introduction to indian economy section 10 MCQ Questions & Answers Detailed Explanation

Answer: (d)

Dadabhai, known as the Grand Old Man, wrote the book ‘Poverty and Un-British Rule in India’ describing the theory of economic drain of India during British rule.

Answer: (c)

Answer: (c)

The National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector.

It has been accredited with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India.”

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.

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.

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.