Indian Economy GK Quiz-16

Indian Economy GK Quiz-16

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

    301. The Industrial Development Bank of India was set up in

    (1) July, 1968 
    (2) July, 1966
    (3) July, 1964 
    (4) July, 1962
    Answer:
    301. (3) IDBI Bank, formerly known as Industrial Development Bank of India, was established in 1 July 964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. It is headquartered in Mumbai, Maharashtra. It is one of 27 commercial banks owned by the Government of India.

    302. National Renewal Fund (NRF) was instituted for the purpose of

    (1) Rural reconstruction
    (2) Social security
    (3) Providing pension for retiring employees.
    (4) Restructuring and modernisation of industries.
    Answer:
    302. (2) The PV Narasimha Rao government established the National Renewal Fund (NRF) in February 1992 to provide a social safety net to the workers who were likely to be affected by technological up-gradation and modernisation in the Indian industry. NRF was intended to provide funds for employment generation schemes in the organised and unorganised sectors in order to provide a social safety net for labour.

    303. RBI’s deadline to exchange pre 2005 currency notes of Rs. 500 and Rs. 1000 is

    (1) January 1, 2015
    (2) December 31, 2015
    (3) April 1, 2015
    (4) March 31, 2015
    Answer:
    303. (2) The Reserve Bank of India on 25 June 2015 extended the deadline for exchanging pre-2005 currency notes of various denominations, including of Rs 500 and Rs 1,000, till December 31, 2015. The rationale behind the move to withdraw banknotes printed prior to 2005 is to remove them from the
    market because they have fewer security features compared with banknotes printed after 2005.

    304. The slogan ‘Garibi Hatao’ was included in the

    (1) Second plan 
    (2) First plan
    (3) Fifth plan 
    (4) Fourth plan
    Answer:
    304. (3) Garibi Hatao desh bachavo (Abolish Poverty to rescue the country) was the theme and slogan of Indira Gandhi’s 1971 election bid. It was part of the 5th Five Year Plan. The plan prepared by D. Dhar proposed to achieve two main objectives viz, ‘removal of poverty’ (Garibi Hatao) and ‘attainment of self reliance’.

    305. Which bank is limited to the needs of agriculture and rural finance ?

    (1) RBI 
    (2) SBI
    (3) IFC 
    (4) NABARD
    Answer:
    305. (4) National Bank for Agriculture and Rural Development (NABARD) was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector. It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.

    306. Indian Economy is a/an :

    (1) Independent Economy
    (2) Mixed Economy
    (3) Capitalist Economy
    (4) Communist Economy
    Answer:
    306. (2) All developing countries like India are mixed economies. Mixed Economy is neither pure capitalism nor pure socialism but a mixture of the two system. The features of a mixed economy which exist in India are: l Private ownership of means of production; l Important role of market mechanism;
    l Presence of a large public sector along with free enterprise; l Economic planning

    307. Dr. P. Rama Rao Committee is related to which of the following ?

    (1) Taxes 
    (2) Defence
    (3) Industry 
    (4) Agriculture
    Answer:
    307. (2) The independent review committee headed by Dr. P. Rama Rao was set up to review the functioning of Defence Research and Development Organisation (DRDO). The following recommendations of the committee were accepted by the government: (i) nomination of nodal officers for structured interaction between DRDO and Services; (ii) Integrated Financial Advice Scheme for financial decentralization; etc.

    308. Deen Dayal Antyodaya Yojana launched on September 25, 2014 is related to :

    (1) Skill development in rural and urban areas
    (2) Food security to old age rural people
    (3) Poverty alleviation among SC/ST
    (4) Women empowerment
    Answer:
    308. (1) Union Government on 25 September 2014 launched Deen Dayal Upadhyay Antyodaya Yojana for alleviating urban and rural poverty through enhancement of livelihood opportunities through skill development and other means. The Yojana aims at training 10 lakh (1 million) rural youths for jobs in three years, that is, by 2017.

    309. Lender of the Last Resort is :

    (1) SBI 
    (2) IDBI
    (3) NABARD 
    (4) RBI
    Answer:
    309. (4) The Reserve Bank of India (RBI) is known as the Lender of Last Resort. This is because when a commercial bank faces financial crisis and fails to obtain funds from other sources, then the central bank provides them with the financial assistance in the form of credit. This role of the central bank saves the commercial bank from bankruptcy. Thus, the RBI plays the role of guarantor for the commercial banks and maintains a sound banking system in the economy.

