Practice Quiz set 6 - indian economy mcq Online Quiz (set-1) For All Competitive Exams

Q-1)   The number of Nationalised Banks in India is

(a)

(b)

(c)

(d)

Explanation:

On July 19, 1969, 14 commercial banks were nationalized, which got presidential approval on August 9, 1969. In 1980, in order to provide government more power and command over credit delivery, six more commercial banks in India were nationalized. If the associate banks of State Bank of India are counted, then the number goes to 27.


Q-2)   What is the approximate share of SSIs in gross industrial value added in the Indian economy?

(a)

(b)

(c)

(d)

Explanation:

The small-scale industries sector plays a vital role in the growth of the country. It contributes almost 40% of the gross industrial value added in the Indian economy.


Q-3)   The nationalisation of major commercial banks took place in

(a)

(b)

(c)

(d)

Explanation:

The Government of India nationalized 14 major commercial banks in July 1969. This was followed by a second phase of nationalization in 1980, when Government of India acquired the ownership of 6 more banks, thus bringing the total number of nation-alised banks to 20.


Q-4)   After ONGC, OIC, NTPC and SAIL, the ‘Navratna’ PSU which was awarded ‘Maharatna’ status is

(a)

(b)

(c)

(d)

Explanation:

In April 2011, Coal India Limited (CIL) was conferred the Maharatna status by the Union Government of India and ranked as one of India's most valuable companies by market value. It is the world's largest coal miner with revenue exceeding Rs.624.15 billion in 2012.


Q-5)   India switched over to the decimal currency system in

(a)

(b)

(c)

(d)

Explanation:

India changed from the rupee, anna, pie system to decimal currency on 1 April 1957. To distinguish between the two, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa).


Q-6)   Imperial Bank was constituted in the year :

(a)

(b)

(c)

(d)

Explanation:

The Imperial Bank of India came into existence on 27 January 1921. It was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.


Q-7)   Which plan gave emphasis on removal of poverty for the first time ?

(a)

(b)

(c)

(d)

Explanation:

The Fifth Five-Year Plan (1974–1979) laid stress on employment, poverty alleviation, and justice. The plan also focused on self-reliance in agricultural production and defence.


Q-8)   The latest volume of foodgrains to be given per family as determined under ‘Annapurna Scheme’ is —

(a)

(b)

(c)

(d)

Explanation:

When the Annapurna Scheme was launched in April 2000, the beneficiaries were to be given 10 Kg. of food grains per month free of cost. It aims at providing food security to meet the requirement of those Senior Citizens who through eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS).


Q-9)   Which one of the following is an example for Non-Banking Financial institution?

(a)

(b)

(c)

(d)

Explanation:

A non-bank financial institution (NBFI) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency.

LIC is an example of a NonBanking Financial institution.


Q-10)   When did the Rupee become a freely convertible currency on current account, in India ?

(a)

(b)

(c)

(d)

Explanation:

A currency is deemed convertible on the current account if it can be freely converted into other convertible currencies for the purchase and sale of commodities and services.

For example, if the rupee is convertible on the current account an Indian firm should be able to freely convert the rupee into Yen (JPY) to purchase from a Japanese Company.

Since August 20, 1994, the rupee has been made a freely convertible currency on the current account.