Indian Economy MCQs

Notes:
Statements 1 and 2 are correct: Rashtriya Arogya Nidhi offers up to Rs. 15 lakh for poor patients with life-threatening diseases, provided treatment is availed in government hospitals only. Statement 3 is incorrect; individuals working in Central/State Government or PSUs are not eligible for assistance under this scheme, as per official guidelines.

Notes:
Bangladesh ranks as the world’s second-largest jute producer after India. Bangladesh is the leading global exporter of raw jute and jute products. In 2023, Bangladesh exported about $162 million worth of jute, with India as the primary market. The jute industries of Bangladesh and India dominate global jute supply, with Bangladesh’s exports competing directly with Indian products in international markets.

Notes:
A Giffen good, in economic theory, is a good that is in greater demand as its price increases. For example, if the price of an essential food staple, such as rice, rises it may mean that consumers have less money to buy more expensive foods, so they will actually be forced to buy more rice.

Notes:
Minimum balance requirements for savings accounts are generally decided by individual banks, not prescribed uniformly by the Reserve Bank of India. Banks may set their own rules based on their account policies, while RBI only requires transparent disclosure and fair treatment of customers. Therefore, there is no single institution among the given options that prescribes the minimum balance rule for all savings bank accounts in India.

Notes:
Ranjana Kumar became the first woman to head an Indian public sector bank when she was appointed Chairman and Managing Director of Indian Bank. This made her a notable first in the history of public sector banking in India. Arundhati Bhattacharya is also a landmark figure, but she is known as the first woman Chairperson of State Bank of India, not the first woman to head any public sector bank. Hence, the correct answer is Ranjana Kumar.

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The Seventh Five-Year Plan emphasized reducing poverty and unemployment, aiming to improve quality of life and create productive rural employment opportunities. The policy focused on social objectives alongside economic growth, prioritizing poverty alleviation over tax reforms or comprehension.

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Marginal utility refers to the extra satisfaction or benefit gained from consuming one additional unit of a good or service. In other words, it measures the added utility derived from the next unit consumed.

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A breeder seed is a progeny of nucleus seed multiplied in large area under supervision of plant breeder / institute / SAUs and monitored by a committee consisting of the representatives of state seed certification agency. A golden yellow colour certificateis issued for this category of seed by producing breeder.

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The United Arab Emirates imported the highest quantity of Indian cashew kernels in 2021-22. UAE accounted for about 31% share in both quantity and value among all countries importing Indian cashew kernels. Data from the Kerala Cashew Board confirms UAE as the top importer in recent years. Other major importers include the Netherlands, Japan, and Saudi Arabia.

Notes:
Bombyx mori is the mulberry silkworm and is the main species reared for sericulture in India. It feeds on mulberry leaves, and mulberry silk accounts for the bulk of silk production in the country. Antheraea paphia and Philosamia synthia ricini are used for other types of silk, not the principal one.