MCQ on Indian Economy for the preparation of UPSC Civil Services and TPSC, WBSC, APSC, TCS & TPS Examinations

Planning Commission of India was set up by :

Morarji Desai
T T Krishnamachari
Jawaharlal Nehru
None of the above

Correct Option: C [ Jawaharlal Nehru ]

Explanation:

Whose signature is found on the 1000 rupee note of India?

Finance Secretary of India
Finance Minister Of India
Governor, Reserve Bank of India
President Of India

Correct Option: C [ Governor, Reserve Bank of India ]

Explanation:

The LPG model of development was introduced by India since:

1991
1992
1993
1994

Correct Option: A [ 1991 ]

Explanation:

The Mahalanobis strategy of Indian Planning gave emphasis to the growth of:

Agricultural sector
Services sector
Heavy Capital Goods Industrial sector
Small scale Village Industrial sector

Correct Option: C [ Heavy Capital Goods Industrial sector ]

Explanation:

The earlier name of WTO was:

UNCTAD
GATT
UNIDO
OECD

Correct Option: B [ GATT ]

Explanation: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.

The architect of the Second Five Year Plan was :

Mahatma Gandhi
Subhash Chandra Bose
P. C. Mahalanobis
None of them

Correct Option: C [ P. C. Mahalanobis ]

Explanation:

The World Trade Organisation has replaced which organisation ?

ITO
UNCTAD
GATT
OECD

Correct Option: C [ GATT ]

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:

Government imposes taxes to:

run the machinery of State
uplift of weaker sections
check the accumulation of wealth among the rich
None of the above

Correct Option: A [ run the machinery of State ]

Explanation:

'Economic Survey' is published by:

The Ministry of Finance
The Planning Commission
The Government of India
The Central Statistical Organization

Correct Option: A [ The Ministry of Finance ]

Explanation: