Indian Economy
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1. ‘Pink Revolution’ is associated with:
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Onion is the intended answer in this question and is a common Indian competitive-exam usage of “Pink Revolution.” However, the term is also used in some sources for meat, poultry and related food processing. The terminology therefore depends on the context and source.
#313
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2. The ‘Father of Green Revolution’ in the world is:
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Norman E. Borlaug is widely called the Father of the Green Revolution. He received the Nobel Peace Prize in 1970 for his contribution to increasing food production. M. S. Swaminathan is closely associated with India’s Green Revolution.
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3. State Bank of India was previously known as:
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The Imperial Bank of India was reorganised and became the State Bank of India. SBI came into existence on 1 July 1955 under the State Bank of India Act, 1955. The Imperial Bank of India had been established in 1921 by amalgamating the three Presidency Banks.
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4. The programme ‘Make in India’ started in:
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Make in India is a national initiative to promote manufacturing, investment and ease of doing business. It was launched on 25 September 2014.
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5. Which among the following taxes has not been subsumed under the GST?
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Basic customs duties are outside GST; imports can attract Integrated GST in addition to applicable customs duties. GST was implemented from 1 July 2017.
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6. Choose the correct duration of the 12th Five Year Plan:
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The Twelfth Five Year Plan covered the period 2012–2017. It was the final Five Year Plan of India; the Planning Commission was replaced by NITI Aayog in 2015.
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7. The mutual funds industry in India is regulated primarily by:
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SEBI is the principal regulator of mutual funds; RBI regulates relevant banking and financial-system aspects. SEBI’s framework focuses on market integrity and investor protection.
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8. Which organisation promoted Self-Help Groups for financing the poor?
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NABARD pioneered the SHG–Bank Linkage Programme in India, formally launched in 1992. It links self-help groups with formal banking credit.
#407
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9. Which nation is NOT a permanent member of the G7?
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India is not a G7 member. The seven members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
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10. Slow economic growth accompanied by high inflation is called:
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Stagflation combines weak economic growth with persistent inflation and often high unemployment. The term combines stagnation and inflation.
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11. The Governing Council of NITI Aayog comprises:
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The Governing Council is chaired by the Prime Minister and includes Chief Ministers of states and relevant Union Territories and Lieutenant Governors of other UTs. It is a major forum for cooperative federalism.
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12. Inflation is:
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Inflation is a sustained rise in the general price level of goods and services. A one-time rise in one product price is not necessarily inflation.
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13. When was the first Industrial Policy Resolution adopted?
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India’s first Industrial Policy Resolution was announced on 6 April 1948. It established the early post-independence framework for public and private industry.
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14. Headline inflation in India is commonly measured using:
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India’s headline retail inflation is measured using the Consumer Price Index (Combined). The CPI tracks the cost of a representative household consumption basket.
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15. Which agency enforces food safety laws in India?
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FSSAI means Food Safety and Standards Authority of India. It was established under the Food Safety and Standards Act, 2006.
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16. Which is an extra-constitutional body?
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NITI Aayog is an executive, non-constitutional body established on 1 January 2015.
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17. What is the full form of TRAI?
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TRAI means Telecom Regulatory Authority of India. It was established under the TRAI Act, 1997.
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18. Which of the following indicators is not used to calculate Human Development Index (HDI)?
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HDI measures three dimensions: health, education and standard of living, represented by life expectancy, schooling and GNI per capita. Social inequality is not a basic HDI component.
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19. Which one of the following economists proposed the LPG model of economic development in India?
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Dr Manmohan Singh presented India’s Liberalisation, Privatisation and Globalisation (LPG) reform programme in 1991 as Finance Minister under P. V. Narasimha Rao.
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20. Which of the following fixes the poverty line in India?
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The expected answer in this traditional MCQ is NITI Aayog. Historically, the Planning Commission handled poverty-line methodology; NITI Aayog replaced it in 2015.
