introduction to indian economy section 10 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Central Statistical Organisation
(b) Directorate of Marketing and Inspection
(c) Indian Standards Institution
(d) Food Corporation of India
The correct answers to the above question in:
Answer: (b)
The Directorate of Marketing and Inspection (DMI) is an attached office of the Ministry of Agriculture. It was set up in the year 1935 to implement the agricultural marketing policies and programmes of the Central Government.
It aims at bringing integrated development of marketing of agricultural and allied products in the country. It is entrusted with the promotion of standardisation and grading of agricultural and allied produce.
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Question : 1
Plan Holiday was declared after
a) The Second Five Year Plan
b) The First Five Year Plan
c) The Third Five Year Plan
d) The Fourth Five Year Plart
Answer »Answer: (c)
Plan Holiday refers to three annual plans implemented during 1966-69 after the end of the Third Five Year Plan (1961-66).
During these plans, a whole new agricultural strategy involving the widespread distribution of High–Yielding Varieties (HYVs) of seeds, the extensive use of fertilizers, exploitation of irrigation potential and soil conservation was put into action to tide – over the crisis in agricultural production.
Question : 2
Commercial banks lend to which of the following Priority sectors ?
a) Agriculture, Small scale industries
b) Heavy Industries
c) Foreign Companies
d) State Government in emergency situation
Answer »Answer: (a)
Priority sector lending is an important role given by the Reserve Bank of India (RBI) to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro and small enterprises, and weaker sections.
It aims to ensure that adequate institutional credit flows into some of the vulnerable sectors of the economy, which may not be attractive for the banks from the point of view of profitability.
Question : 3
Consider the following statements in regard to ‘Inflation Index bonds’?
- Investment in these bonds is more risky as these bonds increase the inflation risk attached to the investment.
- It is better financial instrument compared to gold to hedge the risk rising out of volatile economy.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (d)
Inflation-indexed bonds are bonds where the principal is indexed to inflation. They are thus designed to cut out the inflation risk of an investment.
These bonds thus decrease the inflation risk attached to the investment. Moreover, these bonds are a better hedge than gold in a volatile economy as gold does.
Question : 4
From which of the following banks did Madan Mohan Malaviya take loans for financing “The Hindustan Times” ?
a) Bank of Maharashtra
b) Punjab National Bank
c) Bank of Baroda
d) State Bank of India
Answer »Answer: (b)
Madan Mohan Malaviya raised Rs.50,000 rupees to acquire the Hindustan Times along with the help of nationalist leaders Lajpat Rai and M. R. Jayakar and industrialist G. D. Birla, who paid most of the cash. Due to involvement of Lala Lajpat Rai with Punjab National Bank. Malaviya received much needed funds from the bank to revive the paper.
Question : 5
The Minimum Alternative Tax (MAT) was introduced in the budget of the Government of India for the year?
a) 1992-93
b) 1995-96
c) 1991-92
d) 1996-97
Answer »Answer: (d)
The Minimum Alternative Tax (MAT) was introduced for the first time in the Budget for the year 1996-97.
Minimum alternate tax or MAT is a tax levied on firms/ companies or limited liability partnerships (LLPs) making abundant profits as well as distributing dividends to its shareholders who leveraging on the features of the Indian Taxation system do not contribute towards the government’s taxation kitty.
Thus, for such corporates, a minimal tax amounting to some fixed percentage of book profits i.e. profits according to accounting records is charged as minimal alternative tax (MAT).
Question : 6
What is the extent of change of the literacy rate envisaged by the end of the Xth Five Year Plan ?
a) From 60% to 70%
b) From 65% to 75%
c) From 50% to 55%
d) From 45% to 50%
Answer »Answer: (b)
The Tenth Five-Year Plan (2002–2007) envisaged attainment of 8% GDP growth per year; reduction of poverty ratio by 5 percentage points by 2007; and reduction in gender gaps in literacy and wage rates by at least 50% by 2007.
It set the goal that the rate of literacy must be increased by at least 75%, within the tenure of the Tenth Five Year Plan.
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