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PTS 2025 | Solution | Test Code : 211129 |

Q.1)
Ans) a
Exp) Option a is the correct answer.
The steady rise in the prices of various goods and services is known as Inflation. The variation in the price
level in India can be measured in terms of the Wholesale Price Index (WPI), or the Consumer Price Index
(CPI).
Statement 1 is correct: The Consumer Price Index (CPI), or cost of living index, measures the average
change in retail prices for a representative basket of goods and services. In contrast, the Wholesale
Price Index (WPI) focuses only on the wholesale prices of a representative basket goods. It does not
include items pertaining to services.
Consumer Price Index items and weightage:

Wholesale Price Index items and weightage:

Statement 2 is incorrect: The Wholesale Price Index (WPI) uses the financial year 2011-12 as its base
year, while the Consumer Price Index (CPI) is also based on the calendar year 2012.
Source: https://ncert.nic.in/textbook/pdf/kest107.pdf
https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=1201#
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1798312
https://pib.gov.in/PressReleasePage.aspx?PRID=2017908
https://pib.gov.in/PressReleasePage.aspx?PRID=1894925#:~:text=The%20Survey%20advises%20that%2
0the,input%20costs%20on%20retail%20prices.
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.2)
Ans) c
Exp) Option c is the correct answer.
In India, inflation is measured using two indices: the Wholesale Price Index (WPI) and the Consumer Price
Index (CPI). Initially, India had four CPI variants to reflect different consumption patterns: CPI for
Industrial Workers (CPI-IW), Urban Non-Manual Employees, Agricultural Labourers (CPI-AL), and Rural
Labourers (CPI-RL). In 2011, the government introduced a new CPI framework with CPI (Rural), CPI
(Urban), and a combined CPI-C (Combined), while continuing to publish data for the four original CPIs.

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9311740400, 9311740900 | https://academy.forumias.com | [email protected] | [email protected]

[1]
PTS 2025 | Solution | Test Code : 211129 |

Option 1 is incorrect: The Wholesale Price Index (WPI) in India is released monthly by the Office of the
Economic Adviser, which operates under the Ministry of Commerce and Industry.
Option 2 is correct: In India, the Consumer Price Index (CPI)- Combined is released by the National
Statistical Office (NSO) functioning under the Ministry of Statistics and Programme Implementation
(MoSPI).
Options 3 and 4 are incorrect: Consumer Price Index for Agricultural Labourers and Consumer Price
Index for Industrial Workers are compiled by the Labour Bureau, an attached office of the Ministry of
Labour and Employment.
Option 5 is correct: Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) is also
released by National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation
(MoSPI)
Knowledge Base:
The National Statistical Office (NSO), formed by merging the Central Statistics Office (CSO) and the
National Sample Survey Office (NSSO) in 2019, operates under the Ministry of Statistics and Programme
Implementation (MoSPI). It is responsible for collecting, compiling, and disseminating statistical data on
various socio-economic indicators, including the Periodic Labour Force Survey (PLFS).
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=2017908
https://cpi.mospi.gov.in/Default1.aspx#:~:text=Ministry%20of%20Statistics%20and%20Programme%20
Implementation%20%7C%20Government%20Of%20India
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1978288#:~:text=Press%20Release:%20Press%20
Information%20Bureau
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2042014
https://pib.gov.in/PressReleasePage.aspx?PRID=1956659
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.3)
Ans) a
Exp) Option a is the correct answer.
The "inflation targeting" framework is a monetary policy strategy introduced in India based on a
Memorandum of Understanding (MoU) between the Reserve Bank of India (RBI) and the Government of
India. In May 2016, the RBI Act, 1934 was amended to provide a statutory basis for the implementation of
the inflation targeting framework.
Statement 1 is correct: The Central Government notified in official gazette the Consumer Price Index
(CPI) inflation target at 4%, with an upper tolerance limit of 6% and a lower tolerance limit of 2% for
the period from August 5, 2016, to March 31, 2021. In 2021, the Central Government extended this inflation
target and tolerance band for the subsequent five-year period, from April 1, 2021, to March 31, 2026.
Statement 2 is incorrect: As per Section 45-ZA of the RBI Act, 1934, the Central Government shall, in
consultation with the Reserve Bank of India (RBI) (the power is not vested with RBI Governor),
determine the inflation target in terms of consumer price index (CPI), once in every five years.
Source: https://m.rbi.org.in/scripts/FS_Overview.aspx?fn=2752
https://rbi.org.in/Scripts/PublicationsView.aspx?id=20350
Subject:) Economics
Topic:) Inflation
Subtopic:)

[2]
PTS 2025 | Solution | Test Code : 211129 |

Q.4)
Ans) c
Exp) Option c is the correct answer.
Option c is correct: A Goldilocks scenario in an economy refers to an ideal situation where there is a
steady growth. The economic growth is neither too high to trigger inflation and nor too low for a
slowdown. The Goldilocks scenario is good for investors as companies perform well and stocks prices
increases. For example, during the mid-1990s in the U.S., the economy experienced steady growth with
low inflation, creating a favorable market for investors. Further in India, the period between 2003-2007
saw strong economic growth with controlled inflation, making it an ideal environment for investors.
Source: https://www.business-standard.com/podcast/economy-policy/what-is-goldilocks-scenario-
122092100085_1.html
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.5)
Ans) b
Exp) Option b is the correct answer.
Depending upon the range of increase, and its severity, inflation is classified into different categories.
Pair 1 is correct: Hyperinflation is an extremely high and typically accelerating rate of inflation, where
the prices of goods and services rise rapidly and uncontrollably. It often results in a severe erosion of the
real value of currency in very short span of time.
Pair 2 is incorrect: Core inflation measures the changes in the price level of goods and services other
than food articles and fuel is known as core inflation. It refers to the rate of price rise in non-food and
non-fuel items and is regarded as less volatile in nature.
Pair 3 is correct: Stagflation is an economic condition when stagnant economic growth, high
unemployment, and high inflation combine together. Basically, inflation plus stagnant growth equals
stagflation. The term emerged during the 1973-1975 recession. In India, the situation implies stagflation in
the future due to a fall in economic growth during coronavirus lockdowns.
Source: Indian Economy by Ramesh Singh
https://www.business-standard.com/about/what-is-stagflation
https://www.thehindu.com/specials/text-and-context/shrinkflation/article65918802.ece
https://economictimes.indiatimes.com/news/economy/indicators/india-firmly-on-growth-track-tk-
arun/articleshow/5617275.cms?from=mdr
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.6)
Ans) a
Exp) Option a is the correct answer.
Deflation and disinflation refer to two different conditions regarding the direction and change of general
price levels in the economy. Deflation refers to falling prices or in other words, the opposite of inflation
(rising prices).
Disinflation does not refer to the direction of prices (as inflation and deflation do). It refers to the rate of
change. It is a slowdown in the rate of inflation. For example, deflation would be an inflation rate of -1

[3]
PTS 2025 | Solution | Test Code : 211129 |
percent, while disinflation would be a change in the inflation rate from 3 percent one year to 2 percent in
the next.
Statement 1 is correct: Deflation means prices are falling and the inflation rate is negative, while
disinflation means a slowdown in the rate of inflation while remaining positive. Disinflation occurs
more commonly than deflation.
Statement 2 is incorrect: During times of deflation, since the money supply is tightened, there is an
increase in the value of money, which increases the real value of debt. During disinflation the price of
goods and services increase over time, effectively decreasing the number of goods and services one can
buy with a rupee in the future as opposed to a rupee today. This effectively decreases the time value of
money. Since inflation is positive during disinflation, the value of money decreases.
Statement 3 is incorrect: During disinflation Stocks can, and often do, perform well when the bonds are
likely to deliver above-average returns in a disinflationary scenario since it makes central banks less likely
to raise interest rates and more likely to reduce them. Whereas deflation is an extremely destructive
condition for the economy and financial markets. During periods of deflation, stock prices are likely to
perform poorly.
Source: https://indianexpress.com/article/explained/explained-economics/explainspeaking-
greedflation-inflation-india-explained-
8687194/#:~:text=In%20other%20words%2C%20disinflation%20refers,was%20in%20June%20last%20ye
ar.
https://indianexpress.com/article/business/world-market/prices-start-falling-us-economists-say-
9242078/
https://www.thebalancemoney.com/the-difference-between-deflation-and-disinflation-
416888#:~:text=Deflation%20means%20prices%20are%20falling,occurs%20more%20commonly%20than
%20deflation
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.7)
Ans) a
Exp) Option a is the correct answer.
Inflation refers to the general increase in the prices of goods and services in the economy.
Statement-I is correct. Globally, food inflation based on the FAO index has been in negative territory
since November 2022. It’s been the opposite in India, with the official consumer food price index inflation
remaining stubbornly sticky and elevated. The food inflation based on the Consumer Food Price Index
(CFPI) increased from 3.8 per cent in FY22 to 6.6 per cent in FY23 and further to 7.5 per cent in FY24.

