The 'Urjit Patel Committee' recommended which inflation target for India? MCQ with Answer and Explanation

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The 'Urjit Patel Committee' recommended which inflation target for India?

A. 2%

B. 5% fixed

C. 6% with a band of +/- 1%

D. 4% with a band of +/- 2%

Answer: Option D

Solution (By JKSSB Mock Tests)

The Urjit Patel Committee recommended an inflation target of 4% with a +/- 2% band.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Immediate Payment Service' is an interbank electronic fund transfer service available:

A. 24x7

B. only during banking hours

C. only on weekdays

D. only at branches

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Correct Answer: Option A

Explanation:
IMPS is available 24x7 for instant interbank fund transfers.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Union Budget' in India is presented in Parliament on:

A. 1 March every year

B. 1 April every year

C. 31 March every year

D. 1 February every year

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Correct Answer: Option D

Explanation:
Since 2017, the Union Budget is presented on 1 February.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of growth theory, 'Semi-Endogenous Growth' models feature:

A. Long-run growth that depends on population growth but not on policy parameters that affect the R&D share

B. No role for research and development

C. Long-run growth that is fully endogenous to policy

D. Only exogenous technological progress

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Correct Answer: Option A

Explanation:
Semi-endogenous growth models retain diminishing returns to knowledge in the R&D sector, so that long-run growth is proportional to population growth and is not affected by the share of resources devoted to R&D.

This question belongs to: Economy GK Economy Set 1

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