introduction to indian economy section 6 MCQ Questions & Answers Detailed Explanation

Answer: (a)

The Fifth Five-Year Plan (1974–1979) laid stress on employment, poverty alleviation, and justice. The plan also focused on self-reliance in agricultural production and defence.

Answer: (a)

India’s share in global trade was 2.8 per cent in 2014, up from 2.07 per cent in 2013. The government aims to increase its share in the global trade to 3.5 per cent by 2020.

Answer: (a)

The Central Statistics Organization, established in 1951, is responsible for the coordination of statistical activities in the country, and evolving and maintaining statistical standards.

Its activities include National Income Accounting; conduct of Annual Survey of Industries, Economic Censuses and its follow up surveys, a compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban NonManual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, Five Year Plan work relating to Development of Statistics in the States and Union Territories; dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc.

Answer: (c)

The headquarters of the Reserve Bank of India (RBI) is located in Mumbai, Maharashtra. Initially, the headquarter of RBI was in Calcutta (now Kolkata) but in 1937 it was permanently moved to Bombay (now Mumbai).

The RBI commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.

Answer: (d)

National Income ignores sale of land.

Answer: (d)

The Gujarat government, on 22 May 2014, launched the Smart Village programme to improve public facilities in villages. The objective of the programme is to make villages self-reliant, clean, and hygienic.

It has been conceptualized on the lines of the Smart Cities initiative of the Union Government under which 100 cities were chosen for infrastructure development.