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GK Questions: Indian Economy – Set 1

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Hello Aspirants. Welcome to Online General Knowledge section in Affairs cloud, which is important for all the competitive exams. We have created Some questions related to Indian GK(Economy) !!!

  1. Union Budget is generally presented in which of the following month ?
    E.None of these
    Answer – B.February
    Explanation :
    The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947. It is presented each year on the last working day of February by the Finance Minister of India in Parliament.

  2. Who was the first chairman of the Planning Commission of India ?
    A.Dr.Bhimrao Ambedkar
    B.Rajiv Gandhi
    C.Dr.Rajendra Prasad
    D.Pt.Jawaharlal Nehru
    E.None of these
    Answer – D.Pt.Jawaharlal Nehru
    Explanation :
    After Independence, a formal model of planning was adopted, and accordingly the Planning Commission, reporting directly to the Prime Minister of India was established on 15 March 1950, with PM Jawaharlal Nehru as the Chairman.

  3. Who among the following introduced the Hindu Code Bill ?
    A.Dr.Rajendra Prasad
    B.Pt.Jawaharlal Nehru
    C.Dr.Bhimrao Ambedkar
    D.Narendra Modi
    E.None of these
    Answer – C.Dr.Bhimrao Ambedkar
    Explanation :
    The ‘Hindu code bills were several laws passed in the 1950s that aimed to codify and reform Hindu personal law in India.

  4. In which year the Indian Planning commission was established ?
    E.None of these’
    Answer – C.1950
    Explanation :
    The Planning Commission was an institution in the Government of India, which formulated India’s Five-Year Plans, among other functions.

  5. On January 1, 2015 National Institution for Transforming India(NITI) Aayog was set up to replace ……………………
    A.Rashtriya Barh Ayog
    B.Human Rights Commission
    C.National Commission for Women
    D.Planning Commission of India
    E.None of these
    Answer – D.Planning Commission of India
    Explanation :
    NITI Aayog was established by Prime Minister Narendra Modi to replace the Planning Commission.The stated aim for NITI Aayog’s creation is to foster involvement and participation in the economic policy-making process by the State Governments of India. It adopted a “bottom-up” approach.

  6. Which of the following sector gives the largest income in India ?
    A.Trade Sector
    D.Service Sector
    E.None of these
    Answer – D.Service Sector
    Explanation :
    Indian economy is classified in three sectors — Agriculture and allied, Industry and Services. Agriculture sector.Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 61.18 lakh crore INR in 2014-15

  7. ……………………….was established in 1990 as a wholly owned subsidiary of IDBI under the Small Industries Development Bank of India Act, 1989.
    E.None of these
    Answer – B.SIDBI
    Explanation :
    SIDBI – Small Industrial Development Bank of India, Lucknow
    Recently it has opened seven branches christened as Micro Finance branches, aimed especially at dispensing loans up to Rs.5 lakh

  8. The Indian Economy is a ……………………. economy
    A.Marketable Abundant
    B.Capital Abundant
    C.Former Abundant
    D.Labour Abundant
    E.None of these
    Answer – D.Labour Abundant
    Explanation :
    India is a very large labour-abundant economy with a rapidly growing workforce and its manufacturing sector might be expected to be the primary driver of its economic growth.

  9. The Current five year plan  is also known as
    A.12th five year plan
    B.10th five year plan
    C.11th five year plan
    D.9th five year plan
    E.None of these
    Answer – A.12th five year plan
    Explanation :
    12th five year plan – 2012 – 2017

  10. New pension System was regulated by ……………………..
    E.None of these
    Answer – A.PFRDA
    Explanation :
    National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme regulated by PFRDA and established by GOI
    PFRDA Chairman –  Yogesh Aggarwal