Indian Economy MCQs

Notes:
First statement is incorrect. The “Adopt a Heritage Scheme” is an initiative under Ministry of Tourism. Second statement is correct. Under this scheme, the government has appointed private as well as public companies as “Monument Mitras” for making heritage tourism more sustainable through conservation and development. The short-listed companies, to be called Monument Mitras, are from various sectors such as hospitality, travel, and banking.

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.

Notes:
The finished products of Iron and steel industries are used as raw material for other industries such as automobile and manufacturing industries. Iron and steel industry is called the mother of all industries because they need steel and iron for production, for machinery and for infrastructure.

Notes:
The RBI (Commercial Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2026 set the minimum CRR at 4% of net demand and time liabilities. Section 42(1) of the RBI Act, 1934 empowers the RBI to prescribe CRR for scheduled banks. Before 2006, the minimum was 3%, but this was amended. The minimum 4% has remained operative as per latest RBI regulations.

Notes:
Financial inclusion refers to providing individuals and businesses, particularly underserved groups, access to affordable financial products and services such as savings, credit, payments, and insurance. The Reserve Bank of India introduced the Financial Inclusion Policy in 2005. The Pradhan Mantri Jan Dhan Yojana was launched in 2014 to increase access to banking facilities across India.

Notes:
The GDP deflator is a measure of price inflation. It is calculated by dividing Nominal GDP by Real GDP and then multiplying by 100. Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation

Notes:
Coal is a fossil fuel formed from plant remains over millions of years. It has been used extensively in thermal power plants. India is the second largest producer of coal as of 2023. Coal is classified as a non-renewable, conventional energy source. It primarily consists of carbon, hydrogen, oxygen, nitrogen, and sulfur.

Notes:
One of the major highlight was modernization of the industries. The plan was launched with twin objectives of alleviation of poverty and unemployment. This plan period saw launching of many flagship programmes and reduction of public sector outlays. In the 8^th five year plan, growth rate achieved was 6.8% against the target of 5.6%.

Notes:
The founder and Chairman of Madras School of Economics, Dr. Raja Jesudoss Chelliah was one of the top economists this country has produced.

Notes:
During the second five-year plan State electricity boards and state secondary education boards were formed. States were made responsible for secondary and higher education. State road transportation corporations were formed, and local road building became a state responsibility.