[4]
PTS 2025 | Solution | Test Code : 211129 |

This persistent inflation is largely due to limited transmission of global price trends, government export
restrictions, and domestic production challenges in staples like cereals and pulses. These factors have
insulated India's food market from global influences, maintaining elevated inflation levels.
Statement-II is correct. India’s food inflation is less impacted by global price trends because the
country is largely self-sufficient in most food commodities. The only significant exceptions are edible
oils and pulses, where India relies heavily on imports. In other areas, such as cereals, sugar, dairy, poultry,
and fruits and vegetables, India is not only self-sufficient but also an exporter, limiting the impact of
global price movements on domestic inflation. Thus, Statement-II explains Statement-I.
Statement-III is correct. The primary drivers of food inflation in India are domestic production
factors. Concerns over the production of key staples such as cereals, pulses, and sugar have contributed
to inflation. For instance, pulses inflation has been in double digits due to reduced planting areas, and
cereal inflation has been elevated due to production concerns, especially with wheat. Weather-related
risks, such as heat stress or unseasonal rains, could further exacerbate the situation, affecting crop
yields and pushing prices higher. In FY23 and FY24, the agriculture sector was affected by extreme
weather events, lower reservoir levels, and damaged crops that adversely affected farm output and food
prices. Thus, Statement-III explains Statement-I.
Therefore, both Statement-II and Statement-III are correct and both of them explain Statement-I.
Source: https://indianexpress.com/article/explained/explained-economics/food-inflation-india-
factors-reasons-9121289/
https://timesofindia.indiatimes.com/business/india-business/explainer-why-food-prices-will-remain-
high-in-india-why-has-the-monsoon-not-helped/articleshow/111169276.cms
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2034947#:~:text=So%2C%20food%20inflation%2
0based%20on,7.5%20per%20cent%20in%20FY24.
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.8)
Ans) a
Exp) Option a is the correct answer.
Cost-push inflation occurs when rising input costs, such as cost of capital (due to increased interest rates
in economy) and cost labor and raw materials leads to a decrease in the supply of goods. With demand
remaining steady, the reduced supply drives up prices, causing an overall increase in the price level. This
type of inflation is driven by higher production costs.

[5]
PTS 2025 | Solution | Test Code : 211129 |

Option 1 is correct. A significant wage increase raises labor costs, which businesses pass on to
consumers through higher prices to cover their expenses. This results in cost-push inflation, where the
rising costs of production drive up the overall price level..
Option 2 is correct. Supply chain disruptions caused by natural disasters can raise input costs by
reducing availability or increasing transportation expenses. These higher costs are often passed on to
consumers, leading to increased prices for goods and contributing to cost-push inflation as production
becomes more expensive..
Option 3 is correct. When the Union Government increases taxes on raw materials, it makes production
more expensive for businesses. To cover these higher costs, businesses often raise the prices of their
products. This leads to cost-push inflation, where the increased costs of raw materials cause a general
rise in the prices of goods and services.
Option 4 is incorrect. A decrease in interest rates by the Reserve Bank of India may lead to demand-
pull inflation. Lower interest rates make borrowing cheaper, encouraging people and businesses to
spend more. As demand for goods and services increases, prices rise because more money is chasing the
same amount of goods, creating demand-pull inflation.
Source: https://economictimes.indiatimes.com/definition/cost-push-inflation
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.9)
Ans) d
Exp) Option d is the correct answer.
To address the shortcomings of the existing methodology for estimating poverty in India, the Planning
Commission established an Expert Group under the leadership of Professor Suresh D. Tendulkar in
December 2005.
The committee submitted its report in December 2009, presenting revised poverty lines and ratios for
the year 2004-05. This report introduced significant changes to the poverty estimation methodology. For
comparative analysis, the committee also recalculated these figures for 1993-94 using the same
methodology. These findings were subsequently adopted by the Planning Commission.
Statement 1 is correct: The Suresh D. Tendulkar Committee recommended moving away from the
traditional calorie consumption-based poverty estimation to a more comprehensive approach that
includes expenditure on health and education, and other expenditures like clothing and footwear-based
estimation. This approach considers broader aspects of living standards.
Statement 2 is correct: This committee adopted a new method, moved from calorie-based poverty
estimation to a basket of commodity-based approach called it Poverty Line Basket (PLB). It called to
adopt urban poverty line for rural area also, after adjusting for price differential. It means the quantity
of consumption fixed for both urban and rural is same and only the price differs. By this the urban India
PLB which is fixed at ₹ 578.80 was re-valued at ₹ 446.68 for rural India at 2004-05 prices. This was to
ensure consistency and comparability in poverty measurement between different regions
Statement 3 is correct: The committee suggested changes in the price adjustment procedure to
address spatial and temporal variations in prices, making poverty estimates more accurate and
reflective of real purchasing power across different regions and times. This overcomes the limitations of
using fixed base-year weights by using a combination of unit values derived from successive NSSO’s
Consumer Expenditure Surveys and price-relatives derived from the Consumer Price Indices.
Source: Indian economy by Shankar Ganesh, Chapter 4 (Poverty and Unemployment)
https://www.niti.gov.in/sites/default/files/2020-05/press-note-poverty-2011-12-23-08-16.pdf

[6]
PTS 2025 | Solution | Test Code : 211129 |
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.10)
Ans) c
Exp) Option c is the correct answer.
Government of India takes several steps to control the increase in the price level of food items in the
country. Such steps are usually aimed at increasing the supply of the food items.
Option 1 is correct. Procuring paddy using the Price Stabilization Fund (PSF):
The government has approved inclusion of wheat and rice under its price stabilization fund (PSF) after it
started selling Bharat atta and rice as part of its retail intervention in a bid to tame inflation. Established
under the Department of Consumer Affairs, the PSF allows the government to procure and maintain
buffer stocks of essential items like paddy, onions and pulses, stabilizing prices by releasing stocks during
shortages and curbing hoarding and inflation.
Option 2 is correct. Importing paddy from global markets: Governed by the Food Safety and Standards
(Import) Regulations, 2017, the government imports food items to address domestic shortages and control
prices, mitigating the impact of supply deficits and preventing price spikes.
Source: https://www.thehindu.com/business/Economy/government-has-taken-many-proactive-
steps-to-control-the-prices-of-food-items-food-and-consumer-affairs-minister/article67672054.ece
https://pib.gov.in/Pressreleaseshare.aspx?PRID=1518044
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.11)
Ans) c
Exp) Option c is the correct answer.
The Phillips Curve, introduced by economist A.W. Phillips in 1958, illustrates an inverse relationship
between inflation and unemployment. It suggests that lower unemployment in an economy tends to
come with higher inflation, and vice versa. For example, during periods of low unemployment, increased
demand for goods and services can drive up prices, leading to inflation. While influential in economic
policy, the relationship has been debated, particularly during periods of stagflation, where both inflation
and unemployment are high.
Source: https://egyankosh.ac.in/bitstream/123456789/39247/1/Unit-4.pdf
https://forumias.com/blog/phillipscurve/
Subject:) Economics
Topic:) Inflation/Unemployment
Subtopic:)

Q.12)
Ans) b
Exp) Option b is the correct answer.
The 'National Career Service (NCS) project was initiated in July 2015, serving as a comprehensive platform
offering a wide range of employment and career-related services.

