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

Answer: (b)

The small-scale industries sector plays a vital role in the growth of the country. It contributes almost 40% of the gross industrial value added in the Indian economy.

Answer: (c)

India changed from the rupee, anna, pie system to decimal currency on 1 April 1957. To distinguish between the two, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa).

Answer: (a)

Income Tax (corporate and non-corporate combined) contribute about 56 per cent of tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states. Among the given options, Excise duty is the chief and single largest source of revenue income.

Answer: (c)

In April 2011, Coal India Limited (CIL) was conferred the Maharatna status by the Union Government of India and ranked as one of India's most valuable companies by market value. It is the world's largest coal miner with revenue exceeding Rs.624.15 billion in 2012.

Answer: (c)

On July 19, 1969, 14 commercial banks were nationalized, which got presidential approval on August 9, 1969. In 1980, in order to provide government more power and command over credit delivery, six more commercial banks in India were nationalized. If the associate banks of State Bank of India are counted, then the number goes to 27.

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.