Directions (Q. 1-7): Read the following passage carefully and answer the given questions.
There was a perception that the IP (Index of Industrial Production) data did not fully represent industrial trends. Moreover, IIP till recently used 2004-05 as the base year, while GDP and WPI (Wholesale Price Index) data have already moved to 2011-12 data series. It made comparison with GDP and inflation figures a tad difficult. So, the Government set up a committee to review the IP and Introduce a new data series with 2011-12 as the base year. The change was to capture structural changes in the economy and improve the quality of representativeness of the IIP
IIP is an important composite indicator that measures changes in the volume of production of a basket of industrial products. Changing the base year per se shouldn’t make too much difference to the IIP growth figures. But what makes a difference is the constituent items of the index and weights assigned to each of them. As compared to 2004-05 series, many items were introduced or deleted in the 2011-12 series. For instance, refined palm oil, cement clinkers and surgical accessories were introduced. Gutkha, tooth brushes, leather shoes, fans, calculators, pens and watches were deleted. In all, 149 new items were added in the new IIP 2011-12 data series, while 124 of them were deleted. At the broad level, the new series had 809 items from the manufacturing sector as against 620 from the old 2004-05 series, It is important for the IIP to reflect true industrial trends, which in turn has an impact on the policy decision-making. Take, for instance, the period before and after the introduction of demonetisation. One would have expected IIP growth figures to take a knock after demonetisation. But IIP growth using the 2004-05 series showed counterintuitive trends. As against an average monthly growth of (0.3) per cent during the first seven months of 2016-17, there was a turnaround in the last five months of 2016-17 (2 per cent). However, using the new IIP data, growth fell from 6.3 per cent to 3.3 per cent during the post-demonetisation period.
The new TIP, moreover, correlates better with other indicators such as core sector output and PMI (Purchasing Managers Index) as compared to the old series. The better representation is a culmination of various changes that have been made in the construction of the index. Firstly, it has shuffled the list of items to better reflect the active industries. Secondly, it has introduced the concept of Work-in-Progress (WIP)’ for capital goods, to avoid lumping of production figures. Among the other changes, renewable energy was included in the overall electricity production figures.
However, it’s not foolproof yet. It takes manufacturing data only from companies in the organised sector. However, in India, 75 per cent of the manufacturing jobs come from the unorganised sector. Moreover, doubts remain as to how the Government will be able to source authentic data on WIP when most companies themselves compute WIP only on a quarterly basis.
It’s a report card on the Government’s performance and a vital tool for policy makers. It also has a bearing on industrial policy making. IIP has a 75% (percentage) weightage for manufacturing. Moreover, a healthy IIP also bodes well for manufacturing jobs. While it’s hard to figure why tooth brush is passe according to the new series, it is a better representation of the industrial economy.
1.What has been the trend of the industrial growth after demonetisation, as per the new IIP data?
(A) Industrial growth has risen.
(B) Industrial production has registered a negative growth.
(C) There has been no significant change in industrial growth
- Only (A)
- Only (B)
- Only (C)
- Not clear from the passage
- None of the above
2. Why did the government set up a committee to review the IP and introduce a new data series with 2011-12 as the base year?
- To make some addition to or deletion from the list of items from the manufacturing sector
- To minimise the difficulty in comparing GDP with inflation figures
- To capture structural changes in the economy and improve the quality of representativeness of the TIP
- Only 2) and 3)
- All 1), 2) and 3)
3.Why is it important for the TIP to reflect true industrial trends?
- To bring transparency in the pricing of industrial goods
- To compare the prices of industrial goods with the prices of imported goods
- To influence the policy decision-making
- To increase the output
- None of the above reasons is correct
4. Find the incorrect statement on the basis of the given passage.
(A) GDP and WPI data have already moved to 201112 data series while IIP till recently used 2004-05 as the base year
(B) There was a perception that the ILP data did not fully represent industrial trends.
(C) The number of items from the manufacturing sector has been reduced in the new series.
- Only (A) and (B)
- Only (B) and (C)
- Only (A) and (C)
- Only (C)
- None of the above
5. What makes a difference in the new IIP data series of base year 2011-12? Answer in the context of the passage.
(A) Removal of luxurious items
(B) Constituent items of the new index
((C) Weights assigned to each item
- Only (A) and (B)
- Only (B) and (C)
- Only (A) and (C)
- All (A), (B) and (C)
- Only (A)
6. What change(s) has / have been made in the construction of the index of industrial production?
- Renewable energy has been included in the overall electricity production figures.
- Shuffling of list of items has been done to better reflect the active industries.
- The concept of work-in-progress has been introduced for capital goods.
- Only 2) and 3)
- All 1), 2) and 3)
7.What is the perception of the author about the IIP with a new base year?
(A) It is not yet foolproof.
(B) It takes manufacturing data only from companies in the organised sector.
(C) It is not better than the TIP with base year 2004 – 05.
- All (A), (B) and(C)
- Only (A) and (B)
- Only (B) and (C)
- Only (A) and (C)
- Only (A)
Directions (Q. 8-12): Rearrange the following seven sentences (A), (B), (C), (D), (E), (F) and (G) in the proper sequence to form a meaningful paragraph and then answer the and questions given below.
