[{"explanation": "<p>The GST Compensation cess is levied on luxury and sin goods, and the proceeds are used to compensate states for any loss they incur within the first five years of GST implementation. According to the GST Act, States and UTs with Assemblies are guaranteed compensation if the GST revenue growth is less than 14 per cent. The amount is paid bi-monthly.</p>\n<p>Even after 28 years of the 73rd and 74th Amendments, the local governments do not have the promised transfer of funds, functions and functionaries. They do not fall under the GST regime.</p>", "question": "<p>With reference to GST Compensation, consider the following statements:</p>\n<ol>\n<li>Under the GST Act, the compensation for revenue gap is to be paid to the states for a period of 5 years.</li>\n<li>In case of shortfall in the GST Compensation Fund, the Central Government is required to compensate the states from the Consolidated Fund of India.</li>\n<li>State finance commission distribute the GST component of local bodies to different local governance system.</li>\n</ol>\n<p>Which of the statements given above is/are correct?</p>", "options": [{"option_id": "5f4e7c4b7737d4266466e9cc", "is_correct_answer": true, "title": "<p>1 only</p>"}, {"option_id": "5f4e7c4b7737d4266466e9cd", "is_correct_answer": false, "title": "<p>1 and 2 only</p>"}, {"option_id": "5f4e7c4b7737d4266466e9ce", "is_correct_answer": false, "title": "1 and 3 only"}, {"option_id": "5f4e7c4b7737d4266466e9cf", "is_correct_answer": false, "title": "All of the above"}], "question_id": "5f4e7c4b7737d4266466e9cb"}, {"explanation": "<p>Forests’ was a State subject until transferred to the Concurrent list by the 42nd Amendment Act.</p>\n<p>The Environmental Perfor­mance Index has been deve­loped by two U.S. universities (Yale and Columbia) in collabora­tion with the World Economic Forum and European Commis­sion</p>\n<p>India secured <strong>168 rank</strong> in the 12<sup>th</sup> edition of the biennial Environment Performance Index (<strong>EPI Index 2020</strong>) — that measured the environmental performance of 180 countries. India's rank was <strong>177</strong> (with a score of 30.57 out of 100) in 2018.</p>", "question": "<p>Consider the following statements –</p>\n<ol>\n<li>Forests’ was a State subject until transferred to the Concurrent list by the 42nd Amendment Act.</li>\n<li>The Environmental Perfor­mance Index has been deve­loped by UNEP.</li>\n<li>India has improved its raking in Environment performance Index in 2020 from 2018.</li>\n</ol>\n<p>Select the correct option –</p>", "options": [{"option_id": "5f4e7c897737d4266466e9d3", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7c897737d4266466e9d4", "is_correct_answer": false, "title": "<p>1 and 2 only</p>"}, {"option_id": "5f4e7c897737d4266466e9d5", "is_correct_answer": true, "title": "1 and 3 only"}, {"option_id": "5f4e7c897737d4266466e9d6", "is_correct_answer": false, "title": "3 only"}], "question_id": "5f4e7c897737d4266466e9d2"}, {"explanation": "<p>GDP of India contracted last time in 1979-80. It has contracted five time, including the present contraction of Q1 (2020-21)</p>\n<p><img class=\"img_with_preview\" height=\"311\" src=\"https://tinglado-mediafiles.s3.amazonaws.com/media/editor_images/2020/9/1/22/24/41/5f4e7cd17737d44c8a3820eb_OI.PNG\" width=\"304\"/></p>\n<p><strong>Recession </strong>- fall in the overall economic activity for two consecutive quarters (six months) accompanied by a decline in income, sales and employment.</p>", "question": "<p>Consider the following statements –</p>\n<ol>\n<li>COVID-19 pandemic has caused the GDP contraction for the first time in last 25 years.</li>\n<li>Recession is defined as a fall in the overall economic activity for two consecutive quarters accompanied by a decline in income, sales and employment.</li>\n</ol>\n<p>Select the correct option –</p>", "options": [{"option_id": "5f4e7cd47737d44c8a3820ed", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7cd47737d44c8a3820ee", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7cd47737d44c8a3820ef", "is_correct_answer": true, "title": "Both 1 and 2"}, {"option_id": "5f4e7cd47737d44c8a3820f0", "is_correct_answer": false, "title": "None of the above"}], "question_id": "5f4e7cd47737d44c8a3820ec"}, {"explanation": "<p>GDP in India is estimate by NSO under the Ministry of statistics and programme implementation.</p>\n<p>All sector has seen contraction in last quarter, except AGRICULTURE.