UPSC Indian Economy Test 7 (Old Year Questions)

Assertion (A): India does not export natural rubber.
Reason (R): About 97% of India’s demand for natural rubber is met from domestic production.

Consider the following statements:
1. The loans disbursed to farmers under Kisan Credit Card Scheme are covered under Rashtriya Krishi Bima Yojna of Life Insurance Corporation of India.
2. The Kisan Credit Card holders are provided personal accident insurance of Rs. 50,000 for accidental death Rs 25,000 for permanent disability.
Select the correct answer using the code given below.

Consider the following statements:
1. Regarding the procurement of food grains, Government of India follows a procurement target rather than an open-ended procurement policy.
2. Government of India announces minimum support prices only for cereals.
3. For distribution under Targeted Public Distribution System (TPDS), wheat and rice are issued by the Government of India at uniform central issue prices to the States/Union Territories.
Select the correct answer using the code given below.

Consider the following statements:
1. Reserve Bank of India was nationalized on 26 January, 1950.
2. The borrowing programme of the Government of India is handled by the Department of Expenditure, Ministry of Finance.
Select the correct answer using the code given below.

Consider the following statements:
1. National Thermal Power Corporation has diversified into hydropower sector.
2. Power Grid Corporation of India has diversified into telecom sector.
Select the correct answer using the code given below.

Consider the following statements:
In India. stamp duties on financial transactions are

1. Levied and collected by the State Government.
2. Appropriated by the Union Government.
   Which of these statements is/are correct?

Assertion (A): The new EXIM policy is liberal, market-oriented and favours global trade.
Reason (R): GATT has played a significant role in the liberalization of the economy.

In India, the first bank of limited liability managed by Indians and founded in 1881 was

The Government holding in BPCL is

Debenture holders of a company are its

Which one of the following statements is correct with reference to FEMA in India?

Consider the following statements:
1. India’s import of crude and petroleum products during the year 2001-02 accounted for about 27% of India’s total imports.
2. During the year 2001-02, India’s exports had increased by 10% as compared to the previous year.
Which of these statements is/are correct ?

Consider the following statements:

1. The World Intellectual Property Organization (WIPO) is a specialized agency of United Nations System of Organization.
   WIPO has its headquarters at Rome.
2. The Trade Related Aspects of Intellectual Property rights (TRIPS) Agreement is binding on all WTO members.
3. Least developed country members of WTO are not required to apply the provisions of TRIPs Agreement for a period of 20 years from the general rate of application of the Agreement.
   Which of the statements are correct ?

India has the maximum volume of foreign trade with

With reference to the Indian economy, consider the following activities :
1. Agriculture, Forestry and Fishing
2. Manufacturing
3. Trade, Hotels, Transport and Communication
4. Financing, Insurance, Real Estate and Business services
The decreasing of the contribution of these sectors to the Gross Domestic Product (GDP) at factor cost at constant prices (2000-01) is

With reference to the Public Sector Undertakings in India, consider the following statements :
1. Minerals and Metals Trading Corporation of India Limited is the largest non-oil importer of the country.
2. Project and Equipment Corporation of India Limited is under the Ministry of Industry.
3. One of the objectives of Export Credit Guarantee Corporation of India Limited is to enforce quality control and compulsory pre-shipment inspection of various exportable commodities.

Which of these statements is/are correct ?

With reference to the Indian Public Finance, consider the following statements :

1. External liabilities reported in the Union Budget are based on historical exchange rates.
2. The continued high borrowing has kept the real interest high in the economy.
3. The upward trend in the ratio of Fiscal Deficit to GDP in recent years has an adverse effect on private investments.
4. Interest payments is the single largest component of the non-plan revenue expenditure of the Union Government.
   Which of these statements are correct ?

With reference to the government’s welfare schemes, consider the following statements :
1. Under the Antyodaya Anna Yojana, the food grains are available to the poorest of the poor families at Rs.2 per kg for wheat and Rs. 3 per kg for rice.
2. Under the National Old Age Pension Scheme, the old and destitute are provided Rs. 75 per month as Central pension, in addition to the amount provided by most State Governments.
3. Government of India has allocated 25 kg food grains per Below Poverty Line family per month, at less than half the economic cost.
Which of these statements are correct ?

Consider the following statements:
1. NTPC is the largest power utility in India.
2. ONGC accounts for half of the LPG production in India.
3. Indian Oil Corporation operates all the oil refineries in India.
4. The Indian Ordinance Factory is the largest departmentally run industrial undertaking in the country.
Which of these statements is/are correct ?

Consider the following:
1. Currency with the public
2. Demand deposits with banks
3. Time deposits with banks
Which of these are included in Broad Money (M 3) in India ?