introduction to indian economy section 3 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) CII
(b) RBI
(c) IRDA
(d) SEBI
The correct answers to the above question in:
Answer: (c)
The Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body that regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999.
The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (1994) which recommended the establishment of an independent regulatory authority for the insurance sector in India. Later, It was incorporated as a statutory body in April 2000.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which Indian industry is employing large number of workers ?
a) Textile Industry
b) Iron & Steel Industry
c) Jute Industry
d) Sugar Industry
Answer »Answer: (b)
Workers in the Iron and Steel industry hold more than 2000 different types of jobs.
About 80 per cent of all workers are directly engaged in moving raw materials and steel products about the plants, making iron and steel products, and maintaining the vast amount of machinery used in the industry.
In addition, other workers are needed to do clerical, sales, professional, technical, administrative and supervisory works.
Question : 2
In India, Special Economic Zones were established to enhance:
a) Foreign Investment
b) Free trade
c) Employment
d) Technology Development
Answer »Answer: (a)
Special Economic Zone (SEZ) was established in India with the objectives of:
- Generation of additional economic activity;
- Promotion of exports of goods and services;
- Promotion of investment from domestic and foreign sources;
- Creation of employment opportunities;
- Development of infrastructure facilities.
It aimed to attract larger foreign investments.
Question : 3
Which Indian company secured the highest export revenue from IT software and services during the past two years ?
a) Infosys Technologies Ltd.
b) TCS
c) Wipro Technologies Ltd.
d) Satyam Computer Services Ltd.
Answer »Answer: (b)
Tata Consultancy Services (TCS) is India’s top software services exporter. TCS is part of the Tata Group conglomerate that also manufactures cars and steel, and serves customers including Citigroup Inc and BP Plc.
It is one of India’s most valuable companies and is the largest India-based IT services company by 2012 revenues.
Question : 4
The Industrial Development Bank of India was set up in
a) July, 1966
b) July, 1968
c) July, 1964
d) July, 1962
Answer »Answer: (c)
IDBI Bank, formerly known as Industrial Development Bank of India, was established in 1July 964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. It is headquartered in Mumbai, Maharashtra. It is one of 27 commercial banks owned by the Government of India.
Question : 5
Consider the following statements :
- Fiat money is a term used for Gold coins
- Currency Deposit Ratio is the proportion of the total deposits commercial banks keep as reserves.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (d)
Currency notes and coins are called fiat money. They don’t have intrinsic value like a gold or silver coin. The currency-deposit ratio measures the relationship between the cash people have on hand and what they have in their accounts.
Question : 6
Which bank in India performs duties of Central Bank ?
a) State Bank of India
b) Central Bank of India
c) Reserve Bank of India
d) Above (a) and (b)
Answer »Answer: (c)
The Reserve Bank of India is the main monetary authority of the country and beside that the central bank acts as the bank of the national and state governments. It formulates, implements and monitors the monetary policy as well as it has to ensure an adequate flow of credit to productive sectors.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
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Introduction to Indian Economy Shortcuts and Techniques with Examples
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