Indian Economy Questions Answers

• 64. Sales Tax is

  1. Direct Tax
  2. Indirect Tax
  3. Tax imposed by central government
  4. Tax imposed by state government

  Answer And Explanation

  Answer: Option B

  Explanation:

  Direct Taxes are : Income Tax, Property Tax, Gift Tax etc.
  
  Indirect Taxes are : Sales Tax, Excise Tax, Custom Duty etc.

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• 65. Which industry is the largest ?

  1. Handloom
  2. Sports
  3. Music
  4. Textile

  Answer And Explanation

  Answer: Option D

  Explanation:

  Textile industry is the largest industry in the country. The share of Textile and clothing in total industrial production is approx 14%. It provides employment to more than 350 lakh people.

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• 66. Abid Husain Committee is related to ?

  1. Reform in taxes
  2. Reform in government projects
  3. Reform in small industries
  4. Reform in middle level industries

  Answer And Explanation

  Answer: Option C

  Explanation:

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• 67. Iron and steel industry started in India in the year ?

  1. 1855
  2. 1860
  3. 1865
  4. 1870

  Answer And Explanation

  Answer: Option D

  Explanation:

  Iron and steel industry started in India in the year 1870, when Bengal Iron Works company established its plant in Kulti, West Bengal.

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• 68. India is largest producer of Sponge Iron in the world ?

  1. True
  2. False

  Answer And Explanation

  Answer: Option A

  Explanation:

  When ever there is question of True and False, most of times its answer is True, why so? :)

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• 69. What is FEMA ?

  1. First Exchange Management Act
  2. Foreign Exchequer Management Act
  3. Foreign Exchange Management Act
  4. Foreign Evaluation Management Act

  Answer And Explanation

  Answer: Option C

  Explanation:

  FEMA is Foreign Exchange Management Act, it came into force in July 2000. It replaced Foreign Exchange Regulation Act 1973.

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• 70. International Monetary Fund (IMF) was established on :

  1. 25 September, 1944
  2. 27 December, 1944
  3. 25 September, 1945
  4. 27 December, 1945

  Answer And Explanation

  Answer: Option D

  Explanation:

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