RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
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RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021

Economic & Social Issues (ESI) Questions with the answer. RBI Grade B Economic & Social Issues (ESI) Notes PDF. RBI Grade B ESI Study Material PDF. RBI Economic & Social Issues (ESI) Books, PDF, Previous Papers, Question Set, and study material. As we all know that The Reserve Bank of India (RBI) conducted the RBI Grade B Phase I Exam for the post of Grade B (Grade ‘B’ (DR) – (General) & others). It’s the right time when you should start your RBI Grade B 2021 Phase II preparation with full pace.

If you are preparing for RBI Grade B 2021 ( Phase II), you will come across a section on “Economic & Social Issues (ESI)  wherein 65 questions will be there carrying 50 marks. Here we are providing you with “Economic & Social Issues (ESI) Questions For RBI Grade B” with answers based on the latest pattern of your daily practice.

“RBI Grade B” ESI Questions with Answer | Set-7


1. Consider the following statements about International Energy Agency (IEA):

1) IEA was established in 1974

2) It is an independent UN body.

3) Its Headquarters is in Paris, France.

4) At present, it has 29 members.

Which of the following statements are incorrect?

A. 1 and 2
B. 3 and 4
C. 1 and 3
D. 2 and 4
E. 1, 2 and 3

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Correct Answer: A. 1 and 2

Explanation- International Energy Agency (IEA) was established in 1974 as per framework of the OECD.  IEA is an autonomous intergovernmental organisation. Its mission is guided by four main areas of focus: energy security, economic development, environmental awareness, and engagement worldwide. Its headquarters (Secretariat) is in Paris, France. Currently, it has 30 members.

2. Which of the following committee was formed by government to double the farmer’s income?

A. Nayak committee
B. Chore committee
C. Ashok Dalwai committee
D. Mitra committee
E. Goiporia committee

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Correct Answer – C. Ashok Dalwai committee

Explanation- Ashok Dalwai committee – The government had appointed an expert committee headed by Ashok Dalwai in 2016 to look into the entire agriculture ecosystem in the country to suggest ways and means to reform it so that farmers’ income can be doubled by 2022. The committee headed by Ashok Dalwai has come out with 14 voluminous reports that deal with all aspects of agriculture including agri inputs, risk management, post-harvesting and agri-logistics. The report pertains to three areas — productivity gains, reduction in cost of cultivation, and remunerative prices. One of the important recommendations made by the committee is that the concept of one-India market may benefit from placing agricultural marketing under the Concurrent List (in the Seventh Schedule of the Constitution).

3. The Reserve Bank of India has permitted the Indian individual to make remittances to international financial services centres (IFSCs) established here under the Liberalized Remittance Scheme (LRS) per year for travel, education and medical care as well as for the purchase of shares?
A. $150,000
B. $200,000
C. $250,000
D. $300,000
E. $350,000

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Correct Answer – C. $250,000

Explanation:RBI has permitted Indian residents to make remittances to international financial services centres (IFSCs) established here under the liberalized remittance scheme (LRS). Till now, only global participants were allowed to invest in funds set up in Indian IFSCs. The move is likely to benefit retail investors, and high net-worth individuals (HNIs). Under the LRS, an Indian individual can send up to $250,000 per year overseas for travel, education and medical care as well as for the purchase of shares. Gujarat International Finance Tec-City Co. Ltd is India’s first IFSC.

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4. What will be the capital base for the proposed Development Financial Institution (DFI)?
A. Rs 10,000 crore
B. Rs 15,000 crore
C. Rs 20,000 crore
D. Rs 25,000 crore
E. None of these

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Correct Answer – C. Rs 20,000 crore

Explanation- The Govt is set to introduce a Development Financial Institution (DFI). Rs 20,000 crore will be provided to capitalise the new DFI, with an aim to have a lending portfolio of Rs 5 lakh crore in 3 years. Debt financing through the infrastructure investment trust (InvIT) and real estate investment trust (REIT) routes will be enabled through necessary amendments in the rules.

