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

Answer: (b)

The Indian Institute of Foreign Trade (IIFT) is an autonomous public business school established in 1963 by the government of India to help professionalize the country’s foreign trade management and increase exports by developing human resources, generating, analyzing and disseminating data. It is located in New Delhi, India.

Answer: (d)

Answer: (c)

When the Annapurna Scheme was launched in April 2000, the beneficiaries were to be given 10 Kg. of food grains per month free of cost. It aims at providing food security to meet the requirement of those Senior Citizens who through eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS).

Answer: (d)

LIC (Life Insurance Corporation, India) introduces its pension plan to offer individuals regular income during their old age. Pension also well-known as retirement plans are predominantly intended for the citizens who are disposed to make their old age financially secure.

Jeevan Kishore is a children’s plan under which the child becomes the owner of the policy automatically at the age of 18 yeaRs.Jeevan Chhaya is beneficial for a partner having less than a year old child (not an adopted child).

It makes provision for higher education/marriage of the child. Jeevan Sanchay is a without profit money-back plan available for the age group between 14 years and 58 yeaRs.LIC’s Jeevan Akshay- VI is a pension plan for people who are at present in their retirement age and have no pension.

Under this policy, LIC will pay the policyholders a reliable payment at normal time periods starting right after the holder pays a lump sum premium towards the cost of the policy. The annuitant can accept the payment as per his aspiration either monthly, quarterly, half-yearly or yearly.

Answer: (c)

Answer: (d)

The National Development Council (NDC) or the Rashtriya Vikas Parishad is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.

The functions of the Council are

1. to prescribe guidelines for the formulation of the National Plan;
2. to consider the National Plan as formulated by the NITI Aayog;
3. to consider important questions of social and economic policy affecting national development; and
4. to review the working of the Plan from time to time and to recommend such measures as are necessary for achieving the aims and targets set out in the National Plan.