Arrange the following events in a sequence of their occurrence: (A) Parliament passes Mahatma Gandhi National Rural Employment Guarantee Act (B) Demonetization (C) Jan-Dhan Yojana (D) Introduction of Goods and Services Tax
(A), (C), (B), (D)
Sequencing Key Indian Economic and Social Initiatives
The question asks us to arrange four significant events related to Indian policy and economy in the order they happened chronologically. Let's identify the approximate time frame for each event:
- (A) Parliament passes Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): This landmark act was passed by the Indian Parliament in August 2005. It came into effect in phases starting from February 2006.
- (B) Demonetization: The announcement of demonetization of all £500 and £1000 banknotes of the Mahatma Gandhi Series was made by the Government of India on November 8, 2016.
- (C) Jan-Dhan Yojana: The Pradhan Mantri Jan Dhan Yojana (PMJDY), a national mission for financial inclusion, was launched by the Prime Minister on August 28, 2014.
- (D) Introduction of Goods and Services Tax (GST): GST is an indirect tax used in India on the supply of goods and services. It was implemented across India from July 1, 2017.
Chronological Order of Events
Based on the occurrence dates, we can sequence the events:
| Event | Approximate Date/Year |
|---|---|
| (A) Parliament passes MGNREGA | 2005/2006 |
| (C) Jan-Dhan Yojana | 2014 |
| (B) Demonetization | 2016 |
| (D) Introduction of GST | 2017 |
Arranging them from earliest to latest gives the sequence: (A), (C), (B), (D).
Step-by-Step Sequencing
- Identify the year for MGNREGA passage: 2005/2006.
- Identify the year for Jan-Dhan Yojana launch: 2014.
- Identify the year for Demonetization announcement: 2016.
- Identify the year for GST implementation: 2017.
- Compare the years: 2005/2006 < 2014 < 2016 < 2017.
- The sequence is (A), (C), (B), (D).
Summary of Key Dates for Indian Policies
Understanding the timeline of these major policies is important for general knowledge and competitive exams. Here is a quick recap:
- MGNREGA: 2005 (Act passed) / 2006 (Implementation starts)
- Jan-Dhan Yojana: 2014
- Demonetization: 2016
- GST: 2017
Therefore, the correct chronological order is (A), (C), (B), (D).
Revision Table: Indian Economic & Social Policies
| Policy/Event | Brief Description | Year of Occurrence |
|---|---|---|
| Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) | Provides a legal guarantee of 100 days of wage employment in a financial year to adult members of rural households who volunteer to do unskilled manual work. | 2005 (Act passed) |
| Pradhan Mantri Jan Dhan Yojana (PMJDY) | National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. | 2014 (Launched) |
| Demonetization | Withdrawal of £500 and £1000 banknotes from circulation as legal tender by the Government of India. | 2016 (Announced) |
| Goods and Services Tax (GST) | A comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India. | 2017 (Implemented) |
Additional Information on Indian Government Initiatives
These initiatives represent significant policy shifts in India aimed at different aspects of development:
- MGNREGA is a major rural employment and poverty reduction program. It's based on the principle of rights-based welfare.
- Jan-Dhan Yojana focuses on financial inclusion, aiming to bring a large unbanked population into the formal financial system through bank accounts.
- Demonetization in 2016 was aimed at curbing black money, fake currency, and promoting digital payments. Its impact and effectiveness are widely debated.
- GST is a tax reform aimed at simplifying the indirect tax structure in India, replacing multiple taxes with a single, unified tax.
Studying the timeline and objectives of such government schemes and policies is crucial for understanding contemporary Indian history and economy, especially for competitive examinations.
Important Questions from Government Budget and the Economy
Arrange the sequence of events relating to the formulation of Goods and Services Tax in the correct sequence.
Determine Fiscal deficit from following:
Revenue Receipts = ₹20 Crores
Revenue Expenditure = ₹30 Crores
Capital Expenditure = ₹40 Crores
Borrowings = ₹15 CroresFor low-income countries, which of the following is not a basic infrastructure service?
Match List-I with List-II.
List-I (Earning) List-II (Factor Income / Transfer Income) A. Salaries of Government staff I. Profit B. Dividend II. Mixed Income C. Self-employed person III. Compensation of Employees D. Gifts IV. Transfer Income Choose the correct answer from the options given below:
A tax that acts as an automatic stabilizer - a shock absorber, because it makes disposable income spending less prone to fluctuation in GDP. That tax is:
