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UPSC 2017: Consider the following statements : 1. The Factories Act, 1881 was passed with a view to fix the wages of industrial workers and to allow the workers to form trade unions. 2. N.M. Lokhande was a_ pioneer in organizing the labour movement in ‘ British India. Which of the above statements is/are correct ?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2
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Not attemptedCorrect Answer: (d) Neither 1 nor 2
The MPC fixes the RBI’s benchmark (repo) rate, so Statement 1 is correct. The committee has six (not twelve) members and must meet at least four times a year—making Statement 2 incorrect. It is chaired ex-officio by the RBI Governor, not by the Union Finance Minister—so Statement 3 is also incorrect. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Monetary_Policy_Committee_%28India%29?utm_source=openai))
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What is the correct answer to this UPSC 2017 Indian Economy question?▼
The correct answer is option (d): Neither 1 nor 2. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Monetary Policy & Money Supply question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2017, GS Paper 1, as Question 17. It falls under Indian Economy > Monetary Policy & Money Supply.
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This question is rated "moderate". It requires sound conceptual understanding of the topic.
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UPSC has asked 27 questions from Monetary Policy & Money Supply (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.