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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) A.N. Cairncross
(b) Colin Clark
(c) Ragnar Nurkse
(d) Jagdish Bhagwati
The correct answers to the above question in:
Answer: (a)
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which amidst the following banks was recently converted to a “Universal Bank” ?
a) Bank of Baroda
b) Corporation Bank
c) IDBI Bank
d) Canara Bank
Answer »Answer: (c)
The Industrial Development Bank of India (IDBI) was established in 1964 by the government of India under an act of the Indian Parliament called the IDBI Act.
On December 15, 2003, the Indian Parliament approved the conversion of the Industrial Development Bank of India’s (IDBI) into a universal bank. The government’s move was significant given the fact that the Development Financial Institution (DFI) had been struggling to sustain its growth in recent times.
In India, the Development Financial Institutions were established and developed by the Government of India and Reserve Bank of India (RBI) to meet the specific needs of the industry and were traditionally engaged in long term financing, as their main objective was to take care of the investment needs of industries and to contribute to a better industrial climate.
Question : 2
As per the 2016–17 Budget, the largest source of money to the Government of India is :
a) Corporation Tax
b) Income Tax
c) Nontax revenues
d) Borrowings and other liabilities
Answer »Answer: (d)
According to the 2016-17 budget, Borrowings and other liabilities contribute a maximum of about 21% of total government earnings. It is followed by Corporation Tax (19%) and Income Tax (14%).
Corporation tax and income tax together constitute one-third of the total government earnings.
Question : 3
Which among the following sector of Indian Economy is maximum dependent on economic developments in advanced nations?
- Manufacturing Sector
- Agricultural Sector
- Mining Sector
- Services Sector
a) 2 only
b) 3 only
c) 1 only
d) 4 only
Answer »Answer: (a)
Indian Economy is highly dependent on agriculture because still the maximum population stays in rural area.
Question : 4
In India, planned economy is based on
a) Capitalist system
b) Gandhian system
c) Socialist system
d) Mixed economy system
Answer »Answer: (c)
In India, a planned economy is based on the socialist system in which all have equal opportunities to education, healthcare, non-exploitation, equality of wealth etc.
The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.
Question : 5
Which among the following sector of Indian Economy is maximum dependent on economic developments in advanced rations?
a) Mining sector
b) Manufacturing sector
c) Agricultural sector
d) Services sector
Answer »Answer: (d)
Question : 6
Which among the following subjects is not an aim of the monetary policy of the Reserve Bank of India ?
a) Direct credit with objective criteria
b) Giving impetus to economic development
c) To control pressure of inflation
d) To ensure social justice.
Answer »Answer: (d)
The Reserve Bank of India is the main monetary authority of the country and besides 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 has to ensure an adequate flow of credit to productive sectors.
Objectives are maintaining price stability and ensuring adequate flow of credit to productive sectors.
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