List of top Verbal Ability & Reading Comprehension (VARC) Questions asked in Kerala Management Aptitude Test

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The State of Inequality in India Report was released by Dr Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM). The report has been written by the Institute for Competitiveness and presents a holistic analysis of the depth and nature of inequality in India. The report compiles information on inequities across sectors of health, education, household characteristics and the labour market, As the report presents, inequities in these sectors make the population more vulnerable and triggers a descent into multidimensional poverty. Dr Bibek Debroy has stated, "inequality is an emotive issue. It is also an empirical issue, since definition and measurement are both contingent on the metric used and data available, including its timeline". He further adds, "to reduce poverty and enhance employment, since May 2014, Union Government has introduced a variety of measures interpreting inclusion as the provision of basic necessities, measures that have enabled India to withstand the shock of the Covid-19 Pandemic better". The report is a stock-taking of both inclusion and exclusion and contributes to the policy debates. The report moves beyond the wealth estimates that depict only a partial picture to highlight estimates of income distribution over the periods of 2017-18, 2018-19 and 2019-20. With a first-time focus on income distribution to understand the capital flow, the report emphasises that wealth concentration as a measure of inequality does not reveal the changes in the purchasing capacity of households. Extrapolation of the income data from PLFS 2019-20 has shown that a monthly salary of Rs 25,000 is already amongst the top 10% of total incomes earned, pointing towards some levels of income disparity. The share of the top 1% accounts for 6-7% of the total incomes earned, while the top 10% accounts for one-third of all incomes earned. In 2019-20, among different employment categories, the highest percentage was of self-employed workers (45.78%), followed by regular salaried workers (33.5%) and casual workers (20.71%). The share of self-employed workers also happens to be the highest in the lowest income categories. The country's unemployment rate is 4.8% (2019-20), and the worker population ratio is 46.8%. In the area of health infrastructure, there has been a considerable improvement in increasing the infrastructural capacity with a targeted focus on rural areas. From 1,72,608 total health centres in India in 2005, total health centres in 2020 stand at 1,85,505. States and Union Territories like Rajasthan, Gujrat, Maharashtra, Madhya Pradesh, Tamil Nadu and Chandigarh have significantly increased health centres (comprising of Sub-Centres, Primary Health Centres, and Community Health Centres) between 2005 and 2020, The results of NFHS-4 (2015-16) and NFHS-5 (2019-21) have shown that 58.6% of women received antenatal check-ups in the first trimester in 2015-16, which increased to 70% by 2019-21. 78% of women received postnatal care from a doctor or auxiliary nurse within two days of delivery, and 79.1% of children received postnatal care within two days of delivery. However, nutritional deprivation in terms of overweight, underweight, and prevalence of anaemia (especially in children, adolescent girls and pregnant women) remains areas of huge concern requiring urgent attention, as the report states. Additionally, low health coverage, leading to high out-of-pocket expenditure, directly affects poverty incidences. According to the report, education and household conditions have improved enormously due to targeted efforts through several social protection schemes, especially in the area of water availability and sanitation that have increased the standard of living. It is emphasised that education and cognitive development from the foundational years is a long-term corrective measure for inequality. By 2019-20, 95% of schools have functional toilet facilities on the school premises (95.9% functional boy's toilets and 96.9% functional girl's toilets). 80.16% of schools have functional electricity connections with States and Union Territories like Goa, Tamil Nadu, Chandigarh, Delhi, Dadra and Nagar Haveli and Daman and Diu, Lakshadweep and Puducherry have achieved universal (100%) coverage of functional electricity connections. The Gross Enrolment Ratio has also increased between 2018-19 and 2019-20 at the primary, upper primary, secondary and higher secondary. In terms of improvement in household conditions, emphasis on providing access to sanitation and safe drinking water has meant leading a dignified life for most households. According to NFHS-5 (2019-21), 97% of households have electricity access, 70% have improved access to sanitation, and 96% have access to safe drinking water.
Which one of the following is NOT correct asper the above passage?