[7]
PTS 2025 | Solution | Test Code : 211129 |

Statement 1 is correct: NCS aims to create an interface between jobseekers and employers. It is
expected to provide job opportunities to both the skilled as well as unskilled workers. Hence, the given
statement is correct.
Statement 2 is correct: NCS provides free of cost training to job seekers in advanced computing areas.
For this, NCS has collaborated with the private sector through the DigiSaksham program to provide a
complimentary, self-guided Online/Offline Training Program focused on "Career Skills." This program
aims to empower jobseekers with a diverse set of soft and digital skills to enhance their employability.
Statement 3 is incorrect: NCS has recently added ‘International Job’ module on the portal, which
facilitates employers registered with the Ministry of External Affairs to post international job
opportunities on the NCS portal and the jobseekers to search and apply for these opportunities. Hence,
the statement given is incorrect.
Source: Economic Survey 2022-23 (Chapter 6- Social Infrastructure and Employment: Big Tent)
https://www.business-standard.com/article/current-affairs/ncs-portal-to-act-as-primary-job-
platform-for-skilled-unskilled-workers-123020701845_1.html
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.13)
Ans) c
Exp) Option c is the correct answer.
The Periodic Labour Force Survey (PLFS) gives estimates of Key employment and unemployment
Indicators like, the Labour Force Participation Rates (LFPR), Worker Population Ratio (WPR),
Unemployment Rate (UR), etc.
Option c is incorrect: The Unemployment Rate is the percentage of unemployed persons among the
total labour force, not the total population.
Option a is correct: Worker Population Ratio (WPR) is defined as the percentage of employed persons in
the population.
Option b is correct: Labour Force Participation Rate (LFPR) is defined as the percentage of persons in
labour force (i.e. working or seeking or available for work) in the population.
Option d is correct: - Current Weekly Status (CWS) determines activity on the basis of a reference period
of last 7 days preceding the date of survey is known as the current weekly status (CWS) of the person
Source:
https://pib.gov.in/PressReleasePage.aspx?PRID=2020668#:~:text=Labour%20Force%20Participation%2
0Rate%20(LFPR)%3A%20LFPR%20is%20defined%20as,of%20employed%20personsin%20the%20populati
on.
https://www.mospi.gov.in/sites/default/files/publication_reports/PLFS%20Key%20labour%20Force
%20Indicators%20Calendar%20Year%202023.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.14)
Ans) c
Exp) Option c is the correct answer.

[8]
PTS 2025 | Solution | Test Code : 211129 |
Cyclical unemployment occurs when there is a broad decrease in aggregate demand for goods and
services across the economy, leading to a decline in employment and a corresponding rise in
unemployment. For this reason, it is often referred to as "demand-deficient unemployment.”
The scenario outlines a recession-driven drop in consumer spending and global demand, resulting in
decreased sales, widespread layoffs, and a surge in unemployment. This situation aligns with the
concept of Cyclical Unemployment, which arises when a broad decline in aggregate demand for goods
and services across the economy leads to reduced employment and increased unemployment.
Knowledge Base:
1) Frictional unemployment: This type of unemployment refers to a transition period of looking for a new
job, for different reasons, such as seeking a better job, being fired from a current job, or having voluntarily
quit a current job.
2) Structural unemployment: It occurs when there is a mismatch between the skills and qualifications of
workers and the requirements of available jobs in the economy. This type of unemployment is often
caused by long-term shifts in the economy, such as technological advancements, changes in consumer
preferences, or globalization, which can render certain skills obsolete or lead to the decline of specific
industries.
3) Seasonal unemployment, a subset of frictional unemployment, arises in occupations or activities that
depend on seasonal demand. For instance, in rural areas, workers may experience joblessness during off-
season periods, such as non-cultivation times, when agricultural activities temporarily cease, highlighting
the cyclical nature of these employment patterns.
Source: https://egyankosh.ac.in/bitstream/123456789/39247/1/Unit-4.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.15)
Ans) d
Exp) Option d is the correct answer.
All developing countries, including India suffer from structural unemployment, which exists both in open
and disguised forms. The problem in developing countries can better be summarized as
underemployment - a partial lack of work, low employment income, and underutilization of skills or low
productivity, rather than unemployment.
Statement 1 is incorrect: Hidden Underemployment occurs when an individual is employed in a job that
requires fewer skills, qualifications, or experience than they actually possess. In other words, the
individual is overqualified for their current job. This type of underemployment is "hidden" because the
individual appears to be fully employed, but their skills and abilities are not being fully utilized. Example: A
highly skilled engineer working as a data entry clerk.
Statement 2 is incorrect: Disguised Underemployment occurs when an individual is employed on a full-
time basis, but their actual work hours or productivity are less than full-time. This can be due to
various reasons such as: Underutilization of skills, Lack of challenging work, Insufficient workload, Poor
time management. For example, if a family of five works on a piece of land that only needs three people,
the extra two people are underemployed.
Source: https://egyankosh.ac.in/bitstream/123456789/39247/1/Unit-4.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

[9]
PTS 2025 | Solution | Test Code : 211129 |

Q.16)
Ans) c
Exp) Option c is the correct answer.
Labour Bureau, an attached office under Ministry of Labour and Employment, was set up on 1st October
1946. It is entrusted with the work of compilation, collection, analysis and dissemination of statistics on
different aspects of labour.
It is a storehouse of important economic indicators like Consumer Price Index Numbers for Industrial,
Agricultural and Rural Labourers; wage rate indices and data on industrial relations, socio-economic
conditions in the organised and unorganised sector of industry etc.
Source) https://labourbureau.gov.in/reports-on-statistics-on-industrial-disputes-closures-
retrenchments-and-lay-offs-in-industries-in-india-1
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.17)
Ans) c
Exp) Option c is the correct answer.
The Periodic Labour Force Survey (PLFS) is published by the Ministry of Statistics and Program
Implementation (MoSPI) of the Government of India. Since 2017, the National Statistical Office (NSO),
which replaced the former National Sample Survey Office (NSSO), has been conducting the PLFS. The
survey is conducted annually, from July to June, and collects data on employment and unemployment
across the country.
The objective of PLFS is primarily two-fold:
1) to estimate the key employment and unemployment indicators (viz. Worker Population Ratio, Labour
Force Participation Rate, Unemployment Rate) in the short time interval of three months for the urban
areas only in the ‘Current Weekly Status’ (CWS).
2) to estimate employment and unemployment indicators in both ‘Usual Status’ and CWS in both rural
and urban areas annually.
Source:
https://www.mospi.gov.in/sites/default/files/publication_reports/PLFS%20Key%20labour%20Force
%20Indicators%20Calendar%20Year%202023.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.18)
Ans) d
Exp) Option d is the correct answer.
Economic Growth means an increase in the level of Gross Domestic Product of the country. It can be
possible only when all the factors of production are applied in the right manner i.e., land, labor, capital,
and entrepreneurship.
Economic growth widens opportunities and provides the resources needed to invest in human
development. This also encourages people to send their children, including girls, to schools in the hope of
getting better economic returns from investing in education.
Option 1 is incorrect. Economic growth means an increase in national income, but economic growth may
not reduce income inequality because

[10]
PTS 2025 | Solution | Test Code : 211129 |

1) Economic growth often creates the best opportunities for those who are highly skilled and educated.
2) Modern economies are creating an increased number of part-time/flexible service sector jobs. In
these sectors, wages have been lagging average earnings.
Option 2 is incorrect. Economic growth does not necessarily reduce poverty. Economic growth leads to
poverty reduction only when it is accompanied by equitable income distribution. Suppose there is a
disparity in income distribution and a wide gap between the income earned by the top and bottom
income strata. In the case of income inequality, economic growth will lead to concentration of income in
the hands of the few rich, the level of poverty might increase.
Option 3 is incorrect. Economic growth does not necessarily lead to a reduction in unemployment. The
phenomenon of jobless growth is often seen in economies around the world. For example, growth
cannot solve structural and frictional unemployment; this is unemployment caused by lack of skills and
geographical immobility.
Source: https://www.oecd.org/derec/unitedkingdom/40700982.pdf
https://www.economicshelp.org/macroeconomics/inequality/poverty-inequality-economic-growth/
https://nios.ac.in/media/documents/SrSec318NEW/318_Economics_Eng/318_Economics_Eng_Less
on3.pdf
Subject:) Economics
Topic:) Poverty/Unemployment
Subtopic:)

