Q1. Goods and Services Tax (GST) in India is an example of which type of tax?
Answer 3
Explanation
GST is an indirect tax levied on the supply of goods and services.
Q2. Which of the following is a primary function of the Reserve Bank of India?
Answer 3
Explanation
Issuing currency notes is one of the primary functions of the Reserve Bank of India as the central bank.
Q3. The New Economic Policy (NEP) of India, which introduced liberalization, privatization, and globalization (LPG) reforms, was launched in which year?
Answer 4
Explanation
The New Economic Policy, ushering in LPG reforms, was launched in India in 1991.
Q4. India's economic system is generally characterized as a:
Answer 4
Explanation
India follows a mixed economic system, combining elements of both capitalism and socialism.
Q5. The nationalization of 14 major commercial banks in India primarily took place in which year?
Answer 1
Explanation
14 major commercial banks were nationalized in India in July 1969.
Q6. NABARD (National Bank for Agriculture and Rural Development) was established in India in which year?
Answer 3
Explanation
NABARD was established on July 12, 1982, to facilitate credit for agriculture and rural development.
Q7. The term 'Hindu Rate of Growth' in the context of the Indian economy refers to:
Answer 2
Explanation
The 'Hindu Rate of Growth' refers to the low annual growth rate (around 3.5%) of the Indian economy from the 1950s to the 1980s.
Q8. Which of the following steel plants was established with the collaboration of the former Soviet Union?
Answer 2
Explanation
The Bhilai Steel Plant was established in collaboration with the Soviet Union in 1959.
Q9. In which year was the Reserve Bank of India (RBI), the central banking institution of India, established?
Answer 3
Explanation
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
Q10. The 'Green Revolution' in India is primarily associated with a significant increase in the production of which two major crops?
Answer 2
Explanation
The Green Revolution in India led to a substantial increase in the production of wheat and rice.
Q11. According to the 2011 Census of India, which sector employed the largest percentage of the Indian workforce?
Answer 1
Explanation
As per the 2011 Census, agriculture remained the largest employer in India.
Q12. The 'Dandekar and Rath' committee is historically associated with the estimation of what in India?
Answer 4
Explanation
The Dandekar and Rath committee (1971) was one of the early committees to define and estimate the poverty line in India.
Q13. Which institution was primarily responsible for formulating India's Five-Year Plans before its dissolution in 2014?
Answer 1
Explanation
The Planning Commission was the primary body for formulating Five-Year Plans in India until its dissolution.
Q14. Operation Flood, a program aimed at increasing milk production in India, is also famously known as the:
Answer 1
Explanation
Operation Flood is synonymous with the White Revolution, focusing on dairy development and milk production.
Q15. The primary objective of the First Five-Year Plan of India (1951-1956) was the:
Answer 2
Explanation
The First Five-Year Plan primarily focused on the development of agriculture, irrigation, and power projects.
Study notes for this topic
Read the theory first, then come back and practise the questions above.
