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Directions (1-10): Read the following passage carefully and answer the questions given below it.
One of the biggest challenges facing the Indian economy is the size of the informal sector. The present government, more than any other, has taken upon itself to punish those in the informal economy. Their logic is simple: Informal operations are unproductive and pose many challenges to the government, like the inability to raise tax revenue, collect data, and regulate firms and firms operating in the shadows will be punished until they step into the light. The problem is that the government has missed the fundamental reason for the nature and size of the informal sector in India, and remedies like the goods and services tax are making the problem worse. It begins with a misguided assumption that firms in India have a preference to operate informally. But the truth is that most businesses have no choice but to hide from the regulatory system, which imposes too high a burden. If firms actually comply with all the regulation, their costs are too high to offer competitive prices to the customers. Customers look elsewhere usually imports or the informal economy and the firms go out of business. This is the short version of the tragic tale of most firms in India. The worst affected are the micro, small and medium enterprise. Add to these 27 construction permits and seven property registration requirements; many are dead on arrival. The MSMEs that are launched are flouting more than a few rules of this extensive regulatory burden. GST has definitely not reduced, and possibly increased, these compliance costs. It is a wonder that even a fraction of businesses formalize. There are very few businesses that have a preference for the informal or the underground economy. In a world with a simple and reasonable regulatory and tax system, most businesses would prefer to be legal, above board, and profitable. The problem is of costs imposed by regulatory compliance. The punishment imposed by demonetization and GST are not likely to incentivise most of the small businesses to formalize because if they do, they will probably go out of business.
Now that India has had the experience of running the GST system for a year, policymakers should focus on building on its successes and addressing its drawbacks to achieve its full potential. Economists at the Union finance ministry studied GST data in detail and presented some interesting facts in this year’s Economic Survey. First, the Survey showed that India’s formal non-farm payroll is much higher than is commonly believed. The implementation of the GST, which is bringing more businesses into the tax net, will further push formalization of the economy. Second, the GST is leading to better tax compliance. The number of unique registrations has now crossed the 10 million mark, which is higher than entities registered in the pre-GST period, though they are not comparable as indirect taxpayers had to register multiple times in the earlier system. The increasing number of taxpayers and better compliance should help raise higher revenue in the medium to long run. Third, the GST system is creating a vast repository of data that could be useful in policymaking. For example, it is now possible to know the state-wise distribution of international exports. This information can be used to fine tune policies in particular states to boost exports. Per capita gross state domestic product has a high correlation with exports. Demonetization was a double whammy for the informal sector. It resulted in a very large demand side shock, where customers could not pay in the short run for these informal goods and services using cash. And the cash balances of entrepreneurs were also called into question overnight. Demonetization killed small firms, put informal workers out of jobs, and destroyed entire supply chains. GST is imposing even higher costs because it is recurring and long term. It imposes a whole new system of compliance that requires frequent filing, navigating an impossible classification system, and a dysfunctional receipt matching mechanism under the GST network. Most businesses in India cannot function if they operated in the harsh light of the regulatory state.
Indian businesses lose the productivity, economies of scale, and gains from trade that come with formalization because the regulatory environment is impossible to navigate. Remaining informal allows them to buck most of the regulatory and tax system, a survival tactic without which India would be poorer. Productivity gains remain unrealized, because these firms are forced to remain informal, trapping Indians in poverty. Government does not do anything to ease the compliance burden and fix it because fixing the regulatory system is very difficult, and it prefers having control over the economy instead of fostering growth. The real reason to favour formalization is to help individuals and firms grow and achieve scale and productivity, both of which are difficult to attain in informal businesses. But the government wants to formalize the economy to increase revenue, data and surveillance. Informal businesses are a problem because the government can’t keep track of them. And therefore, it is willing to give up growth for formality. What India needs, as economists have advocated time and again, is a simpler regulatory framework. But a simpler regulatory framework reduces the power of the state and increases the freedom of the people. On the other hand, employing more coercive means to force firms to formalize helps the state keep up the pretence of fixing the problem, while, in fact, increasing its own power and scope, and coercing more Indians than ever before. This government has just used new rhetoric of modernization and formalization to develop increasingly coercive instruments to control and harass Indians.
1) Which of the following statements are mentioned as an interesting facts about GST in this year’s Economic Survey?
i) As per the Survey showed that India’s formal non-farm payroll is much lower than is commonly believed
ii) As per the survey a vast repository of data that is created by The GST system could be useful in policymaking.
iii) As per the survey the GST is leading to better tax compliance
a) i and iii
b) ii and iii
c) i and ii
d) Only i
e) None of these
2) Why does the government punish the lack of formality instead of fixing the regulatory system and easing the compliance burden
i) Because it result in a very large demand side shock, where customers cannot pay in the short run
ii) Because fixing is very difficult and it prefers having control over the economy instead of encouraging growth
iii) Because small businesses will formalize and, they will probably go out of business.