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Aristotle conceives of ethical theory as a field distinct from the theoretical sciences. Its methodology must match its subject matter-good action-and must respect the fact that in this field many generalizations hold only for the most part. We study ethics in order to improve our lives, and therefore its principal concern is the nature of human well-being. Aristotle follows Socrates and Plato in taking the virtues to be central to a well-lived life. Like Plato, he regards the ethical virtues (justice, courage, temperance and so on) as complex rational, emotional and social skills, But he rejects Plato's idea that to be completely virtuous one must acquire, through a training in the sciences, mathematics, and philosophy, an understanding of what goodness is. What we need, in order to live well, is a proper appreciation of the way in which such goods as friendship, pleasure, virtue, honor and wealth fit together as a whole. In order to apply that general understanding to particular cases, we must acquire, through proper upbringing and habits, the ability to see, on each occasion, which course of action is best supported by reasons. Therefore practical wisdom, as he conceives it, cannot be acquired solely by learning general rules. We must also acquire, through practice, those deliberative, emotional, and social skills that enable us to put our general understanding of well-being into practice in ways that are suitable to each occasion.
According to Aristotle,...........

It is unfortunate that the proposal by the Chief Justice of India (CJl)for a national judicial infrastructure corporation with corresponding bodies at the State level,did not find favour with many Chief Ministers at the recent joint conference of Chief Justices and Chief Ministers.A special purpose vehicle,vested with statutory powers to and implement infrastructure projects for the judiciary,would have been immensely helpful in augmenting facilities for the judiciary,given the inadequacies in court complexes across the country.However,it is a matter of relief that there was agreement on the idea of State-level bodies for the same purpose,with representation to the Chief Ministers so that they are fully involved in the implementation.The CJl,N.V.Ramana,who had mooted the proposal some months ago,sought to dispel the impression that a national body would usurp the powers of the executive,and underscored that it could have adequate representation of the Union/States.He had flagged the gulf between the available infrastructure and the justice needs of the people.If his proposal had been accepted,the available funding as a centrally sponsored scheme,with the Centre and States sharing the burden on a 60:40 ratio,could have been gone to the national authority,which would allocate the funds through high courts based on need.It is likely that Chief Ministers did not favour the idea as they wanted a greater say in the matter.Given the experience of allocated funds for judicial infrastructure going unspent in many States,it remains to be seen how far the proposed State-level bodies would be successful in identifying needs and speeding up implementation.It will naturally require greater coordination between States and the respective High Courts.Union Law Minister Kiren Rijju has promised assistance from the Centre to the States for creating the required infrastructure,especially for the lower judiciary.While it is a welcome sign that the focus is on infrastructure,unmitigated pendency,chronic shortage of judges and the burgeoning docket size remain major challenges.CJl Ramana flagged some aspects of the Government's contribution to the burden of the judiciary —the failure or unwillingness to implement court orders,leaving crucial questions to be decided by the courts and the absence of forethought and broad-based consultation before passing legislation.While this may be unpalatable to the executive,it is quite true that litigation spawned by government action or inaction constitutes a huge part of the courts'case burden.The conversation between the judiciary and the executive at the level of Chief Justices and Chief Ministers may help bring about an atmosphere of cooperation so that judicial appointments,infrastructure upgradation and downsizing pendency are seen as common concerns.
As per the passage, what is the major reason contributed from the Government for increasing burden of the Judiciary?

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The scars of the tough battle that the RBI waged last fiscal to keep bond yields under check and to control system liquidity while managing the government's expanded borrowing programme - are evident in the Reserve Bank of India's Annual Report 2021-22. The key takeaway from the Report is that in a situation of elevated yields and persistent inflation, the value of domestic and foreign securities being held by the central bank could take a hit in FY23 as well, impacting transfers to the Centre and straining the fisc. The central bank's surplus which could be transferred to the Centre fell 69 per cent over 2020-21 to 30,307.45 crore, mainly due to the losses suffered on its holding of rupee and foreign securities. The holding of rupee securities increased due to open market operations and G-SAP auctions conducted to support government borrowing and absorb excess liquidity. The need to maintain exchange rate stability despite large foreign portfolio inflows, resulted in an increase in its dollar-denominated securities as well. With bond yields spiking sharply in the US as well as in India, the central bank has incurred mark-to-market losses on these holdings in FY22, which reduced its contingency fund balance. While the outstanding balance in the rupee securities revaluation account could absorb the loss suffered on domestic securities, almost 90 per cent of the ₹94,249 crore loss on foreign security holding had to be transferred to the contingency fund. This warranted transfer of 1,14,567 crore to this reserve to maintain the minimum risk buffer at the mandated 5.5 per cent, Besides the losses on its investments, the outgo due to its LAF operations too doubled in 2021-22 to 35,501 crore as banks parked their large surplus funds with the RBI. Outgo from these operations are likely to be high this fiscal too with the RBI shifting to the SDF rate, which is higher than the reverse repo rate. The SDF rate will also move higher with RBI's policy rate hikes, increasing the central bank expense. With bond yields expected to be buoyant and prices under pressure this fiscal due to raging inflation and monetary tightening by central banks, the RBI surplus could be lower in FY23. The problem is that the economic capital of RBI, which includes contingency fund, asset development fund and revaluation accounts now make up just 20.6 per cent of the assets, which is the minimum requirement. If the central bank's holding of rupee and foreign securities continue to suffer revaluation losses, there could be a decline in transfers to the Centre in the future too. The lower surplus transfer by RBI to the Centre for FY23 will affect the fiscal math, for which the Centre should create the budgetary space. But in these extraordinarily challenging times, the Centre and the RBI are right in giving precedence to price stability to protect future growth and stave off stagflation. The Report also points to "frailties" in the NBFC space, "in their balance sheets and (the need to) ensure robust asset- liability management". It has said that "several measures" are on the anvil this fiscal. While extending digital payments in India and abroad, the RBI has indicated a "graded" approach to introducing CBDC. Overall, the RBI's job is cut out: curtailing inflation and maintaining financial and external account stability.
RBI's dollar dominated securities has increased due to its............

