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MCQ on Indian Economy

Which is the following is direct tax ?

  • Income tax
  • Excise duty
  • Sales tax
  • None of these
    • Correct Option: A  [ Income tax ]

    Explanation:

In which year the Planning commission was set-up?

  • 1949
  • 1950
  • 1951
  • 1952
    • Correct Option: B  [ 1950 ]

    Explanation:

National Food Security Act came into effect in the year:

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

    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:

In India, Special Economic Zones were established to enhance:

  • Technology Development
  • Free Trade
  • Foreign Investment
  • Employment
    • Correct Option: B  [ Free Trade ]

    Explanation:

When was National Bank of Agriculture and Rural Development (NABARD) established ?

  • 6th Dec, 1947
  • 6th Dec, 1982
  • 5th Nov, 1982
  • 7th Oct, 1982
    • Correct Option: C  [ 5th Nov, 1982 ]

    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.

Poverty is defined as:

  • A monetary condition brought about by people's own laziness
  • A monetary condition where people do not have enough to satisfy basic needs
  • A monetary and non-monetary conditions where people lack access to community regulated common resources, opportunities and income
  • All of the above
    • Correct Option: C  [ A monetary and non-monetary conditions where people lack access to community regulated common resources, opportunities and income ]

    Explanation:

"Swadesh Darshan" is:

  • a scheme for development of tourism infrastructure
  • related with transportation service for sightseeing in Tripura
  • a Char Dham Yatra
  • visit to a natural scenery
    • Correct Option: A  [ a scheme for development of tourism infrastructure ]

    Explanation:

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

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

    Explanation:
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