industries manufacturing & service sectors section 3 MCQ Questions & Answers Detailed Explanation

Answer: (a)

Statutory corporations are public enterprises that came into existence by a Special Act of Parliament.

The Act defines the powers and functions, rules and regulations governing the employees and the relationship of the corporation with government departments.

Answer: (d)

PKI stands for Public Key Infrastructure. The Reserve Bank of India released a draft report on making payment system effective to secure a safe, secure, efficient, robust and sound payment system in the country.

Answer: (d)

Air India (Tata Airlines) was founded by J.R.D. Tata in 1932. In 1953, the Government of India passed the Air Corporations Act and purchased a majority stake (nationalized) in the carrier from Tata Sons though its founder J. R. D. Tata

As per the present FDI Policy, 100% FDI is permitted in "scheduled Air Transport Service/Domestic Scheduled Passenger Airline".

However, for Air India, as per the present policy, foreign investment (FDI/FPI) in Air India, including that of foreign Airline(s) shall not exceed 49%, subject to the condition that substantial ownership and effective control of Air India shall continue to be vested in Indian Nationals.

Now cabinet in early March 2020 approved changes in the FDI policy specific to Air India only where NRIs (who are Indian Nationals either through Individuals or through their companies) will be allowed to own 100% in Air India and that too under automatic route.

So Foreign Airlines (treated as Foreign Nationals) will still be allowed to own only 49% of Air India.

Answer: (c)

Minerals and Metals Trading Corporation Limited (MMTC) is one of the two biggest foreign exchange earners for India. It is a leading international trading company with a turnover of over 68,885 crore rupees in 2010–11.

It is the largest international trading company of India and the first Public Sector Enterprise to be accorded the status of FIVE STAR EXPORT HOUSE by Govt. of India for long-standing contribution to exports.

MMTC is the largest non-oil importer in India.

Answer: (b)

International Monetary Fund is not a part of World Bank. The International Monetary Fund (IMF) along with World Bank were created in 1944 at the Bretton Woods Conference . They are known as Bretton Woods Twins. The IMF promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade.

Answer: (b)

HMT was founded in 1953.