Explore topic-wise InterviewSolutions in Current Affairs.

Long March: In 1934 Mao Zedong conducted this Historic t1g March with his Red Army a distance of 10,000 km one year

Foot-binding: A cruel practice of not allowing women to have fully grown feet

Pan-Africanism: Idea which promotes the unity of all African peoples irrespective of country or tribe

Four great needs: Clothing, food, housing, and transport

May Fourth Movement: On 14th May 1919 an angry demonstration was held in Beijing to protest against the decisions of the Versailles peace conference

Warlords: The leaders of military groups that fight against other groups within a. country regional military power

The new Republic of Vietnam faced a number of challenges :
(i) France tried to regain the control.
(ii) After 8 years of fighting, the French were defeated.

(iii) In the peace negotiations in Geneva, the Vietnamese were persuaded to accept the division of the country.
(iv) This turned Vietnam into a battlefield bringing death and destruction to its people and environment.
(v) With the help of Ho Chi Minh Government in North, the National Liberation Front fought for the unification of the country. U.S. watched these alliances with fear and decided to intervene.

The United Nations can’t intervene militarily if there is a serious threat to international peace. The UN, after approval by the Security Council, sends peacekeepers to regions where armed conflict has recently ceased or stalled to enforce the terms of peace agreements and to discourage combatants from resuming hostilities.

The United States of America intervened in the Vietnam war against the French to check the growth of communist power.

With the help of the Ho Chi Minh government in the north, the NLF fought for the unification of the country. The US watched this alliance with fear. Worried about communists gaining power, it decided to intervene decisively, sending in troops and arms. 

(OR) 

To arrest the spread of Communism from Vietnam, US intervene in the Vietnam war.

A) Agent Orange

Film Review of ‘Mother India’ 

Mehboob Khan’s ‘magnum opus’ ‘Mother India’ is perhaps the most appreciated, liked and respected among all the Indian films in and outside the country. The film idealises and celebrates the typical Indian woman—‘Mother India’. She can sacrifice her own most beloved son but not the ideals, values and traditions for which she lives and dies. The film exploded the silver-screen in 1957. It was produced and directed by Mehboob Khan. Music was given by the legendary Naushad Ali.

The framework of the film revolves round the injustices and exploitation suffered by a poor peasant family at the hands of a greedy and cruel moneylender, ‘Sukkhu lala’. The poor peasant can’t come out of the clutches of the moneylender even after selling his bullocks and mortgaging his land. In an accident, he loses his hands. His wife fights a long battle against the cruel moneylender who had his eyes on her and on her land. When his second son grows up he joins a group of dacoits to revenge the injustices of ‘Sukkhu lala’. He burns his house, account books and even kills him. He kidnaps his daughter from the ‘marriage–mandap’ and runs away. Here he encounters his mother on the way. She pleads him to free the bride. When he refuses to release her, the mother fires at him. She kills her own son with her own hands. Thus the mother sacrifices her own son to safeguard the honour and dignity of a woman.

Nargis plays the role of her life and immortalises herself as ‘Mother India’. Sunil Dutt as Birju and Rajkumar as the helpless peasant are superb. Rajender Kumar and Kumkum do justice with their roles. Kanahiya Lal is at his best in the role of ‘Sukkhu lala’. The music of Naushad is the soul of the film. Mehboob has proved once again that as a producer and directer of classy film he is second to none in the Bolywood. 

Cost of 1 kg. Onions = ₹ 18.50 

Cost of 3.5 kg. of Onions = ₹ 18.50 × 3.5 = 64.750 

Cost of 3.5 kg. of Onions = ₹ 64.75

Step 1 : 

Multiply whole numbers ignoring decimals 35 × 1850 = 64750

Step 2: 

As there are total 2 + 1 = 3 decimals, put decimal point after three digits from the right most to the product.

So, 3.5 × 18.50 = 64.750.

Borrowings from abroad-Borrowings from abroad are recorded in the Capital Account of Balance of payments as it is a foreign liability on the country.

Since sale of machinery to abroad is an export of good, so it is included in the Current Account. The Current Account records transaction relating to the export and import of goods and services, income and transfer receipts and payments during a year.

The origin of the word ‘Budget’ is traceable from the French word “Bougette”, which means a small leather bag. In 1733, in England, the word “budget’ was used to denote a magic box. Budget is a statement of the estimates of the Government Receipts and Government Expenditure during the financial year. Thus, the government budget is basically an annual exercise relating to Revenue and Expenditure policy of the government. By managing the various components of budgetary revenue and budgetary expenditure, the government tries to achieve economic stability along with a faster rate of GDP growth.

Importance of budget : The main objective of budget is to provide direction to the economy of the country. The economy of country is affected by the budget of the government. 

The main objectives of the budget are as follows :

Objectives of Budget:

1. Economic growth has been the main objective of all the governments of all countries at all times. By government budget, not only development is affected, but direction of development is also determined by the budget.
2. Budget has an important role in increasing production. Government may grant tax rebate and other incentives like tax holidays to boost up production.
3. Normally, with the help of budget, government levies new taxes and borrows from the public to reduce the purchasing power for controlling price level.
4. Accelerating the economic and social development of the country and redistribution of income and wealth is also an objective of the budget of the country.
5. To provide direction to the level of production and structure of production. Tax concessions and incentives are helpful in promotion of production.
6. By regulating the provisions of budget, control on inflation and deflation is done. All these are necessary for economic stability.
7. The objective of welfare state is attained through budget.
8. Various tasks such as prevention of economic inequality, implementation of various policies for social security, formation of schemes for economic development, etc. are performed through provisions made by the budget.

From the above definitions, it is clear that budget has two sides. On one side, there is expected revenue of government, and on the other side, expected expenditure of the government. In a democratic set up, government presents the budget in the parliament and after its approval the works are performed as per its proposals.

