QUIZ – 2016: Insights Current Affairs Quiz- 58

Solution: c.

“More than Rs 40,000 crore of subsidies are provided for fertilisers. Similarly, another Rs 40,000 crore of subsidies are provided in the electricity sector. Fertiliser and electricity subsidies together amount to 1.6 per cent of the GDP, much of which leaks abroad or to non-agricultural uses, or goes to inefficient producers, or to firms given the exclusive privilege to import.”

“By volume, milk production is to the tune of about 146 million tonnes in the country. But it is feared that over 60% of the milk is contaminated due to malpractices in milk supply chain which includes dilution with unsafe water. The milk is otherwise said to be adulterated with contaminants such as urea, salt, detergent, liquid soap, boric acid, caustic soda, soda and hydrogen peroxide which have hazardous health effects.”

Sources: Wikipedia; Britannica; PIB

http://indianexpress.com/article/opinion/columns/budget-2016-one-for-bharat/

Solution: a.

“The Fourth Annual Employment-Unemployment Survey conducted by the Labour Bureau during the period January 2014 to July 2014 has shown that the Labour Force Participation Rate (LFPR) is 52.5 % for all persons. However, the LFPR for rural areas stands at 54.7% which is much greater than that for rural areas i.e. 47.2 %. The LFPR for women is significantly lower than that for males in both rural and urban areas.”

http://pib.nic.in/newsite/PrintRelease.aspx?relid=136875

Solution: a.

“Economic Survey 2015-16 states that the Gender Parity Index (2013-14 Provisional) however, shows an improvement in girls’ education, with parity having been achieved between girls and boys at almost all levels of education. The Government has taken several steps to provide education to underprivileged, vulnerable and marginalized people such as SCs, STs, other Backward Classes (OBC) including Minorities and other Economically Backward Classes through various programmes of education. ‘Digital Gender Atlas for Advancing Girl’s Education in India’ was launched last year to help identify low-performing geographic pockets for girls, particularly from marginalized groups.”

http://pib.nic.in/newsite/PrintRelease.aspx?relid=136874

Solution: c.

“While revenue deficit is the difference between revenue receipts and revenue expenditure, the present accounting system includes all grants from the Union Government to the state governments/Union territories/other bodies as revenue expenditure, even if they are used to create assets. Such assets created by the sub-national governments/bodies are owned by them and not by the Union Government. Nevertheless they do result in the creation of durable assets.”

“According to the Finance Ministry, such revenue expenditures contribute to the growth in the economy and therefore, should not be treated as unproductive in nature. In the Union Budget (2011-12) a new methodology has been introduced to capture the ‘effective revenue deficit’, which excludes those revenue expenditures (or transfers) in the form of grants for creation of capital assets.”

See GRAPHIC

Solution: b.

Direct Taxes:

Corporation Tax: 19paise
Income Tax: 14p

Indirect taxes:

Service and other taxes: 9p
Excise duty: 12p
Customs duty: 9p

Non-tax revenue: 13p

Capital Receipts:

Borrowings and other liabilities: 21p
Non-Debt Capital Receipts: 3p

To understand better, see GRAPHIC