BANKING AFFAIRS

Detailed explanation-1: -GDP had expanded at 4.5 per cent in 2012-13, the slowest pace in the past decade. Smart farm sector growth spurred India’s economy to grow 4.7 per cent in 2013-14, according to the gross domestic product (GDP) provisional estimates released on Friday.

Detailed explanation-2: -Gross Domestic Product GDP at factor cost at current prices in the year 2013-14 is estimated at ‘104.73 lakh crore, showing a growth rate of 11.5 percent over the First Revised Estimates of GDP for the year 2012-13 of ‘ 93.89 lakh crore, released on 31th January 2014.

Detailed explanation-3: -The correct answer is 50 to 60. Tertiary Sector/Service Sector: In terms of GDP, the share of the tertiary sector in 2013-14 is between 50 to 60 per cent. This sector’s activities help in the development of the primary and secondary sectors.

Detailed explanation-4: -India’s GDP, during 2013–14, grew and marginally improved to 4.7 per cent as compared to 4.5 per cent in 2012–13. in the industry continued due to deceleration in mining and quarrying, and a disappointing performance of the manufacturing sector, with growth averaging 0.2 per cent per annum in the past two years.

Detailed explanation-5: -Latest data from the International Monetary Fund (IMF) show that Indian economy is set to be worth $2.05 trillion this year, increasing its size from $1.88 trillion in 2013.