introduction to indian economy section 11 MCQ Questions & Answers Detailed Explanation

Answer: (b)

The Reserve Bank of India was nationalised on 1 January 1949 under the Reserve Bank (Transfer of Public Ownership) Act, 1948.

Since then, RBI started working as a government-owned central bank of India. It was founded on 1 April 1935.

Answer: (d)

According to M.S. Swaminathan, agriculture must serve as an instrument of income and livelihood opportunity as well as food production.

He argues that the economic benefits of agro-processing and agribusiness should be taken to poor families through rural value-added enterprises and partnerships with the private sector.

Answer: (a)

Answer: (a)

The Reserve Bank of India (RBI) was founded on 1 April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

Following India’s independence on 15 August 1947, the RBI was nationalised on 1 January 1949.

Answer: (a)

India’s exports for the month of August 2012 stood at USD 22.3 billion compared to August 2011 when it stood at USD 24.7 billion registering a decline of (-) 9.7%.

During August 2012, the imports were $ 38 billion as compared to 40 billion dollars in August 2011 registering a decline of (-) 5.08%.

Answer: (d)

Income Tax (corporate and non-corporate combined) contribute about 56 per cent of the tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states.

Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty.