Current Affairs - Economy

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Exercise :: Economy - Latest Current Affairs

  • Economy - Latest Current Affairs
1. 

What is the India's GDP forecast for FY18 by the World Bank (WB) in its South Asia Economic Focus (Fall 2017) report?

A. 8.2%
B. 9.1%
C. 7.0%
D. 6.5%

Answer: Option C

Explanation:

The World Bank (WB), in its biannual economic update "South Asia Economic Focus (Fall 2017)", has reduced India's GDP growth forecast to 7.0% for 2017-18 from 7.2% estimated earlier. As per report, the unexpected slowdown in India's growth story is because of the delayed consequence of demonetization, sharp decline in the growth rate of public expenditures and uncertainty created by the introduction of Goods and Services Tax (GST). Apart from WB, Both the Asian Development Bank (ADB) as well as the Organisation for Economic Cooperation and Development (OECD) have also cut their growth projections for India to 7% and 6.7%, respectively, for fiscal 2017-18.

2. 

Which GST committee on exports has been constituted by the Union Finance Ministry?

A. Hasmukh Adhia committee
B. Etela Rajender committee
C. Rita Teaotia committee
D. Sushil Modi committee

Answer: Option A

Explanation:

The Union government has constituted a GST Committee on Exports headed by revenue secretary Dr Hasmukh Adhia to look into issues of export sector and to recommend suitable strategy for helping the export sector in the post-GST scenario to the GST Council. On September 19, the Adhia - headed panel is meeting in New Delhi to deliberate on the issues faced by the industry under the Goods and Services Tax (GST) and holding discussion with representatives from 8 export promotion associations the difficulties faced by the exporters. Commerce Secretary Rita Teaotia is also attending the meet. The panel is mandated to recommend to the GST Council a suitable strategy for helping the export sector in the post-GST set-up.

3. 

According to DBS India's GDP growth likely to slip below how much % this financial year?

A. 7.8%
B. 7.2%
C. 7%
D. 7.5%

Answer: Option C

Explanation:

India's GDP growth is likely to reduce below 7 % this financial year. According to DBS, two main reasons for the downfall are demonetisation in November 2016 and GST implementation in July 2017. These added to the already slow growth in manufacturing and investment sectors.

4. 

The income limit defining 'creamy layer' for OBC reservation has been raised to

A. 5 lakh per annum
B. 8 lakh per annum
C. 9 lakh per annum
D. 6 lakh per annum

Answer: Option B

Explanation:

The income limit defining 'creamy layer' for OBC reservation has been raised by Rs 2 lakh per annum even as the Union cabinet approved setting up of a panel for sub-categorization within the other backward classes for even distribution of reservation benefits. The ministry of social justice and empowerment had proposed that OBC families which earn more than Rs 8 lakh per year should be classified as 'creamy layer' -- the ceiling which bars members of the other backward classes from availing reservations in employment.

5. 

How many percentage of GST applicable on selling of space for advertisement in Print Media?

A. 7%
B. 6%
C. 5%
D. 9%

Answer: Option C

Explanation:

Union Government clarified that five percent Goods and Service Tax (GST) is applicable on selling of space for advertisement in print media if an agency buys space from the newspaper and sells the same to clients on its own account. The GST rate will be 18 percent of the sale commission, if the agency works as an agent of the newspaper on a commission basis.