</p>\n<p><img class=\"img_with_preview\" height=\"332\" src=\"https://tinglado-mediafiles.s3.amazonaws.com/media/editor_images/2020/9/1/22/25/41/5f4e7d0d7737d44c8a3820f5_OI.PNG\" width=\"601\"/></p>", "question": "<p>Consider the following statements –</p>\n<ol>\n<li>GDP in India is estimate by NSO under the department of revenue, ministry of finance.</li>\n<li>In the first quarter of 2020-21 all the sector of economy has seen contraction.</li>\n</ol>\n<p>Select the correct option –</p>", "options": [{"option_id": "5f4e7d0f7737d44c8a3820f7", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7d0f7737d44c8a3820f8", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7d0f7737d44c8a3820f9", "is_correct_answer": false, "title": "Both 1 and 2"}, {"option_id": "5f4e7d0f7737d44c8a3820fa", "is_correct_answer": true, "title": "None of the above"}], "question_id": "5f4e7d0f7737d44c8a3820f6"}, {"explanation": "<p>In 2008, India did not face any economic recession. There was not GDP contraction.</p>\n<p>There is standard definition of recession.</p>\n<p><strong>Recession </strong>- fall in the overall economic activity for two consecutive quarters (six months) accompanied by a decline in income, sales and employment.</p>\n<p>So there is no need of deceleration of recession by any institution.</p>", "question": "<p>Consider the following statements –</p>\n<ol>\n<li>Present economic recession is in India has happened only after 2008.</li>\n<li>Economic recession is declared by RBI in India as per the RBI act 1934.</li>\n</ol>\n<p>Select the correct option –</p>", "options": [{"option_id": "5f4e7d477737d4266466e9de", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7d477737d4266466e9df", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7d477737d4266466e9e0", "is_correct_answer": false, "title": "Both 1 and 2"}, {"option_id": "5f4e7d477737d4266466e9e1", "is_correct_answer": true, "title": "None of the above"}], "question_id": "5f4e7d477737d4266466e9dd"}]
GDP FALLS 23.9% IN FIRST QUARTER + RBI MOVES TO EASE LIQUIDITY FURTHER
The lockdown imposed due to COVID-19 has led to both demand and supply side disruption to the Indian Economy. According to a recent report published by National Statistical Office (NSO), the GDP has contracted by 24% in the first quarter (April-June) of 2020-21 as compared to 5% growth registered in Q1 2019-20. It is for the first time that India has recorded contraction in the quarterly GDP data since it started publishing GDP data on a quarterly basis since 1996. Further, India has seen contraction in GDP for the first time in the last 41 years since 1979.
Contraction of Economy
Highlights of the GDP Estimates
Economic Recession in India
Reasons for present Economic Slowdown
Decoding Investment Slowdown
Trends in Investment Rates
Reasons for decline in Investment
PLA AGGRESSION BLOCKED AT PANGONG TSO + CHINA CONTROLS 1000 SQ. KM IN LADAKH
PLA troops violated the previous consensus arrived at during military and diplomatic engagements during the ongoing standoff in Eastern Ladakh and carried out provocative military movements to change the status quo.
Ongoing standoff in Eastern Ladakh
Changing status quo on the south bank of Pangong Tso
China controls 1000 sq. km in Ladakh
GST REFORM NEEDS A NEW GRAND BARGAIN
As the impacts of Covid-19 pandemic are increasingly becoming clearer, the acute shortages of revenues have made it difficult for the states to run the government. One of the reasons is that the centre is going back on promise to compensate the states for revenue losses due to GST implementation. In this regard, this article suggests new measures.
Centre going back on GST Promise
GST Act
GST Compensation Cess
Why centre is on a wrong footing while denying to stick to its promise?
A low, moderate and Uniform Tax rate is the need of hour
EX-PRESIDENT PRANAB MUKHERJEE PASSES AWAY
Former President Bharat Ratna Pranab Mukherjee passed away at the age of 84 and has been cremated with state honours at the Lodhi Road crematorium in New Delhi. Pranab Mukherjee had a long political career where he served as Member of Parliament seven times and helmed important post during the Prime Ministership of Indira Gandhi and Dr. Manmohan Singh. His contributions are
only after 2008 wala question is poorly framed . as far as i know upsc will not confuse us with such statement. that only means upsc is stating a fact that in 2008 india faced recession and asking us to answer if we faced recession again after 2008.
Vikram gurjar 6 months ago
as far as i know upsc will not confuse us with such statement.
that only means upsc is stating a fact that in 2008 india faced recession and asking us to answer if we faced recession again after 2008.