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

Answer: (c)

Abandoning the ancient concept of five-year plans that India has been following since 1951, the National Institution for Transforming India (NITI) Aayog has decided to come up with a 15-year vision document in tandem with global trends and economic growth.

Cleared by Prime Minister Narendra Modi in May 2016, the new blueprint will be implemented after the last of the five-year plans, the 12th (2012- 17) ends in 2017.

Answer: (c)

Indian Railways not just runs the world's third-largest railroad network but is also among the largest employers.

As in 2012, it is the world's seventh-largest employer in the world, according to Economist magazine, with over 1.4 million employees.

It is ranked as the largest employer after the US Defence Department, the Chinese army, Wal-Mart, China National Petroleum, State Grid of China and British health services.

Answer: (b)

Personal income is a flow concept.It isthe income that is obtained by nationals. Personal income is obtained by subtracting corporate taxes and payments made for social securities provision from national income and adding to it government transfer payments, business transfer payments and net interest paid by the government.

Answer: (a)

Monetary policy is the defining function of the central bank of a country. The Reserve Bank of India announces a set of measures of both short-term and structural nature in the two bi-annual statements on monetary and credit policy. These documents are normally released in April and October of each year.

Answer: (b)