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MCQ on Indian Economy

"Swadesh Darshan" is:

  • a scheme for development of tourism infrastructure
  • related with transportation service for sightseeing in Tripura
  • a Char Dham Yatra
  • visit to a natural scenery
    • Correct Option: A  [ a scheme for development of tourism infrastructure ]

    Explanation:

Sarva Shiksha Abhiyan (SSA) was launched in the IXth Five Year Plan for:

  • education for all
  • education for the weaker sections
  • universalisation of elementary education
  • bridge all the genders and social gaps in education
    • Correct Option: C  [ universalisation of elementary education ]

    Explanation:

New Industrial Policy of India was introduced in the year:

  • 1990
  • 1991
  • 1992
  • 1993
    • Correct Option: B  [ 1991 ]

    Explanation:

The full form of GST is:

  • General Sales Tax
  • Goods and Services Tax
  • Government Special Tax
  • General Service Tax
    • Correct Option: B  [ Goods and Services Tax ]

    Explanation:

Consider the following statements regarding the Goods and Services Tax (GST) of India:

(i) GST is a successor to VAT used in India on the supply of goods and services.

(ii) GST came into effect from 1st July, 2017 through the implementation of the one hundred and first Amendment of the Constitution of India.

(iii) Every decision of the GST Council is to be taken by a majority of not less than three fourths of the weighted votes of the members present and voting at the meeting.

(iv) The GST Council is chaired by the Prime Minister of India.

Select the correct statement/statements using the codes given below.

  • (i) only
  • (ii) only
  • (iii) and (iv) only
  • (i), (ii) and (iii) only
    • Correct Option: D  [ (i), (ii) and (iii) only ]

    Explanation:

The Special Economic Zones Act was passed by the Indian Parliament in 2005 and the Act came into force in:

  • 2006
  • 2009
  • 2010
  • 2012
    • Correct Option: A  [ 2006 ]

    Explanation:

Which of the following sector gives the largest income in India ?

  • Trade sector
  • Railway
  • Agriculture
  • Service sector
    • Correct Option: D  [ Service sector ]

    Explanation:

Which of the following does not come under the GST in India ?

  • Agricultural products
  • Handicrafts
  • Gems and jewelries
  • Petroleum products
    • Correct Option: D  [ Petroleum products ]

    Explanation:

Which of the following is a primary sector of economic activities in India ?

  • Food processing
  • Telecom services
  • Manufacturing industry
  • Agriculture
    • Correct Option: D  [ Agriculture ]

    Explanation:

The equilibrium condition for money market is:

  • demand for money should be equal to supply of money
  • cash in hand should be equal to deposits in bank
  • saving is equal to investment
  • bank rate is equal to repo rate
    • Correct Option: A  [ demand for money should be equal to supply of money ]

    Explanation:
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