5. Which of the following reason was responsible for the rise in inflation during the period of 2020-21 (Apr-Dec) as per Economic Survey 2020-21?

A. Defective Supply chain
B. Increase in indirect tax
C. Depreciation of Currency
D. Food Inflation
E. None of these

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Correct Answer: D. Food Inflation

Explanation- Headline CPI inflation remained high during COVID-19 induced lockdown period and subsequently, due to the persistence of supply side disruptions. Rise in inflation was mostly driven by food inflation, which increased to 9.1% during 2020-21 (Apr-Dec). Food inflation is driven primarily by:

  • Supply-side factors.
  • Changes in CPI-C anchor inflation expectations
  • Several components of food inflation are transitory with wide variations within the food and beverages group
  • Relatively higher weight of food items in the index.

6. Consider the following statements

1) Tour of Duty model of recruitment has been proposed by Central Armed Personnel Forces

2) It will allow young individuals to voluntarily serve for a temporary period of three years.

3) It will shift concept of permanent service/job in the Armed Forces, towards ‘internship’/temporary experience

Which of the following statement is correct with respect to ‘Tour of Duty’ model of recruitment?

A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 1 only
E. None of these

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Correct Answer: C. 2 and 3

Explanation: Indian Army has proposed ‘Tour of Duty’ model of recruitment that would let young individuals voluntarily serve for a temporary period of three years. It will be a voluntary engagement. It will shift the concept of permanent service/job in the Armed Forces, towards ‘internship’/temporary experience for three years.

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7. Which of the following sector has not been included in Production-Linked Incentive (PLI) scheme of Central Government?

A. Defence
B. Telecom
C. Electronics
D. Automobiles
E. None of these

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Correct Answer – A. Defence

Explanation: Central government has unveiled production-linked incentive (PLI) scheme to encourage domestic manufacturing investments in 10 more sectors. Sectors includes: Food processing, telecom, electronics, textiles, speciality steel, automobiles and auto components, solar photo-voltaic modules and white goods, such as air conditioners and LEDs.

8. Find the correct statement(s) about education in India.

A. it comes under the concurrent list

B. Article 21 A was inserted after the 86th constitutional amendment Act of 2002

C. Article 21A comes under the fundamental rights of the constitution

D. The RTE came into effect on Jan 1, 2010

A. Only C
B. A and C
C. Only D
D. A, B and C
E. B and C

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Correct Answer – D. A, B and C

Explanation- The Constitution (Eighty-sixth Amendment) Act, 2002 inserted Article 21-A in the Constitution of India to provide free and compulsory education of all children in the age group of six to fourteen years as a Fundamental Right in such a manner as the State may, by law, determine. The Right of Children to Free and Compulsory Education (RTE) Act, 2009, which represents the consequential legislation envisaged under Article 21-A, means that every child has a right to full-time elementary education of satisfactory and equitable quality in a formal school which satisfies certain essential norms and standards. Article 21-A and the RTE Act came into effect on 1 April 2010.

9. Which of the following specialized agencies of UN launches ‘Food Coalition’ to lift food access, sustainable agri-food systems as proposed by Italy?
A. FAO
B. ECOSOC
C. UNICEF
D. UNESCO
E. UNIDO

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Correct Answer – A. FAO

Explanation-Food and Agriculture Organization (FAO) of the United Nations has launched a Food Coalition to increase resilience of agricultural food systems and ensure global food access. It is proposed by Italy and led by Food and Agriculture Organization. It will work as a network of networks and a multi-stakeholder coalition for a unified global action to ensure food access and increase the resilience of agricultural food systems in response to COVID-19.

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10. Stagflation can lead to which of the following in the economy?
A. Low level of inflation
B. High level of employment
C. Poor economic growth
D. Both A and B
E. None of the Above

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Correct Answer – C. Poor economic growth

Explanation- Stagflation is a time of economic stagnation combined with inflation. This type of inflation can lead to economic adversity: combining poor economic growth, high unemployment, and highinflation rate all in one.

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