Indian Economy MCQ Set-8

Most Important Indian Economic Development GK 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 The Competitive Commission of India (CCI) was founded in the year?

A. 2001

B. 2003

C. 2014

D. 2018

Answer: B. 2003

Note: Competition Commission of India is the competition regulator in India. It is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 and promoting competition throughout India and to prevent activities that have an appreciable adverse effect on competition in India. It was founded on 14th October, 2003.

Q.2 The Registrar of Companies is an office under which of the following?

A. Ministry of Corporate Affairs

B. Ministry of Finance

C. Ministry of Commerce and Industries

D. None of these

Answer: A. Ministry of Corporate Affairs

Note: The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act, 2013, The Limited Liability Partnership Act, 2008, The Company Secretaries Act, 1980 and The Chartered Accountants Act, 1949.

Q.3 The Startup Indian initiative is a program under which of the following?

A. Ministry of Corporate Affairs

B. Ministry of Finance

C. Ministry of Commerce and Industries

D. None of these

Answer: C. Ministry of Commerce and Industries

Note: The startup India initiative was launched on 16th January, 2016.

Q.4 Service Tax was introduced in India in which of the following year?

A. 1994

B. 2004

C. 2006

D. 2016

Answer: A. 1994

Note: As on August, 2021, the rate of service tax is 15% in India.

Q.5 Under the Bank Rate, the RBI extends credit to:

A. Union Government

B. Commercial Banks

C. NBFC

D. None of these

Answer: B. Commercial Banks

Q.6 The “World Economic Outlook Report” is released by which of the following organization?

A. International Monetary Fund

B. World Bank

C. United Nations Economic and Social Council

D. None of these

Answer: A. International Monetary Fund

Q.7 Which of the following statement is CORRECT for nominal GDP?

I. Nominal GDP is calculated based on current prices.

II. Nominal GDP is calculated based on base prices.

III. Nominal GDP is calculated based on fixed prices.

A. Only I

B. Only II

C. Only III

D. None of these

Answer: A. Only I

Q.8 The data of National Income of India is released by which organization?

A. NITI Aayog

B. NSSO

C. RBI

D. CSO

Answer: D. CSO

Note: The GDP figures in India are released by the Central Statistics Office (CSO), which comes under the Ministry of Statistics and Program Implementation (MOSPI).

Q.9 Which of the following is/are form of Indirect Tax?

I. Income tax and wealth tax

II. Sales tax and custom duty

III. Corporation tax

A. Only I

B. Only II

C. Only III

D. Both II & III

Answer: B. Only II

Note: The forms of indirect taxes are sales tax, excise duty and custom duty and these are levied by the state governments.

Q.10 Custom duty is imposed on:

I. Imported goods

II. Exported goods

III. Imported services

A. Only I

B. Only II

C. Both I & II

D. Only III

Answer: C. Both I & II

List of Indian Economy MCQ sets from GKLead.com

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