Indian Economy Mixed Practice — MCQs with Answers (Set 9)

The answer is mentoring first-generation entrepreneurs. Niryat Bandhu guides new exporters through the process of starting and growing an export business.

The answer is 65 years. As of this exam’s period, the NPS-Private Sector allowed enrolment up to age 65.

The correct answer is that it facilitates online payment of taxes through a mobile app. Aaykar Setu, launched by the Income Tax Department in July 2017, is a one-stop mobile app for filing returns, paying taxes, and accessing other tax services — not related to GST, defaulter tracking, or import/export declarations.

The correct answer is both statements are individually true and Statement II is the correct explanation of Statement I. India’s savings rate fell sharply from 37.8% (2008-09) to 32.2% (2015-16), driven by a fall in both household and public savings, per the Economic Survey 2017-18.

The answer is France. By 2017 World Bank GDP rankings, France had slipped to seventh place, just behind India, while the US, China, Japan, Germany, and UK all remained ahead.

The answer is that Statement I is true but Statement II is false. Agriculture still employs a large share of India’s workforce, but the volatility of agricultural growth has actually eased over recent decades with better irrigation and crop insurance coverage.

The answer is that both are true, but II doesn’t explain I. India’s research spending being government-dominated and its universities doing little research are both real, but separate, structural features.

The answer is Arbind Modi. This CBDT member was named convener of the task force formed in November 2017 to redraft India’s direct tax law.

The correct answer is 1 and 2 only. India’s Paying Taxes rank moved from 172 to 119, and Resolving Insolvency moved from 136 to 103. Starting a Business and Getting Electricity were not among the improved indicators that year.

The correct answer is rural development. RBI’s State Finances report (2018-19 budgets) showed rural development capital spending at Rs 425.9 billion, ahead of water supply and sanitation (Rs 356.9 billion), urban development (Rs 250 billion), and education (Rs 208 billion).

The answer is using HYV seeds. That approach only arrived with the Green Revolution in the mid-1960s, well after the immediate post-Independence years.

The answer is Canon of fiscal adequacy. Adam Smith’s four canons were equality, certainty, convenience, and economy, not fiscal adequacy.

The answer is Economic recession. The 2008 US sub-prime mortgage crisis triggered a global financial crisis and recession.

The answer is access to banking and financial provisions. The HDI’s three dimensions are health, education (knowledge), and standard of living, not financial inclusion.

The answer is Andhra Pradesh. Jute cultivation is concentrated in the Ganga-Brahmaputra delta states, West Bengal, Assam, and Odisha.

The answer is Nandan Nilekani. The RBI appointed him to chair this committee in January 2019, and it submitted its report that May.

The answer is USA. India has run a consistent trade surplus with the United States, while running large deficits with China and oil suppliers like Saudi Arabia.

The answer is registering property. India held rank 121 on this topic in Doing Business 2015. It held rank 154 in Doing Business 2020. The overall rank rose while this one fell.

The answer is Bibek Debroy. He chaired the EAC-PM, an independent body advising the Prime Minister on economic policy.

The answer is Equity, productivity, empowerment and sustainability. The UNDP frames these four as the pillars underpinning its human development approach.

The answer is 1, 2 and 3. All three are government social security schemes, covering pensions and low-cost life and accident insurance for ordinary citizens.

The answer is the Basic needs approach. The ILO proposed it in the 1970s, focused on meeting essential needs like food, health, and housing directly.

The answer is Coffee. Arabica and Robusta dominate India’s coffee output, while Liberica is a rarer commercial species.

The answer is Structural unemployment. It happens when job openings exist in one region or skill area while available workers are in another, so the two sides don’t match up.

The answer is minimum global corporate tax. The OECD/G20 two-pillar deal reallocates taxing rights on large firms and sets a 15% global minimum corporate tax rate.