Q. Consider the following statements:
1.China and India are the largest shareholders of the Asian Development Bank (ADB).
2.As per the ADB, India has removed subsidies on petrol and diesel.
Which of the statement(s) given above is/are correct?
Answer: B
Notes:
Explanations –
Statement 1 is incorrect. The largest shareholders of ADB are Japan and the United States, each holding 15.571% of shares.
Statement 2 is correct. According to reports from the Asian Development Bank (ADB), India phased out subsidies on petrol and diesel between 2010 and 2014 as part of its broader fossil fuel subsidy reforms. This process involved gradually removing subsidies, adjusting retail prices, and increasing taxes on these fuels. As a result, India no longer provides subsidies on petrol and diesel. However, while subsidies on petrol and diesel have been eliminated, subsidies on liquefied petroleum gas (LPG) have grown, particularly to support rural areas.
Source: The Hindu
