agriculture sector subsidy & food processing section 5 Practice Questions Answers Test with Solutions & More Shortcuts
Agriculture Sector, Subsidy and Food Processing PRACTICE TEST [10 - EXERCISES]
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agriculture sector subsidy & food processing section 10
Question : 21
Consider the following statements:
- Agriculture GDP at constant prices has steadily increased in the last 10 years
- GDP at constant prices has steadily increased in the last 10 years.
a) Both (i) & (ii)
b) (i) only
c) (ii) only
d) Neither (i) nor (ii)
Answer »Answer: (c)
GDP has steadily increased in the last 10 years but agriculture growth has turned negative once in 2014-15.
Refer to the Trends.
Question : 22
Consider the following statements regarding Price Stabilization Fund (PSF):
- It is under ministry of Agriculture and Farmers Welfare
- The fund is utilized to grant working capital loan to central agencies
- The scheme promotes direct purchase of farm produce from the farmers
a) (ii) & (iii) only
b) (i) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (a)
The Price Stabilization Fund (PSF) was set up in 2014-15 under the Department of Agriculture, Cooperation & Famers Welfare (DAC&FW) to help regulate the price volatility of important agri-horticultural commodities like onion, potatoes and pulses were also added subsequently.
The PSF scheme was transferred from DAC&FW to the Department of Consumer Affairs (DOCA) w.e.f. 1st April 2016.
The scheme provides for maintaining a strategic buffer of aforementioned commodities for subsequent calibrated release to moderate price volatility and discourage hoarding and unscrupulous speculation. For building such stock, the scheme promotes direct purchase from farmers/farmers’ associations at farm gate/Mandi.
The PSF is utilized for granting interest-free advance of working capital to Central Agencies like NAFED (National Agricultural Cooperative Marketing Federation of India Ltd.) and SFAC (Small Farmers Agri-business Consortium), State/UT Governments/Agencies to undertake market intervention operations.
Apart from domestic procurement from farmers/wholesale mandis, import may also be undertaken with support from the Fund.
Question : 23
Consider the following statements about the Agriculture Income Tax
- Agriculture Income Tax is levied and collected by the Union Government.
- Agriculture Income Tax is levied throughout the country in India.
a) Both 1 and 2
b) 1 only
c) 2 only
d) Neither 1 nor 2
Answer »Answer: (d)
Agricultural income tax is levied on the income from Agriculture. At present agriculture is subjected to two direct taxes and they are agricultural Income tax and Land Tax.
They are levied by the state governments. Not all states levy agricultural income tax.
Question : 24
Consider the following statements :
- India is the 6th largest producer of coffee.
- India’s share in Global Area under coffee is about 2%.
- India contributes about 4% to world coffee production as well as in the International trade.
a) 1 and 2
b) 1 only
c) 2 only
d) 1, 2 and 3
Answer »Answer: (d)
India is the 6th largest producer of coffee in the world having a share of around 2% in terms of global area. India contributes about 4% to world coffee production as well as in the International trade.
Question : 25
National Horticulture Mission started in
a) 2005-06
b) 2006-07
c) 2003-04
d) 2008-09
Answer »Answer: (a)
A National Horticulture Mission was launched in 2005-06 as a Centrally Sponsored Scheme to promote holistic growth of the horticulture sector through area based regionally differentiated strategies.
The scheme has been subsumed as a part of Mission for Integration Development of Horticulture (MIDH) during 2014-15.
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Agriculture Sector, Subsidy and Food Processing Shortcuts »
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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