(A) These amount to 31.34 lakh crore in the state the state government would be hard put to bear the burden on its own.
(B) We need solutions better than loan waivers, to address farm distress.
(C) Fiscal discipline would go for a loss.
(D) Writing off bank loans does not address the debt owed to money lenders either,
(E) Farmers are in distress, angry and on the warpath in different parts of the country,
(F) If the Centre helps out, it would have to open its other states as well.
(G) Peace has been bought in Maharashtra with a promise to waive farm loans.
8. Which of the following would be the FIRST sentence after rearrangement?
- A
- B
- C
- D
- E
9. Which of the following would be the SECOND sentence after rearrangement?
- F
- G
- A
- B
- C
10. Which of the following would be the THIRD sentence after rearrangement?
- D
- E
- F
- A
- G
11. Which of the following would be the FOURTH sentence after rearrangement?
- B
- C
- F
- D
- G
12. Which of the following would be the LAST SEVENTH sentence after rearrangement?
- B
- A
- D
- C
- F
Directions (Q. 13-20): In the following passage, some of the words have been left out, each of which is indicated by a number. Find the suitable word from the options given against each number and fill up the blanks with appropriate words to make the paragraph meaningful.
If you were the top student of your class, does it mean that you will (13). being the CEO? To answer this question, Karen Arnold, a researcher at Boston College, followed 81 high school toppers and those who were top of the class after they finished academics to (14). their progress. Are they doing well? Are they successful? For one, that depends on what you define as success.
Here is what the research showed. 90 per cent of toppers are now in professional careers with 40 per cent in the highest-tier jobs. But none of them has changed the world, if that is (15). you want to know. Arnold says, “Even though most are strong occupational achievers, the great majority of former high-school valedictorians do not appear headed for the very top of adult achievement arenas.” In short, most toppers seem to have walked along the road that was (16). They have not cleared the jungle and crafted a fresh path.
Should we discourage our kids from giving their best in school and college? Should we tell them that their doing well in school and college is a sure sign that they will not be changing the world once they enter the world of work?
Should employers stop looking at grades as a (17) of success at work? What does it mean when someone says that they had spotless academic grades?
Most schools (18) to reward students who follow instructions. When asked to colour a box, the students listen to the instructions and ensure that all crayon markers are inside the box. The students who do that are displaying self-discipline, conscientiousness, and the ability to (19) with rules. The teacher’s favourites are students who do what the teacher tells them to do without questioning
Academic grades are only loosely (20) with intelligence Standardised tests are a better measure of IQ (though some would question that too). Academic achievements are often the result of individual effort or intelligence or ability to follow instructions, up
13. 1) make 2) back up 3) land up 4) take 5) come up
14. 1) took 2) track 3) measure 4) evaluate 5) confine
15. 1) which 2) how 3) why 4) when 5) what
16. 1) well-travelled 2) well-maintained 3) well-prepared 4) well-constructed 5) well-preserved
17. 1) prophet 2) medium 3) reader 4) predictor 5) wizard
18. 1) likely 2) tend 3) point 4) tum 5) defend
19. 1) defer 2) resist 3) comply 4) decline 5) rebuff
20. 1) equated 2) disconnected 3) adapted 4) adjusted 5) correlated
Directions (Q.21-30): Read each sentence to find out whether there is any grammatical or idiomatic error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is ‘No error’, the answer is 5). (Ignore errors of punctuation, if any.)
21. 1) The Supreme Court recently upheld / 2) the newly-inserted provision in the IT Act / 3) mandating linking of the Aadhaar number with the PAN / 4). but fractionally blocked its operation. / 5) No error
22. 1) India has sought consultations with the US under the aegis of the WTO / 2) after Washington did not comply to the WTO dispute settlement body’s ruling / 3 against countervailing duties imposed / 4) on Indian steel imports by the US. / 5) No error
23. 1) In line with the decision of the GST Council / 2) the Finance Ministry has also set up / 3) some sectoral groups to ensure a smooth transition / 4) into the new tax regime. / 5) No error
24. 1) The rights which are / 2) already accrued to a person / 3) in law / 4) cannot take away. / 5). No error
25. 1) With the onset of the monsoon making it dangerous / 2) to venture into the sea, Goa tourism department / 3) has launched activities which will provide much more fun / 4) than being on the beaches for the travellers
26. 1) All doubts were casted aside / 2) as we left the airport in the hotel car/3) and were able to have a very candid conversation / 4) with the driver about the changes in the country after the 2015 elections. / 5) No error
27. 1) Mounting debt in the corporate sector has been / 2) a major cause for concern / 3) as a number of projects have been bogged down / 4) and return on investment has been lower. / 5) No error
28. 1) Arantxa tells me that one of her / 2) most memorable trip was to Egypt, / 3) when she was world number one / 4) in 1994. / 5) No error
29. 1) Document verification and approval of admission / 2) and payment of fees for those / 3) seeking admission under the first list / 4) will be completed between July 20 to July 22. No error
30. 1) When three men were arrested earlier this month / 2) by the Anti-Extortion Cell for / 3) open firing at two shops in the suburbs of the city, / 4) they found that none of them had a prior record.
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