Indian Economy MCQs

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While estimating the national income, the problem of double counting occurs when the value of some goods and services are counted more than once. Cotton output and cotton cloth output both the raw material and the final result are counted.

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Unclaimed deposits are deposits where the proceeds/maturity has not been claimed for a period of 10 years or more. In other words, term deposits are deemed unclaimed if they are inactive/inoperative for more than 10 years.

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The correct answer is “speculation.” Speculation involves taking on risk in hopes of making a profit from price movements, contrasting with hedging, which aims to reduce risk. While hedging protects against losses, speculation seeks to capitalize on market fluctuations. Notably, speculators can importantly influence market liquidity and volatility.

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The correct answer is SEBI (Securities and Exchange Board of India). SEBI was established in 1988 and became a statutory body in 1992. It regulates the securities market in India, protecting investor interests and promoting the development of the market. The RBI (Reserve Bank of India) primarily oversees monetary policy and banking regulation, while BSE (Bombay Stock Exchange) is a stock exchange, not a regulatory body.

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The correct answer is “India, Mexico, South Africa.” As of recent data, India is one of the largest borrowers from the World Bank, primarily for development projects. Mexico also has important loans for infrastructure and social programs. South Africa has received funding for various initiatives, including poverty alleviation and economic development. The World Bank’s lending is aimed at reducing poverty and promoting sustainable development in these countries.

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The provisions relating to promissory notes are incorporated in the Negotiable Instruments Act, 1881. This Act governs various financial instruments, including promissory notes, bills of exchange, and cheques. It was enacted to facilitate trade and commerce by providing a legal framework for negotiable instruments in India. The Indian Contract Act, 1872, primarily deals with general contract law, while the Indian Partnership Act, 1932, focuses on partnerships.

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NLCPR The broad objective of the Non-Lapsable Central Pool of Resources (NLCPR) is to ensure speedy development of infrastructure in the North Eastern Region and Sikkim by increasing the flow of budgetary financing for specific viable infrastructure projects/schemes in the region. The provision is for funding these projects. The outlay includes a provision of Rs. 50 crore for funding special projects/schemes for the economic development of the Karbi Anglong Autonomous Territorial Council (KAATC) area in Assam.

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The Director General of Foreign Trade is responsible for implementing the India’s Foreign Trade Policy.

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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.

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The Travel and Tourism Competitiveness Report is published by the World Economic Forum.