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

Answer: (b)

MUDRA (Micro Units Development and Refinance Agency) is a public sector financial institution that provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs.

It was launched by Prime Minister Narendra Modi on 8 April 2015.

Answer: (d)

Jeevan Aastha policy of Life Insurance Corporation of India is a single premium assurance plan which offers guaranteed benefits on death and maturity.

The plan has a maximum shelf life of 45 days and offers five and ten-year maturities to customeRs.The scheme has fixed the minimum age at entry as 13 years which would enable parents to make provisions for the higher education of their children.

Similarly, the maximum age at entry has been fixed as 60 years. The plan offers guaranteed addition of Rs100 for every thousand of maturity sum assured for 10 years term and Rs90 per annum for policies with a five-year term.

The policyholder can also avail of the benefits of tax exemption and has the option of surrendering the policy or raising a loan under the policy.

Answer: (c)

Green shoot is a term used colloquially and propagandistically to indicate signs of economic recovery during an economic downturn.

It was first used in this sense by Norman Lamont, the then Chancellor of the Exchequer of the United Kingdom, during the 1991 recession.

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.

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.