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Some examples from this set of practice questions
1.
Why were reforms introduced in India?
Answer: Reforms were introduced in India to modernize its economy, reduce poverty, promote inclusive growth, attract investment, improve infrastructure, and enhance governance effectiveness, among other objectives.
2.
Why is it necessary to became a member of WTO?
Answer: Becoming a member of the World Trade Organization (WTO) offers countries access to a rules-based trading system, which promotes fair trade practices, reduces trade barriers, provides dispute settlement mechanisms, and fosters economic stability and growth through increased international trade.
3.
Why did RBI have to change its role from controller to facilitator of financial sector in India?
Answer: The Reserve Bank of India (RBI) shifted its role from a controller to a facilitator of the financial sector in India to adapt to the changing dynamics of the global economy, promote financial inclusion, encourage innovation, foster competition, and ensure a more efficient and stable financial system that aligns with the needs of a rapidly evolving economy.
4.
How is RBI controlling the commercial banks?
Answer: The Reserve Bank of India (RBI) controls commercial banks through various regulatory measures such as setting reserve requirements, issuing guidelines on capital adequacy, conducting inspections, regulating interest rates, and providing overall supervision to ensure compliance with banking regulations and maintain financial stability
5.
What do you understand by devaluation of rupee?
Answer: Devaluation of the rupee refers to a deliberate decrease in the value of the Indian currency relative to other currencies in the foreign exchange market. This typically occurs when the government or central bank decides to lower the official exchange rate of the rupee, making it cheaper in terms of foreign currencies. Devaluation is often used as a policy tool to boost exports, as it makes Indian goods more competitive in international markets, but it can also lead to higher import costs and inflation domestically.
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