introduction to indian economy section 12 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (a)

The per capita income of a country is derived from both National Income and population both. Per Capita Income is obtained by dividing National Income by the total population of the country.

Per capita income, also known as income per person, is the mean income of the people in a country.

It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.

Answer: (b)

Pradhan Mantri Krishi Seenchayi Yojana will converge with rural development schemes like the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and other schemes of the agriculture ministry and land resources department.

This will help in creating more irrigation assets.

Answer: (c)

In February 2003, the Punjab National Bank took over Nedungadi Bank, the oldest private sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank’s shares had zero value, with the result that its shareholders received no payment for their shares.

It was the first private sector commercial bank to be set up in South India. The bank was incorporated in 1913 and in 1965 it took over selected assets and liabilities of the Coimbatore National Bank Ltd.

NOTE: On 15 February 2017, the Union Cabinet approved the merger of 5 associate banks with SBI.

Finally, the five associate banks, along with Bharatiya Mahila Bank, merged with SBI on 31 March 2017. With effect from April 1, 2017; all the branches of Associates Banks viz State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Mysore and State Bank of Travancore, will function as branches of STATE BANK OF INDIA (SBI).

On 7 October 2014, Arundhati Bhattacharya became the first woman to be appointed Chairman of the bank. She is serving as present chairman of SBI.

Answer: (b)

The rate of GDP growth is a major indication of the state of the economy of a country. Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the per cent rate of increase in gross domestic product.

Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year, or another given period of time.

Answer: (c)

The Economic Survey of India is a flagship annual document of the Ministry of Finance, Government of India.

It reviews the developments in the Indian economy over the previous 12 months, summarizes the performance of major development programs, and highlights the policy initiatives of the government and the prospects of the economy.