Indian Economy MCQs

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Romesh Chunder Dutt was an Indian civil servant and a famous economic historian of the nineteenth century. He entered the Indian Civil Service in the year 1871. He is also called as the Pioneer of Economic Nationalism.

Notes:
First statement is correct. Adopt a Heritage project is a key initiative of Ministry of Tourism in close collaboration with Ministry of Culture and Archaeological Survey of India (ASI). Second statement is correct. The project aims to entrust heritage sites to the public sector and private sector companies and individuals for the development of tourist amenities. The private, public or individual entities holding the responsibility for development of a tourist site are treated as “Monument Mitras”. The basic and advanced amenities of the tourist destinations are being provided by them. Also, they hold the responsibility to look after the operations and the maintenance of the amenities.

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The SARFAESI Act allowed the creation of asset reconstruction companies (ARC) and allowed banks to sell their non-performing assets to ARCs.

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Direct tax is a government levy on the income, property, or wealth of people or companies. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. Examples include corporation tax, income tax, and social security contributions.

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The rupee drawing arrangement (RDA) is the most popular channel of remittances which accounts for 75.2 per cent of remittances, followed by SWIFT (19.5 per cent), direct transfers (3.4 per cent) and cheques and drafts (1.9 per cent)

Notes:
India’s textile and clothing industry contributes 4% per cent to Gross.  Partition of India in 1947 affected Indian cotton and jute industry badly. Most of the weavers who were Muslims migrated to Pakistan.

Notes:
The Survival Game demonstrates the food chain in a dynamic ecosystem. It is the delicate dependence of each and every species upon each other for survival. Balance is very important in nature. Above the plants are the herbivores, and on the top of the pyramid are the carnivores. In this pyramid top carnivore is most delicately balanced in the chain.

Notes:
In case of a deadlock due to disagreement between the two Houses of the Parliament, a joint sitting of both the houses can be summoned by the president to resolve the deadlock.
There is no chance of any disagreement between the two Houses of the state legislature and hence, there is no provision of joint sitting of both the Houses in this regard.

Notes:
NPK fertilizer is a complex fertilizer comprised primarily of the three primary nutrients required for healthy plant growth. NPK stands for “nitrogen, phosphorus, and potassium,” the three nutrients that compose complete fertilizers. The higher the number, the more concentrated the nutrient is in the fertilizer. You may encounter these letters when reading the contents printed on bags of fertilizer.

Notes:
Indian Economy is a mixed economy where both state and market play a key role in the management of economy. In India both the Public sector as well as the private sector coexist.