Quiz on “UPSC MCQ On Indian Economy – 5” giving you an idea about questions asked on Indian Economy in competitive exams.
How is the contribution of agriculture to India’s economy?
A. Increasing
B. Decreasing
C. Equal
D. None of these
Decreasing
Agriculture is the most important sector of Indian Economy. Indian agriculture sector accounts for 18 per cent of India’s gross domestic product (GDP) and provides employment to 50% of the countries workforce.
Que (102):
Of which purpose was Nationalisation of banks done?
A. Lowering the use of Cash
B. Bringing in more income of privitazied banks as well
C. Consolidating the economy
D. Controling the flow of money
Consolidating the economy
First bank to be nationalized was RBI on 1 January 1949. Nationalization of Imperial Bank of India and its conversion into State Bank of India in July 1955. Conversion of 8 major states associated banks into subsidiary banks in 1959.
Que (103):
Word Bull and Big are associated with which branch of commercial activity?
A. Banking sector
B. Accounting sector
C. Share market
D. none of these
Share Market
A stock market, equity market or share market is the aggregation of buyers and sellers of stocks, which represent ownership claims on businesses; these may include securities listed on a public stock
Que (104):
Chanda Kochhar leads to which of the organisation?
A. HDFC Bank
B. HSBC Bank
C. ICICI Bank
D. Kotak Bank
ICICI Bank
In April 2001, she took over as executive director. In 2006, Kochhar was appointed as deputy managing director of ICICI Bank. In 2006–07, Kochhar handled the international and corporate businesses of the bank.
Que (105):
In which of the Parliamentary Financial Committees is the Rajya Sabha not represented?
A. Development Of Capital Markets.
B. Final Accounts Committee
C. Estimates Committee
D. none of these
Estimates Committee
In Estimates Committee, the Rajya Sabha is not represented. The Estimates Committee is The largest committee of Parliament of India. The Estimates Committee has 30 members and all these members are from Lok Sabha.
Que (106):
In which year was Tax collection of Central govt. lowest as compare to G.D.P.?
A. 1999-2005
B. 1999-2007
C. 1999-2000
D. 1999-2010
1999-2000
nan
Que (107):
In India, in which year was the service tax first introduced?
A. 1994
B. 1999
C. 1992
D. 1995
1994
Service Tax was first introduced in 1994 when Dr. Manmohan Singh was the Finance Minister. The initial rate was only 5% and was levied on only 3 services.
Que (108):
Of which allocation does Gadgil Formula refer to?
A. Tax proceeds between the districts
B. Tax proceeds between the Zillas
C. Tax proceeds between the States
D. None of these
Tax proceeds between the States
nan
Que (109):
What is the highest denomination of currency notes in circulation as legal tender in India at present?
A. Rs 100
B. Rs. 1000
C. Rs 50
D. Rs 5000
Rs. 1000
A newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2,000 banknote is in circulation since 10 November 2016. The ₹1,000 note has been suspended.
Que (110):
For international payments, to which currency is the Indian currency linked?
A. American Dollar
B. Australian Dollar
C. Canadian Dollar
D. Chinese Yen
American Dollar
The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its territories per the Coinage Act of 1792.
Que (111):
By whom is the Chairman of Public Accounts Committee appointed?
A. Election Comissioner
B. Cabinet ministers
C. Speaker
D. President
Speaker
The current PAC is headed by Adhir Ranjan Chowdhury since July, 2019 after Mallikarjun Kharge, who was leader of INC in the Lok Sabha. He was re-appointed to a second term in May 2018.
Que (112):
Which tax is not levied by the Union Government?
A. Income Tax
B. State Tax
C. Sales Tax
D. Profession Tax
Profession Tax
Professional Tax. From Wikipedia, the free encyclopedia. Profession tax is the tax levied and collected by the state governments in India. It is a indirect tax
Que (113):
What is the principal source of revenue to the State Government in India?
