Indian Economy MCQ Set-4

Most Important Indian Economic Development MCQ for competitive examinations in India such as UPSC CSE, State PSC, IBPS PO, SBI PO, IBPS SO, IBPS RRB, IBPS Clerk and various government & public sector undertaking jobs in India.

Q.1 What is the full form of SIDBI?

A. Small Industries Development Bank of India

B. Small Institution Development Bank of India

C. Small Industries Donor Bank of India

D. None of these

Answer: A. Small Industries Development Bank of India

Note: Small Industries Development Bank of India, founded on 2nd April, 1990 is the apex institution for financing, promotion and development of micro, small and medium enterprises in India. It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow.

Q.2 Which of the following is the best indicator of a economic development of a country?

A. GDP

B. GNP

C. PPP

D. Per Capita Income

Answer: D. Per Capita Income

Q.3 Which of the following is the major problem of the economy in the modern time?

A. Low Growth Rate

B. Income Inequality

C. Low Purchasing Power Parity

D. None of these

Answer: B. Income Inequality

Note: There are wide varieties of economic inequality, most notably measured using the distribution of income and the distribution of wealth.

Q.4 The concept of Goods and Service Tax was originated in which of the following country?

A. India

B. Canada

C. France

D. Myanmar

Answer: C. France

Note: France was the first country to implement the GST in 1954.

Q.5 The operation flood is related to:

A. Water

B. Petrol

C. Milk

D. None of these

Answer: C. Milk

Note: Operation Flood is the program that led to “White Revolution.” It created a national milk grid linking producers throughout India to consumers in over 700 towns and Dr. Verghese Kurien is considered as the father of the operation flood.

Q.6 GST is a type of which tax?

A. Direct Tax

B. Indirect Tax

C. Capital Gain Tax

D. None of these

Answer: B. Indirect Tax

Note: GST is a comprehensive, indirect tax which is imposed on all the goods and services as per the tax slabs laid by the GST council.

Q.7 The first Regional Rural Bank came into existence in which of the following year?

A. 1975

B. 1976

C. 1981

D. 1982

Answer: A. 1975

Note: Prathama Bank, with head office in Moradabad, Uttar Pradesh was the first RRB established in 1975. It was sponsored by Syndicate Bank and had an authorised capital of Rs. 5 crore.

Q.8 Industrial Finance Corporation of India (IFCI) Ltd was established in which of the following year?

A. 1948

B. 1956

C. 1976

D. 2014

Answer: A. 1948

Note: IFCI, previously Industrial Finance Corporation of India, is a development finance institution under the jurisdiction of Ministry of Finance, Government of India. Established in 1948 as a statutory corporation, IFCI is currently a company listed on BSE and NSE.

Q.9 Income tax was introduced in India in which of the following year?

A. 1860

B. 1948

C. 1956

D. 1967

Answer: A. 1860

Note: In India, the first Income Tax Act was introduced in 1860. It was implied by James Wilson to overcome heavy losses suffered by the British Government due to India’s freedom movement in 1857.

Q.10 The Money Order system was introduced in India in which of the following year?

A. 1880

B. 1860

C. 1900

D. 1905

Answer: A. 1880

List of Indian Economic Development MCQ sets from GKLead.com

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