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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.

  • 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.

  • 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

  • 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.

  • 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? :)

  • 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.

  • 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