Raghuram Rajan is a thinking person's economist. If you look at the trajectory of his career, it was inevitable that he should seize the bully pulpit of the RBI governorship with both hands. He showed, at Jackson Hole in August 2005, that he could deflate a triumphalist gathering of central bank governors with a prescient warning about the financial crisis that indeed befell the world three years later. He was not about to turn dovish in his homeland.
Rajan has said that the Asset Quality Review (AQR) he launched, which has triggered huge write-offs of bad loans by state-owned banks, will not cause a "Lehman moment" in India. Indeed, the World Bank in a report noted that non-performing assets (NPAs) were at a higher level in 2000. There will be painful bloodletting, but the patient will emerge stronger. Only the RBI as the bank's regulator could have bitten the NPA bullet. But Rajan ought to have remembered that in India we shoot the messengers. The AQR was the most significant of all Rajan's actions. But senior financial officials have said he had not reckoned with the fallout. The oligarchs were going to push back because their interests are being threatened. They have political clout, and public sector bank managers have always been nudged into treating them with kid gloves. So, Rajan clearly did not manage the political aspects of this strong treatment adequately. Whatever he did, it would provoke enormous push back. He had to have massive support from Prime Minister Narendra Modi and other ministers as well.
The pent-up animosity only needed a lighted match, and Rajan threw it himself with his April interview to Marketwatch in which he said India, although growing remarkably in a stagnant world, was but a one-eyed king in a kingdom of the blind. Meaning, a lot remained to be done. The almost vicious response his interview got, the people whose toes he had stepped on, must have called their political patrons and pressed the eject button. When the attacks on Rajan rose to a crescendo over the last two months, Modi and finance minister Arun Jaitley could have spoken out in his defence. The choose not to. They may have been upset enough not to let the international clamour that was growing for Rajan's renewal not to sway them. The markets did not crash by global optimism about Brexit referendum in Britain. The rupee slipped but did not fall. Rajan - and Modi - have been helped by low oil and commodity prices and strong domestic demand. Things could easily turn south if even a good monsoon does not create more rural disposable income, or oil prices rise sharply, or private investment and exports stay comatose
1. What does the first paragraph of the passage specify?
A) The Rajan was completely discarded by the gathering of central bank governors at Jackson Hole in 2005
B) That Rajan had predicted the financial crisis about three years before it actually befell in 2008
C) That Rajan is such a brilliant economist that no politician can understand him fully well
1) Only (A) and (B)
2) Only (B) and (C)
3) Only (A) and (C)
4) All (A), (B) and (C)
5) Only (B)
2. What has been pointed out by the RBI governor with regard to the launch of the Asset Quality Review?
A) That the Asset Quality Review have evoked huge write off of bad loans by state owned banks.
B) That the Asset Quality Review may create a "Lehman moment" also in India.
C) That the Asset Quality Review will prompt bankers to drive away the willful defaulters.
1) All (A), (B) and (C)
2) Only (A) and (B)
3) Only (A)
4) Only (B) and (C)
5) Only (A) and (C)
3. What, according to the World Bank report, is / are true?
Answer in the context of the passage.
1) India's GDP is below 7.6% and there is no chance of any remarkable change in next two years
2) Non-performing assets were at a higher level in 2000
3) The AQR will make India's economy stronger
4) Only (2) and (3)
5) All (1), (2) and (3)
4. Why does the author regret "that in India we shoot the messengers"?
1) Because India fails to recognise real talent
2) Because India is not a safe place for whistle blowers
3) Because India is a country of sharpshooters
4) Because India believes in taking out all gold by killing the hen
5) Other than those given as options
5. Which of the following statements is not true in the context of the passage?
1) Rajan's comparing India with one-eyed king shows his antipathy towards India
2) Modi favoured Rajan while Jaitley did not
3) The AQR was the most significant of all Rajan's actions
4) Only (1) and (2)
5) All (1), (2) and (3)
Directions (Q.No. 06 - 08): Choose the word which is MOST SIMILAR in meaning to the word printed in bold as used in the passage.
