introduction to indian economy section 9 MCQ Questions & Answers Detailed Explanation

Answer: (c)

Abandoning the ancient concept of five-year plans that India has been following since 1951, the National Institution for Transforming India (NITI) Aayog has decided to come up with a 15-year vision document in tandem with global trends and economic growth.

Cleared by Prime Minister Narendra Modi in May 2016, the new blueprint will be implemented after the last of the five-year plans, the 12th (2012- 17) ends in 2017.

Answer: (c)

Indian Railways not just runs the world's third-largest railroad network but is also among the largest employers.

As in 2012, it is the world's seventh-largest employer in the world, according to Economist magazine, with over 1.4 million employees.

It is ranked as the largest employer after the US Defence Department, the Chinese army, Wal-Mart, China National Petroleum, State Grid of China and British health services.

Answer: (b)

Personal income is a flow concept.It isthe income that is obtained by nationals. Personal income is obtained by subtracting corporate taxes and payments made for social securities provision from national income and adding to it government transfer payments, business transfer payments and net interest paid by the government.

Answer: (a)

In India, ‘Small Farmer’ means a farmer cultivating (as owner or tenant or share cropper) agricultural land of more than 1 hectare and up to 2 hectares (5 acres). ‘Marginal Farmer’ means a farmer cultivating agricultural land up to 1 hectare (2.5 acres).

Answer: (c)

Industrial and Commercial Bank of China (ICBC) tops the list of global banks, with a market capitalisation of $285 billion, over seven times that of HDFC Bank.

Answer: (c)

Prime Minister Narendra Modi launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) on 13 January 2016. The Prime Minister unveiled the detailed guidelines for implementing the Fasal Bima Yojana at a farmers’ convention in Madhya Pradesh on 18 February 2016.

PMFBY aims to provide more efficient insurance support to the farmers of the country in the event of crops being destroyed by heavy rain, other natural calamities, pests or diseases.