| What is India recognized as in the context of vaccine production? | a global leader in the scale and speed of vaccine production | Researchers around the world, including in India, are developing more than 150 vaccines and several of them are in advanced stages for trials of safety and effectiveness. Our nation is a global leader in the scale and speed of vaccine production. While uncertainties are high, it is likely that a vaccine will be developed in the finite future. | 185 | definition | 1.000 | Our nation is a global leader in the scale and speed of vaccine production. | 28 | page=28,block=2 | 0.850 | valid |
| What area has been a focus for agriculture and rural road maintenance? | the rural economy, where we have focused on agriculture and the maintenance of rural roads | Both these sectors face unprecedented challenges with the pandemic and are both public goods with huge multiplier benefits for human capital and growth. Second is the rural economy, where we have focused on agriculture and the maintenance of rural roads. The rural economy plays a significant role in the country as it encompasses two-thirds of the country's population, 70 per cent of the total workforce and 46 per cent of national income. | 163 | definition | 1.000 | Second is the rural economy, where we have focused on agriculture and the maintenance of rural roads. | 39 | page=39,block=3 | 0.850 | valid |
| What is identified as an important lesson regarding transfers? | the need for stability and predictability in transfers | 6.40 Another important lesson is the need for stability and predictability in transfers. Hence, the three principles of need, equity and efficiency ought to be carefully balanced in assigning weightages within the formula. | 33 | definition | 1.000 | Another important lesson is the need for stability and predictability in transfers. | 185 | page=185,block=2 | 0.850 | valid |
| What is the purpose of the basic grant for gram panchayats and municipalities? | intended to be used to improve the status of specified basic civic services | For duly constituted gram panchayats, the ratio between the unconditional basic grant and conditional performance grant was 90:10 and for municipalities the ratio was 80:20. The basic grant was intended to be used to improve the status of specified basic civic services. The performance grant was based on revenue improvement, with the criteria (including the quantum of incentive to be given) left to be determined by State Governments. | 194 | definition | 1.000 | The basic grant was intended to be used to improve the status of specified basic civic services. | 200 | page=200,block=2 | 0.850 | valid |
| What is the primary role of the Finance Commission? | to allocate revenues across levels of government | In this spirit, and in this time, we seek not only to fulfil the traditional mandate of the Finance Commission to allocate revenues across levels of government, but also to put in place and reinforce the structures, habits and building blocks to increase our adaptability as a nation, a Union of States, and a partner in a more sustainable global trajectory for human development. | 111 | definition | 1.000 | In this spirit, and in this time, we seek not only to fulfil the traditional mandate of the Finance Commission to allocate revenues across levels of government, but also to put in place and reinforce the structures, habits and building blocks to increase our adaptability as a nation, a Union of States, and a partner in a more sustainable global trajectory for human development. | 28 | page=28,block=2 | 0.700 | valid |
| What was the purpose of the Advisory Council formed by the Commission? | to assist the Commission in enhancing its understanding of the complexities involved | We constituted an Advisory Council to assist the Commission in enhancing its understanding of the complexities involved, on broader issues as well as those specified in the ToR, and enabling it to make appropriate recommendations. We also constituted some other committees of experts in specific subjects like agriculture, health, defence. The details of the committees constituted by us and a list of their meetings are outlined in Annex 1.15 to 1.20. 1. Also, the practice of structured interactions of the Commission with economists and economic administrators was widened to include key policy makers as well as experts from a range of other social sciences. Consultations with experts continued throughout our tenure | 35 | definition | 1.000 | We constituted an Advisory Council to assist the Commission in enhancing its understanding of the complexities involved, on broader issues as well as those specified in the ToR, and enabling it to make appropriate recommendations. | 31 | page=31,block=4 | 0.700 | valid |
| What concept is fundamental to a reliable fiscal policy framework? | the concept of an anchor | A credible and transparently measured fiscal policy framework is one that is rule-based, with clearly delineated affordances to ensure resilience in the face of change. We must be firm, but flexibly so, to avoid fragility. 1. Central to a credible framework is the concept of an anchor, which ties down the final goal of policy and helps the expectations of economic agents adjust accordingly. By acting as a constraint on policy discretion, an anchor dis-incentivises time inconsistencies, including pressures from diverse special interest groups. Central to resilience, however, is the ability to adjust that anchor in specific ways in exceptional circumstances. | 261 | definition | 1.000 | Central to a credible framework is the concept of an anchor, which ties down the final goal of policy and helps the expectations of economic agents adjust accordingly. | 34 | page=34,block=2 | 0.700 | valid |
| What is considered a key safeguard against the risk of ships being destroyed by storms? | bounded flexibility, a bit more play than required in normal times | As we have often seen, many a ship has been set entirely adrift and dashed on the rocks by storms that snapped their anchor ropes; thus, bounded flexibility, a bit more play than required in normal times, is needed and is an important buffer against this outcome. 1. Fiscal uncertainty is now at an all-time high amid the pandemic. Nominal GDP and government revenues are already contracting in 2020-21, and placing distinct upward pressure on Union and State fiscal and debt positions. This upward pressure is unavoidable, at a time when growth destruction must be mitigated and income support extended. This is reason to consider flexibility. These are extraordinary times. 1. Yet, we believe that in the medium term, fiscal policies must be embedded in caution rather than exuberance, in restraint rather than profligacy. | 137 | definition | 1.000 | As we have often seen, many a ship has been set entirely adrift and dashed on the rocks by storms that snapped their anchor ropes; thus, bounded flexibility, a bit more play than required in normal times, is needed and is an important buffer against this outcome. | 34 |
| What does the term vertical fiscal gap describe? | the shortfall of sub-national own-revenue relative to their expenditure | The recent move to bring India's corporate tax rate more in line with international standards should help remove obstacles for business development and attract foreign investment. Most importantly, the driver of these reforms must be base-broadening and rate-reducing measures, with parallel steps to increase the capacity and expertise of the tax administration at all three tiers of government. Vertical Fiscal Gap 2. The vertical fiscal gap sums up the shortfall of sub-national own-revenue relative to their expenditure (Figure 2.3). This mismatch between expenditure and revenue decentralisation varies significantly across countries and is strongly related to the degree of revenue decentralisation that has generally increased over time, partly reflecting the rising revenue capacity of sub-national governments in many countries. | 452 | definition | 1.000 | The vertical fiscal gap sums up the shortfall of sub-national own-revenue relative to their expenditure (Figure 2.3). | 53 | page=53,block=2 | 0.700 | valid |
| What does the horizontal axis in the equalisation system framework represent? | the cost versus revenue equalisation dimensions | 2. Figure 2.4 shows the pattern of equalisation arrangements that have developed within and 6 across countries. Fiscal equalisation systems can be divided into vertical and horizontal systems, and systems that equalise revenue differences and those that equalise cost differences. The horizontal axis depicts the cost versus revenue equalisation dimensions (the more to the left, the more `cost-oriented' the system, to reduce differences in the cost of providing public services) and the vertical axis depicts the percentage of horizontal equalisation to total equalisation (the higher the value, the more horizontal the system). Most systems are a mix of horizontal and vertical, and revenue and cost equalisation systems: (i) In most OECD countries, equalisation systems are established in law and are periodically reviewed. in Canada and Germany, equalisation is put in the Constitution. | 309 | definition | 1.000 | The horizontal axis depicts the cost versus revenue equalisation dimensions (the more to the left, the more `cost-oriented' the system, to reduce differences in the cost of providing public services) and the vertical axis depicts the percentage of horizontal equalisation to total equalisation (the higher the value, the more horizontal the system). |