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MCQ on Indian Economy

Which of the following Committees are related to Banking reforms:
i) Narsimham Committee
ii) P J Nayak Committee
iii) Sunil Mehta Committee
iv) Nachiket Mor Committee

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

    Explanation:

NPA of a commercial bank means:

  • Net-Performing Asset
  • New-Performing Asset
  • Non-Personal Account
  • Non-Performing Asset
  • Correct Option: D  [ Non-Performing Asset ]

    Explanation: A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for long period.

The purpose of land reforms was to :

  • increase the production in agriculture
  • increase the purchasing power of the rural population
  • ensure distributive justice with economic growth
  • all of the above
  • Correct Option: D  [ all of the above ]

    Explanation:

In Income Tax, Assessee is :

  • a person who pays income tax
  • a person who deducts income tax from its employees
  • a person who prepares income tax Return of tax payers
  • None of these
  • Correct Option: A  [ a person who pays income tax ]

    Explanation:

Tertiary sector activities include

  • Cottage industries
  • Mining activities
  • Construction activities
  • Infrastructure services
  • Correct Option: D  [ Infrastructure services ]

    Explanation:

Which organisation looks after the credit need of agriculture and rural development in India ?

  • FCI
  • IDBI
  • NABARD
  • ICAR
  • Correct Option: C  [ NABARD ]

    Explanation:

Parallel economy refers to:

  • Traditional economy
  • Black money
  • Agriculture based economy
  • Socialist economy
  • Correct Option: B  [ Black money ]

    Explanation:

NABARD stands for:

  • National Activated Bank for Agriculture and Rural Development
  • National Bank for Agriculture and Rural Development
  • National Agricultural Backward and Rural Development
  • National Bank for Accelerated Rural Development
  • Correct Option: B  [ National Bank for Agriculture and Rural Development ]

    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:

In India the Repo rate is announced by:

  • the Ministry of Finance, Government of India
  • the Prime Minister of India
  • the Reserve Bank of India
  • the President of India
  • Correct Option: C  [ the Reserve Bank of India ]

    Explanation: