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

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: (b)

Answer: (c)

The Government launched Kutir Jyoti Programme on the occasion of Nehru Centenary Year (1988-89) for extending single point light connection to the households of rural poor families below the poverty line.

These were to include Harijan and tribal families. The programme had come under criticism for rampant increase in transmission & distribution (T&D) losses.

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 Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganised sector by providing for the fixation of minimum wages in certain specified employments. It binds the employers to pay their workers the minimum wages fixed under the Act from time to time.

Under the Act, both the Central Government and the State Governments are the appropriate Governments to fix, revise, review and enforce the payment of minimum wages to workers in respect of ‘scheduled employments under their respective jurisdictions.

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.