Click here to download the schedule – English Medium | Hindi Medium
SUBJECT – Indian Economy
TOPIC – Inflation, Prices, and demand/supply management | Centre-State financial relations and Latest Finance Commission. Fiscal Responsibility & Budget Management Act and Fiscal Reforms in India | Budgetary trends and fiscal policy. Tax reforms in India. Subsidies – cash transfer and other related issues. Trends in revenue and expenditure
For Hindi medium – Click here
Indian Economy PYQs – Click Here
Click on the question to see the model answer. Submit your answers below and complete the 90-day challenge for RAS Mains answer writing
Q1 What is Twin Deficit? 2M
Answer:
Twin deficit – High Fiscal deficit combined with a deficit in the balance of payment on the current account
Fiscal deficit – Fiscal deficit is the difference between the total revenue (Except borrowing) and total expenditure of a government in a financial year
- fiscal deficit for FY22 – 6.4%
- Current Account Deficit – The Current Account Deficit is the sum of net export (Export-Import), Net income from abroad, and net transfers.
- For H1FY23 (April-September), India recorded a CAD of 3.3 per cent of GDP
- India Faced a Twin deficit crisis in 1990s and hence went for LPG reform
Q2 Write down the Composition of the tax profile of the Union Government for the Financial year 2023. 5M
Answer:
GST > Corporation income tax > Personal Income tax > Union Excise Duties > Custom >
- Direct Tax > Indirect Tax > Non tax revenue
- Direct tax – Corporation income tax > Personal Income tax
- Indirect Tax – GST > Union Excise Duties > Custom
Q3 Write down the criteria for Horizontal devolution of finance among states in accordance with the 15th finance commission. 5M
Answer:
The 15th Finance Commission was constituted by the President of India in November 2017, under the chairmanship of NK Singh. Its recommendations covered a period of five years from the year 2021-22 to 2025-26.
| Criteria | Weight (%) |
| Income Distance | 45 |
| Population (2011) | 15 |
| Area | 15 |
| Demographic Performance | 12.5 |
| Forest and Ecology | 10 |
| Tax Effort | 2.5 |
Q4. Write a letter to the Superintendent of Police drawing his attention to the increasing number of criminal cases, violence and unlawful activities in your city (area) and the ineffectiveness of the local police stations.
Answer:
Viratnagar
Jaipur
17 December, 2023
The Superintendent of Police
Jaipur
Subject: Unlawful activities on rise in the city.
Respected Sir
The increasing incidents of thefts, murders and chain-snatching in our locality are causing great concern and a sense of insecurity among the residents. Last three months have witnessed 26 cases of murders, 150 cases of chain-snatching and ten consecutive thefts involving considerable loss of property. It is said that two of the thefts were also accompanied with violence. It has become utterly unsafe to sleep peacefully during the nights and for women to go out in broad daylight. The residents are panic – stricken. This has also affected tourism in the city. The local police stations have proved almost ineffective in checking these crimes. Some notorious criminals are said to have connived with the local cops and are fearlessly active.
I am sure the situation cannot improve until the inefficient and insincere policemen are punished and patrolling is intensified.
Yours faithfully
Manoj Kumar
(Secretary, Green Fields Society)
