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MCQ on Indian Economy


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The Gandhian economy is based on the principle of:

  • Competition
  • Trusteeship
  • State Control
  • None of the above
Correct Option: B  [ Trusteeship ]

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 industry employs the largest number of women in India ?

  • Tea
  • Textile
  • Jute
  • Coal
Correct Option: B  [ Textile ]

Explanation:

Inclusive growth as enunciated in the Eleventh Five Year Plan does not include one of the following:

  • Reduction of Poverty
  • Extension of employment opportunities
  • Strengthening of capital market
  • Reduction in gender inequality
Correct Option: C  [ Strengthening of capital market ]

Explanation:

When two or more persons working jointly on the basis of a common plan of action, then it is called:

  • Co-operation
  • Collaboration
  • Co-ordination
  • Consulting
Correct Option: B  [ Collaboration ]

Explanation:

Which of the following was established in 1990 as a wholly owned subsidiary under the Small Industries Development Bank of India Act, 1989 ?

  • RBI
  • SIDBI
  • ICICI
  • NABARD
Correct Option: B  [ SIDBI ]

Explanation:

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

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

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:

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:

GST abolishes which of the following taxes ?

  • Corporation tax
  • Service tax
  • Income tax
  • Wealth tax
Correct Option: B  [ Service tax ]

Explanation:
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