Daily Current Affairs (MCQ's) | 10-02-2023

Q1. The Fiscal management principles under the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018) include targeting of

1. Fiscal deficit

2. Central Government debt

3. General Government debt

Select the correct answer from codes given below

a. 1 and 2 only

b. 1 and 3 only

c. 3 only

d. 1, 2 and 3 only

Answer (d)

Explanation:

As per the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018)

Fiscal management principles.—

(1) the Central Government shall

(a) take appropriate measures to limit the fiscal deficit upto three per cent. of gross domestic product by the 31st March, 2021;

(b) endeavour to ensure that

(i) the general Government debt does not exceed sixty per cent.;

(ii) the Central Government debt does not exceed forty per cent., of gross domestic product by the end of financial year 2024-2025;

(c) not give additional guarantees with respect to any loan on security of the Consolidated Fund of India in excess of one-half per cent of gross domestic product, in any financial year,

(d) endeavour to ensure that the fiscal targets specified in clauses (a) and

(b) are not exceeded after stipulated target dates.

Q2. Recently seen in news ChatGPT and Bard are

a. AI powered tools

b. Chat bots active on twitter

c. New ransomwares that can talk

d. Global positioning technologies

Answer (a)

Explanation:

Q3. As per the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018) “general Government debt” means

a. The sum total of the debt of the Central Government

b. The sum total of the debt of the Central Government and the State Governments including inter-Governmental liabilities

c. The sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities

d. The sum total of the debt of the State Governments

Answer (c)

Explanation:

As per the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018) “general Government debt” means the sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities;

Q4. As per the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018) the “Central Government debt” may include

1. The total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt

2. The total outstanding liabilities in the public account of India

3. Financial liabilities of any body corporate or other entity owned or ontrolled by the Central Government

Which of the above statements is/are correct?

a. 1 and 2 only

b. 2 and 3 only

c. 1 and 3 only

d. 1, 2 and 3

Answer (d)

Explanation:

As per the Fiscal Responsibility And Budget Management Act, 2003 (as amended in 2018) the “Central Government debt” at any date means

• the total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates;

• the total outstanding liabilities in the public account of India; and

• such financial liabilities of any body corporate or other entity owned or controlled by the Central Government, which the Government is to repay or service from the annual financial statement, reduced by the cash balance available at the end of that date;

Q5. Consider the following statements

1. Gross tax receipts (as percentage of GDP) of the Central government of India has never been in double digits

2. Indirect tax receipts has been more than direct tax receipts in recent years since GST reforms

Which of the above is/are correct?

a. 1 only

b. 2 only

c. Both 1 and 2

d. Neither 1 nor 2

Answer (a)

Explanation: