UGC NET Economics June 2025 Unit 7: Money and Banking PYQs (English–Hindi)

The survey’s Table II.1 gives Brazil 37%, China 65%, United Kingdom 84%, India 136% and Japan 157%. Therefore Brazil < China < UK < India < Japan, giving D C A B E.
Survey की Table II.1 में Brazil 37%, China 65%, UK 84%, India 136% और Japan 157% है। इसलिए Brazil < China < UK < India < Japan यानी D C A B E है।

The book explanation’s UK 100% and Japan 156% are not the figures in that table. The correct option remains (c). This ratio measures listed equity value relative to nominal GDP; it is not the stock market’s contribution to GDP.
Book explanation का UK 100% और Japan 156% उस table के figures नहीं हैं। Correct option फिर भी (c) है। Ratio listed equity value को nominal GDP से compare करता है; यह stock market का GDP contribution नहीं है।

The chronology is index futures June 2000, index options June 2001, options on individual securities July 2001, stock futures November 2001, followed by the initial interest rate futures introduction in 2003.
Chronology है index futures June 2000, index options June 2001, individual securities options July 2001, stock futures November 2001, और initial interest rate futures introduction 2003।

Distinguish the first introduction of interest rate futures from subsequent relaunches or redesigns. The order of the three 2001 events is index options → stock options → stock futures.
Interest rate futures की पहली introduction को बाद के relaunch या redesign से अलग रखें। 2001 के तीन events का order index options → stock options → stock futures है।

RBI’s liquidity operations seek to keep the weighted average overnight call money rate aligned with the policy repo rate. The policy repo rate provides the signal; WACR is the operational rate that the liquidity framework steers.
RBI liquidity operations overnight call money की weighted average rate को policy repo rate के करीब रखने का प्रयास करते हैं। Repo rate policy signal है; WACR वह operational rate है जिसे framework steer करता है।

Exam distinction: a policy rate, an operating target and the final inflation objective are different levels of the monetary policy framework.
Exam distinction: policy rate, operating target और final inflation objective monetary policy framework के अलग levels हैं।

The 54th meeting was April 7–9, 2025. Relevant rates after that meeting were fixed reverse repo 3.35%, CRR 4.00%, SDF 5.75%, repo 6.00% and MSF 6.25%. This gives D C B E A.
54th meeting April 7–9, 2025 थी। उसके बाद relevant rates थीं fixed reverse repo 3.35%, CRR 4.00%, SDF 5.75%, repo 6.00% और MSF 6.25%। इसलिए D C B E A है।

The book explanation instead lists rates after the June 2025 meeting, which was the 55th meeting. The ordering happens to remain the same; use the April rates when the question explicitly says 54th. CRR is a reserve ratio, not a lending rate.
Book explanation June 2025 की 55th meeting के बाद की rates देती है। Ordering वही रहती है, लेकिन question में 54th हो तो April rates लें। CRR reserve ratio है, lending rate नहीं।

The 2016 amendment placed the monetary policy framework and MPC on a statutory basis and recognised price stability as the primary objective while keeping growth in mind. Therefore the relevant year is 2016.
2016 amendment ने monetary policy framework और MPC को statutory basis दिया तथा growth को ध्यान में रखते हुए price stability को primary objective माना। इसलिए relevant year 2016 है।

Do not confuse this amendment with the RBI Act of 1934, commencement of RBI operations in 1935, or nationalisation in 1949.
इस amendment को RBI Act 1934, RBI operations की शुरुआत 1935 या nationalisation 1949 से confuse न करें।

The robust matches are monetary targeting with feedback 1985–1998, multiple indicator approach 1998–2016, and flexible inflation targeting 2016 onward. Matching these gives option (b), leaving A with printed II.
स्पष्ट matches हैं monetary targeting with feedback 1985–1998, multiple indicator approach 1998–2016 और flexible inflation targeting 2016 onward। इससे option (b) मिलता है और A printed II से match होता है।

Period caution: printed II says 1951–1974, which is not a reliable end date for the broader fiscal dominance phase. Fiscal dominance continued into later decades. Use this item to recall the three well defined regimes, not to memorise 1974 as the end of fiscal dominance.
Period caution: printed II में 1951–1974 है, जो broader fiscal dominance phase की reliable end date नहीं है। Fiscal dominance बाद के दशकों में भी रहा। तीन well defined regimes याद करें; 1974 को fiscal dominance का end न मानें।

The passage says policy focuses on expectations and calibrated liquidity management rather than an immediate response to every temporary price shock. This supports (b), not an automatic interest rate increase.
Passage में हर temporary price shock पर तुरंत action के बजाय expectations और calibrated liquidity management पर जोर है। इसलिए (b) सही है; automatic interest rate hike नहीं।

Communication and a credible policy framework influence what households and firms expect about future inflation. The passage explicitly stresses anchoring these expectations, so expectations management is the direct concept.
Communication और credible policy framework households तथा firms की future inflation expectations प्रभावित करते हैं। Passage में इन्हें anchor करने पर स्पष्ट जोर है; इसलिए direct concept expectations management है।

Withdrawal of accommodation means moving away from unusually easy supportive monetary conditions toward a more normal setting. It need not mean a specific CRR change at every announcement. Expansionary fiscal stimulus is a different policy instrument.
Withdrawal of accommodation का अर्थ unusually easy supportive monetary conditions से normal setting की ओर जाना है। हर announcement में कोई specific CRR change जरूरी नहीं। Expansionary fiscal stimulus अलग policy instrument है।

Relative interest rates can alter the attractiveness of assets in different countries, influence portfolio flows and create exchange rate pressure. That channel is directly tied to the passage’s discussion of capital flows and currency volatility.
Relative interest rates अलग countries के assets की attractiveness बदल सकती हैं, portfolio flows प्रभावित और exchange rate पर pressure पैदा कर सकती हैं। यह passage के capital flows और currency volatility channel से directly जुड़ा है।

In a variable rate reverse repo auction, eligible banks place surplus funds with RBI for the specified tenor at auction determined rates. It absorbs liquidity from the banking system. It is not a reduction of SLR or a fiscal deficit measure.
Variable rate reverse repo auction में eligible banks specified tenor के लिए surplus funds RBI के पास auction determined rates पर रखते हैं। इससे banking system की liquidity absorb होती है। यह SLR reduction या fiscal deficit measure नहीं है।