Indian Economy GK Quiz-13

Indian Economy GK Quiz-13

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

    241. From which of the following banks did Madan Mohan Malaviya take loans for financing “The Hindustan Times” ?

    (1) Punjab National Bank
    (2) Bank of Maharashtra
    (3) Bank of Baroda
    (4) State Bank of India
    Answer:
    241. (1) Madan Mohan Malaviya raised Rs. 50,000 rupees to acquire the Hindustan Times along with the help of nationalist leaders Lajpat Rai and M. R. Jayakar and industrialist G. D. Birla, who paid most of the cash. Due to involvement of Lala Lajpat Rai with Punjab National Bank. Malaviya received much needed funds from the bank to revive the paper.

    242. ‘Self Reliance’ was the main objective of

    (1) Fourth Plan
    (2) Seventh Plan
    (3) Third Plan
    (4) Sixth Plan
    Answer:
    242. (4) The sixth five year plan had long-term objectives of removal of poverty and the achievement of selfreliance. It also aimed at the achievement of economic and technological self reliance with the help of modernisation.

    243. Who presented the Union Budget in 1970?

    (1) T.T. Krishnamachari
    (2) C. Subramaniam
    (3) Indira Gandhi
    (4) R. Venkatraman
    Answer:
    243. (3) Indira Gandhi was the only woman who took over the Finance portfolio from 1970 to 1971. She presented the Union Budget in these years. 

    244. For which tax, was constitutional status given much later after its introduction in a small way in 1994 - 95?

    (1) Customs Duty
    (2) Corporation Tax
    (3) Taxes on Services
    (4) Income Tax
    Answer:
    244. (3) Dr. Manmohan Singh, the then Union Finance Minister, in his Budget speech for the year 1994-95 introduced the new concept of Service Tax. It was given constitutional status by Chapter VA of the Finance Act, 2003.

    245. Which of the following does not form a part of the foreign exchange reserves of India ?

    (1) Gold 
    (2) SDRs
    (3) Foreign currency assets
    (4) Foreign currency and securities held by the banks and corporate bodies
    Answer:
    245. (4) Foreign-exchange reserves are assets held by central banks and monetary authorities, usually in
    different reserve currencies, mostly the United States dollar. However, the term in popular usage commonly also adds gold reserves, special drawing rights (SDRs), and International Monetary Fund (IMF) reserve positions.

    246. Social accounting system in India is classified into

    (1) Income, product and expenditure
    (2) Enterprise, households and government
    (3) Assets, liabilities and debt position
    (4) Public sector, Private sector and Joint sector
    Answer:
    246. (1) Social accounting is a method by which a firm seeks to place a value on the impact on society of its operations. It is a systematic analysis of the effects of the organisation on its shareholders, with
    stakeholder input as part of the data that are analysed for the accounting statement. One social accounting system primarily attempts to measure National Income, final product, consumption and accumulation of capital.

    247. Which Indian industry is employing large number of workers ?

    (1) Iron & Steel Industry
    (2) Textile Industry
    (3) Jute Industry
    (4) Sugar Industry
    Answer:
    247. (1) Workers in the Iron and Steel industry hold more than 2000 different types of jobs. About 80 percent of all workers are directly engaged in moving raw materials and steel products about the plants, making iron and steel products, and maintaining the vast amount of machinery used in the industry. In addition, other workers are needed to do clerical, sales, professional, technical, administrative and supervisory works.

    248. Gross domestic product is a measure of :

    (1) A country’s international economic activities
    (2) A country’s domestic economic activities
    (3) A country’s financial position
    (4) A country’s industrial output
    Answer:
    248. (2) Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year. GDP can be determined in three ways: the production (or output) approach, the income approach, or the expenditure approach.

    249. Imperial Bank was constituted in the year :

    (1) 1930 
    (2) 1935
    (3) 1955 
    (4) 1921
    Answer:
    249. (4) The Imperial Bank of India came into existence on 27 January 1921. It was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.

    250. Which Five Year Plan duration was of four years only ?

    (1) Third 
    (2) Fourth
    (3) Fifth 
    (4) Seventh
    Answer:
    250. (3) The normal duration of the 5th Five Year Plan was 1974-1979. However, the newly elected Morarji Desai government rejected the plan in 1978 and introduced a new Sixth Five-Year Plan (1978-1983). This plan was again rejected by the Indian National Congress government in 1980 and a new Sixth Plan was made.

