Fiscal Policy MCQ — 5 अभ्यास प्रश्न उत्तर सहित

Explanation

The GST 2.0 reform introduced a new 40% rate for luxury and sin goods such as tobacco, pan masala, aerated drinks, high-end cars, and private aircraft. This replaced the earlier 28% top slab plus cess structure.

Explanation

The five pillars of NITI Aayog FHI are: (1) Revenue Mobilisation, (2) Fiscal Prudence, (3) Debt Index, (4) Debt Sustainability, and (5) Quality of Expenditure. Foreign Exchange Reserves is not a pillar — it is a central government metric, not a state fiscal parameter.

Explanation

The five pillars of the NITI Aayog Fiscal Health Index 2026 are: Quality of Expenditure, Revenue Mobilisation, Fiscal Prudence, Debt Index, and Debt Sustainability. Human Development Index is not a component of FHI.

Explanation

Odisha topped the Fiscal Health Index 2026 among major states, reflecting its strong revenue management and low fiscal deficit. NITI Aayog CEO Nidhi Chhibber released this 2nd annual FHI on March 11, 2026, covering FY 2023-24.

Explanation

Under the GST 2.0 reform approved by the 56th GST Council meeting, the four-slab system was replaced with a two-slab regime. Essentials including food products, medicines, milk-based items, EVs, and insurance premiums fall under the 5% slab, while standard goods attract 18%.