Q.19)
Ans) d
Exp) Option d is the correct answer.
The labor force participation rate (LFPR) measures the percentage of the working-age population
employed or actively seeking employment. It is a key economic indicator reflecting the active
workforce's size relative to the total population. LFPR is influenced by factors like age, gender, education,
economic conditions, and social norms. A higher LFPR generally indicates a healthier economy with more
people contributing to production and consumption. However, it can also be affected by demographic
shifts and changes in labor market participation patterns.
Statement 1 is incorrect: According to the Periodic Labour Force Survey (PLFS) Annual Report 2022-
2023, the LFPR in rural areas increased from 50.7% in 2017-18 to 60.8% in 2022-23. For urban areas, the
LFPR also increased from 47.6% in 2017-18 to 50.4% in 2022-23.
Statement 2 is incorrect: According to the Periodic Labour Force Survey (PLFS) Annual Report 2022-
2023, LFPR for males in India increased from 75.8% in 2017-18 to 78.5% in 2022-23. Similarly, the LFPR
for females increased from 23.3% in 2017-18 to 37.0% in 2022-23.
Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1966154
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.20)
Ans) c
Exp) Option c is the correct answer.
Statement a is correct: Dome-shape or bell-shaped pyramid is seen in countries like India, Bangladesh,
Mexico and Brazil that are witnessing demographic dividend phase. The population growth rates decline,
and life expectancy increases and becomes about 70 years. The lower- middle portion slightly bulges out
and the shape of the pyramid resembles a dome or bell.

[11]
PTS 2025 | Solution | Test Code : 211129 |

Statement b is correct: Demographic Dividend is the result of decline in a country’s mortality and
fertility and the subsequent change in the age structure of the population.
Statement c is incorrect: Demographic dividend is not conducive when dependency ratio is high.
Demographic dividend is a window of opportunity when share of the working age population between 15
and 64 years of age increases and share of children and elderly people age group decreased. Thus,
changes in the age structure due to the demographic transition lower the ‘dependency ratio’.
Statement d is correct: Demographic Dividend is a demographic and economic concept. It refers to an
accelerated economic growth that a nation experiences once in a lifetime. It occurs when working age
population grows at a faster pace than dependent population, provided that government policies and
institutions are conducive to create employment opportunities for an expanding labour force. In this
respect the conducive policies applied by government for the skill development of workers is fruitful to
realize the benefits of demographic dividend in a country.
Source: https://egyankosh.ac.in/bitstream/123456789/76242/1/Unit-3.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.21)
Ans) b
Exp) Option b is the correct answer.
The Multidimensional Poverty Measure (MPM) is an index that captures a comprehensive picture of
poverty by measuring the percentage of households in a country that are deprived across three
dimensions: monetary poverty, education, and basic infrastructure services. It considers various aspects
of well-being beyond just income.
Statement 1 is incorrect: The Multidimensional Poverty Measure is published by the World Bank not
United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development
Initiative (OPHI) (they publish multidimensional poverty index).
Statement 2 is correct: The Multidimensional Poverty Measure (MPM) aims to understand poverty
beyond monetary deprivations (though monetary poverty remains the focal point of the World Bank’s
global poverty monitoring) by incorporating access to education and basic infrastructure alongside the
monetary headcount ratio at the $2.15 international poverty line.
Statement 3 is correct: According to the MPM data South Asia has a multidimensional poverty rate of
17.3% in 2024, making it the second most multidimensionally poor region globally, after Sub-Saharan
Africa, which has a rate of 52.2%. This means that 17.3% of the population in South Asia is considered
multidimensionally poor, experiencing deprivations in various indicators beyond just income. The data
also shows that monetary poverty in South Asia is 8.1%, highlighting the significant difference when
considering multiple dimensions of poverty.
Source: https://www.worldbank.org/en/topic/poverty/brief/multidimensional-poverty-measure
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.22)
Ans) a
Exp) Option a is the correct answer.

[12]
PTS 2025 | Solution | Test Code : 211129 |

The term 'culture of poverty' was coined by anthropologist Oscar Lewis in the 1960s. It refers to a
social theory that explains how poverty is perpetuated across generations through the adoption of
certain cultural values and practices.
1) According to Lewis, individuals in impoverished communities develop a distinct set of behaviors,
beliefs, and attitudes that differ significantly from those in mainstream society. These cultural traits, such
as fatalism, resignation, and a focus on immediate gratification, are seen as adaptive responses to
economic deprivation and social marginalization.
2) Lewis argued that the culture of poverty includes a lack of participation in societal institutions, low
aspirations, and an inability to plan for the future, which together create a cycle that is difficult to break.
3) Critics, however, have pointed out that this theory may overlook structural factors like systemic
inequality and economic barriers, attributing poverty too heavily to individual or cultural failings rather
than broader societal issues.
4) Despite the controversy, the concept raises important questions about the complex relationship
between poverty, culture, and behavior, and highlights the need to address both material and
psychological aspects of poverty alleviation.
Source: https://egyankosh.ac.in/bitstream/123456789/27710/1/Unit-22.pdf
https://www.niti.gov.in/sites/default/files/2024-07/SDG_India_Index_2023-24.pdf
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.23)
Ans) a
Exp) Option a is the correct answer.
The SDG India Index, developed by NITI Aayog, tracks the progress of Indian states and union
territories towards achieving the Sustainable Development Goals (SDGs). It provides a comprehensive
overview of social, economic, and environmental performance, aiding policymakers and stakeholders in
identifying areas needing attention and resources to achieve sustainable development.
Statement 1 is correct: According to the data from the SDG India Index 2023-24, 99.7% of individuals
who sought employment under the Mahatma Gandhi National Rural Employment Guarantee Act
(MGNREGA) in 2023–2024 were provided with employment opportunities. This reflects a significant
achievement in ensuring job security for rural households.
Statement 2 is correct: SDG India Index uses the Data from the National Family Health Survey (NFHS-
5) for 2019-21 which indicates that 95.4% of households live in pucca (permanent) or semi-pucca
(partially permanent) houses. This marks a considerable improvement in housing conditions across
India.
Statement 3 is incorrect: DG India Index uses the Data from NFHS-5 data which shows that 41% of
households had at least one member covered under a health insurance or health scheme in 2019-21 not
90%, a notable increase from 28.7% reported in NFHS-4 (2015-16). This improvement demonstrates
progress in expanding access to healthcare and insurance coverage.
Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2032857
Subject:) Economics
Topic:) Poverty
Subtopic:)

[13]
PTS 2025 | Solution | Test Code : 211129 |

Q.24)
Ans) b
Exp) Option b is the correct answer.
Statement 1 is incorrect: Employment elasticity is a measure of the percentage change in employment
associated with a 1 percentage point change in economic growth (not inflation rate). The employment
elasticity indicates the ability of an economy to generate employment opportunities for its population as
a percent of its growth (development) process.
Statement 2 is correct: The employment elasticity refers to the percentage change in employment
associated with a 1% increase in GDP. Therefore, the higher the employment elasticity, the more labour-
intensive growth. On the other hand, in capital intensive economy or in capital intensive sectors of
economy, the employment elasticity is generally low as with increased growth percentage, the capital-
intensive sectors or the capital-intensive economy does not absorb the equivalent number of labours
in the workforce.
Source: 7 PM | Jobless growth becomes more systemic | 12th July, 2019 -ForumIAS Blog
Reserve Bank of India - Publications (rbi.org.in)
https://www.egyankosh.ac.in/bitstream/123456789/19434/1/Unit-19.pdf
India’s Employment Elasticity Almost Zero | Mint (livemint.com)
gupea_2077_61745_1.pdf;jsessionid=58734AA5B7EF98DAA41490E809A719B8
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.25)
Ans) c
Exp) Option c is the correct answer.
The Global Multidimensional Poverty Index MPI is published annually by the Oxford Poverty and
Human Development Initiative (OPHI) in collaboration with the United Nations Development
Programme (UNDP).
The MPI assesses poverty through three main dimensions and ten indicators:
1) Health: Child mortality and nutrition
2) Education: Years of schooling and school attendance
3) Living Standards: Cooking fuel, sanitation, drinking water, electricity, housing and assets

Bank account is not included in the calculation of Global MPI.