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India is back to the situation in October 2021of abysmal coal stocks in over half of the 173 thermal plants, even as a long summer lies ahead. There are just eightdays of coal stocks in thermal power stations in 12 States, even as domestic demand, according to i ndustry observers, touched a near-four decade high in the first two weeks of April. Temperatures this March and April are at decadal highs, giving rise to a coal demand-supply gap of at least 10 per cent. Outages have already begun in many States, even as coal supplies to non-power sectors have been cut. Power utilities account for about 70 per cent of coal demand, while iron and steel accounts for another 15 per cent. A cutback of coal to industry could hurt steel, cement and aluminium production, with serious repercussions for the economy. Coal supplies must be increased without further delay by addressing bottlenecks. Coal India Ltd (CIL) has been a laggard in increasing output from its mines in the last several years. During 2015, the Centre had ambitious plans of doubling CIL's output to a billion tonnes by 2019-20. Seven years hence, in FY22 CIL's output has inched its way up to just 626 million tonnes - that's a compounded annual growth of a piffling 3.44 per cent (compared to the target of about 15 per cent between FY16-FY20). Clearly, there are issues for the Centre to sort out here. Coal output has clearly not kept pace with the rising energy demand in the country. The supply shortfall has been made worse by the non-availability of railway rakes to supply coal from the pitheads to the 150-odd plants situated a good distance away. Indeed, coal output in the summer months can be improved if there are rakes to transport the coal away from the pithead (where mounds of it would be a fire hazard at high temperatures) to the power stations. It is a mystery as to why the increased capex outlays in the Railways have not translated into improvements in this crucial area. Extra rakes on coal transport routes should be deployed without delay. There is also a more endemic problem that is holding up coal supplies to power plants: the unpaid dues by Gencos to Coal India, which in turn is because Discoms have not paid the Gencos. A sum of 1.23-lakh crore is payable by Discoms to the Gencos. Meanwhile, resource-strapped Gencos are operating at a PLF of about 60 per cent. While a clean-up of the affairs of Discoms cannot be achieved overnight, a financial intervention that improves the cash flows of Gencos can alleviate the crisis. Meanwhile, there is a need to look at climate change as a factor impacting coal demand. According to a September 2021 Crisil report, coal consumption by power plants in the month of April exceeded the monthly average of 51 million tonnes in FY19, FY20 and FY 22 (FY21 being an aberration owing to the recession), and this is likely to be repeated this month as well, if rising demand is to be met. A late monsoon retreat curtails output in coal mines, creating shortages in September-October when the heat is still on, while the onset of an early summer reduces the winter window (characterised by weak demand) to ramp up output, reducing inventories. An output increase in the summer months is the best way out.
The major reason for coal shortages is

