Indian Economy GK Quiz-10

Indian Economy GK Quiz-10

Indian Economy Multiple Choice Questions (MCQs) Quiz for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.

    181. The first state owned company from India to be listed on the New York Stock Exchange is

    (1) Videsh Sanchar Nigam Ltd.
    (2) Mahanagar Telephone Nigam Ltd.
    (3) Tata Iron and Steel Company
    (4) Wipro
    Answer:
    181. (1) Videsh Sanchaar Nigam Limited (VSNL) was the first Indian PSU to be listed in the New York Stock Exchange in 2000. The company operates a network of earth stations, switches, submarine cable systems, and value added service nodes to provide a range of basic and value added services.

    182. The largest source of revenue to the Union Government is

    (1) Income Tax
    (2) Central Excise Duty
    (3) Customs Duty
    (4) Wealth Tax
    Answer:
    182. (2) Income Tax (corporate and non-corporate combined) contribute about 56 per cent of tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states. Among the given options, Excise duty is the chief and single largest source of revenue income.

    183. Which of the following is the specially designed scheme for the welfare of the Indian women introduced recently by General Insurance?

    (1) Rajeshwari
    (2) Bhagya Rajeshwari
    (3) Bhagyashree
    (4) Raja Lakshmi
    Answer:
    183. (1) Raj Rajeshwari Mahila Kalyan Yojana is a personal accident insurance scheme which provides economic security to women irrespective of their income, occupation or vocation. All sections of women in the age group 10 to 75 years are eligible for this scheme. Premium is Rs.15/- per woman per annum for the basic cover and Rs23/- per woman per annum for both basic and additional cover.

    184. The biggest item of India’s imports is :

    (1) Iron ore
    (2) Mica
    (3) Petroleum products
    (4) Gems and jewellery
    Answer:
    184. (3) As per the Economic Survey 2011-12, Petroleum, oil and lubricants (POL) imports constituted 31.4 per cent of total imports in the first half of 2011-12 due to high prices of crude oil. Food and allied products comprised 3.1 per cent share; Fertilizers: 1.7 per cent; Capital Goods: 11.6 per cent; Chemicals: 5.1 per cent; Pearls, Precious Stones: 6.0 per cent; Gold & Silver: 13.3 per cent; and Electronic goods comprised 7.2 per cent share of the total imports. 

    185. Which amidst the following is a PSU ?

    (1) Bank of Rajasthan
    (2) ICICI Bank
    (3) Corporation Bank
    (4) Citibank
    Answer:
    185. (3) Corporation Bank is a public sector bank in India, based in Mangalore. Recently, it completed 107 years of existence on 12 March 2012.

    186. Which from the following is not a Navaratna PSU ?

    (1) SAIL 
    (2) LIC
    (3) IOC 
    (4) ONGC
    Answer:
    186. (2) Navratna was the title given originally to nine Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as "public sector companies that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to
    become global giants". Life Insurance Corporation has not been conferred this status.

    187. Who among the following Indian Economists has done pioneering work on National Income ?

    (1) Jagdish Bhagwati
    (2) M.L. Seth
    (3) Amartya Sen
    (4) V.K.R.V. Rao
    Answer:
    187. (4) V.K. R.V. Rao has done pioneering works on national income in India. One of his works on national income was 'Changes in India's National Income-A Static Economy in Progress' (1954). The other was ‘The National Income of British India’ (1941).

    188. Which amidst the following is a PSU ?

    (1) Bank of Rajasthan
    (2) Bank of India
    (3) Bank of Punjab
    (4) Karnataka Bank
    Answer:
    188. (2) Bank of India is an Indian state-owned commercial bank with headquarters in Mumbai, Maharashtra. It has been government-owned since nationalization in 1969. It is India's 4th largest PSU bank, after State Bank of India, Punjab National Bank and Bank of Baroda.

    189. Which from the following is NOT a Navaratna PSU ?

    (1) SAIL 
    (2) BHEL
    (3) NTPC
    (4) Shipping Corporation of India
    Answer:
    189. (*) Navaratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as having comparative advantages, which allowed them greater autonomy to compete in the global market. The number of PSEs having Navaratna status has been raised to 16. In 2009, the government established the Maharatna status, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore. SAIL, NTPC are now Maharatna; while Bharat Heavy Electricals Limited and Shipping Corporation of India Limited are navaratna companies.

    190. Which bank in India performs duties of Central Bank ?

    (1) Central Bank of India
    (2) State Bank of India
    (3) Reserve Bank of India
    (4) Above (1) and (2)
    Answer:
    190. (3) The Reserve Bank of India is the main monetary authority of the country and beside that the central bank acts as the bank of the national and state governments. It formulates, implements and monitors the monetary policy as well as it has to ensure an adequate flow of credit to productive sectors.

