Q. Consider the following events :
- The first democratically elected communist party government formed in a State in India.
- India’s then largest bank, ‘Imperial Bank of India’, was renamed ‘State Bank of India’.
- Air India was nationalised and became the national carrier.
- Goa became a part of independent India.
Link to 1-Click here
Link to 2-Click here
Link to 3- Click here
Link to 4-Click here
Consider the following statements:
- The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) government by 2023, comprising 40% for the Central Government and 20% for the State Governments.
- The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Governments.
- As per the Constitution of India, it is mandatory for a State to take the Central Government’s consent for raising any loan if the former owes any outstanding liabilities to the latter.
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