Indian Economy GK Questions and Answers – Part 2

11. Which of the following is the first Indian private company to sign an accord with Government of Myanmar for oil exploration in two offshore blocks in that country?
A. Reliance Energy
B. Essar Oil
C. GAIL
D. ONGC
Answer:
B. Essar Oil

12. Since the inception of the co-operative movement, rural credits has been
A. institutionalized
B. rationalized
C. cheapened
D. All of the above
Answer:
D. All of the above

13. If an economy is equilibrium at the point where plans to save and to invest are equal, then government expenditure must be
A. zero
B. equal to government income
C. larger than government income
D. negative
Answer:
B. equal to government income

14. The co-operative credit societies have a
A. two-tier structure
B. three-tier structure
C. four-tier structure
D. five-tier structure
Answer:
B. three-tier structure

15. Regional rural banks
I. have limited area of operation
II. have free access to liberal refinance facilities from NABARD
III. are required to lend only to weaker sections
A. I, III
B. II, III
C. I, II, III
D. I, II
Answer:
D. I, II

16. The Board of Industrial and Financial Reconstruction (BIFR) came into existence in
A. 1984
B. 1986
C. 1987
D. 1989
Answer:
C. 1987

17. Reserve Bank of India was nationalized in the year
A. 1935      B. 1945
C. 1949      D. 1969
Answer:
C. 1949
Explanation:
RBI established in 1935 and nationalized in 1949.

18. In India, rural incomes are generally lower than the urban incomes, which of the following reasons account for this?
I. A large number of farmers are illiterate and know little about scientific agriculture
II. Prices of primary products are lower than those of manufactured products
III. Investment in agriculture has been low when compared to investment in industry
A. I, II, III
B. I, II
C. I, III
D. II, III
Answer:
A. I, II, III

19. National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year
A. 1997
B. 1998
C. 1999
D. 2000
Answer:
C. 1999

20. If the fiscal deficit of the Union Government is Rs. 75,000 crores relending to State is Rs. 25,000 crores, interest payments are Rs. 25,000 crores, what is the amount of the primary deficit?
A. Rs. 50,000 crores
B. Rs. 25,000 crores
C. Rs. 1,00,000 crores
D. Rs. 1,25,000 crores
Answer:
A. Rs. 50,000 crores

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