agriculture sector subsidy & food processing section 5 MCQ Questions & Answers Detailed Explanation
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The following question based on Agriculture Sector, Subsidy and Food Processing topic of indian economy mcq
- Rural Infrastructure Development Fund disperses loans to the states to complete the minor irrigation projects.
- Rural Infrastructure Development Fund is managed by the public sector Commercial Banks.
(a) 2 only
(b) Both 1 and 2
(c) 1 only
(d) Neither 1 nor 2
The correct answers to the above question in:
Answer: (c)
Rural Infrastructure Development Fund (RIDF) was instituted in NABARD with an announcement in the Union Budget 1995-96 with the sole objective of giving low-cost fund support to State governments and state-owned corporations for quick completion of ongoing projects relating to medium and minor irrigation, soil conservation, watershed management and other forms of rural infrastructure.
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Read more agriculture sector subsidy and food processing Based Indian Economy Questions and Answers
Question : 1
Consider the following statements:
- Agriculture GDP at constant prices has steadily increased in the last 10 years
- GDP at constant prices has steadily increased in the last 10 years.
a) Both (i) & (ii)
b) (i) only
c) (ii) only
d) Neither (i) nor (ii)
Answer »Answer: (c)
GDP has steadily increased in the last 10 years but agriculture growth has turned negative once in 2014-15.
Refer to the Trends.
Question : 2
Consider the following statements regarding Price Stabilization Fund (PSF):
- It is under ministry of Agriculture and Farmers Welfare
- The fund is utilized to grant working capital loan to central agencies
- The scheme promotes direct purchase of farm produce from the farmers
a) (ii) & (iii) only
b) (i) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (a)
The Price Stabilization Fund (PSF) was set up in 2014-15 under the Department of Agriculture, Cooperation & Famers Welfare (DAC&FW) to help regulate the price volatility of important agri-horticultural commodities like onion, potatoes and pulses were also added subsequently.
The PSF scheme was transferred from DAC&FW to the Department of Consumer Affairs (DOCA) w.e.f. 1st April 2016.
The scheme provides for maintaining a strategic buffer of aforementioned commodities for subsequent calibrated release to moderate price volatility and discourage hoarding and unscrupulous speculation. For building such stock, the scheme promotes direct purchase from farmers/farmers’ associations at farm gate/Mandi.
The PSF is utilized for granting interest-free advance of working capital to Central Agencies like NAFED (National Agricultural Cooperative Marketing Federation of India Ltd.) and SFAC (Small Farmers Agri-business Consortium), State/UT Governments/Agencies to undertake market intervention operations.
Apart from domestic procurement from farmers/wholesale mandis, import may also be undertaken with support from the Fund.
Question : 3
Consider the following statements about the Agriculture Income Tax
- Agriculture Income Tax is levied and collected by the Union Government.
- Agriculture Income Tax is levied throughout the country in India.
a) Both 1 and 2
b) 1 only
c) 2 only
d) Neither 1 nor 2
Answer »Answer: (d)
Agricultural income tax is levied on the income from Agriculture. At present agriculture is subjected to two direct taxes and they are agricultural Income tax and Land Tax.
They are levied by the state governments. Not all states levy agricultural income tax.
Question : 4
Which is correct with respect to the second green revolution?
- It seeks to minimize post-harvest wastage
- Improve storage and help Indian farmers meet the phytosanitary conditions so that they can participate productively in the global agricultural trade.
- It is assisted by research undertaken by public institutions such as Universities.
- It is directed by proprietary research and governed by Intellectual Property Rights.
a) I, II & IV
b) I & II
c) I, II & III
d) All the above
Answer »Answer: (a)
The second Green Revolution seeks to minimize post-harvest wastage, improve storage and help Indian farmers meet the phytosanitary conditions so that they can participate productively in the global agricultural trade.
The first Green Revolution was assisted by research undertaken by public institutions such as Universities.
However, the second Green Revolution (appropriately called Gene Revolution, because of the predominance of Biotechnology) will be directed by proprietary research and governed by Intellectual Property Rights.
Question : 5
What is the procurement price?
- It is the price at which government purchases the crop after harvesting, while MSP is the minimum price at which government declares it will buy the crop.
- It is that price at which people purchases the crop after harvesting, while MSP is the maximum price at which government declares it will buy the crop
- It is the price at which people purchase the product from the government
a) Only III
b) Only I
c) II & III
d) None of the above
Answer »Answer: (b)
Procurement price is the price at which government purchases the crop after harvesting, while MSP is the minimum price at which government declares it will buy the crop.
Since 1968-69, the MSP is usually the procurement price.
Question : 6
What is Cooperative joint farming?
- Where the society holds the land and leases it to individual members
- Where land is irrevocably surrendered to the collective;
- Where the farmers pool their land and reap the economies of scale, although the ownership continues to remain with the individual farmer.
a) Only III
b) I & II
c) Only II
d) None of the above
Answer »Answer: (a)
Co-operative joint farming, where the farmers pool their land and reap the economies of scale, although the ownership continues to remain with the individual farmer.
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