Economics · Macroeconomics

Examine the following seven statements about Macroeconomic policy formulation: Statement I: The primary retail inflation measure for the RBI is the Consumer Price Index (Combined), reflecting changes in the price level of a basket of consumer goods and services. Statement II: 'Core Inflation' excludes volatile components like food and fuel to provide a clearer indicator of long-term underlying inflation trends. Statement III: A 'Fiscal Slippage' occurs when the actual fiscal deficit of the government exceeds the predefined target set in the annual budget. Statement IV: The Fifteenth Finance Commission recommended a fiscal consolidation roadmap for states to maintain their fiscal deficit within a specified percentage of their GSDP. Statement V: 'Quantitative Easing (QE)' is an unconventional monetary policy where a central bank purchases long-term securities from the open market to lower long-term yields and increase money supply. Statement VI: The Goods and Services Tax (GST) Council is a constitutional body chaired by the Union Finance Minister to make recommendations on GST rates and structures. Statement VII: 'Ways and Means Advances (WMA)' is a permanent, long-term loan facility provided by the central bank to the government to fund long-duration capital infrastructure projects. Which of the following describes the validity of these statements?