introduction to indian economy section 12 MCQ Questions & Answers Detailed Explanation

Answer: (c)

India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period, both decimal and non-decimal coins were in circulation.

To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (Naya paise and one rupee which remained as the same pre-decimal value.

Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature.

It, however, was now divided into 100 ‘paisa’ instead of 16 annas or 64 pice. For public recognition, the new decimal Paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term ‘Naya’ was dropped.

Answer: (c)

The Board for Industrial and Financial Reconstruction (BIFR) is an agency of the government of India, part of the Department of Financial Services of the Ministry of Finance to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others.

It was established under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The board was set up in January 1987 and became functional as of 15 May 1987.

Answer: (a)

Mumbai-based Marathon Realty has unveiled a Rs 900-crore plan for an information technology Special Economic Zone (SEZ), named Next zone, at Panvel near Mumbai. The investment, to be made in three phases over six years, will include the cost of land and construction and infrastructure development.

Work begins from September 2008, and the project will be funded through a mix of debt and equity in a 2:1 ratio. The proposed SEZ with the road, rail and maybe even air connectivity will provide IT companies with a cheaper option to set up development centres near Mumbai.

A Special Purpose Vehicle (SPV) of Marathon Realty will implement the SEZ project.

Answer: (c)

The family planning programme was launched in 1962.

First HDR report was published in 1990.

The objective of NPP was announced by govt in 2000.

Answer: (d)

RRBs are jointly owned by the Centre, the State Government concerned and sponsor banks, with the issued capital shared in the ratio 50:15:35, respectively.

According to the RRB Act, 1976 the authorised capital of each such bank is Rs 5 crore and the issued capital, a maximum of Rs 1 crore.

Answer: (c)

To rip maximum demographic dividend, India has to promote skill development. This is what Economic Survey and 12th FYP have been advocating.