Question Discussion & Solution

The correct answer is Minimum reserve system.

Key Points

India Currency System:

• In terms of section 22 of the reserve bank of india act, the RBI has been given the statutory function of notes issue on a monopoly basis.
• The note issue in india was originally based upon the " Proportional Reserve System ".
• When it becomes difficult to maintain the re-serve proportionately.
• It was replaced by " Minimum Reserve Systems ".

• According to the RBI amendment act of 1957, the bank should now maintain a minimum reserve of Rs.200 crore worth of gold coins.
• The gold bullion and foreign securities of which the value of gold coin and bullion should be not less than Rs.115 crore. 

The correct answer is 7 April 2013.

• Mukhyamantri Nishulk Jaanch Yojna (MNJY) was launched on 7 April 2013.

Key Points

Mukhyamantri Nishulk Jaanch Yojna (MNJY):

Additional Information

• Mukhyamantri Nishulk Jaanch Yojna (MNJY):
  • This scheme is not only to make the tests available free of cost but through this scheme, strengthening of the medical services has been done at all the state hospitals of Rajasthan.
  • The main aim of the scheme is to strengthen the existing laboratories and other diagnostic facilities in all public health institutions.
  • The scheme has been implemented uniformly across all districts of the State.
  • The benefits of the scheme have been extended to the entire population of 7 Crore.

The correct answer is 1, 2 and 3.

Key Points

• Planning in India:
  • History of Economic Planning In India
    • Economic planning in India dates back to the pre-Independence period when leaders of the freedom movement and prominent industrialists and academics got together to discuss the future of India after Independence which was soon to come.
    • Noted civil engineer and administrator M. Visvesvaraya is regarded as a pioneer of economic planning in India. Hence statement 1 is correct.
    • His book “Planned Economy for India” published in 1934 suggested a ten-year plan, with an outlay of Rs. 1000 crore and a planned increase of 600% in industrial output per annum based on the economic conditions of the time. 
    • The Constitution came into force on 26 January 1950. 
    • Subsequently, Planning Commis­sion was set up on 15 March 1950 and the plan era started from 1April 1951 with the launch­ing of the First Five Year Plan (1951-56).​

• Long term objectives of Five Year Plans in India are:
  • High Growth rate to improve the living standard of the residents of India.
  • Economic stability for prosperity.
  • Self-reliant economy.
  • Social justice and reducing the inequalities.
  • Modernization of the economy.
  • The idea of economic planning for five years was taken from the Soviet Union under the socialist influence of first Prime Minister Pt. Jawahar Lal Nehru. Hence statement 2 is correct.
  • The first eight five-year plans in India emphasized growing the public sector with huge investments in heavy and basic industries, but since the launch of the Ninth five-year plan in 1997, attention has shifted towards making the government a growth facilitator. Hence statement 3 is correct.

The correct answer is Neither 1 nor 2.

Key Points

• Agriculture is the backbone of the Indian economy.
• Over the years, there has been a continuous decline in the share of the agriculture and allied activities sector to total GDP from around 52% in FY1951 to around 14% in FY2014.
• Agriculture is the main source of employment generation in India.
• It still provides more than 50% employment. In absolute terms, the working population engaged in the agriculture sector increased from 97.2 million to 234.1 million during 1950-2011.
• In India, the farming community uses the mixed crop-livestock farming system — cattle, goats, fowl are the widely held species.
• Livestock production provides increased stability in income, food security, transport, fuel, and nutrition for the family without disrupting other food-producing activities.
• The distribution of livestock in India:
  • Poultry accounts for the largest share with 58 per cent followed by cattle and buffaloes (24 per cent), goats and sheep (16 per cent), pigs (1 per cent).
  • Other animals which include camels, asses, horses, ponies, and mules are in the lowest rung. Hence, statement 1 is not correct.
• In the fisheries sector, presently, fish production from inland sources contributes about 64 per cent to the total value of fish production, and the balance of 36 per cent comes from the marine sector (sea and oceans).
• Today total fish production accounts for 0.8 per cent of the total GDP. In India, West Bengal, Andhra Pradesh, Kerala, Gujarat, Maharashtra, and Tamil Nadu are major fish-producing states. Hence, statement 2 is not correct.

The correct answer is Kota.

Key Points

• Takli irrigation cum drinking water supply project is on river Takli.
• It is a tributary of Ajmer River as well as Kalisindh River.
• The dam site is located near village Dhankya in the Kota district.
• The project would provide an irrigation facility in an area of 7,386 hectares.
• It provides a drinking water facility to 4 villages and 2 towns of Ramganjmandi Tehsil, Kota district.
• The estimated cost of the project is Rs. 51.81 crores.