A. Custom Tax
B. State Tax
C. Income Tax
D. Sales Tax
Sales Tax
The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, profession tax, entertainment taxes and other sundry taxes.
Que (114):
Which is the busiest oceanic trade route?
A. Pacific trade route
B. Arabian trade route
C. North Atlantic route
D. All of these
North Atlantic route
Of the following the busiest oceanic trade route is North Atlantic route. It connects the South America to North America(Panama Canal), Africa to Europe and Europe to Asia (through Gibraltar Strait connecting Mediterranean Sea ).
Que (115):
By whom was the first attempt to initiate economic planning in India made?
A. Kautilya
B. Mahadev Govind Ranade
C. Radha Mukherjee
D. By M. Visvesvaraya
By M. Visvesvaraya
The first attempt to initiate economic planning in INDIA was made by Sir M. Visvesvaraya.
Que (116):
Bouncing of cheques has become an offence. What is the punishment for the same?
A. 6 months imprisonment
B. 1 months imprisonment
C. 8 months imprisonment
D. 3\ months imprisonment
6 months imprisonment
It is considered as a criminal offence under Section 138 of the Negotiable Instruments Act, 1881 with a punishment of up to one year or fine being double the amount of the dishonored cheque or both.
Que (117):
In which year, some more commercial banks in addition to the first lot of 141 were nationalised in India?
A. 1982
B. 1999
C. 1990
D. 1980
1980
nan
Que (118):
Which forms the largest share of deficit in Govt. of India budget?
A. Revenue deficit
B. Gross deficit
C. Fiscal Deficit
D. none of these
Fiscal deficit
A fiscal deficit is a shortfall in a government’s income compared with its spending. The government that has a fiscal deficit is spending beyond its means
Que (119):
Which scheme was intended to tap the black money?
A. Pradhan Mantri Jan Dhan Yojana
B. Stand Up India Scheme
C. Pradhan Mantri Mudra Yojana
D. Voluntary Disclosure of Income Scheme (VDIS)
Voluntary Disclosure of Income Scheme (VDIS)
In 1997, they launched the Voluntary Disclosure of Income Scheme (VDIS). By giving the people hoarding black money a chance to escape prosecution by disclosing their money –
Que (120):
For internal financing of Five Year Plans, the government depends on which source?
A. Income
B. Source of Cash
C. Import
D. Taxation Only
Taxation only
A company with a strong business and solid sales is able to raise funds internally to fund new projects or initiatives.
Que (121):
What is the mean of ‘Take off stage’ in an economy?
A. Steady growth begins
B. Peak point of growth attained
C. The most profitable stage
D. all of these
Steady growth begins
Rostow’s Take-Off Stage of Economic Growth. … The self-reliant growth is also known as take off, an initial push, a big push, a critical minimum effort, a great lead forward.
Que (122):
Which is at the apex of Industrial Finance in India?
A. Industrial Development Bank of India
B. State Bank of India
C. Central Bank of india
D. RBI
Industrial Development Bank of India
The IDBI emerged as the apex institution that provided medium- and long-term financing support to the industry by taking over the businesses of the Refinance Corporation for Industry
Que (123):
In India, the bank NABARD does not provide refinance to which bank?
A. Export-Import Banks
B. Custom Excise banks
C. Co-orporate banks
D. none of these
Export-Import Banks
Export–Import Bank of India is a finance institution in India, established in 1982 under Export-Import Bank of India Act 1981.
Que (124):
Which forms the largest share of deficit in Govt. of India budget?
A. Budget deficit
B. Revenue deficit
C. Fiscal Deficit
D. Primary Deficit
Fiscal deficit
Fiscal deficit receives prominent place in the government of India’s budget. Government will also try to reduce the amount of fiscal deficit because it directly economy and budget if the nation
Que (125):
Which scheme was intended to tap the black money?
A. National Pension Scheme.
B. Sukanya Samriddhi Yojana
C. India Development Bonds
D. Public Provident Fund
India Development Bonds
nan
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