introduction to indian economy section 7 MCQ Questions & Answers Detailed Explanation

Answer: (c)

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme, enacted by legislation on August 25, 2005.

It aims at enhancing the livelihood security of people in rural areas by guaranteeing hundred days of wage employment in a financial year to a rural household whose adult members volunteer to do unskilled manual work.

The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October 2009.

Answer: (b)

The family planning programme was officially launched in 1962. The first two family planning clinics were opened in Karnataka in 1930 which were supposed to be the first such in the world

Answer: (a)

GDP per capita is often used as an indicator of living standards. Notably on the rationale that all citizens would benefit from their country’s increased economic production as it leads to an increase in consumption opportunities which in turn increases the standard of living.

Answer: (c)

An important function of the Reserve Bank of India is to act as a Government banker, agent and adviser. The Reserve Bank is an agent of Central Government and of all State Governments in India except that of Jammu and Kashmir.

State Government transactions are carried out by RBI in terms of the agreement entered into with the State Governments in terms of section 21 A of the Reserve Bank of India Act, 1934.

Answer: (d)

Answer: (d)

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999.