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

Answer: (b)

At present, notes of Rs. 10, Rs. 100, Rs. 500 and Rs. 1,000 are only printed.

The RBI has decided on 26 June 2015 to withdraw from the circulation of currency notes issued prior to 2005 by June 30, 2016.

Answer: (b)

The Chaudhary Charan Singh (CCS) National Institute of Agricultural Marketing (NIAM) is a premier National level Institute set up by the Government of India in August 1988 to offer specialized Training, Research, Consultancy and Education in Agricultural Marketing. NIAM is an autonomous body under the aegis of the Ministry of Agriculture, Government of India.

It was set up as a Registered Society to cater to the needs of Agricultural Marketing personnel in India as well as from South-East Asian countries. The Union Minister for Agriculture is the President of the General body of NIAM and the Secretary, Department of Agriculture and Cooperation is the Chairman of the Executive Committee.

The Campus of the National Institute of Agricultural Marketing is situated m a 32-acre plot of land on the outskirts of Jaipur City.

Answer: (c)

July–December corresponds to the main agricultural season in India, while January–June is a relatively ‘slack’ season.

Since more than 50% of India’s workforce is engaged in agriculture sector, the slackness of this sector imparts sluggishness to the entire economy.

Answer: (b)

The Reserve Bank of India granted the status of Qualified Central Counterparty to Clearing Corporation of India Ltd. (CCIL).

QCCP status means that CCIL now adheres to the principles for Financial Market Infrastructure an international standard to handle counterparty risk on derivatives.

Answer: (a)

Navratna was the title given originally to nine Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as "public sector companies that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants".

Life Insurance Corporation has not been conferred this status.

Answer: (d)

The Narasimham committee conceptualized the foundation of regional rural banks in India. Five regional rural banks were set up on October 2, 1975. There were five commercial banks, viz.

Punjab National Bank, State Bank of India, Syndicate Bank, United Bank of India and United Commercial Bank, which sponsored the regional rural banks.