a) ii and iii
b) Only ii
c) i and iii
d) Only i
e) None of these
3) According to the passage which of the following is not one of the challenges that Informal operations pose to the government?
a) The inability to regulate firms
b) The inability to raise tax revenue
c) The inability to fine tune policies in particular states
d) The inability to collect data
e) None of these
4) Which of the following is true in the context of the passage?
i) Implementation of GST has definitely not reduced and possibly increased, the compliance costs for firms.
ii) The number of unique registrations under the goods and services tax has crossed the ten million mark
iii) After implementation of GST it is not possible to know the state-wise distribution of international exports.
a) ii and iii
b) i and ii
c) i and iii
d) Only i
e) None of these
5) According to the passage which of the following statements has/have been mentioned correct about demonetization?
a) It resulted in a very large demand side shock where customers could not pay in the short run for the goods using cash.
b) It had put informal workers out of jobs and wiped out entire supply chains.
c) It is imposing even higher costs because it is recurring and long term.
d) Both a) and b)
e) None of these
6) According to the passage why Indian businesses lose the productivity and gains from trade that come with formalization?
a) Because it is impossible to navigate the regulatory environment
b) Because he government policies act as a coercive instruments to control and harass Indian businesses
c) Because businesses in India cannot function if they operated in the harsh light of the regulatory state
d) Both b) and c)
e) Only a)
7) Choose the word which is most nearly the same in meaning as the word “fostering” printed in bold as used in the passage.
a) Stymieing
b) Fomenting
c) Debarring
d) Resisting
e) Halting
8) Choose the word which is most nearly the same in meaning as the word “flouting” printed in bold as used in the passage.
a) Adulating
b) Extolling
c) Titillating
d) Affronting
e) Enchanting
9) Choose the word which is most opposite in meaning of the word “whammy” printed in bold as used in the passage.
a) Reverence
b) Conjuration
c) Damning
d) Profanity
e) Expletive
10) Choose the word which is most opposite in meaning of the word “navigating” printed in bold as used in the passage.
a) Steering
b) Helming
c) Eliding
d) Voyaging
e) Operating
Directions (11-15): In each of the following sentences there is one blank space. Below each sentence there are four words denoted by a), b), c) d) and e). Find ONE word that to be fitted in both the sentences I and II and another word that to fit in sentence III and to make it meaning fully complete.
11)
i) His success later in the afternoon has _________ a nation and sent two families reeling from heartache that never diminishes.
ii) The blood surged up to my head, and I _________ back and dropped into a chair.
iii) Sometimes I knew the hand by which assistance was sent, but at other times my _________ remained unknown.
a) Consternated, protector
b) Staggered, benefactors
c) Annotated, promoters
d) Construed, altruists
e) Astonished, supporter
12)
i) The professor altered the test once he realized the complicated format seemed to _______ some of his students.
ii) During the competition, the tricky obstacle course appeared to ________ quite a few runners.
iii) Never in my life had I lived in an environment that ________ me as this one.
a) Subdue, applauded
b) Befuddle, agitated
c) Dulcify, instigated
d) Perplex, inspirited
e) Perturb, repressed
13)
i) If we give in to the terrorists, our actions will _________ other terrorist groups to commit the same criminal acts
ii) The coach hoped his speech would ________ his team to win the playoff game
iii) She ran from the house in a terrible rage her arms ________ in the air.
a) Embolden, flailing
b) Intimidate, smacking
c) Revitalize, thwacked
d) Invigorate, lashed
e) Deprecate, hitting
14)
i) It seems as though the candidate is airing commercials every hour to _________ his political platform
ii) The purpose of the documentary is to _________ the importance of raising funds for additional cancer research
iii) He ________ at last and looked back at us with a mien of anger.
a) Annunciate, abandon
b) Proclaim, abstain
c) Promulgate, desisted
d) Circulate, endured
e) Eschew, resigned
15)
i) If you are trying to lose weight, I would like to __________ that you stop eating junk food.
ii) It was then that he again came to the front to __________ a just cause.
iii) The procedure does not exist in ordinary societies, since voluntary associations have no ________ power.
a) Vindicate, artificial
b) Advocate, coercive
c) Encounter, bullying
d) Assail, intimidating
e) Countenance, compulsory
Directions (16-20): In each of the following questions on phrase has been given and it has been followed by four sentences. You have to find out on which sentences phrase has been used properly according to its meaning and mark your answer from the options denoted a), b), c), d). Mark e) as your answer of you find that the phrase has been applied properly in all sentences.