    310. Expand NABARD.

    (1) National Bank for Agricultural and Rural Development
    (2) National Bank for Agri Related Development
    (3) National Bank for Agriculture and Resource Development
    (4) National Bank for Asian Reaserch Development
    Answer:
    310. (1) NABARD stands for National Bank for Agriculture and Rural Development. It was established on 12 July 1982 by a special Act of parliament to focus on upliftment of rural India by increasing the credit flow for elevation of agriculture & rural non farm sector. It is headquartered in Mumbai (Maharashtra). 

    311. The duration of the Twelfth Five Year Plan is

    (1) 1 January, 2012 to 31 December, 2017
    (2) 1 April, 2011 to 31 March, 2016
    (3) 1 January, 2011 to 31 December, 2016
    (4) 1 April, 2012to 31March, 2017
    Answer:
    311. (4) The duration of the 12th Five Year Plan is 1 April 2012 to 31 March 2017. The Eleventh Five Year Plan covered the period from 1 April 2007 to 31 March 2012. 

    312. Which one of the following is not an instrument of Fiscal policy?

    (1) Open Market Operations
    (2) Taxation
    (3) Public borrowing
    (4) Public expenditure
    Answer:
    312. (1) Open market operations (OMO) refers to 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. A central bank (Reserve Bank of India) uses OMO as the primary means of implementing monetary policy.

    313. What is the name of portal launched by RBI recently to check illegal money collection?

    (1) Sahyog 
    (2) Sahayata
    (3) Sampark 
    (4) Sachet
    Answer:
    313. (4) The Reserve Bank of India (RBI), in August 2016, launched the Sachet portal to curb illegal collection of money by companies. This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits.

    314. Which one is not included in NonBanking Financial Institutions (NBFIs)?

    (1) EXIM 
    (2) SIDBI
    (3) NABARD 
    (4) BOI
    Answer:
    314. (4) A non-bank financial institution is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NABARD, EXIM, SIDBI are examples of NBFIs. Bank of India (BoI) is a Mumbai-headquartered commercial bank that has been governmentowned since nationalization in 1969.

    315. Corporate loans are given to:

    (1) Limited Companies
    (2) Limited Individuals
    (3) Proprietary concerns
    (4) Limited Educational Institutions
    Answer:
    315. (1) Corporate loans refers to a loan that is given to a company, rather than to a government organization or an individual person. These loans come in form of working capital finance facilities and term loans and are available to corporate bodies engaged in any legal activity with the object of making profit. Such bodies include the sole proprietorship firm, partnership firm, private limited company or a public limited company. 

    316. Which of the following institution deals with credit to agriculture and rural development ?

    (1) RBI 
    (2) SIDBI
    (3) NABARD 
    (4) MFI
    Answer:
    316. (3) National Bank for Agriculture and Rural Development (NABARD) deals with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. It was established on 12 July 1982 by a special Act of parliament for the upliftment of rural India. 

    317. When was the Pradhan Mantri Fasal Bima Yojana launched ?

    (1) February 2000
    (2) February 2015
    (3) January 2016
    (4) February 1995
    Answer:
    317. (3) Prime Minister Narendra Modi launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) on 13 January, 2016. The Prime Minister unveiled the detailed guidelines for implementing the Fasal Bima Yojana at a farmers’ convention in Madhya Pradesh on 18 February 2016. PMFBY aims to provide a more efficient insurance support to the farmers of the country in the events of crops destroyed by heavy rain, other natural calamities, pests or diseases. Best Answer: (3) February 2016

    318. CENVAT is related to which of the following ?

    (1) Sales Tax 
    (2) Excise Duty
    (3) Custom Duty
    (4) Service Tax
    Answer:
    318. (2) Central Value Added Tax (CENVAT), popularly known as Central Excise Duty, is a duty on the manufacture/ production of goods in India. It is an adaptation of VAT, which came into force in the country in 1986 in the form of MODVAT (Modified Value Added Tax). MODVAT was re-named as CENVAT on 1 April 2000. 

    319. Swarna Jayanti Gram Swarojgar Yojana has now been restructured as

    (1) Prime Minister’s Rojgar Yojana
    (2) National Rural Livelihoods Mission
    (3) Jawahar Gram Samriddhi Yojana
    (4) Sampoorna Gramin Rojgar Yojana
    Answer:
    319. (2) The Swarna Jayanti Swarozgar Yojana (SGSY) has been renamed as National Rural Livelihood Mission (NRLM). NRLM is a poverty alleviation project implemented by Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and organization of rural poor. 

    320. India’s share in total global trade in value terms is:

    (1) less then 1% but more than 1 2 %
    (2) more than 2%
    (3) less than 1 2 %
    (4) between 1% and 2%
    Answer:
    320. (2) 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.

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