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The stock market has demonstrated gravity-defying qualities lately. Despite worries about rate hikes, Fed taper and the inflationary impact of the Russia-Ukraine war, Indian indices rule just 3.5 per cent below lifetime highs. The Finance Minister Nirmala Sitharaman is right in crediting retail investors for the market's shock-absorbing capacity. As Foreign Portfolio Investors (FPIs) have pulled out nearly $19 billion from stocks in the last six months, domestic investors have cushioned the fall by pumping in $20 billion. Selling by FPIs even of a fraction of this amount used to precipitate market meltdowns until a few years ago. In the four years from FY19 to FY22, retail investors have been taking multiple routes to raise their equity allocations. Demat accounts have more than doubled to nudge the 9 crore mark. Inflows into equity mutual funds have risen from 1.1 lakh crore to 1.6 lakh crore, with SIP flows up by 34 per cent. Equity mandates granted to NPS and EPF have allowed these pension funds to invest over 1.5 lakh crore annually in stocks. Apart from these conventional vehicles, individuals have been investing through newer options such as exchange traded funds and curated portfolios. It is heartening to see the equity cult in India taking off despite the withdrawal of policy sops such as zero tax on equity gains. While the retail investor's newfound propensity for equities is good for the economy and markets, there are some discomfiting aspects to it as well. One, it is clear that a large number of first-time investors are preferring direct stock bets over the institutional route. Despite the surge in SIPs, domestic mutual funds today own just 7.4 per cent of the outstanding stock on the NSE, compared to the direct retail holding of 7.3 per cent. Retail investors favour riskier small and mid-cap stocks while institutions prefer large-caps. Two, derivatives turnover on the bourses has trebled in the last couple of years with retail investors making up a third of the volumes. This suggests that many prefer short-term punting on prices to long-term business ownership. Three, with the market's vertical climb from February 2016 punctuated by just one big correction in March 2020 (from which it swiftly recovered) investors who've joined the equity party recently have no experience of a bear market. Equity product pitches rely mainly on past performance, so new investors who have come in post-2019 at Nifty valuations of 25-50 times, may have unrealistic return expectations. This is the fall side to what Sitharaman said about domestic investors stepping in to buy when FPIs head for the exit. Given that the days of global easy-money policies powering asset prices are ending, first-time equity investors need to be made aware of the risks they're taking on, especially in the DIY route. Market regulator SEBI and financial product firms must use their investor education coffers to ensure that new investors understand equity risks. Else, we could have an encore of the 2000 and 2008 experiences when many investors, after being singed by the market correction, left the asset class for good.
The retail investors are...............

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The sharp surge in gold imports this fiscal once again turns the spotlight on the need to find alternative avenues to meet the insatiable demand of Indians for the yellow metal. With consumers on a buying spree after the second wave of the pandemic, gold imports between April and November 2021 was at a nine-year high of $33.23 billion around 50 per cent higher than in the corresponding period in 2019-20, The last time gold imports crossed $30 billion in the first eight months of the fiscal year was in 2012-13. The Reserve Bank of India was then forced to take drastic measures to curb imports including hiking import duty sharply and laying down that 20 per cent of gold imported should be exported as jewellery. The RBI's actions were prompted by current account deficit expanding to 4.8 per cent of GDP and the rupee depreciating sharply. The surging gold imports this year could also turn problematic as the trade deficit has expanded since September, hitting a multi-decade low in November 2021. The rupee is also under pressure due to the rising trade deficit as well as continued foreign portfolio outflows. High gold imports is a structural issue in A recent report by the World Gold Council pointed out that gold imports by India have been consistently high since 2012, averaging 760 tonnes per year. This is because the domestic supply is limited, with imports meeting almost 86 per cent of domestic demand. It is clear that the Centre needs to find long-term sustainable solutions to increase the domestic supply. The obvious way to do so is to bring some of the 25,000 tonnes of gold held by households and temples into circulation, The Centre needs to consider another gold monetisation scheme (GMS) that offers higher returns compared with the previous schemes and is better tuned to the feeling and emotions of consumers, A scheme that promises that another equivalent piece of jewellery will be returned to the customer at the end of the deposit period could find more takers since the biggest drawback of the ongoing GMS is that the customer loses the jewellery and gets a gold coin or bar at the end of the scheme. Building greater awareness towards non-physical forms of gold such as sovereign gold bonds and gold exchange traded funds will also help reduce investment-led demand for physical gold to some extent. It may also be a good idea to set up bullion banks that focus on gold loans to retail and rural customers. The prime function of these banks will be to mobilise the surplus gold with citizens through gold monetisation schemes. They can also buy and sell gold in the bullion exchanges being set up in India and in the offshore business centre in GIFT City, thus imparting liquidity to these exchanges.
RBI has to intervene to reduce the gold imports in the backdrop of..............

