introduction to indian economy section 14 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (a)

Chit funds in India are governed by the Chit Funds Act, 1982. Under this Act, the chit fund businesses can be registered and regulated only by the respective state government.

The regulator of chit funds is the Registrar of Chit Funds appointed by the respective state government under Section 61 of the Chit Funds Act.

Answer: (a)

The team which developed HDI was led by Mehbub ul Haq and Inge Kaul.

Answer: (b)

In India, no subsidy is given to Aviation Turbine Fuel (ATF). Indian Oil Aviation Service is a leading aviation fuel solution provider in India and the most preferred supplier of jet fuel to major international and domestic airlines. Jet fuel is a colourless, combustible, straight-run petroleum distillate liquid.

The highly punitive fiscal regime in India is the primary problem for the aviation sector. The cost of Aviation Turbine Fuel in India is almost 60% higher than international benchmarks.

Combined with a high base price, fuel now represents 45-55% of a carrier’s operating costs.

Answer: (c)

Eleventh Five-Year Plan (2007–2012) aims to

1. accelerate GDP growth from 8% to 10% and then maintain at 10% in the 12th Plan in order to double per capita income by 2016–17;
2. create 70 million new work opportunities;
3. increase the agricultural GDP growth rate to 4% per year to ensure a broader spread of benefits; etc.

Answer: (b)

Corporate loans refer to a loan that is given to a company, rather than to a government organization or an individual person.

These loans come in form of working capital finance facilities and term loans and are available to corporate bodies engaged in any legal activity with the object of making a profit.

Such bodies include the sole proprietorship firm, partnership firm, private limited company or a public limited company.