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MCQ on Indian Economy

Which institution in India controls the monetary policy of Indian currency?

  • Finance Commission
  • The Finance Ministry of India
  • The Reserve Bank of India
  • None of the above
  • Correct Option: C  [ The Reserve Bank of India ]

    Explanation:

The qualification for the Chairman and the members of the Finance Commission are specified in:

  • Finance Act of 1951
  • Finance Act of 1952
  • Finance Act of 1950
  • Finance Act of 1953
  • Correct Option: A  [ Finance Act of 1951 ]

    Explanation:

When was National Bank of Agriculture and Rural Development (NABARD) established ?

  • 6th Dec, 1947
  • 6th Dec, 1982
  • 5th Nov, 1982
  • 7th Oct, 1982
  • Correct Option: C  [ 5th Nov, 1982 ]

    Explanation:

"SEBI" stands for the:

  • State Earnings Board of India
  • Securities and Exchange Bank of India
  • Securities and Exchange Board of India
  • State Exchange Bank of India
  • Correct Option: C  [ Securities and Exchange Board of India ]

    Explanation: The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
    The Securities and Exchange Board of India was established as a statutory body in the year 1992

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:

Who was the head of the 10th Finance Commission?

  • K.C. Pant
  • Manmohan Singh
  • Vasant Sathe
  • Shiv Shankar
  • Correct Option: A  [ K.C. Pant ]

    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:

Major part of the Indian agriculture is characterized by

  • Large size farm
  • Capitalist agriculture
  • Small size farm
  • Co-operative farm
  • Correct Option: C  [ Small size farm ]

    Explanation:

Mixed economy means an economy where:

  • There is co-existence of public sector along with private sector
  • Both agriculture and Industry are equally promoted by the state
  • There is importance of small scale industries along with heavy industries
  • Economy is controlled by military as well as civilian rulers
  • Correct Option: A  [ There is co-existence of public sector along with private sector ]

    Explanation:

Which of the following is not the part of non-statutory welfare measure ?

  • Health
  • Education
  • Transport
  • Employees compensation
  • Correct Option: C  [ Transport ]

    Explanation: