introduction to indian economy section 9 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (a)

Since independence, India’s economic development has been guided by the twin objectives

1. a rapidly and technologically progressive economy by democratic means; and
2. a social order based on justice, offering equal opportunity to every citizen of the country.

Answer: (d)

Damodar Valley Corporation is a thermal and hydropower generating public organization of India. It emerged as a culmination of attempts made over a whole century to control the wild and erratic Damodar River.

By April 1947, a full agreement was practically reached between the three Governments of Central, Bengal and Bihar on the implementation of the scheme and in March 1948, the Damodar Valley Corporation Act (Act No. XIV of 1948) was passed by the Central Legislature, requiring the three governments – the Central Government and the State Governments of West Bengal and Bihar (now Jharkhand) to participate jointly for the purpose of building the Damodar Valley Corporation.

The Corporation came into existence on 7 July 1948 as the first multipurpose river valley project and the first Public Sector Corporation of independent India.

Answer: (c)

Personal income- direct taxes + fees+ fines+ social security contribution by employers. The amount of money that households have available for spending and saving after income taxes have been accounted for.

Disposable personal income is often monitored as one of the many key economic indicators used to gauge the overall state of the economy. Disposable income is total personal income minus personal current taxes.

Answer: (a)

Entertainment tax is an indirect tax that is levied by the State Governments in India. it is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals.

Some other forms of entertainment that are included in the purview of entertainment taxes :

1. Amusement parks
2. Video games
3. Arcades
4. Exhibitions
5. Celebrity stage shows
6. Sports activities

Answer: (a)

Provision of Urban Amenities to Rural Areas (PURA) is a strategy for rural development in India. This concept was given by former president Dr A.P.J. Abdul Kalam and discussed in his book Target 3 Billion which he co-authored with Srijan Pal Singh.

PURA proposes that urban infrastructure and services be provided in rural hubs to create economic opportunities.