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17 Aug 2026
Economy Affairs
India's macroeconomic outlook remains strong, driven by steady real GDP expansion, active fiscal consolidation through infrastructure Capex, and well-capitalized commercial banks with declining bad loans (GNPAs). Concurrently, retail inflation management via the RBI’s Flexible Inflation Targeting framework and robust foreign exchange reserves ensure external stability and price control.

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Monetary Policy & Inflation: RBI benchmarks the repo rate

Questions & Answers

Test your understanding of this current affair.

21
What does the Union Budget present?
Answer: Estimated government receipts and expenditure
22
Which Article covers the Union Annual Financial Statement?
Answer: Article 112
23
Which body recommends tax sharing between Union and states?
Answer: Finance Commission
24
What is disinvestment?
Answer: Sale of government stake in a public-sector enterprise
25
Which regulator oversees India's securities market?
Answer: SEBI
26
Which institution supports agricultural and rural development finance?
Answer: NABARD
27
What is a main function of commercial banks?
Answer: Accept deposits and provide loans
28
What is financial inclusion?
Answer: Access to useful and affordable financial services
29
Which scheme promotes bank-account access in India?
Answer: Pradhan Mantri Jan Dhan Yojana
30
What does MGNREGA provide under its provisions?
Answer: Legal guarantee of wage employment to rural households
31
Which measure represents average income per person?
Answer: Per capita income
32
HDI mainly considers which dimensions?
Answer: Health, education and income
33
Which index measures retail inflation in India?
Answer: Consumer Price Index (CPI)
34
What does Balance of Payments record?
Answer: Transactions between a country's residents and the rest of the world
35
When is there a trade surplus?
Answer: When exports exceed imports in value
36
What is India's official currency?
Answer: Indian rupee
37
What does currency depreciation mean?
Answer: A fall in its value relative to other currencies
38
Which body publishes India's national income estimates?
Answer: National Statistical Office (NSO)
39
What is the main purpose of the Public Distribution System?
Answer: Supply essential food grains to eligible households at subsidised prices
40
Which is a major food crop cultivated in Kerala?
Answer: Rice
41
Which is a major plantation crop of Kerala?
Answer: Rubber
42
Which traditional Kerala industry produces coir products?
Answer: Coir industry
43
Which sector is important to Kerala through tourism, trade and IT?
Answer: Services sector
44
What is Kudumbashree mainly associated with?
Answer: Women-led community empowerment and poverty eradication
45
What is a main role of Kerala State Planning Board?
Answer: Support state planning and development policy
46
Which body administers many direct taxes in India?
Answer: Central Board of Direct Taxes (CBDT)
47
Which body makes recommendations on GST in India?
Answer: GST Council
48
What is a likely effect of a repo-rate increase?
Answer: Borrowing may become costlier, helping curb inflationary pressure
49
Which institution is India's central bank?
Answer: Reserve Bank of India
50
Which institution insures eligible bank deposits within prescribed limits?
Answer: DICGC
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