6. Reckoned
1) Neglected
2) Figured
3) Subtracted
4) Put
5) Disagreed
7. Comatose
1) Alert
2) Awake
3) Conscious
4) Stupefied
5) Agile
8. Crescendo
1) Bottom
2) Nadir
3) Girth
4) Apex
5) Limit
Directions (Q. No. 09 - 10): Choose the word which is MOST OPPOSITE in meaning of word printed in bold as used in the passage
9. Animosity
1) Love
2) Dislike
3) Hatred
4) Acrimony
5) Hostility
10. Vicious
1) Atrocious
2) Indecent
3) Gentle
4) Violent
5) Nefarious
Directions (Q.No. 11 - 15): Which of the phrases (1), (2) , (3) and (4) given below should replace the phrase given in Color in the following sentence to make the sentence grammatically meaningful and correct. If the sentence is correct as it is and no correction is required, mark (5) as the answer
11. Take into account the suggestions of the panel, a revised draft report is being placed in the public domain
1) taken into account
2) taking an account
3) taking into account
4) accounting for
5) No correction required
12. The claim that their employees are highly committing and disciplined.
1) have been highly committing
2) are highly committed
3) have high commitments
4) have been high committed
5) No correction required
13. Before accepting a new assignment, ensured that you complete all your earlier assignments
1) ensure that you complete
2) ensure that you completed
3) surely you can complete
4) ensure that you are completing
5) No correction required
14. I am fully convinced of the integrity of my colleagues?
1) full convincing of
2) fully convincing about
3) fully convincing of
4) full in convincing of
5) No correction required
15. The spectators were spellbound at the thrilling sight and the end, they could not held their applause in appreciation.
1) withheld their applause
2) withhold their applause
3) held their applauding
4) hold their applaud
5) No correction required
Directions (Q.No. 16 - 20): Rearrange the following statements (A), (B), (C), (D), (E) and (F) in the proper sequence to form a meaningful paragraph; then answer the questions given below them -
A) We at info quick tech thus make sure that our clients receive the best and the quickest services in the field of I.T
B) Information Technology has transformed a lot in this decade and this metamorphosis is exceedingly quick
C) The user can now get the desired information in a fraction of a second.
D) Our newer packages now perform in a far better way than our clients used to get in the past.
E) Our search engines have been astoundingly powerful to process and fetch the required information to the user.
F) These improvements perform a real magic, in the true sense of the term, to facilitate quicker access.
16. Which of the following will be the SECOND sentence after rearrangement?
1) A
2) B
3) C
4) D
5) E
17. Which of the following will be the FOURTH sentence after rearrangement?
1) A
2) B
3) C
4) D
5) F
18. Which of the following will be the FIFTH sentence after rearrangement?
1) A
2) B
3) C
4) D
5) E
19. Which of the following will be the SIXTH sentence after rearrangement?
1) A
2) B
3) C
4) D
5) E
20. Which of the following will be the FIRST sentence after rearrangement?
1) A
2) B
3) C
4) D
5) E
Directions (Q.No. 21 - 25): In each sentence below, four words have been printed in bold colored and lettered as (1), (2), (3) and (4). One of them may be wrongly spelt or in appropriate in the context of the sentence or grammatically incorrect. The letter of that word is the answer. If there is no error of any of the above types. The answer is (5) i.e., "No error".
21. India has progressed (1) remarkably (2) in exercising (3) our commitments in international affairs.(4) No error (5)
22. Imported items are costlier (1) than there (2) domestic (3) counterparts. (4) No error (5)
23. There is hardly any resemblance (1) between the faces (2) of the so-called identical (3) twins (4). No error (5)
24. An exorbitantly (1) rigid attitude may prove (2) very dangerous (3) even total (4). No error (5)
25. Although (1) I was paid significantly (2) low, I found my salary to be insufficient (3) or rather adequate (4). No error (5)
