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MCQ on Indian Economy

In India, which sector generally suffers from the problem of surplus labour ?

  • Agriculture
  • Industry
  • Service
  • All of these
  • Correct Option: A  [ Agriculture ]

    Explanation:

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:

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:

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:

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:

National Development Council was set up in:

  • 1950
  • 1951
  • 1952
  • 1954
  • Correct Option: C  [ 1952 ]

    Explanation:

GST abolishes which of the following taxes ?

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

    Explanation:

Which prograrnme gave the slogan, Garibi Hatao ?

  • 4th Five Year Plan
  • 5th Five year plan
  • 6th Five Year Plan
  • 7th Five year plan
  • Correct Option: B  [ 5th Five year plan ]

    Explanation:

Which activity is not included in service sector ?

  • Trade, hotels and restaurants
  • Real estate, finance and insurance
  • Transport and communication
  • Electricity, gas and water supply
  • Correct Option: D  [ Electricity, gas and water supply ]

    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: