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

Answer: (c)

Agricultural labourers are those who cultivate the land of others but own no (or very little) land of their own. Owner cultivators are those who own and cultivate their own land.

Landowners are those who own land but do not cultivate it themselves. So basically, a cultivator is an agricultural labourer who tills the land of others.

Answer: (a)

Income Tax (corporate and non-corporate combined) contribute about 56 per cent of the 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. The Government of India earns maximum from Union Excise Duty

Answer: (b)

The Tarapore Committee on capital account convertibility had laid down a three year, three-phase schedule for allowing convertibility.

It laid down three pre-conditions:

1. fiscal consolidation implying that the centre’s fiscal deficit should come down to 3.5 per cent of GDP;
2. a mandated inflation target; and
3. strengthening of the financial system to
   1. involve a near-complete clampdown on activities of weak banks,
   2. major cut in the CRR, and
   3. complete deregulation of interest rates.

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)

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.