GK Questions

MSP is an administrative policy decision taken by the Government of India based on the recommendations of the CACP. It does not have statutory or constitutional backing, meaning farmers cannot legally force the government or private buyers to purchase their produce at the announced MSP.

The Mahatma Gandhi National Rural Employment Guarantee Act legally mandates that at least one-third (33%) of the total beneficiaries or person-days generated under the scheme must be women. This provision is designed to ensure female participation in the rural workforce and promote grassroots economic empowerment.

Considered an unfair trade practice under WTO rules.

Imposes a strict physical limit on the quantity imported.

Used primarily to protect domestic industries from foreign competition.

Makes domestic goods cheaper and more competitive abroad.

Foreign Exchange Management Act, passed in 1999.

FDI and FII flows are recorded in the Capital account.

A systematic record of all economic transactions with the world.

International Development Association.

IMF provides short/medium term Balance of Payments support.

Established on Jan 1, 1995, replacing GATT.

Historically estimated by Planning Commission using Tendulkar/Rangarajan methods.

Refers to the 15-59 years working-age population.

Components are Health (life expectancy), Education, and Standard of living.

Served as the Finance Minister during the 1991 crisis.

Also famously known as the White Revolution in India.

Primarily focused on high-yielding varieties of wheat and rice.

Liberalization, Privatization, and Globalization.

Co-existence of government and private business entities.