Indian Economy Mixed Practice — MCQs with Answers (Set 36)

The Department of Consumer Affairs amended the Legal Metrology (General) Rules, 2011, to ease compliance for high-capacity weighing instruments.

The amendment introduces a scientific, repeatability-based verification approach, testing an instrument’s own consistency and stability.

The amendment reduces the mandatory standard-weight requirement from 50% of an instrument’s maximum capacity to 20%, before constant loads can substitute for it.

The RBI cancelled Paytm Payments Bank’s licence, once India’s largest payments bank, after a systems audit found persistent KYC and compliance violations.

The RBI granted in-principle approval to 11 of the 41 applications in 2015; only 7 of those 11 ultimately launched.

The Committee suggested ₹50 crore, a tenth of the requirement for regular new banks. The RBI, when it implemented the idea, set the requirement higher, at ₹100 crore.

The Committee recommended giving every Indian resident above 18 a full-service electronic bank account by 1 January 2016.

The Committee was chaired by Nachiket Mor, then a member of the RBI’s Central Board, and released its report in January 2014.

The government introduced a ₹200 per-cylinder subsidy in May 2022, later raised to ₹300 in October 2023.

Ujjwala 2.0 launched in August 2021, with relaxed documentation requirements to make enrolment easier for migrant workers.

The government cut the subsidised cylinder quota from 9 to 4 a year, citing average household consumption.

PMUY deliberately issues the LPG connection in an adult woman’s own name, since she bears the direct health cost of cooking-fire smoke.

PMUY launched on 1 May 2016, at Ballia, Uttar Pradesh, offering deposit-free LPG connections to BPL women.

ARISE runs with ISRO and four ministries: Defence, Food Processing Industries, Health and Family Welfare, and Housing and Urban Affairs.

ARISE offers grants of up to ₹50 lakh, over 9-12 months, to build a minimum usable prototype.

The answer is 2016. AIM is a flagship initiative of NITI Aayog and was set up in 2016. Its Atal Tinkering Labs reach schools. Memory hook: AIM sits under NITI, set up 2016.

SAIL traces its roots to Hindustan Steel Limited (HSL), set up on 19 January 1954.

The public sector held 13.9% of crude steel capacity and produced 15.7% of crude steel output in the quarter.

FCI’s storage capacity stood at more than 482 lakh metric tonnes as of November 2025, spread across over 2,500 operational godowns.

Former Himachal Pradesh Chief Minister Shanta Kumar chaired the committee, which recommended narrower FCI procurement and greater private-sector involvement.

FCI’s third statutory objective is maintaining buffer and operational stocks, distinct from setting MSP itself, which is a separate government function.