Indian Economy Mixed Practice — MCQs with Answers (Set 7)

The Jamnagar refinery in Gujarat was built in about 33 months, a world-record construction time for a refinery of its size, and became the world’s largest single-location oil refinery with 27 million tonnes of annual capacity.

The 1977 IPO was oversubscribed nearly seven times, drawing more than 58,000 investors, and is often credited with helping launch India’s broader “equity cult” and growth of retail stock market participation.

Dhirubhai Ambani founded Reliance Commercial Corporation in Mumbai in 1958, trading yarn and spices, after returning from working in Aden, Yemen. This modest trading firm eventually grew into Reliance Industries.

The Lok Sabha can approve, reduce, or reject a Demand for Grant, but it cannot increase the amount beyond what the government has proposed.

A Vote on Account is a short-term authorisation, usually granted for about two months, letting the government withdraw money from the Consolidated Fund before the full Budget is passed.

Article 112 requires the President to lay an Annual Financial Statement before both Houses of Parliament. The Constitution never actually uses the word Budget.

The Peace Clause, from the 2013 Bali Package, is the main reason India’s MSP and public stockholding system has avoided formal WTO action so far.

NCRB recorded 10,786 agricultural-sector suicides in 2023: 4,690 farmers and 6,096 agricultural labourers. The 11,290 figure was the 2022 total.

When Ahmedabad’s textile mills closed over roughly a decade from the early 1980s, over 130,000 permanent and non-permanent workers lost secure, unionised jobs and were pushed into the informal sector. NCERT uses this as its own textbook illustration of informalisation.

Jobless growth describes GDP rising steadily while employment growth stays far behind it. Between 1951 and 2023, India’s employment growth stayed under 2% a year for most of this period, even as GDP kept climbing.

All public sector establishments count as formal, but a private establishment must employ 10 or more hired workers to count as part of the formal (organised) sector. Everything else is informal.

Casual wage labourers, engaged day to day on someone else’s farm or worksite, are considered the most vulnerable of the three worker categories since their work and income are irregular.

The worker-population ratio is found by dividing the number of workers by the total population, then multiplying by 100. As of 2023-24 NCERT data, India’s overall ratio is about 43.7%.

The correct answer is DEH builds a wider export ecosystem, not just product identification. ODOP picked one product per district. DEH adds awareness of quality standards, testing, packaging, branding and certification. It also adds e-commerce links and postal export counters.

The correct answer is the District Export Promotion Committees (DEPCs). A key duty of each DEPC is to prepare the District Export Action Plan. The plan maps export products, checks logistics and flags bottlenecks. State committees guide the work, and DGFT only anchors implementation.

The correct answer is One District One Product (ODOP). ODOP set out to select, brand and promote one distinctive product from each district. The DEH initiative builds on that idea. DGFT itself uses the combined name ODOP-DEH. Skill India, Make in India and Startup India are separate missions.

Without nearby storage, farmers often must sell their harvest immediately at low post-harvest prices. A PACS godown lets them store produce, borrow against it, and wait for a better price instead.

Under the Agricultural Marketing Infrastructure scheme, the margin money PACS must contribute was cut from 20% to 10%, alongside a subsidy increase from 25% to 33.33%.

The National Cooperative Development Corporation (NCDC) implements the plan, with NABARD supporting through a refinance facility carrying a 3% interest subvention.

The plan targets 700 lakh metric tonnes (LMT) of decentralised storage capacity within five years, at a cost of about ₹1.25 lakh crore, making it the world’s largest such cooperative-sector scheme.

Tata Motors, Infosys, Ranbaxy, Asian Paints, and Sundaram Fasteners are commonly cited Indian companies that spread their operations worldwide. Cargill is an American MNC that invested in India, not an Indian company that went global.

Section 10AA gave SEZ units a 100% profit deduction on exports for the first 5 years, dropping to 50% for the next 5 years, then a further partial deduction for 5 more years. This is more precise than NCERT’s simplified ‘no taxes for 5 years’ framing.

Cargill Foods, a large American MNC, bought a majority stake in Parakh Foods in 2005, gaining control of its four edible oil refineries and marketing network, making Cargill India’s largest edible oil producer.

Ford Motors entered India in 1995, spending Rs 1,700 crore on a plant near Chennai in collaboration with Mahindra and Mahindra, a major Indian manufacturer of jeeps and trucks.

An MNC’s defining feature is owning or controlling production in more than one country, not merely exporting goods. A company can export widely without being an MNC if all its production stays in one country.