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The dire wamings of climate change experts are coming true.Flooding caused by torrential rainfall in the past two weeks has claimed close to 500 lives and left thousands homeless in South Africa's KwaZulu-Natal province.Tens of thousands of people in Durban are,reportedly,without water and there are concerns of an infectious disease outbreak.Authorities fear the toll could climb much higher.Intense rainfall in spring and early summer is part of South Africa's weather pattern.In April-May,a low-pressure system,stemming from the westerly trough systems of cold air,develops south of the country and often results in inclement weather.In 2019,flash floods claimed 85 lives in Durban.But the intensity of the downpour this year was unprecedented.Some parts of kwa Zulu-Natal experienced a year's rainfall in less than 36 hours.The weather vagary is straight out of classical climate change literature:Warmer seas push large amounts of moisture into the atmosphere leading to intense spells of rainfall.But that's one part of the story.The deluge's catastrophic turn has mu ch to do with a failing that's common to several parts of the world,including India:Durban's drainage system that has,at best,seen cosmetic improvements in more than a century,was ill-equipped to handle the relentless downpour.As in climate disasters in most parts of the world,the poor in South Africa have borne the brunt.Durban is a city of migrants,and large numbers live in shacks,locally called "informal settlements".These houses —an Apartheid-era legacy of the poor living in low-lying areas —were the first to be swept away by the flash floods.Experts have sounded the red alert for more extreme weather events in South Africa in the coming years.As in other parts of the world,the way forward lies in improving the accuracy of warning systems,and building the resilience of people,especially the poor.This should be the focus of adaptation strategies.
Accordling to the passage,climate disasters affect

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Indian Railways (IR) measures the punctuality of trains at the terminating stations. In other countries, it is measured at the originating point, intermediata station, and at terminating stations. In addition, for measuring punctuality, IR provides an allowance of 15 minutes delay with reference to the scheduled time. Other countries have much stricter thresholds as given follows. Japan in seconds, Netherland 3 minutes, Russia and Germany in 5 minutes, Great Brittan in 10 minutes. Even with a low benchmark and higher threshold, the punctuality of Mail/Express trains over IR declined from 79 per cent (2012-13) to 69.23 per cent (2018-19) that ton at the terminating stations only. As per the ICMS report, the poorest punctuality arnong the zones were in NCR during 2012-13 and 2018-19. In 2015-16, out of 5.85 lakh traine, 1.27 lakh Express trains reached the destination station with delay. During 2018-19, number of delayed trains increased by 43 per cent. Out of 6.22 lakh trains, 1.82 lakh trains did not meet the punctuality yardstick of 15 minutes. Three zonal railways ways-NCR ECR and NR-contributed 100 and 67 per cent in total delay of IR during 2015-16 and 2018-19. Review of the Complaint Management System by by Audit revealed that there was sharp increase in the number or of complaint cases on a of punctually in IR. Duning the period 2015-16, 2016-17 and 2017-18 the number of complaints that were lodged in the system for late e running of trains was 9112, 20,025 and 35,793 res actively The complaints increased to 40,077 (an increase of 340 per cent over the year 2015-16) in 2018-19. Audit analysed the data for Mal/Express trains for 2016-17, 2017-18 and 2018-10 from ICMS report number 201 and noticed that on an average 13,15,450 trains are reported through ICMS per annum. Of these, only 29.64 per cent of trains (3,80,877 trains) reached on time (RT) and 20.17 per cent of trains (2.65,301 trains) arrived before time (IT). Remaining 50.18 per cent of trains (6,60,188 raine) are delayed. Before time cases indicates poor timetabling by provision of extra running time, Ministry of Railways stated (November 2021) that IR measures punctuality on terminating basis However, monitoring of running r is done on continuou ous and real-time basis. To put the punctuality performance in perspective it is to be noted that between 2012-2013 and 2018-2019, the train services have increased In numbers by 20 O per cent. Audit is of the view that Punctuality massured on terminating bels does not conform to global best practicos. Audit noticed that by computerized timetabling, grouping of trains, conflict resolution and integrated maintenance, punctuality of trains can be improved.
From the above analysis it is known that some trains reach the destination before the scheduled time. What is the reason?