Knowledge Base:
1) The National Multidimensional Poverty Index (N-MPI) is developed and calculated by NITI Aayog, the
policy think tank of the Government of India.
2) The N-MPI includes two additional indicators compared to the Global MPI: Bank Account (in the
dimension of Standard of living) and Maternal Health (in the dimension of Health)

[14]
PTS 2025 | Solution | Test Code : 211129 |
3) The N-MPI aims to provide a more localized and nuanced measure of poverty within India, reflecting
specific socio-economic conditions and needs.
Source: https://hdr.undp.org/content/2023-global-multidimensional-poverty-index-
mpi#/indicies/MPI
https://www.undp.org/india/national-multidimensional-poverty-index-progress-review-2023
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.26)
Ans) d
Exp) Option d is the correct answer.
People living below a poverty line don't have enough to meet their basic needs. Countries typically define
national poverty lines, and the World Bank uses the lines of a group of the poorest countries to define the
international extreme poverty line of $1.90 per day.
Statement I is incorrect: According to the latest World Bank data, extreme poverty in India declined by
38 million in 2021, bringing the total number of people living in extreme poverty to 167.49 million.
Hence, while significant progress has been made, India has not yet eradicated extreme poverty and is
not the first Asian Nation to end extreme poverty, as per World Bank report.
Statement II is correct: The World Bank Group has indeed set a goal to eradicate extreme poverty
worldwide by 2030, which is a well-established target in line with the Sustainable Development Goals
(SDGs). Among the 17 SDGs, ending extreme poverty is goal number one, and it is the same for the World
Bank Group.
Hence, Statement-I is incorrect but Statement-II is correct.
Source: https://www.business-standard.com/economy/news/extreme-poverty-in-india-eased-in-
2021-but-remained-above-2018-level-123101801314_1.html
https://www.worldbank.org/en/programs/sdgs-2030-
agenda#:~:text=Nearly%20800%20million%20people%20now,for%20the%20World%20Bank%20Group.
https://indianexpress.com/article/business/india-eliminated-extreme-poverty-brookings-report-
9192018/
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.27)
Ans) d
Exp) Option d is the correct answer.
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), enacted in 2005, is a
landmark legislation aimed at enhancing livelihood security in rural areas of India. The Act focuses on
creating durable assets and strengthening the rural economy by providing wage employment
opportunities through the execution of various projects such as water conservation, land development,
afforestation, and rural connectivity.
Option a is correct: MGNREGA guarantees at least 100 days of wage employment in a financial year to
adult members of any rural household willing to do unskilled manual work.
Option b is correct: MGNREGA mandates that at least one-third of the beneficiaries must be women to
ensure gender equity and women's participation in the workforce.

[15]
PTS 2025 | Solution | Test Code : 211129 |

Option c is correct: If an applicant is not provided employment within 15 days of application, they are
entitled to receive an unemployment allowance as per the provisions of MGNREGA.
Option d is incorrect: The Ministry of Rural Development is the nodal ministry responsible for the
implementation of MGNREGA, not the Ministry of Labour and Employment.
Source: https://rural.gov.in/sites/default/files/nrega/Library/Books/1_MGNREGA_Act.pdf
Subject:) Economics
Topic:) Poverty/Unemployment
Subtopic:)

Q.28)
Ans) a
Exp) Option a is the correct answer.
Poverty estimation in India involves determining the percentage of the population living below the
poverty line. This line is defined based on minimum consumption expenditure required to meet basic
needs for food, clothing, shelter, education, and healthcare. Various committees like Alagh, Lakdawala,
Tendulkar, and Rangarajan have contributed to evolving the methodology for poverty estimation in India.
Option a is correct: Alagh Committee (1979): This committee was the first to officially define the poverty
line in India based on nutritional requirements and consumption expenditure.
Lakdawala Committee (1993): This committee updated the poverty line methodology by considering a
wider range of consumption items beyond just food.
C. Rangarajan Committee (2012): This committee was tasked with reviewing the Tendulkar Committee's
methodology and suggesting alternative approaches to poverty estimation.
Source: Indian Economy by Ramesh Singh - Human Development in India
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.29)
Ans) c
Exp) Option c is the correct answer.
The Ministry of Labour & Employment has developed e-SHRAM portal for creating a National Database
of Unorganized Workers (NDUW) for optimum realization of their employability and extend the benefits
of the social security schemes to them. It is the first-ever national database of unorganised workers
including migrant workers, construction workers, gig and platform workers, etc.
Statement a is correct: Ministry of Labour and Employment launched eShram portal (eshram.gov.in) on
26th August 2021 for creation of a comprehensive National Database of Unorganised Workers (NDUW)
verified and seeded with Aadhaar. eShram portal is meant to register and support the unorganised
workers by providing them a Universal Account Number (UAN) and eShram cards.
Statement b is correct: One of the main objectives of this portal is to facilitate delivery of Social Security
Schemes to the worker. The data aims at delivery of social security benefits as implemented by Central &
State Ministries. It will also ensure portability of the social security and welfare benefits to the migrant
and construction workers at their working places.
Statement c is incorrect: Any individual satisfying following condition can register on the portal:
1) An unorganised worker (UW).
2) Age should be between 16-59 years.
3) Not a member of EPFO/ESIC or NPS (Govt. funded)

[16]
PTS 2025 | Solution | Test Code : 211129 |

The database is seeded with Aadhaar and for age group between 16-59 years. It includes construction
workers, migrant workers, gig workers, platform workers, agricultural workers, MGNREGA workers,
fishermen, milkmen, ASHA workers, Anganwadi workers, street vendors, domestic workers, rickshaw
pullers and other workers engaged in similar other occupations in the unorganised sector.
Statement d is correct: The eShram has an integration with National Career Service (NCS) and Skill India
Digital Hub (SIDH), with an aim to formalise the unorganised workers. The integration of eShram with
NCS is to provide suitable better job opportunities for unorganised workers.
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=2041672
https://pib.gov.in/PressReleasePage.aspx?PRID=1943207
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1989163
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.30)
Ans) a
Exp) Option a is the correct answer.
The Quintile Income Ratio is a measure of income inequality. It compares the average income of the top
20% of the population (the richest quintile) to the average income of the bottom 20% of the population
(the poorest quintile).
This ratio provides insight into the disparity between the incomes of the wealthiest and the poorest
segments of society. A higher ratio indicates greater income inequality, while a lower ratio suggests a
more equitable distribution of income.
Source: Indian economy by Shankar Ganesh, Chapter 4 (Poverty and Unemployment)
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.31)
Ans) d
Exp) Option d is the correct answer.
Poverty can be defined as the social phenomenon in which a section of society is unable to fulfil even its
basic necessities of life.
Statement 1 is correct. Poverty Line is the conventional approach to measuring poverty. It refers to the
minimum expenditure (or income) required to purchase a basket of goods and services necessary to
satisfy basic necessities of life.
Absolute Poverty refers to a condition where household income is below the necessary level to
maintain basic necessities of life like food, housing, education and health etc.
Relative Poverty is the condition in which people lack the minimum amount of income needed in order
to maintain the average standard of living in the society in which they live.
Statement 2 is correct. The headcount ratio is a key measure used to assess the incidence of poverty
within a population. It indicates the percentage of the population whose income falls below the
established poverty line. The proportion of the population below the poverty line is called the
headcount ratio (HCR).
Statement 3 is correct. The poverty gap is the ratio by which the mean income of the poor falls below
the poverty line. The intensity of poverty makes it possible to see how far the living standard of the poor
population is from the poverty line. Poverty gap measures the intensity of poverty.
Forum Learning Centre: Delhi - 2nd Floor, IAPL House, 19 Pusa Road, Karol Bagh, New Delhi - 110005 | Patna - 2nd floor, AG Palace, E Boring Canal
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9311740400, 9311740900 | https://academy.forumias.com | [email protected] | [email protected]

[17]
PTS 2025 | Solution | Test Code : 211129 |
Source: https://www.ncert.nic.in/ncerts/l/keec104.pdf
https://www.oecd.org/en/data/indicators/poverty-gap.html#:~:text=Definition-
,The%20poverty%20gap%20is%20the%20ratio%20by%20which%20the%20mean,poverty%20level%20in
%20a%20country.
Indian Economy by Sankar Ganesh Chapter 4-Poverty and Unemployment
Subject:) Economics
Topic:) Poverty
Subtopic:)

Q.32)
Ans) b
Exp) option b is the correct answer.
The Human Development Index (HDI) is published by the United Nations Development Programme
(UNDP) and uses three key indicators to assess a country's human development as shown in the figure
given below.