    191. Who had estimated National Income in India first ?

    (1) V.K. R. V. Rao
    (2) Dadabhai Naoroji
    (3) R.C. Dutt
    (4) D.R. Gadgil
    Answer:
    191. (2) Dadabhai Naoroji prepared the first estimates of National income in 1876. He estimated the national income by first estimating the value of agricultural production and then adding a certain percentage as non-agricultural production. However, such method can only been called as a non-scientific method. The first person to adopt a scientific procedure in estimating the national income was Dr. VKRV Rao in 1931.

    192. Mahalanobis Model has been associated with which Five- Year Plan ?

    (1) First Five-Year Plan
    (2) Second Five-Year Plan
    (3) Third Five-Year Plan
    (4) Fourth Five-Year Plan
    Answer:
    192. (2) The Mahalanobis model is a model of economic development, created by Indian statistician Prasanta Chandra Mahalanobis in 1953. Mahalanobis became essentially the key economist of India's Second Five Year Plan, becoming subject to much of India's most dramatic economic debates.

    193. The Government of India derives its single largest source of revenue from

    (1) Direct Taxes
    (2) Customs Duties
    (3) Deficit Financing
    (4) Union Excise Duties
    Answer:
    193. (4) Income Tax (corporate and non-corporate combined) contribute about 56 per cent of tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states. Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty.

    194. Which of the following is Navaratna PSE ?

    (1) Hindustan Aeronautics Ltd.
    (2) Container Corporation of India Ltd.
    (3) Mahanagar Telephone Nigam Ltd.
    (4) Engineers India Ltd.
    Answer:
    194. (*) At present, Hindustan Aeronautics Limited and Mahanagar Telephone Nigam Limited are both
    navaratna companies. Navratna was the title given originally to nine Public Sector Enterprises (PSEs),
    identified by the Government of India in 1997. The number of PSEs having Navratna status has been
    raised to 16 .

    195. Which of the following is not the source of the revenue of central Government?

    (1) Income Tax
    (2) Corporate Tax
    (3) Agricultural Income Tax
    (4) Excise Duty
    Answer:
    195. (3) The shareable central taxes include corporation tax, income tax, wealth tax, customs, excise duty and service tax. The taxes, which are not shared with states include some cesses like education and road. Income Tax in India includes all income except the agricultural income that is levied and collected by the central government.

    196. Which of the following is a Navaratna PSE?

    (1) Steel Authority of India Ltd.
    (2) MMTC Ltd
    (3) National Aluminium Company Ltd.
    (4) Oil India Ltd.
    Answer:
    196. (*) The number of PSEs having Navaratna status is 16. Oil India Limited (OIL) is one of them. s an Indian public sector oil and gas company in India under the administrative control of the Ministry of Petroleum and Natural Gas of the Government of India. OIL is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas. National Aluminium Company Limited is also a navaratna company.

    197. What does the open market operation of the RBI mean ?

    (1) Buying and selling shares
    (2) Auctioning of foreign exchange
    (3) Trading is securities
    (4) Transactions in gold
    Answer:
    197. (3) Open Market Operations (OMO) is the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite.

    198. The implementation of Jawahar Rojgar Yojana rests with

    (1) Gram Panchayats
    (2) District Collectors
    (3) State Governments
    (4) Union Government
    Answer:
    198. (4) Jawahar Rozgar Yojana (JRY) is a poverty alleviation scheme, which falls under the category of works program for creation of supplementary employment opportunities. Its implementation vests with the Union government, though Gram Panchayats were to be involved in the planning and implementation of the programme.

    199. The RBI issues currency notes under the

    (1) Fixed Fiduciary System
    (2) Maximum Fiduciary System
    (3) Fixed Minimum Reserve System
    (4) Proportional Reserve System
    Answer:
    199. (3) The Reserve Bank of India has the sole right to issue bank notes of all denominations. The distribution of one rupee notes and coins and small coins all over the country is undertaken by the Reserve Bank as agent of the Government. The system as it exists today is known as the minimum reserve system.

    200. Which of the following States has the highest number of slums as per the data recently released by the Ministry of Housing and Urban Poverty Alleviation ?

    (1) Uttar Pradesh
    (2) West Bengal
    (3) Maharashtra
    (4) Andhra Pradesh
    Answer:
    200. (3) As per the 65th Round NSS Survey, Maharashtra was the leading state in terms of number of slums with 17019 slums in the state. Andhra Pradesh came second, while West Bengal came third. In terms of number of cities having Slum Population of 50,000 and above, Andhra Pradesh with 36 cities came first, followed by Maharashtra. 


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