16) Cut in
i) The construction debris cut in the workers from the canteen.
ii) The air conditioning will cut in as soon as the room gets too hot.
iii) During the debate my opponent kept cutting in.
iv) Their phone was cut in when they didn’t pay the bill
a) ii and iii
b) i and iv
c) i and ii
d) iii and iv
e) All are correct
17) Tune out
i) The entire class had tuned out, so no one heard the teacher ask the question.
ii) She is tuned out and alert to what is going on around her.
iii) Rishi tuned out what the speaker was saying and daydreamed for a while.
iv) One of my classmates tuned me out to politics.
a) ii and iv
b) i and iii
c) iii and iv
d) i and ii
e) All are correct
18) Louse up
i) The bad weather loused up our plans
ii) Your change of mind really loused me up.
iii) I am going to louse up the house this morning.
iv) The president loused up the merger, costing the company millions of dollars
a) i and ii
b) ii and iii
c) i and iv
d) all except iii
e) All are correct
19) Chime in
i) The students began singing and everyone chimed in.
ii) When Mary agreed, her sister chimed in that she’d join her
iii) He chimed in too late; the meeting was breaking up.
iv) The kids were talking among themselves when the teacher chimed in.
a) iii and iv
b) ii and iii
c) i and ii
d) All except iv
e) All are correct
20) Pass up
i) Each person signed the document and passed it up to the next person on the list.
ii) Perhaps I will stop and visit Joe the next time I pass up his home.
iii) This fruit should pass up you in no time at all.
iv) That job offer sounds very good, don’t pass it up.
a) iii and iv
b) ii and iii
c) i and iv
d) i and ii
e) All are correct
Answers:
1). Answer: b)
It is mentioned in para 2- Economists at the Union finance ministry studied GST data in detail and presented some interesting facts in this year’s Economic Survey. First, the Survey showed that India’s formal non-farm payroll is much higher than is commonly believed. Second, the GST is leading to better tax compliance. Third, the GST system is creating a vast repository of data that could be useful in policymaking.
2). Answer: d)
It is mentioned in para 3- Government does not do anything to ease the compliance burden and fix it because fixing the regulatory system is very difficult, and it prefers having control over the economy instead of fostering growth.
3). Answer: c)
It is mentioned in para 1-Informal operations are unproductive and pose many challenges to the government, like the inability to raise tax revenue, collect data, and regulate firms and firms operating in the shadows will be punished until they step into the light.
4). Answer: b)
It is clearly mentioned in para 1&2- GST has definitely not reduced, and possibly increased, these compliance costs. Third, the GST system is creating a vast repository of data that could be useful in policymaking. For example, it is now possible to know the state-wise distribution of international exports.
5). Answer: d)
It is clearly mentioned in para 2- Demonetization was a double whammy for the informal sector. It resulted in a very large demand side shock, where customers could not pay in the short run for these informal goods and services using cash. And the cash balances of entrepreneurs were also called into question overnight. Demonetization killed small firms, put informal workers out of jobs, and destroyed entire supply chains.
6). Answer: e)
It is mentioned in para 3- Indian businesses lose the productivity, economies of scale, and gains from trade that come with formalization because the regulatory environment is impossible to navigate.
7). Answer: b)
The meaning of word fostering is to encourage the development of something
8). Answer: d)
The meaning of word flouting is to openly disregard something
9). Answer: a)
The meaning of word whammy is an event with a powerful and unpleasant effect
10). Answer: c)
The meaning of word navigating is to handle or head out for
Direction (11-15)
11). Answer: b)
The meaning of “staggered” is surprised or as if about to fall and it is suitable for i and ii blanks and the meaning of “benefactors” is a person who gives money or other help to a person or cause so it is appropriate for iii blank.
12). Answer: d)
The meaning of “perplex” is to complicate or confuse a matter and it is suitable for i and ii blanks and the meaning of “inspirited” is to encourage and enliven someone so it is appropriate for iii blank.
13). Answer: a)
The meaning of “embolden” is to give someone the confidence to do something and it is suitable for i and ii blanks and the meaning of “flailing” is to wave or swing so it is appropriate for iii blank.
14). Answer: c)
The meaning of “promulgate” is to promote or make widely known something and it is suitable for i and ii blanks and the meaning of “desisted” is to stop doing something so it is appropriate for iii blank.
15). Answer: b)
The meaning of “advocate” is to support idea or cause publicly and it is suitable for i and ii blanks and the meaning of “coercive” is relating to or using force or threats so it is appropriate for iii blank.
Direction (16-20)
16). Answer: a)
The meaning of “cut in” is to interrupt someone or something or to become operative automatically and the phrase has been applied properly in ii and iii sentences.
17). Answer: b)
The meaning of “tune out” is to cease paying attention to someone or to begin to ignore everything and the phrase has been applied properly in i and iii sentences
18). Answer: d)
The meaning of “louse up” is to cause something to fail because of poor handling and the phrase has been applied properly in i, ii and iv sentences
19). Answer: e)
The meaning of “chime in” is to interrupt someone or to join in harmoniously with someone or something and the phrase has been applied properly in all the sentences
20). Answer: c)
The meaning of “pass up” is to reject someone/something or to transfer something to the next member and the phrase has been applied properly in i and iv sentences
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| Quantitative Aptitude “20-20” | 11.00 AM |
| Vocabulary (Based on The Hindu) | 12.00 PM |
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This post was last modified on November 20, 2021 8:43 am