    251. The Minimum Support Price for food grains was introduced in the year :

    (1) 1944 
    (2) 1964
    (3) 1974 
    (4) 1954
    Answer:
    251. (3) The National Development Council recognized the need for fixing minimum support price of foodgrains in 1959. However, till the mid 1973-74, Government announced two types of administered prices: Minimum Support Prices and Procurement Prices. The present system was evolved in 1975-76 when MSP for paddy, coarse cereals, wheat and gram were announced.

    252. In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by

    (1) Finance Minister of India
    (2) Union Finance Commission
    (3) Indian Bank Association
    (4) Reserve Bank of India
    (4) leaving it to market forces
    Answer:
    252. (*) The Reserve Bank of India (RBI), on 25 October 2011, deregulated savings bank deposit interest rates, leaving it to the banks to select their own interest rates. However, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit. Besides, for savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses.

    253. The Oilseeds Production Programme (OPP) was launched in

    (1) 1986 
    (2) 1987
    (3) 1988 
    (4) 1990
    Answer:
    253. (1) The Government of India started the Oil Seeds Production programme in 1986 to harness the best of production, processing and management technologies to accelerate self reliance in oilseeds and vegetable oils. The programme was designed to supplement the efforts of the state governments to increase the production and productivity of groundnut, rapeseed/ mustard, soybean, sunflower, Sesamum, castor, safflower, linseed and Niger grown in the states.

    254. Plan Holiday was declared after

    (1) The First Five Year Plan
    (2) The Second Five Year Plan
    (3) The Third Five Year Plan
    (4) The Fourth Five Year Plart
    Answer:
    254. (3) Plan Holiday refers to three annual plans implemented during 1966-69 after the end of the Third Five Year Plan (1961-66). During these plans a whole new agricultural strategy involving wide – spread distribution of High – Yielding Varieties (HYVs) of seeds, the extensive use of fertilizers, exploitation of irrigation potential and soil conservation was put into action to tide – over the crisis in agricultural production.

    255. The first Five Year Plan of the Government of India was based on

    (1) Leontief input-output model
    (2) Harrod-Domar model
    (3) Mahalanobis two-sector model
    (4) Mahalanobis four-sector model
    Answer:
    255. (2) The First Five Year Plan (1951-1956) was based on the Harrod-Domar model and primarily concentrated on raising the level of investment in irrigation, power and other infrastructure for accelerating growth. The development strategy was changed radically in 1956 with the initiation of the Nehru-Mahalanobis model of industrial development that emphasized the development of heavy industry under the public sector.

    256. Which one of the following disburses long term loans to private industry in India ?

    (1) Food Corporation of India
    (2) Life Insurance Corporation of India
    (3) Primary Credit Society
    (4) Land Development Banks
    Answer:
    256. (4) The medium and long term of loans are disbursed to the farmers through Primary Land Development Banks who draw their finances from Central Land Development Banks who in turn draw their finances from NABARD. As for the short term credit, this is disbursed to the farmers through Primary Agricultural Credit Societies who draw their finances from Central Cooperative Banks who in turn draw their finances from the State Cooperative Banks.

    257. Agriculture should serve as an instrument of income, livelihood and opportunity to the local community — this statement was given by

    (1) Dr Madhavan Nair
    (2) Dr Manmohan Singh
    (3) Dr Abdul Kalam
    (4) Dr M S Swaminathan
    Answer:
    257. (4) According to M.S. Swaminathan, agriculture must serve as an instrument of income and livelihood opportunity as well as of food production. He argues that the economic benefits of agro-processing and agribusiness should be taken to poor families through rural value-added enterprises and partnerships with the private sector.

    258. Development that meets the needs of the present, without compromising the ability of future generations to meet their own needs was the focal point of Brundtland Commission is

    (1) sustainable development
    (2) mitigation
    (3) disaster management
    (4) capacity building
    Answer:
    258. (1) As defined by the Brundtland Commission in its 1987 report Our Common Future, sustainable development is the “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

    259. The new Agricultural Strategy in India was introduced in

    (1) 1956 
    (2) 1966
    (3) 1976 
    (4) 1986
    Answer:
    259. (2) In India, a new agricultural strategy was initiated in 1966-67. This initiative heralded the introduction of High Yield Variety of wheat to tackle food security and led to the Green Revolution in India.

    260. SEBI was set up in

    (1) 1992 
    (2) 1980
    (3) 1984 
    (4) 1988
    Answer:
    260. (4) The Securities and Exchange Board of India (SEBI) was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992. It is the regulator for the securities market in India.

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