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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Providing loans to poorest people in the country
(b) Promoting financial inclusion in the country
(c) Providing financial help to the marginalised community
(d) Promoting women in backward areas
The correct answers to the above question in:
Answer: (b)
Pradhan Mantri Jan Dhan Yojana is India's national mission for financial inclusion to ensure access to financial services, namely banking savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner.
This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which among the following Indian State does not transacts its business through Reserve Bank of India ?
a) Jammu and Kashmir
b) Sikkim
c) Arunachal Pradesh
d) Mizoram
Answer »Answer: (a)
State Government transactions are carried out by the Reserve Bank of India in terms of the agreement entered into with the State Governments in terms of section 21 A of the Act.
As of now, such agreements exist between RBI and all the State Governments except with the Government of Jammu and Kashmir.
Question : 2
When did the Rupee become a freely convertible currency on current account, in India ?
a) 2001
b) 2000
c) 1994
d) 1999
Answer »Answer: (c)
A currency is deemed convertible on the current account if it can be freely converted into other convertible currencies for the purchase and sale of commodities and services.
For example, if the rupee is convertible on the current account an Indian firm should be able to freely convert the rupee into Yen (JPY) to purchase from a Japanese Company.
Since August 20, 1994, the rupee has been made a freely convertible currency on the current account.
Question : 3
National Income of India is compiled by
a) Indian Statistical Institute
b) Finance Commission
c) National Development Council
d) Central Statistical Organization
Answer »Answer: (d)
The National Income Unit of the Central Statistical Organisation (CSO) is responsible for the estimation of national income. It is responsible for the coordination of statistical activities in India, and evolving and maintaining statistical standards.
CSO’s other works include: conduct of the Annual Survey of Industries, Economic Censuses and its follow up surveys, a compilation of Consumer Price Indices for Urban Non-Manual Employees, etc.
Question : 4
National Income is the
a) NNP at factor cost
b) Net Domestic product at market price
c) NNP at market price
d) Net domestic product at factor cost.
Answer »Answer: (d)
National Income is the Net National Product at the factor cost.
(NI = NNP at factor cost = NNP at market price – Indirect taxes + subsidies)
Question : 5
Imperial Bank was constituted in the year :
a) 1935
b) 1930
c) 1955
d) 1921
Answer »Answer: (d)
The Imperial Bank of India came into existence on 27 January 1921. It was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.
Question : 6
The largest source of revenue to the Union Government is
a) Central Excise Duty
b) Income Tax
c) Customs Duty
d) Wealth Tax
Answer »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.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
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introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
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introduction to indian economy section 14
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