Indian Economy MCQs

Notes:
The tertiary sector’s activities help in the development of the primary and secondary sectors. By itself, economic activities in the tertiary sector do not produce goods so they can be outsourced.

Notes:
The balance of payments records a country’s international transactions including exports and imports. Agricultural growth primarily affects domestic employment, poverty, and inflation but does not have a direct impact on the balance of payments, which depends mainly on external trade and foreign currency flows. In India, the balance of payments is detailed by the Reserve Bank of India in the annual reports.

Notes:
India’s Seed Vault is located at Chang La (Ladakh) in the Himalayas, at a height of 17,300 feet, there is a storage facility with over 5,000 seed accessions. One accession consists of a set of seeds of one species collected from different locations or different populations.

Notes:
100% FDI is allowed in the poultry sector under the automatic route. This permission applies to the entire food processing sector as per government policy. There is no requirement for prior government approval for foreign direct investment up to 100%. Policy applies since the consolidated FDI Policy, effective August 28, 2017, and thereafter.

Notes:
India is the second-largest tobacco producer and exporter in the world. China is the world’s largest producer and consumer of Tobacco.

Notes:
The food processing sector accounts for around 23% of India’s total exports as per recent trade data. This percentage reflects processed foods and related products exported from India. The Ministry of Food Processing Industries regulates this sector. Food exports include marine products, cereals, meat, fruits, and vegetables. The share has increased due to policy initiatives and expanding export markets since 2022.

Notes:
MSME classification revised from July 1, 2020 under the Micro, Small and Medium Enterprises Development Act, 2006 set the turnover cap for medium enterprises at ₹500 crore. The medium enterprise investment limit is ₹50 crore. Micro and small enterprises have turnover limits of ₹10 crore and ₹100 crore respectively. The norms apply across India per the revised notification.

Notes:
The Annual Survey of Industries (ASI) is conducted every year since 1960. It operates under the Collection of Statistics Act, 2008, amended in 2017. ASI provides data on the registered manufacturing sector’s contribution to India’s Gross Domestic Product. Data from the ASI is used to analyze the structure and growth of the country’s manufacturing sector.

Notes:
Under Pradhan Mantri Mudra Yojana, the Kishor loan category covers loans from Rs. 50,001 to Rs. 5 lakh. Shishu category is up to Rs. 50,000. Tarun category is from Rs. 5 lakh to Rs. 10 lakh. Tarun Plus can go up to Rs. 20 lakh for existing borrowers with good repayment record. The maximum for Kishor remains Rs. 5 lakh.

Notes:
‘MSME Sambandh’ is a Public Procurement Portal for MSMEs. The objective of the portal is to monitor the implementation of the Public Procurement from MSEs by Central Public Sector Enterprises (CPSEs).