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MCQ on Indian Economy

Match the following :
List-I List-II
a. Monetary Policy Committee 1. Union Home Minister
b. GST Council 2. Union Finance Minister
c. NITI Aayog 3. RBI Governor
d. Cabinet Committee on Parliamentary Affairs 4. Prime Minister of India
Select the correct answer using the codes given below.

  • a-2, b-3, c-4, d-1
  • a-3, b-2, c-4, d-1
  • a-3, b-2, c-1, d-4
  • a-2, b-3, c-1, d-4
    • Correct Option: B  [ a-3, b-2, c-4, d-1 ]

    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:

NPA of a commercial bank means:

  • Net-Performing Asset
  • New-Performing Asset
  • Non-Personal Account
  • Non-Performing Asset
    • Correct Option: D  [ Non-Performing Asset ]

    Explanation: A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for long period.

The LPG model of development was introduced by India since:

  • 1991
  • 1992
  • 1993
  • 1994
    • Correct Option: A  [ 1991 ]

    Explanation:

What is the 'Repo rate' ?

  • It is the rate at which International Aid Agencies lend to RBI
  • It is the rate at which the banks lend to RBI
  • It is the rate at which RBI borrows from the market
  • It is the rate at which RBI lends to banks
    • Correct Option: D  [ It is the rate at which RBI lends to banks ]

    Explanation:

National Food Security Act came into effect in the year:

  • 2012
  • 2013
  • 2014
  • None of the above
    • Correct Option: B  [ 2013 ]

    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:

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

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

    Explanation:

The Reserve Bank of India was established in the year :

  • 1930
  • 1935
  • 1940
  • 1945
    • Correct Option: B  [ 1935 ]

    Explanation: RBI Nationalized on 1st Jan, 1949.

National Development Council was set up in:

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

    Explanation:
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