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The object of study in game theory is the game, which is a formal model of an interactive situation. It typically involves several players; a game with only one player is usually called a decision problem. The formal definition lays out the players, their preferences, their information, the strategic actions available to them, and how these influence the outcome. Games can be described formally at various levels of detail. A coalitional (or cooperative) game is a high-level description, specifying only what payoffs each potential group, or coalition, can obtain by the cooperation of its members. What is not made explicit is the process by which the coalition forms. As an example, the players may be several parties in parliament. Each party has a different strength, based upon the number of seats occupied by party members. The game describes which coalitions of parties can form a majority, but does not delineate, for example, the negotiation process through which an agreement to vote en bloc is achieved. Cooperative game theory investigates such coalitional games with respect to the relative amounts of power held by various players, or how a successful coalition should divide its proceeds. This is most naturally applied to situations arising in political science or international relations, where concepts like power are most important. For example, Nash proposed a solution for the division of gains from agreement in a bargaining problem which depends solely on the relative strengths of the two parties' bargaining position. The amount of power a side has is determined by the usually inefficient outcome that results when negotiations break down. Nash's model fits within the cooperative framework in that it does not delineate a specific timeline of offers and counteroffers, but rather focuses solely on the outcome of the bargaining process. In contrast, noncooperative game theory is concerned with the analysis of strategic choices. The paradigm of noncooperative game theory is that the details of the ordering and timing of players' choices are crucial to determining the outcome of a game. In contrast to Nash's cooperative model, a noncooperative model of bargaining would posit a specific process in which it is prespecified who gets to make an offer at a given time. The term "noncooperative" means this branch of game theory explicitly models the process of players making choices out of their own interest. Cooperation can, and often does, arise in noncooperative models of games, when players find it in their own best interests.
Nash's model........................

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The outline of our theory can be expressed as follows. When employment increases, aggregate real income is increased. The psychology of the community is such that when aggregate real income is increased aggregate consumption is increased, but not by so much as income. Hence employers would make a loss if the whole of the increased employment were to be devoted to satisfying the increased demand for immediate consumption. Thus, to justify any given amount of employment there must be an amount of current investment sufficient to absorb the excess of total output over what the community chooses to consume when employment is at the given level. For unless there is this amount of investment, the receipts of the entrepreneurs will be less than is required to induce them to offer the given amount of employment. It follows, therefore, that, given what we shall call the community's propensity to consume, the equilibrium level of employment, i.e. the level at which there is no inducement to employers as a whole either to expand or to contract employment, will depend on the amount of current investment. The amount of current investment will depend, in turn, on what we shall call the inducement to invest; and the inducement to invest will be found to depend on the relation between the schedule of the marginal efficiency of capital and the complex of rates of interest on loans of various maturities and risks. Thus, given the propensity to consume and the rate of new investment, there will be only one level of employment consistent with equilibrium; since any other level will lead to inequality between the aggregate supply price of output as a whole and its aggregate demand price. This level cannot be greater than full employment, i.e. the real wage cannot be less than the marginal disutility of labour. But there is no reason in general for expecting it to be equal to full employment. The effective demand associated with full employment is a special case, only realised when the propensity to consume and the inducement to invest stand in a particular relationship to one another. This particular relationship, which corresponds to the assumptions of the classical theory, is in a sense an optimum relationship. But it can only exist when, by accident or design, current investment provides an amount of demand just equal to the excess of the aggregate supply price of the output resulting from full employment over what the community will choose to spend on consumption when it is fully employed.
The equilibrium level of employment is the function of

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India's official statistical machinery is gearing up to relaunch the All-India Household Consumer Expenditure Survey, traditionally undertaken quinquennially, from July 2022. If it fructifies, the result may be known towards the latter half of 2024, provided the Government permits the release. The last such Survey (2017-18), did not get such a sanction- its results reportedly indicated the first fall in monthly per-capita spending by households since 1972-73, with rural households facing a sharper decline compared to 2011-12. The Statistics Ministry had flagged 'discrepancies', 'data quality issues' and 'divergences' between estimated consumption levels and the actual output of goods and services. While it had sought to scuttle suggestions that unflattering data were being obfuscated, a better course of action would have been to release the data with caveats. It could have argued, for instance, that the numbers, at best, reflect the short-term impact of the 'bold structural reforms' carried out in the year preceding the Survey, to 'formalise' the economy-demonetisation and the GST. A fresh survey could then have been commissioned later for a clearer picture. This is what the UPA had done in 2011-12 to measure employment and consumer spending levels afresh, after the 2009-10 Surveys were affected by the global financial crisis and a severe drought that hit rural incomes. The Government had promised to examine the 'feasibility' of a fresh Consumer Spending Survey, over 2020-21 and 2021-22, after 'incorporating all data quality refinements' mooted by a panel. One hopes the exact 'refinements' are spelt out upfront in the upcoming Survey. Of equal import is providing data comparable with past numbers, while factoring in changes in consumption patterns; and it may still not be too late to release the previous Survey's findings to help assess longer term trends. The absence of official data on such a critical aspect of the economy-used to estimate poverty levels, rebase GDP, and to make private investment decisions for over a decade, is damaging to India. Being a free-market and transparent democracy distinguished India from the likes of China where official data are read with a pinch of salt. The Government's actions, including the delayed release of critical jobs data, have dulled that perception. If anything, such Surveys need to be conducted more frequently for more effective policy actions informed by ground realities, no matter how unpleasant they may be. Now, imperfect proxies are deployed to gauge the economy, surmises made about the extinction of extreme poverty, and outlays are tom-tommed without evidence on outcomes. The NSO must be empowered to collect and disseminate more data points, without fear of insinuations about its abilities, or a looming axe on its regular Surveys.
What is the central theme of the above passage?

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After wheat, there is pressure building up for banning exports of raw cotton. The Narendra Modi government must resist any such demand emanating from domestic textile mills and the garment industry. There are at least three reasons why this is so. To start with, the output of one industry is often the input of another. In this case, cotton is spun by mills into yarn, which is further woven or knitted into fabric used for making garments. During the year ended March 31, 2022, India exported $2.8 billion worth of raw cotton, $5.5 billion of cotton yarn, $8.2 billion of cotton fabrics and made-ups, and $9 billion of cotton ready-made garments. Will spinning mills seeking a ban on cotton shipments agree to the same in respect of yarn? When exports are happening at every stage of the value chain, how can there be pick and choose on which one to disallow or promote? Secondly, while it is true that cotton prices have risen by around 50 per cent since the start of 2022, this cannot be blamed just on exports - which are actually expected to halve in the current marketing season (October-September) compared to 2020-21. Domestic prices increasing to international parity levels should, by itself, slow down exports in the natural course. The Modi government did the right thing last month by scrapping the import duty on cotton. It should, in fact, remove the 10 per cent duty on yarn imports as well. The correct approach to tackling inflation, whether in wheat, cotton or yarn, is by allowing duty-free imports without putting fetters on exports. The third reason has to do with timing. Sowing of cotton has already started in Punjab, Haryana and Rajasthan. Plantings in Gujarat, Maharashtra, Telangana and other states will also take off with the arrival of the southwest monsoon rains. High prices would definitely incentivise farmers to expand acreage this time; banning exports will send the opposite signals to the ultimate detriment of the textile industry. The real problem in cotton that needs addressing is yields. The introduction of Bt cotton in the early 2000s led to India's production going up about 2.5 times to 398 lakh bales by 2013-14. Since then, it has been on a falling trajectory, with the latest output estimate for 2021-22 at below 325 lakh bales. The plants incorporating Bt genes have over time developed susceptibility to pink bollworm and whitefly insect pests, reducing yields and also farmer enthusiasm for growing cotton. The Modi government's succumbing to uninformed lobby pressures against genetic engineering technologies has not helped matters. A clearheaded approach is required for this crop, which is a source of not just fibre (lint), but also food (cotton-seed oil) and feed (oil-cake).
The main suggestion in the above passage is...

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On Monday, the Indian rupee fell to an all-time low of 77.6 against the dollar during intraday. While it has pulled back marginally since then, the rupee has, of late, been exhibiting signs of weakness. However, the Indian currency is not an outlier. Currencies of most other emerging economies have also exhibited weakness against the dollar. In fact, of late, the Turkish lira, Malaysian ringgit and Thai bhat have declined more sharply than the rupee according to analysts at Bank of Baroda. Notwithstanding these day-to-day fluctuations, the outlook for the Indian rupee continues to be weighed down by tighter global monetary policy, a strengthening of the US dollar and risk aversion, and higher current account deficits. With the US Federal Reserve hiking rates by 50 basis points, there has been a sell-off in global markets as investors have rushed to the dollar. In India, foreign portfolio investors have pulled out around $5.8 billion since the beginning of this financial year as per data from Kotak, exerting downward pressure on the currency. The DXY index - which measures the US dollar against six major currencies, namely the euro, pound, Canadian dollar, yen, Swedish kroner and Swiss franc has been rising. This strengthening of the dollar is unlikely to be reversed in the near term. As the US Fed embarks on an aggressive tightening of rates - some analysts are factoring in a terminal rate of more than 3 per cent asset classes across the world will witness further adjustments. There is also the pressure owing to the rising trade deficit — in April the deficit stood at $20 billion, up from $18.7 billion in March. In fact, according to analysts, the current account deficit is likely to be at its highest level since the crisis of 2013. During this period, the Reserve Bank of India (RBI) has been intervening to soften the currency's slide the fall in its foreign exchange reserves suggests that is the case. However, considering that the rupee is overvalued, the central bank should allow the currency to slide, allowing it to find its own level, intervening only to smoothen excess volatility. Currency depreciation will act as an automatic stabiliser. It will help ease current account pressures by curbing imports, but more importantly, it will help boost exports—a critical driver of the country's economy at the current juncture.
Currencies globally in depreciation mode due to......

