industries manufacturing & service sectors section 3 MCQ Questions & Answers Detailed Explanation
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The following question based on Industries, Manufacturing & Service Sectors topic of indian economy mcq
- Air India was nationalized in the early 1960s
- 100% FDI is allowed in Air India by foreign entities
(a) (i) only
(b) Both (i) & (ii)
(c) (ii) only
(d) Neither (i) nor (ii)
The correct answers to the above question in:
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.
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Question : 1
Who among the following is in function as a Comptroller and Auditor General of India?
a) Shashikant Sharma
b) Vinod Rai
c) Ashok Lahiri
d) Raghuram G. Rajan
Answer »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.
Question : 2
The number of women entrepreneurs in small scale industrial region is highest in the state of?
a) Maharashtra
b) Karnataka
c) Kerala
d) Tamil Nadu
Answer »Answer: (d)
Tamil Nadu has the highest number of women entrepreneurs with 2930 women equalling to 30.36 %.
Question : 3
Economic liberalisation in India started with :
a) The convertibility of Indian rupee.
b) Doing away with procedural formalities for Foreign Direct Investment.
c) Substantial changes in industrial licensing policy.
d) Significant reduction in tax rates.
Answer »Answer: (c)
Economic liberalisation in India started with substantial changes in Industrial licensing policy.
The LPG Model ( Liberalisation, privatisation & Globalisation) was introduced by Dr Manmohan Singh in 1991 as India was facing problems of depleting reserves. Under liberalisation, the Industrial licensing policy was changed and under the new licensing policy the private players were allowed to set up their industrial units without obtaining License from the government and thus private investment in India increased drastically
Question : 4
What does PKI stands for?
a) Primary Key Infrastructure
b) Public Key Institute
c) Private Key Infrastructure
d) Public Key Infrastructure
Answer »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.
Question : 5
What is Statutory Corporation?
- They are primarily meant to provide essential services such as railways.
- They are public enterprises that came into existence by a Special Act of the Parliament.
- They are companies in which 51% or more of the paid-up capital is held by the central or any state government (partly or wholly by both).
- They are set up whenever it is felt that certain functions need to be discharged outside the governmental set-up with some amount of independence and flexibility without day-to-day interference from the governmental machinery
a) Only II
b) I & III
c) Only I
d) None of the above
Answer »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.
Question : 6
The main functioning of the banking system is to
a) provide credit and subsidies
b) accept deposits, provide credit and subsidies
c) accept deposits and provide credit
d) accept deposits and subsidies
Answer »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.
GET Industries, Manufacturing & Service Sectors PRACTICE TEST EXERCISES
industries manufacturing & service sectors section 1
industries manufacturing & service sectors section 2
industries manufacturing & service sectors section 3
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industries manufacturing & service sectors section 5
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industries manufacturing & service sectors section 9
industries manufacturing & service sectors section 10
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