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

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: (a)

Shashikant Sharma is in function as a Comptroller and Auditor General (CAG) of India since 23 May 2013. He is the 12th CAG of India.

The Comptroller and Auditor General (CAG) of India is an authority, established by the Constitution of India which audits all receipts and expenditure of the Government of India and the state governments, including those bodies and authorities substantially financed by the government.

Answer: (d)

Tamil Nadu has the highest number of women entrepreneurs with 2930 women equalling to 30.36 %.

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: (c)

The main functioning of the banking system is to accept deposits and provide credit. The bank collects deposits from the public.

These are savings, fixed, current and recurring deposits. The bank advances loans to the business community and other members of the public.

The types of bank loans and advances are overdraft, cash credits, loans and discounting of bills of exchange.

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.