Option 1 is correct. Average years of schooling -. It measures the average number of years of education
received by people ages 25 and older.
Option 2 is correct. Per capita income – It represents the gross national income per capita used in HDI
Option 4 is correct. Life expectancy at birth - It indicates the average number of years a newborn is
expected to live if current mortality rates continue.
Option 3 and 5 are incorrect: The Gross Enrolment Ratio in Primary Schools and the per capita
consumption expenditure are not included in calculation of HDI by UNDP.
Source: Indian Economy by Ramesh Singh -Chapter – Growth Development and Happiness - Human
Development Index
Image Source - https://hdr.undp.org/data-center/human-development-index#/indicies/HDI
Subject:) Economics
Topic:) Human Development
Subtopic:)

Q.33)
Ans) a
Exp) Option a is the correct answer.
Option a is correct: The Fisher Effect is an economic theory created by economist Irving Fisher that
describes the relationship between inflation and both real and nominal interest rates.
It is expressed by an equation popular as the fisher equation, i.e., R = r + F; where R = nominal interest
rate, r = real interest rate and F = rate of annual inflation. The nominal interest rate on a loan is the sum
of the real interest rate and the rate of inflation expected over the duration of the loan.

[18]
PTS 2025 | Solution | Test Code : 211129 |

Option b is incorrect: Domino effect is an economic situation in which one economic event causes a
series of similar events to happen one after the other. For example, experts believe that the falling of
share indices around the world in early-2008 was a domino effect of the sub-prime crisis faced by the US
economy.
Option c is incorrect: Goodhart’s Law is the idea of that suggests that attempts by a central bank to
regulate the level of lending by banks imposing certain controls can be circumvented by the banks
searching the alternatives out of the regulatory preview.
Option d is incorrect: Pigou effect is named after Arthur Cecil Pigou. It is a sort of wealth effect resulting
from deflation/disinflation (i.e., price fall). The fall in price level increases the real value of people’s
money, making them wealthier inducing increased spending by them; higher demand creation leads to
higher employment.
Knowledge Base: The Fisher effect can be seen each time one goes to the bank. The interest rates an
investor has on a savings account is really the nominal interest rate. For example, if the nominal interest
rate on a savings account is 4 per cent and the expected rate of inflation is 3 per cent, then money in the
savings account is really growing at 1 per cent.
Source: Indian Economy by Ramesh Singh – 12th Edition – Glossary.
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.34)
Ans) d
Exp) Option d is the correct answer
The Union Budget is an annual financial statement with estimated receipts and expenditure of the
Indian Government. It is presented before the Parliament in the month of February for every
forthcoming financial year.
Option d is correct. The Union Budget is prepared by the Budget Division under the Department of
Economic Affairs, which operates under the Union Ministry of Finance. It is also the nodal agency of
the Union Government to formulate and monitor country's economic policies and programmes.
Knowledge Base:
Though Union Budget (speech) is presented by the Finance Minister but a whole lot of people are
involved backstage in the preparation of it. Steps in budget preparation:
1) The process begins about six months prior to the presentation of the budget, around August-
September of the previous year.
2) The union Finance Ministry issues circulars to all ministries, states and union territories for them to
prepare estimates for the upcoming financial year.
3) All the ministries, states and UTs put forward their revenues and expenses from the previous year,
adding to the estimates.
4) The Chief Economic Advisor is consulted to have an overview.
5) The Finance Ministry holds pre-budget consultations, and then finally discusses with PM
6) The Union Budget is finally prepared.
Source: https://www.deccanherald.com/business/union-budget/union-budget-who-prepares-the-
union-budget-2854204
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

[19]
PTS 2025 | Solution | Test Code : 211129 |

Q.35)
Ans) d
Exp) Option d is the correct answer.
Fiscal deficit is the difference between the government’s total expenditure and its total receipts
(excluding borrowing). It is an indication of the total borrowings needed by the government.
Primary deficit is the difference between the fiscal deficit of the current year and the interest paid by
the government on loans obtained in the past. It indicates the government’s borrowings that are utilised
to pay the interest on loans rather than on capital expenditure
In the Union Budget 2024-25, the Union government aims to reach a 4.5% fiscal deficit in 2025-26.
Statement 1 is incorrect. As can be seen in the figure below. the fiscal deficit as a percent of GDP
increased from 3.4% in 2018-19 to 4.6 % in 2019-20. It again increased from 4.6 % in 2019-20 to 9.2% in
2020-21. It then decreased consistently for the next three years. But it increased from 2018-19 to 2019-20
to 2020-21. So, Fiscal deficit, as a percent of GDP, has not consistently decreased during the last five
years.
Also, the fiscal deficit of the Union Government has been brought down from 6.4 per cent of GDP in FY23
to 5.6 per cent of GDP in FY24.

Statement 2 is incorrect.
As can be seen from the figure, the primary deficit of the union government has not consistently
increased during the last five years. It decreased consistently from FY 2022 to FY2024.

Source: https://www.thehindu.com/business/budget/budget-2024-fm-nirmala-sitharaman-says-
fiscal-deficit-for-fy25-estimated-to-be-49-of-gdp/article68436034.ece
Economic Survey 2023-24
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

[20]
PTS 2025 | Solution | Test Code : 211129 |

Q.36)
Ans) a
Exp) Option a is the correct answer.
Option a is correct: An inflationary gap measures the difference between the current real GDP and the
GDP of an economy operating at full employment. An inflationary gap exists when the demand for goods
and services exceeds production due to higher levels of employment, increased trade activities, or
elevated government expenditure. The real GDP can exceed the potential GDP, resulting in an
inflationary gap. As demand increases but production lags, prices rise to restore market equilibrium.
Option b is incorrect: Stagflation is an economic cycle characterized by slow growth and a high
unemployment rate accompanied by inflation. Economic policymakers find this combination particularly
difficult to handle, as attempting to correct one of the factors can disrupt the other factors.
Option c is incorrect: The GDP (gross domestic product) price deflator, also known as the GDP deflator
or the implicit price deflator, measures the changes in prices for all the goods and services produced in
an economy. Using the GDP price deflator helps economists compare the levels of real economic activity
from one year to another.
Option d is incorrect: The Consumer Price Index measures the overall change in consumer prices based
on a representative basket of goods and services over time. The CPI is the most widely used measure of
inflation, closely followed by policymakers, financial markets, businesses, and consumers.
Source: https://www.investopedia.com/terms/i/inflationary_gap.asp#toc-the-bottom-line
https://www.investopedia.com/terms/s/stagflation.asp
https://www.investopedia.com/terms/g/gdppricedeflator.asp#toc-what-is-the-consumer-price-
index-cpi
https://www.investopedia.com/terms/c/consumerpriceindex.asp
Subject:) Economics
Topic:) Inflation
Subtopic:)

Q.37)
Ans) b
Exp) Option b is the correct answer.
'Viksit Bharat 2047' is the current government's roadmap which envisions economic growth, sustainable
development goals, improvements in the ease of living and doing business, enhanced infrastructure, and
bolstered social welfare initiatives.
Statement 1 is correct. 'Viksit Bharat 2047' is the roadmap to making India a completely developed nation
by 2047; 100 years after independence. The core objective of the Viksit Bharat vision is to foster inclusive
economic participation among all citizens.
Statement 2 is incorrect. A key component of this initiative is the ambitious goal of elevating India to the
rank of the world's third-largest economy within the next five years (not by 2047).
Statement 3 is correct. One of the main aims under the roadmap is to turn India into a $30-trillion
developed economy by 2047.
Source: https://www.deccanherald.com/india/explained-what-is-viksit-bharat-2047-and-what-does-
it-aim-to-achieve-2920441
https://pib.gov.in/PressReleseDetail.aspx?PRID=2037478
https://www.business-standard.com/economy/news/viksit-bharat-a-vision-document-in-work-for-
developed-india-by-2047-govt-124080500896_1.html
Subject:) Economics
Topic:) Budget 2024-25 Subtopic:)

