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Indian Economy

Indian Economy - Important Points


6. Which of the following is NOT a Five Year Plan after the liberalization of the Indian economy?

A. Eleventh Five Year Plan

B. Twelfth Five Year Plan

C. Thirteenth Five Year Plan

D. Fourteenth Five Year Plan

Discuss Work Space

Answer: option c

Explanation:

The Thirteenth Five Year Plan was the last Five Year Plan before the liberalization of the Indian economy in 1991.

7. Which sector contributes the most to India's GDP?

A. Agriculture

B. Manufacturing

C. Services

D. Mining

Discuss Work Space

Answer: option c

Explanation:

Services sector contributes the most to India's GDP with a share of about 55%.

8. What is the role of the Finance Commission in India's fiscal federalism?

A. To allocate resources between the center and states

B. To implement monetary policy

C. To regulate the stock market

D. To manage India's foreign exchange reserves

Discuss Work Space

Answer: option a

Explanation:

The Finance Commission is responsible for recommending the sharing of financial resources between the central and state governments.

9. What is the definition of poverty line in India?

A. The minimum wage required to meet basic needs

B. The income required to afford a balanced diet

C. The income required to afford basic necessities like food, clothing, and shelter

D. The income required to afford luxury goods

Discuss Work Space

Answer: option c

Explanation:

The poverty line in India is defined as the income required to meet basic needs like food, clothing, and shelter.

10. What is the main objective of the National Food Security Act in India?

A. To provide free food to all citizens

B. To ensure food security to the poor

C. To reduce the import of food grains

D. To increase the export of food grains

Discuss Work Space

Answer: option b

Explanation:

The National Food Security Act aims to provide food security to the poor by ensuring access to food grains at affordable prices


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