1. It is a compulsory payment.
2. It is not related with profit.

Budget deficit (also called government deficit) refers to a situation, in which Budget Expenditures of the government are greater than the Budget Receipts.

Budget Deficit = Total Expenditure – Total Receipts

With reference to the budget of the government of India, there are three important types of Budget Deficit. 

These are :

1. Revenue Deficit
2. Fiscal Deficit
3. Primary Deficit

According to Prof Dalton, “A budget deficit exhibits excess of expenditure on income in a given period of time.”

(i) Revenue deficit: Revenue deficit is related to the Revenue Expenditure and Revenue
Receipts of the government. This does not include items of Capital Receipts and Capital Expenditure. Thus, revenue deficit is the excess of Revenue Expenditure over Revenue receipts.
RD = RE – RR, when RE > RR
(Here, RD =; Revenue Deficit, RE = Revenue Expenditure; RR = Revenue Receipts)

(ii) Fiscal deficit : Fiscal deficit is an estimated accounting for all the Receipts and Expenditures of the government. Fiscal deficit is the excess of Total Expenditure (Revenue + capital) over Total Receipts (Revenue + Capital other than borrowings). It is estimated as under :

Fiscal deficit = Total expenditure (Revenue expenditure + capital expenditure) – Total receipts other than borrowings (Revenue receipts + capital receipts other than borrowings)

FD = BE – BR other than borrowing, where BE > BR other than borrowings
(Here, FD = Fiscal deficit, BE = Budget expenditure, BR = Budget receipts)

(iii) Primary Deficit : Primary deficit is the difference between Fiscal Deficit and Interest Payment. It is estimated as under :
Primary Deficit = Fiscal Deficit – Interest Payment PD = FD – IP
(Here, PD = Primary deficit, FD = Fiscal deficit; IP = Interest payment)

In other words, primary deficit indicates government borrowings on account of current year expenditures and current year receipts of the government.

Financial help given by a state to another state is called grant.

The origin of the word ‘Budget’ is traceable to the French word “Bougette”, which means a small leather bag. In 1733, in England, the word ‘budget’ was used to denote a magic box.

Budget is a statement of the estimates of the Government Receipts and Government Expenditures during the period of financial year. Thus, the govenment budget is basically an annual exercise relating to the Revenue and Expenditure policy of the government.

Gender budgeting is a way for government to promote equality though fiscal policy. Government makes provision of definite amount in context to schemes and programmes for women welfare and development and for promoting women empowerment every year in the budget. The provisions of budget affect men and women differently.

(a) Bougette

(b) Imposition of new taxes

Revenue budget, also called ‘revenue account’, includes ‘Revenue Receipts’ and ‘Revenue Expenditure’ of the government, or we can say that revenue account shows current receipts of the government and related expenditure.

Value added tax is an indirect tax which is imposed on ‘value added’ at the various stages of production.

Income received by the state is called public income (P).

Yes, non-plan expenditure does contribute to the social welfare. Most of the non- planned expenditure consists of expenditure on subsidies and the maintenance of law and order in the country. Both these categories of expenditure are welfare-oriented.

Plan expenditure refers to that expenditure which relates to the specified plans and programmes of development and assistance of the central government to the state governments. Non-plan expenditure refers to the expenditure which is not related to the specified plans and programmes of development, and it is also not related to assistance given by central government to the state governments.

Revenue receipts are those money receipts which do not create a liability for the government and also do not lead to reduction in assets of the government.

Capital receipts are those money receipts of the government which either create a liability for the government or cause a reduction in its assets.

Non-tax receipts are those receipts which arise from sources other than taxes. 

There are three main sources of non-tax receipts in India :

1. Interest receipts
2. Income from public enterprises
3. Foreign grants and donations.

Revenue expenditure does not create government assets, while capital expenditure creates government assets.

Primary deficit = Fiscal deficit – Interest payment
Rs. 4,400 crore = Fiscal deficit – Rs. 400 crore
Fiscal deficit = Primary deficit + interest payment
= 4,400 crore + Rs. 400 crore Fiscal deficit
= Rs. 4,800 crore.

Payment of interest is treated as a Revenue Expenditure because it neither reduces liability of the payer nor adds to his assets.

Correct answer is (c) Grants

(d) All of these

(c) The change in P x Q due to one unit change in output.

The wholesale market is the market in which the product is sold to the consumer in bulk or in wholesale. Most of these products are bought by retailers.

The group of firms which produce any particular good is called industry.

When the period of time becomes so long that it is possible to adjust the production according to demand, then it is a long-term situation. Since the time duration is quite long, we can change all the variable as well as fixed factors. Changing the fixed and variable factors can help adjust both, the supply and the demand.

The retail market is the market in which the product is sold to the consumer in small quantities.

When in any market the sale and purchase of a specific product is done, then that market is called special market.

When the sale and purchase of various products is done in a market, that market is called the general market.

When the buyers and sellers of the product are spread in different countries of the world, the market of that product is called the international market.

When the product’s buyers and sellers are spread all over the country, then the market of that product is called the national market. 

Examples:Durable goods and industrial goods.

Homogenous product means that the products of various firms are indistinguishable from each other; they are perfect substitutes for one another.

The time period in this market is such that supply can be increased or decreased by changing the variable factors only.

Correct answer is (d) Milk

This is an illegal process, which is considered a criminal offense, in which many companies increase the price of goods to make big profit. This is done so that the external competitors do not enter the market.

(d) Less than the price charged by a monopoly and more than the price charged by a competitive market.

(a) Horizontal

Individual firms have no role in determining the price of the item in perfect competition. In the market, the price is determined by the industry and at the same price the firm has to sell its product, hence it is called the acceptor of price.