MCQs - 2026-07

The Government of India, in consultation with the RBI, has set a retail inflation target of 4% with a tolerance band of +/- 2% for the period from April 1, 2021, to March 31, 2026. This target is expected to be reviewed and potentially renewed or revised for the subsequent period, but as of 2026, this is the established target.

The Repo Rate is the interest rate at which the RBI provides short-term loans to commercial banks. It is a key monetary policy tool used to manage liquidity and influence interest rates in the economy. Fiscal policy, government spending, and taxation policy are instruments of the government's fiscal policy, not RBI's monetary policy.

The primary objective of the Monetary Policy Committee (MPC) of the RBI is to maintain price stability while keeping in mind the objective of growth. This is enshrined in the RBI Act, 1934.

The Ministry of Skill Development and Entrepreneurship (MSDE) is the nodal ministry responsible for the implementation and oversight of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

PMKVY 4.0, launched in July 2026, focuses on upskilling and reskilling the youth of India with market-relevant skills, thereby enhancing their employability and contributing to the nation's economic growth.

The Government of India launched the 4th phase of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY 4.0) in July 2026, aiming to enhance the employability of the Indian youth.

The core objective of the Jal Jeevan Mission is to ensure that every rural household in India receives a Functional Household Tap Water Connection (FHTC), thereby improving access to safe and adequate drinking water.

The Jal Jeevan Mission (JJM) is the flagship program of the Government of India that aims to provide Functional Household Tap Water Connections (FHTCs) to all rural households.

The Jal Jeevan Mission has successfully achieved 90% rural tap water coverage by July 2026, signifying a major milestone in providing safe and adequate drinking water to rural households.

The International Labour Organization (ILO) plays a key role in promoting cooperatives and is instrumental in the observance of the International Day of Cooperatives.