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

Answer: (a)

The Constitution of India has a number of other provisions relevant to stamp duties.

Of these, Article 246 and the Seventh Schedule are relevant in regard to the legislative power to levy Stamp duties.

Article 268 states that stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected

1. in the case where such duties are leviable within any Union territory, by the Government of India, and
2. in other cases, by the States within which such duties are respectively leviable.

It further states that proceeds in any financial year of any such duty leviable within any State shall not form part of the Consolidated Fund of India, but shall be assigned to that State.

Answer: (d)

The economic freedom of a country is calculated using the Economic Freedom Index that focuses on four key aspects of the economic environment over which governments typically exercise policy control:

1. Rule of law (property rights, freedom from corruption);
2. Government size (fiscal freedom, government spending);
3. Regulatory efficiency (business freedom, labour freedom, monetary freedom); and
4. Market openness (trade freedom, investment freedom, financial freedom).

Answer: (d)

Garibi Hatao (Meaning “Abolish Poverty” in Hindi) was the theme and slogan of Indira Gandhi’s 1971 election bid.

The slogan and the proposed anti-poverty programs that came with it were designed to give Gandhi independent national support, based on rural and urban poor.

The fifth plan was prepared and launched by D.D. Dhar proposed to achieve two main objectives viz, ‘removal of poverty’ (Garibi Hatao) and ‘attainment of self-reliance’, through the promotion of high rate of growth, better distribution of income and very significant growth in the domestic rate of savings.

Answer: (c)

Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme that was launched in December 2000 for one crore of the poorest families.

It is on the lookout for the 'poorest of the poor' by providing them 35 kilos of rice and wheat at Rs.2 per kg.

Answer: (a)

Tertiary sector of the Indian Economy contributes the largest to the GNP. During the last decade tertiary sector has shown remarkable expansion. The economy is divided into three sectors on the basis of activities-Primary, Secondary and tertiary.

Primary sector is involved in agriculture, Secondary sector is involved in manufacturing, mining, construction while tertiary sector is involved in trade, transport, communication, banking & other services.

In the last decade, India has expanded maximum in providing services like IT, Telecommunication, Healthcare, Tourism which is contributing around 60% to GDP.

Answer: (a)

The term was coined by Indian economist Raj Krishna. The Hindu rate of growth is a derogatory term referring to the low annual growth rate of the socialist economy of India before 1991, which stagnated around 3.5% from the 1950s to the 1980s.

The word “Hindu” implies that the Hindu outlook of fatalism and contentedness was responsible for the slow growth.