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The Securities Exchange Board of India's (SEBI's) move, under its new Chairperson Madhabi Puri Buch, to undertake a thorough review of securities market regulations should be welcomed as it is a necessary initiative to keep up with the times. The review can perhaps focus on three aspects. One, as India's financial market evolves with rising retail participation, market regulations need to keep up with new products and asset classes that are springing up. While comprehensive frameworks are in place to govern traditional investment vehicles such as stocks, bonds and mutual funds currently, newer options such as curated stock portfolios and digital gold which are quite popular with retail investors, are in the grey zone. Two, existing laws on insider trading, front-running and other market crimes rely mainly on call logs, preservation of transcripts and sharing of information on official databases to prevent leakage of unpublished price sensitive information (UPSI). But the widespread use of social media platforms such as WhatsApp, Twitter and YouTube apart from apps that encrypt and instantly purge messages, are helping rogue players bypass such checks, with the result that mass dissemination of false information about dodgy companies has become rampant. SEBI's regulations must be rewritten to plug this gap. Three, regulations that haven't been updated in a while can stand in the way of innovation and deter the launch of new products or services that better serve the interests of investors. The proposed review must do away with redundant regulations wherever warranted, to facilitate market development. Updating laws apart, if financial market regulators such as SEBI are to keep up with new-age fraudsters, they need to be armed with the skillsets and regulatory powers to keep up close surveillance of communications through the digital media, call for information and carry out decryption to decipher such data. Recently, for instance, the Securities Appellate Tribunal (SAT) refused to uphold a SEBI ruling against market players for insider trading, after they were discovered to be sharing unpublished company results on WhatsApp groups, on the grounds that these messages couldn't be traced back to company insiders. SEBI is therefore quite right to seek powers from the Government under the Information Technology Act, 2000 and the Information Technology (Procedure and Safeguard for Monitoring and Collecting Traffic Data or Information) Rules, to be allowed to access digital communication channels and carry out interception and decryption of such information. The Centre should waste no time in arming SEBI with such powers, with adequate safeguards to protect personal data privacy. To keep up with scamsters, the regulator will also have to build internal capacity and skillsets in efficiently mining surveillance data, connecting the dots and building a convincing evidence trail. The Kotak Committee on Corporate Governance had noted that SEBI was severely under-staffed, overseeing 5,000-odd listed companies with just 800-odd staff while the US SEC had over 4,500 employees to oversee an equal number of companies. Apart from adding numerically to its workforce, SEBI must look at lateral hiring of data science and tech talent at competitive pay scales, to buttress its regulatory capacity to keep up with the times.

Pick out the best filler which can complete the given sentence correctly.
I'm late to the class,………………?

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
EAGER BEAVER

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
CALL A SPADE A SPADE

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
LAID HIM OUT IN LAVENDER

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
VALE OF TEARS

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
A BRAINWAVE

The following idiom is followed by some alternatives.Choose the one which best expresses its meaning.
DRY RUN

Out of the four given alternatives,choose the one which is OPPOSITE in meaning to the given word:TRANSIENT

The following question has two blanks,each blank indicating something has been omitted.Choose the word for each blank which best fits the meaning of the sentence as a whole.
To achieve its full potential,India must not only be able to ……many obstacles that hold it back but also sail with the rest of the world in ……………the benchmarks of democratic rights,equitable distribution of wealth and access to health and education.

Out of the four given alternatives,choose the one which is OPPOSITE in meaning to the given word:DUD