[21]
PTS 2025 | Solution | Test Code : 211129 |

Q.38)
Ans) a
Exp) Option a is the correct answer.
Union Budget 2024-25 has laid emphasis on shrimp production in the country by providing concessional
financial assistance to shrimp producers and import duty reductions on inputs required for shrimp
production.
Statement 1 is incorrect: India’s shrimp exports are certified by the Marine Product Export
Development Authority (under the Ministry of Commerce and Industry) and the Food Safety and
Standards Authority of India (FSSAI). They follow a HACCP (Hazard Analysis and Critical Control
Point) based food safety management system as per the US Code of Federal Regulations.
Statement 2 is incorrect. India is not the largest, but one of the top shrimp producers in the world. In
2023, the top shrimp producers (in descending order), as per the Global Seafood Alliance, were-Ecuador,
China, India, Vietnam and Indonesia.
Statement 3 is correct. Andhra Pradesh is the largest shrimp producer state in India. It produces 70%
of India’s shrimp production. West Bengal and Gujarat are some of the other producers.
Source: https://www.thehindu.com/news/national/india-dismisses-allegations-of-abusive-
conditions-at-shrimp-farms/article68024817.ece
https://economictimes.indiatimes.com/news/economy/agriculture/india-has-robust-regulatory-
safety-framework-for-seafood-units-commerce-min/articleshow/108731942.cms?from=mdr
https://www.globalseafood.org/advocate/annual-farmed-shrimp-production-survey-a-slight-
decrease-in-production-reduction-in-2023-with-hopes-for-renewed-growth-in-2024/
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.39)
Ans) d
Exp) Option d is the correct answer.
Digital public infrastructure refers to digital networks that help provide citizens with social services. It
can also be described as a set of digital systems that enables countries to safely and efficiently provide
economic opportunities and deliver social services.
Option 1 is correct. Unified Payment Interface or UPI is a DPI as it helps provide economic services like
sending and receiving money, making instant bill payments, and authorizing transactions on a single
application in a single step.
Option 2 is correct. Networks to assess credit histories like Open credit Enablement Network (OCEN)
are a DPI as they provide economic services like allowing borrowers to easily interact with lenders and
get small credit loans.
Option 3 is correct. Ayushman Bharat Digital Mission (ABDM), which is dependent on the ABHA health
ID is a DPI. It provides social service like a digital health ID to Indian citizens, connect hospitals/clinics
via a Healthcare Professionals Registry (HPR) and introduce tamper-proof, digitally signed records to
make affordable, accessible and paperless healthcare a reality.
Option 4 is correct. Automated Permanent Academic Account Registry (APAAR) ID is a DPI as it serves
social functions like acting as a lifelong academic passport, consolidating all achievements and
credentials of a student in one place.
Source: https://www.hindustantimes.com/india-news/with-digital-crop-survey-govt-to-expand-dpi-
to-agri-101721761607747.html

[22]
PTS 2025 | Solution | Test Code : 211129 |
https://www.thehindu.com/news/national/digital-public-infrastructure-has-emerged-as-a-
fundamental-driver-of-social-transformation-and-progress-says-unga-president/article68108848.ece
https://www.livemint.com/technology/tech-news/digital-public-infrastructure-could-help-india-
become-an-8-trillion-economy-by-2030-report-11708507348692.html
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.40)
Ans) d
Exp) Option d is the correct answer.
Budget 20244-25 has focused on employment, skilling, MSMEs and the middle class. To this end, it has
provided for the Prime Minister’s Package Initiatives for Employment and Skilling.
Statement 1 is correct. The Prime Minister’s Package Initiatives for Employment and Skilling will provide
one month’s wage to all persons newly entering the workforce in all formal sectors. It will benefit 2.1
crore youth over 2 years. The eligibility limit will be a wage/salary of less than Rs. 1 lakh per month.
Direct benefit transfer of one-month salary will be up to Rs. 15,000 in 3 instalments to first-time
employees, as registered in the EPFO.
Statement 2 is correct. The government will reimburse EPFO contributions of employers up to Rs. 3,000
per month for the first two years for all new hires, with wage/salary less than Rs. 1 lakh per month. New
employees under this Part need not be new entrants to EPFO. The scheme is expected to incentivize the
additional employment of 50 lakh persons.
Statement 3 is correct. Industrial Training Institutes will be upgraded in hub and spoke arrangements
with outcome orientation. This is being done to skill 20 lakh youth over a 5-year period. The course
content and design will be aligned to the skill needs of industry and new courses will be introduced for
emerging needs.
Source: https://www.indiabudget.gov.in/doc/budget_speech.pdf
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2035608
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.41)
Ans) a
Exp) Option a is the correct answer.
According to the Budget Speech 2024-25, Indian government is committed to all-round, all-pervasive
and all-inclusive development of people, particularly, farmers, youth, women and poor. For achieving
social justice comprehensively, the saturation approach of covering all eligible people through various
programmes including those for education and health will be adopted to empower them by improving
their capabilities.
Source: https://www.indiabudget.gov.in/doc/budget_speech.pdf
https://theprint.in/india/focus-on-social-justice-through-saturation-approach-sitharaman/2186814/
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

[23]
PTS 2025 | Solution | Test Code : 211129 |

Q.42)
Ans) c
Exp) Option c is the correct answer.
The Indira Sagar/Polavaram Irrigation Project is located on the Godavari River near Rammayyapet in
Polavaram mandal of West Godavari district in Andhra Pradesh. The project is a multi-purpose major
terminal reservoir project on river Godavari for irrigation, developing hydropower and providing drinking
water facilities to East Godavari, Visakhapatnam, West Godavari and Krishna districts of Andhra Pradesh.
Budget 2024-25 has provided for the completion of the project for food security of the nation.
Source: https://www.india.gov.in/spotlight/union-budget-2024-
25#:~:text=Financial%20support%20of%20%E2%82%B915%2C000,food%20security%20of%20the%20na
tion.
https://jalshakti-dowr.gov.in/indira-sagar-polavaram-project-andhra-
pradesh/#:~:text=The%20Indira%20Sagar%20(Polavaram)%20project,Godavari%20district%20in%20An
dhra%20Pradesh.
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.43)
Ans) a
Exp) Option a is the correct answer.
Pradhan Mantri Janjatiya Unnat Gram Abhiyan, announced in Budget 2024, aims to improve the socio-
economic conditions of tribal communities. It will adopt a saturation approach, covering 63,000 villages
and benefiting 5 crore tribal people across India. The scheme focuses on inclusive development and social
justice, ensuring basic amenities and opportunities for tribal families in tribal-majority villages and
aspirational districts.
Statement 1 is correct: The Pradhan Mantri Janjatiya Unnat Gram Abhiyan aims to promote integrated
development in tribal areas by focusing on improving infrastructure, education, healthcare, and
livelihood opportunities. This aligns with the government’s goal of ensuring holistic development and
better quality of life for tribal communities.
Statement 2 is incorrect: The Pradhan Mantri Janjatiya Unnat Gram Abhiyan is designed to benefit
tribal communities as a whole, not exclusively PVTGs. While PVTGs are certainly included within the
scope of the program and may receive specific attention due to their heightened vulnerability, the
Abhiyan has a broader focus on improving the overall well-being and development of all tribal groups
across India.
Source: https://adiprasaran.tribal.gov.in/MediaCoverage/News/News_1603.pdf
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.44)
Ans) d
Exp) Option d is the correct answer.
PM Surya Ghar Muft Bijli Yojana, announced in 2024, aims to provide free electricity to 1 crore
households. The scheme offers subsidies for installing solar panels, covering up to 40% of the cost. It
incentivizes solar adoption, reduces electricity bills, and promotes clean energy. Beneficiaries receive up
to 300 units of free electricity monthly, contributing to a greener and more sustainable future.

