introduction to indian economy section 13 MCQ Questions & Answers Detailed Explanation

Answer: (b)

Answer: (c)

Udaya Kumar, an assistant professor at IIT Guwahati, is the designer of the Indian rupee sign. The design resembles both the Devanagari letter “j” (ra) and the Latin capital letter “R”, with a double horizontal line at the top.

The design was selected through an “open” competition among Indian residents.

Answer: (c)

Over the period 2000-05, India generated 11.3 million net new jobs per year, on average. The figure was 7 million in China, 2.7 million in Brazil and 0.7 million jobs in the Russian Federation, compared with an average of 3.7 million net new jobs generated in the OECD area as a whole each year over the same period.

Answer: (b)

Higher growth in GDP and population can occur together. Per capita income always decreases with high population growth as income per person decreases with rise in population.

Answer: (a)

The Employment Guarantee Scheme (EGS) underlying the National Rural Employment Guarantee Act is by far one of the largest social safety-net programmes launched anywhere in the developing world.

Maharashtra became the first state in India to guarantee work in 1979 following a severe drought. The EGS began in 1972 during the drought period.

However, it received a statutory basis in 1977 when the Maharashtra Legislative Assembly unanimously voted it as a law of the land. The law became operative on January 26, 1979, with the consent of the President of India.

Answer: (a)

In 2012, Reliance Industries posted its highest ever turnover of USD 66.8 billion and net profit of USD 3.9 billion.

Reliance Industries is the country’s largest private sector company on all major financial parameters with a turnover of Rs 339,792 crore, cash profit of Rs 31,994 crore and net profit of Rs 20,040 crore as of March 31, 2012.