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 'Goods and Services Tax' on export of services is:

A. 28%

B. 18%

C. zero-rated

D. 5%

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Correct Answer: Option C

Explanation:
Export of services is zero-rated under GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a measure of economic development rather than mere growth?

A. Increase in money supply

B. Increase in foreign exchange reserves only

C. Increase in GDP only

D. Improvement in HDI, reduction in poverty and inequality

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Correct Answer: Option D

Explanation:
Economic development is a broader concept than growth and includes improvements in living standards, health, education, reduction in poverty and inequality, as reflected in indices like HDI.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Inclusive Growth' emphasises:

A. Growth that is broad-based, creates productive employment and reduces poverty and inequality

B. Only the maximisation of GDP growth regardless of distribution

C. Only growth in the formal sector

D. Only growth in urban areas

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Correct Answer: Option A

Explanation:
Inclusive growth is economic growth that generates productive employment opportunities for a large part of the labour force and ensures that the benefits of growth are widely shared.

This question belongs to: Economy GK Economy Set 1

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