[24]
PTS 2025 | Solution | Test Code : 211129 |

Statement 1 is correct: The PM Surya Ghar Muft Bijlee Yojana is a Central Scheme that aims to provide
free electricity to one crore households in India who opt to install rooftop solar electricity units. The
scheme provides for the installation of solar units and subsidies to achieve this objective.
Statement 2 is correct: The households will be able to earn additional income through the sale of
surplus power to DISCOMs. This is an integral part of the scheme, allowing households not only to save
on electricity costs but also to generate income from any excess power they produce.
Statement 3 is correct: The scheme specifies that only individuals who own a house with a suitable
roof for installing solar panels can avail of this benefit. This eligibility criterion ensures that the benefits
are targeted toward households that can effectively implement and maintain solar power units.
Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2010674
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.45)
Ans) c
Exp) Option c is the correct answer.
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and
services in India. It replaced multiple cascading taxes, creating a unified market and simplifying the tax
structure. GST aims to eliminate tax on tax, promote transparency, and boost economic growth.
Option 1 is incorrect: Sugar is not exempt from GST. It is taxed at a rate of 5% under the GST regime.
Option 2 is correct: Platform tickets are exempt from GST. The Indian government has provided a GST
exemption on platform tickets.
Option 3 is incorrect: Edible oils are not exempt from GST. They are generally taxed at a rate of 5%.
Option 4 is correct: Cereal grains hulled are exempted from GST. The Indian government has provided
a GST exemption on cereal grains hulled.
Source: https://cbic-gst.gov.in/gst-goods-services-rates.html
https://ddnews.gov.in/en/gst-exemption-granted-to-platform-tickets-and-essential-railway-
services
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.46)
Ans) b
Exp) Option b is the correct answer.
Taxes in India are classified as direct and indirect. Direct taxes are levied on income and profits,
including income tax, corporate tax, and capital gains tax. Indirect taxes are levied on goods and services,
such as the Goods and Services Tax (GST), customs duty, and excise duty. Both types of taxes are crucial
for government revenue and funding public services.
Option b is correct: Based on the data for 2024-25 (Budget Estimates) the correct increasing order of
above given sources of revenue is:
1) Custom Duty: ₹237,745.00 crore
2) Corporation Tax: ₹1,020,000.00 crore
4) Goods and Services Tax (GST): ₹1,061,899.00 crore
3) Taxes on Income: ₹1,187,000.00 crore

[25]
PTS 2025 | Solution | Test Code : 211129 |
Source: https://www.indiabudget.gov.in/doc/rec/ar.pdf
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.47)
Ans) c
Exp) Option c is the correct answer.
Revenue receipts are recurring incomes for the government, including taxes (income, goods and
services, customs) and non-tax sources (interest, dividends, fees). They fund regular expenses like
salaries and subsidies. Capital receipts are non-recurring incomes, mainly from borrowing (domestic and
foreign) and disinvestment (selling government assets). These fund development projects and asset
creation. Both are crucial for fiscal planning and budgeting.
Statement 1 is correct: Revenue Receipts for 2023-2024, the revised estimates for revenue receipts are
₹26,99,712.63 crores, Capital Receipts for 2023-2024, the revised estimates for capital receipts are
₹18,17,424.23 crores. The revenue receipts are higher than the capital receipts.
Statement 2 is correct : The interest payment and servicing of debt is ₹10.55 lakh crores for the
Revised Estimates 2023-2024, while grants in aid by the Centre to States for the creation of capital
assets was 3.21 lakh crores.
Source: https://www.indiabudget.gov.in/doc/rec/ar.pdf,
https://www.indiabudget.gov.in/doc/eb/vol1.pdf
Subject:) Economics
Topic:) Budget 2024-25
Subtopic:)

Q.48)
Ans) d
Exp) Option d is the correct answer.
Human capital refers to the collective skills, knowledge, experience, and abilities possessed by individuals
within a workforce. It enhances economic productivity, innovation, and societal well-being.
Option a is incorrect. Medical equipment, such as MRI machines and surgical tools, are tangible assets
used in healthcare facilities to diagnose and treat patients. They are considered physical capital because
they are vital for delivering medical services.
Option b is incorrect. Factories with advanced machinery represent physical structures equipped with
tangible assets such as machinery and equipment, which are essential for producing goods. They
contribute to economic production and are considered physical capital.
Option c is incorrect. Infrastructure like bridges and highways are physical structures designed to
facilitate the movement of goods and people. They are considered physical capital as they play a crucial
role in transportation and commerce.
Option d is correct. Educators with a strong educational background and teaching skills play a vital
role in shaping the intellectual development of students. Their ability to impart knowledge and promote
learning represents human capital.
Source: NCERT Class XI: Indian Economic Development, Chapter 4
Subject:) Economics
Topic:) Human Capital
Subtopic:)

[26]
PTS 2025 | Solution | Test Code : 211129 |

Q.49)
Ans) d
Exp) Option d is the correct answer.
Liberalisation was expected to formalise India’s largely informal agrarian economy, with labour moving
from agriculture to the organised industrial sector. But we have witnessed contractualisation of the
employment.
Assertion is incorrect: The quality of employment in India has declined in the post-liberalisation period.
Of around 61 million jobs created in India over 22 years post-liberalisation of the economy, 92% were
informal jobs, according to an analysis of National Sample Survey Office (NSSO) data for 2011-12. While
formal workers comprised 6% of the total workforce in 1999-2000, this increased to around 9% in 2011-
12, showing that the jobs that were created in the formal sector were mainly informal, employing workers
with low earnings and with limited or no social protection.
Reason is correct: Agriculture accounted for nearly 30 per cent of the total GDP in 1991, and now
accounts for 17.4 per cent of the economy. The services sector presently contributes nearly 54 per cent to
domestic GDP and this was 39 per cent in 1991.
The industry sector's contribution to GDP stands at 29 per cent now against 30 in 1991.
Services sector contributes over 50 per cent to India's GDP. While Covid-19 pandemic has had an adverse
impact on most sectors of the economy, the services sector has been the worst affected as its' share in
India's GVA declined from 55 per cent in 2019-20 to 53 per cent in 2021-22.
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1793804
https://economictimes.indiatimes.com/markets/stocks/news/since-1991-budget-size-grew-19-times-
economy-9-times-your-income-5-times/articleshow/62735382.cms?from=mdr
https://www.business-standard.com/article/jobs/90-of-jobs-created-over-two-decades-post-
liberalisation-were-informal-119050900154_1.html
Subject:) Economics
Topic:) Unemployment
Subtopic:)

Q.50)
Ans) a
Exp) Option a is the correct answer.
Unemployment refers to the state of being without a job while actively seeking employment. It's a
significant economic and social issue, impacting individuals, families, and communities. High
unemployment rates can lead to decreased economic output, social unrest, and a decline in overall well-
being. Addressing unemployment often involves a combination of government policies, economic
stimulus, and investments in education and skill development.
Statement-I is correct: In developed countries, unemployment is generally less severe than in
developing nations due to a combination of economic stability, diverse industrial bases, and effective
social safety nets. Developed economies are more resilient, with well-regulated labor markets that offer
opportunities for retraining and upskilling, helping workers transition between jobs more smoothly.
Statement-II is correct: In developed countries, the presence of comprehensive social safety nets, such
as unemployment insurance, welfare programs, and job retraining initiatives, plays a crucial role in
mitigating the impact of unemployment. These measures provide financial support to individuals who
lose their jobs, ensuring they have the means to sustain themselves while they search for new
employment. Which are largely absent in less developed nations and limited in developing nation

[27]
PTS 2025 | Solution | Test Code : 211129 |

Statement-II explains Statement-I: Unemployment rates in developed countries tend to be lower due
to the presence of unemployment insurance and various social security measures, which cushion the
impact of job loss and contribute to the distinct nature of unemployment in these countries.
Source: https://egyankosh.ac.in/bitstream/123456789/39247/1/Unit-4.pdf
Subject:) Economics
Topic:) Unemployment
Subtopic:)

[28]

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PTS 2025 - Solution - Test Code: 211129 - : Learning Centre

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PTS 2025 - Solution - Test Code: 211129 - : Learning Centre

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PTS 2025 | Solution | Test Code : 211129 |

Wholesale Price Index items and weightage:

Bank account is not included in the calculation of Global MPI.

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