introduction to indian economy section 13 Practice Questions Answers Test with Solutions & More Shortcuts

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: (a)

The gilt-edged market refers to the market for Government and semi-government securities, backed by the Reserve Bank of India (RBI). Government securities are tradeable debt instruments issued by the Government for meeting its financial requirements.

The term gilt-edged means 'of the best quality'. This is because the Government securities do not suffer from the risk of default and are highly liquid (as they can be easily sold in the market at their current price).

The open market operations of the RBI are also conducted in such securities.

Answer: (b)

Standup India was launched by Prime Minister Narendra Modi on 5 April 2016 to support entrepreneurship among women and SC & ST communities.

The scheme offers bank loans of between Rs.10 lakh and Rs.1 crore for scheduled castes and scheduled tribes and women setting up new enterprises outside of the farm sector.