introduction to indian economy section 6 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (a)

India’s share in global trade was 2.8 per cent in 2014, up from 2.07 per cent in 2013. The government aims to increase its share in the global trade to 3.5 per cent by 2020.

Answer: (a)

The Central Statistics Organization, established in 1951, is responsible for the coordination of statistical activities in the country, and evolving and maintaining statistical standards.

Its activities include National Income Accounting; conduct of Annual Survey of Industries, Economic Censuses and its follow up surveys, a compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban NonManual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, Five Year Plan work relating to Development of Statistics in the States and Union Territories; dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc.

Answer: (c)

On July 19, 1969, 14 commercial banks were nationalized, which got presidential approval on August 9, 1969. In 1980, in order to provide government more power and command over credit delivery, six more commercial banks in India were nationalized. If the associate banks of State Bank of India are counted, then the number goes to 27.

Answer: (c)

In April 2011, Coal India Limited (CIL) was conferred the Maharatna status by the Union Government of India and ranked as one of India's most valuable companies by market value. It is the world's largest coal miner with revenue exceeding Rs.624.15 billion in 2012.

Answer: (a)

The basis of determining dearness allowance (D.A.) to government employees in India is the consumer price index. Dearness Allowance (DA) is an allowance paid to employees to compensate them for the erosion of real income/wage due to inflation.

The increase in the cost of living and the consequent erosion of income is measured in terms of a consumer price index number and, DA to be sanctioned to employees is determined on the basis of the percentage increase in that index.