MCQs 2026

The government has fixed the inflation target at 4% with a tolerance band of +/- 2% (i.e., 2% to 6%) for the RBI.

The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), releases the CPI data.

The Consumer Price Index (CPI) - Combined is the headline inflation measure used by the RBI for its monetary policy framework.

The primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth, as mandated by the RBI Act.

GST rates are determined by the GST Council, not the RBI. Repo Rate, CRR, and SLR are key monetary policy tools used by the RBI.

The Monetary Policy Committee (MPC) is a statutory body under the RBI Act, 1934, tasked with fixing the benchmark policy interest rate (repo rate) to contain inflation within the target level.

The G7 group consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. India is not a permanent member of the G7.

Following Italy's hosting of the G7 Summit in 2024, the United States is scheduled to host in 2025, with Canada hosting in 2026.

Canada is next in the rotational presidency to host the G7 Summit in 2026, following the United States in 2025.

A fundamental principle affirmed by the Supreme Court in 2026 is that the Digital Personal Data Protection Act generally requires explicit consent from the data principal before their personal data can be processed by any entity.