic and Financial Affairs - Question 1
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Which of the following is planning to regulate Financial Influencers (Finfluencers) in India?

Detailed Solution for Test: Economic and Financial Affairs - Question 1
  • The Securities and Exchange Board of India (SEBI) is reportedly working on a framework to regulate financial influencers.
  • The framework is expected to include the following provisions:
    • Registration and licensing: Financial influencers would need to register with SEBI and obtain a license to operate in India.
    • Education and training: Financial influencers would need to undergo education and training on financial markets and products.
    • Disclosure requirements: Financial influencers would need to disclose their conflicts of interest and any remuneration they receive for promoting financial products or services.
    • Complaints mechanism: Investors would have a mechanism to lodge complaints against financial influencers who violate the regulations.
Test: Economic and Financial Affairs - Question 2
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PM-PRANAM scheme was announced in Budget 2023. What is the objective of the scheme?

Detailed Solution for Test: Economic and Financial Affairs - Question 2
  • Under the scheme, the government aims to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers. 
  • The main objective of the scheme is to reduce the use of chemical fertilizers in agriculture.
  • 500 new 'waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.
  • These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore.
  • Also, a 5 per cent CBG mandate will be introduced for all organisations marketing natural and biogas.
  • For the collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.
  • Bhartiya Prakritik Kheti Bio-Input Resource Centres:
    • To facilitate 1 crore farmers to adopt natural farming, 10,000 Bio-Input Resource Centres will be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
  • The government has also secured Rs 35,000 crore to support the transition towards energy efficiency and security.
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Test: Economic and Financial Affairs - Question 3
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Among the following India is the largest exporter of

Detailed Solution for Test: Economic and Financial Affairs - Question 3
  • India is the largest exporter of textiles in the world.
  • In FY 2021-22, India’s textile exports were valued at $44.4 billion, which is the highest-ever recorded value.
Test: Economic and Financial Affairs - Question 4
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The Government announced what percent increase in the Pradhan Mantri Awas Yojana outlay in 2023-24?
Detailed Solution for Test: Economic and Financial Affairs - Question 4
  • The Finance Minister announced that the outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.
  • The Defence Ministry has been allocated 5.94 lakh crore rupees in Budget 2023-24.
  • This is 13.18 percent of the total budget, and a jump of 13 percent over previous year.
  • The Government has also decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure.
Test: Economic and Financial Affairs - Question 5
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How much amount have been allocated to the Khelo India Programme in Union Budget 2022?
Detailed Solution for Test: Economic and Financial Affairs - Question 5
  • The central government has allocated Rs 3062.60 crore for the financial year 2022-23, an increase of Rs 305.58 crore.
  • In the previous financial year, the government had allocated Rs 2596.14 crore for sports, which was later revised to Rs 2757.02 crore. 
  • The financial allocation towards the Khelo India programme, which got Rs 657.71 crore in the last budget, was increased to Rs 974 crore.
Test: Economic and Financial Affairs - Question 6
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Which state has become the largest manufacturing hub in the country as per the RBI?
Detailed Solution for Test: Economic and Financial Affairs - Question 6
  • Gujarat state’s Gross Value Addition (GVA) has grown at 15.9 per cent annually (in manufacturing) on average between FY’12 and FY’20 to touch Rs 5.11 lakh crore, according to data released by the Reserve Bank of India.
  • Gujarat displaced Maharashtra state.
  • Maharashtra’s annual growth rate during the period was 7.5 per cent, taking the state’s total manufacturing GVA to Rs 4.34 lakh crore in FY’20.
  • Maharashtra continues to lead as the nation’s biggest services hub.
  • Rajasthan, Telangana, and Andhra Pradesh respectively were among the worst performer states which were already among the top ten.
Test: Economic and Financial Affairs - Question 7
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In which year was the new currency symbol of the Indian rupee officially adopted?
Detailed Solution for Test: Economic and Financial Affairs - Question 7
  • In 2010 the new currency symbol of the Indian rupee was officially adopted.
  • The symbol of the Indian Rupee typifies India's international identity for money transactions and economic strength.
    • The Indian Rupee sign is an allegory of Indian ethos.
    • The symbol is an amalgam of Devanagari "Ra" and the Roman Capital "R" with two parallel horizontal stripes running at the top representing the national flag and also the "equal to" sign. The Indian Rupee sign was adopted by the Government of India on 15th July 2010.
    • The symbol, conceptualized and designed by Udaya Kumar, a postgraduate in Design from the Indian Institute of Technology Bombay, has been chosen from thousands of concept entries received by the Ministry of Finance through an open competition among resident Indian nationals.
    • The process of establishing and implementing this new identity is underway through various digital technology and computer applications.
Test: Economic and Financial Affairs - Question 8
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Which of the following Budget is India's first Paperless Budget Presentation?
Detailed Solution for Test: Economic and Financial Affairs - Question 8
  • The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on February 1, 2021, which is the first budget of this new decade and also a digital one in the backdrop of the unprecedented COVID-19 crisis.
  • Minister stated that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
  • This is the First Paperless Budget in India.
Test: Economic and Financial Affairs - Question 9
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The Government of India has set a target of achieving how much solar power capacity by the year 2022?
Detailed Solution for Test: Economic and Financial Affairs - Question 9
  • The data regarding the generation of power from various renewable energy projects is consolidated by the Central Electricity Authority. 
  • As per the Ministry of New and Renewable Energy (MNRE), the solar projects require around 4 to 5 acres of land per MW.
  • All the commissioned and upcoming renewable energy projects are monitored by MNRE.
Test: Economic and Financial Affairs - Question 10
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The allocation towards health and well-being was increased by ______ over the previous year in Union Budget 2021-22.
Detailed Solution for Test: Economic and Financial Affairs - Question 10
  • The allocation towards health and well-being was increased by 137% over the previous year in Union Budget 2021-22. 
  • According to analysts, one of the sectors that have continually been neglected is "health."
  • However, in her Budget 2021-22, Union Finance Minister Nirmala Sitharaman announced a 137 percent increase in the allocation for health from the previous year's budget estimate of over Rs. 94,000 crore (Rs. 94,452 crore) and a 118 percent increase from the previous year's revised budget of over Rs. 1.02 lakh crore (Rs. 1,02,873 crore).
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