Question 1

Which committee was formed in 1991 to suggest reforms in the Indian tax system?

Accepted Answer

Challiah Committee. The Challiah Committee was established to recommend reforms for the Indian tax structure. It advocated for reducing tax rates and broadening the tax base. This committee played a crucial role in the early liberalization era.

Question 2

Which committee is primarily associated with the first phase of financial sector reforms in India?

Accepted Answer

Narasimham Committee. The Narasimham Committee recommended reforms to improve the efficiency of the banking sector. It suggested reducing the Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR). Its reports in 1991 and 1998 shaped the modern Indian banking landscape.

Question 3

The Malhotra Committee (1993) was setup to recommend reforms in which sector?

Accepted Answer

Insurance Sector. The Malhotra Committee was tasked with suggesting improvements in the insurance sector. It recommended opening the insurance market to private competition and foreign investment. This led to the establishment of the Insurance Regulatory and Development Authority (IRDA).

Question 4

Which committee was appointed to look into the estimation of poverty in India in 2005?

Accepted Answer

Tendulkar Committee. The Tendulkar Committee was established to move away from mere calorie-based poverty estimation. It introduced a new methodology based on consumption expenditure for health and education. The committee suggested a broader basket of goods to define the poverty line.

Question 5

The Rangarajan Committee (2012) was constituted to review which specific economic area?

Accepted Answer

Poverty Measurement. The Rangarajan Committee was formed to provide an alternative perspective on poverty measurement after the Tendulkar report. It proposed higher consumption thresholds for both rural and urban areas. This report calculated a higher percentage of the population living below the poverty line.

Committees — Set 1