Indian Economy Test 41

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Indian Economy Test 41

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Weekly Quiz Competition

Question 1
1 / -0

Consider the following statements about the LPG model of economic development process in India.
1. Disinvestment of profit making public sector enterprises.
2. Permitting private sectors to establish industrial units without taking a licence.
3. Chronically sick industries were referred to BIFR for the formulation of revival or rehabilitation plan.
Which of the processes given above is/are taken after adoption of LPG model?

A
1,2 and 3

B
1 and 3

C
2 and 3

D
Only 2

Solution

LPG model which is abbreviation for Liberalization, Privatization and Globalization was implemented in 1991. The model abolished licensing for all except six industries which are strategically important. Also government stakes in profit-making PSUs were to be divested to provide greater autonomy and reduce government interference in decision making. However, chronically sick industries were referred to the Board for Industrial and Financial reconstruction, to turnaround the industries.
Question 2
1 / -0

Consider the following statements
$$1.$$ In India, imposition of taxes on the services as a separate services taxes has been started since independence.
$$2.$$ BPO, ITeS and Software Products are only taxed by the Indian Government under Services Taxes.
Which of the statements given above is/ are correct?

A
Only $$1$$

B
Only $$2$$

C
Both $$1$$ and $$2$$

D
Neither $$1$$ nor $$2$$
Question 3
1 / -0

What is the contribution of service sector to employment generation in India?

A
$$40$$%

B
$$56$$%

C
$$15$$%

D
$$23$$%

Solution

Services sector provides employment to approximately 23% of the population. Largest employment provider is the agriculture sector, it provides employment to around 60% of the population. 16% of the employment is provided by the industrial sector.
Question 4
1 / -0

Which one of the following is the correct sequence of employment generation by the different sectors of Indian Economy?

A
$$Primary > Secondary > Tertiary$$

B
$$Primary > Tertiary > Secondary$$

C
$$Tertiary > Primary > Secondary$$

D
$$Tertiary > Secondary > Primary$$

Solution

Primary sector which comprises agriculture and allied services generates employment for 60% of the population. It is followed by tertiary or the services sector which provides employment to almost 24% of the population. Residual 16% employment generation is accomplished by the industrial (secondary ) sector.
Question 5
1 / -0

The price at which the government purchases foodgrains for maintaining the public distribution system and for building up buffer stocks are known as

A
Minimum Support Prices

B
Procurement Prices

C
Issue Prices

D
Ceiling Prices
Question 6
1 / -0

Which one of the following Five Year Plans of Indian Economy was terminated by the Janata Government?

A
Fourth Five Year Plan

B
Fifth Five Year Plan

C
Seventh Five Year Plan

D
Eighth Five Year Plan

Solution

Fifth FYP was launched and planned for the period 1974-79 but Janata Government came in power in 1978 and terminated the plan permaturely in 1978. The janata government launched sixth FYP for period 1978-83. Congress government when came in power in 1980 abandoned the sixth FYP and launched a new sixth FYP for period 1980-1985
Question 7
1 / -0

Consider the following statements
1. The Food Corporation of India conducts effective price support operations for safeguarding the interests of the farmers.
2. FCI has an objective to make food grains available at reasonable prices, particularly to vulnerable section of the society.
Which of the statements given above is/are true?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2
Question 8
1 / -0

Consider the following statements
1. The state sets broad parameters and goals for the economy.
2. The targets to be achieved are broadly set by the state.
3. The plan is made for the specific time period of about 15 years.
Which of the statements given above is/are correct about the Indicative Planning?

A
1,2 and 3

B
1 and 2

C
1 and 3

D
Only 1
Question 9
1 / -0

Kisan Credit Card was launched by Indian Government to facilitate the short-term loan and cash delivery to farmers. Which one of the following agencies is not included in the operation of the Kisan Credit Cards?

A
Scheduled Commercial Banks

B
Co-operative Banks

C
Regional Rural Banks

D
NABARD

Solution

Kisan Credit Card Scheme is implemented by Scheduled Commercial banks, Co-operative banks and Regional Rural banks. NABARD had contributed in designing the scheme by taking various inputs from the banks and in light of the recommendations of the RV Gupta Committee.
Question 10
1 / -0

Consider the following statements:
1. Agriculture and allied sectors contribute less than 20% of Gross Domestic Product of India.
2. Around 60% of net sown agricultural area of India is dependent on rainfall.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2
Solution
- Agriculture and allied sectors account for less than 20% of GDP of India, though they employ more than 50% of our workforce. Services sector contributes the maximum to the GDP.
- According to various surveys conducted by the government, only about 40% of the net sown agricultural area is irrigated in India and the rest is mainly dependent on rainfall.

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Re-Attempt Weekly Quiz Competition

Indian Economy Test 41

Result

Indian Economy Test 41

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Rank

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SHARING IS CARING

Question 1

1,2 and 3

1 and 3

2 and 3

Only 2

Solution

Question 2

Only $$1$$

Only $$2$$

Both $$1$$ and $$2$$

Neither $$1$$ nor $$2$$

Question 3

$$40$$%

$$56$$%

$$15$$%

$$23$$%

Solution

Question 4

$$Primary > Secondary > Tertiary$$

$$Primary > Tertiary > Secondary$$

$$Tertiary > Primary > Secondary$$

$$Tertiary > Secondary > Primary$$

Solution

Question 5

Minimum Support Prices

Procurement Prices

Issue Prices

Ceiling Prices

Question 6

Fourth Five Year Plan

Fifth Five Year Plan

Seventh Five Year Plan

Eighth Five Year Plan

Solution

Question 7

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 8

1,2 and 3

1 and 2

1 and 3

Only 1

Question 9

Scheduled Commercial Banks

Co-operative Banks

Regional Rural Banks

NABARD

Solution

Question 10

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Solution

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