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Economics Test Paper 1 for Civil Services Mains 2018

  1. Why India has been described as the engine of economic growth for the world by the IMF in its recent report in the next three decades? What are the main problems facing Indian economy that cast doubt in realizing its potential as an engine of growth?
  2. Although the Indian economy is doing pretty well in terms of economic growth, why it needs to focus on three policy areas, namely Employment: finding good jobs for the young and burgeoning workforce, especially for women over the medium term? What are the policy initiatives of the government in this regard? Why these programmes have not given the desired results?
  3. What do you mean by Twin Balance Sheet Problem? What are the 4 Rs which would go a long way in resolving the Twin Balance Sheet Problem facing India? What progress with regard to 4 Rs has taken place in India?
  4. Why GST is said to be transformational tax in the case of the Indian economy? What are the main problems faced in the implementation of GST? Suggest reforms to make GST a more efficient tax?
  5. Why in recent past the Indian Macroeconomic developments were marked by swings?
  6. Why India did jumped 30 spots on the World Bank’s Ease of Doing Business rankings? Why is it not enough for improving business environment? What needs additionally to improve India’s business environment?
  7. Facilitating “exit” has been one of India’s most intractable challenges as the last 50 years India had gone from “socialism with limited entry to marketism without exit? Explain and elucidate.
  8. What are the objectives and features of proposed Financial Resolution and Deposit Insurance (FRDI) bill? How would it help financial firms?
  9. Do you agree that subsidies are a drag on economic growth and fiscal consolidation? Evaluate the present government policy to rationalize government resources, redirecting them away from subsidies towards public provision of essential private goods and services at low prices, especially to the poor.
  10. What are the indicators of macroeconomic stability? Why the battle for macro-economic stability is never won permanently, but needs a continuous vigil?
  11. The Indian economy’s competitiveness needs to face several challenges such as quality, variety and prices of the products on one hand and the real effective exchange rate on the other in the medium and long term. Discuss.
  12. What are the main sources of employment data in India? Why government has not brought forth employment data from traditional date sources in the last two years? Is employment data from Employees Provident Fund a reliable source to conclude about the state of unemployment in India?
  13. What is fiscal consolidation? What steps have so far been taken for fiscal consolidation in India? Why overcoming the fiscal vulnerability requires halting the steady conversion of contingent liabilities into actual ones?
  14. What is “make in India” and its main components? “Reviving manufacturing and making the sector internationally competitive have been the twin goals of the Make in India program.” Comment.
  15. What do you mean by winners’ curse in case of spectrum auction? What are its adverse consequences? Suggest how to check such a phenomenon and its consequences?

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