MCQ on Indian Economy
Economic growth is usually coupled with ___________.
- deflation
- inflation
- Stagflation
- hyper inflation
Explanation:
The Reserve Bank of India was established in the year :
- 1930
- 1935
- 1940
- 1945
Explanation: RBI Nationalized on 1st Jan, 1949.
GST abolishes which of the following taxes ?
- Corporation tax
- Service tax
- Income tax
- Wealth tax
Explanation:
National Development Council was set up in:
- 1950
- 1951
- 1952
- 1954
Explanation:
Three annual plans were launched between:
- 1969 to 1972
- 1986 to 1989
- 1990 to 1993
- 1966 to 1969
Explanation:
Which organisation looks after the credit need of agriculture and rural development in India ?
- FCI
- IDBI
- NABARD
- ICAR
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
Explanation:
Which one of the following is an indirect tax levied by the Central Government in India ?
- Service tax
- Corporate Income tax
- Profession tax
- Agricultural Income tax
Explanation:
National Food Security Act came into effect in the year:
- 2012
- 2013
- 2014
- None of the above
Explanation:
In India, National Income is computed by :
- Ministry of Fianance
- Central Statistical Organisation
- National Development Council
- Finance Commission
Explanation: