📈 Top 10 Indian Economy Facts You Should Know | Part-07 | GK & Competitive Exam Preparation:

Explore the Top 10 General Knowledge facts about the Indian Economy in Part-07 of this GK series. Learn important economic concepts, institutions, and facts useful for competitive exams, quizzes, and general awareness.💰📚

✨ 01. Which of the following is not true about indirect tax?

(a) Wealth tax is a direct tax.

(b) It is imposed by the central government but collected by the state government and handed over to the central govt.

(c) In the budget of 2016-17, income tax collections were more than non-tax revenue

(d) In the budget of 2016-17, income tax collection was 14% of the total revenue of the central government.

Ans. (b) It is imposed by the central government but collected by the state government and handed over to the central govt.

✨ 02. Which bank takes care of agriculture & rural finance?

(a) IDBI

(b) IFC

(c) RBI

(d) NABARD

Ans. (d) NABARD.

✨ 03. What is CRR?

(a) The rate at which commercial banks borrow money from the Reserve Bank of India.

(b) The rate at which the RBI borrows money from the commercial banks.

(c) It’s the rate at which RBI decides the sale and purchase of capital assets with foreign banks.

(d) It’s a proportion of cash that the commercial banks have to deposit with the RBI.

Ans. (d) It’s a proportion of cash that the commercial banks have to deposit with the RBI.

✨ 04. ‘COPRA’  is a …?

(a)  Domestic Trade protection measure

(b)  Mega city scheme

(c)  Consumer Protection Act

(d)  Credit Rationing Scheme

Ans. (c)  Consumer Protection Act.

✨ 05. Dunkel draft is related to …?

(a) Associated with the Uruguay Round

(b) Related to the atomic treaty among nations

(c) Related to Super 301

(d) Related to checking the drug trade

Ans. (a) Associated with the Uruguay Round.

✨ 06.  Appreciation of domestic currency means…?

(a)  Value of domestic currency increases

(b)  Value of domestic currency decreases

(c)  First increases, then decreases

(d)  First decreases, then increases

Ans. (a)  Value of domestic currency increases.

✨ 07. Who had given the concept of zero-based budgeting?

(a) Peter Drucker

(b) Peter Pyhrr

(c) Jagdish Bhagwati

(d) None of these

Ans. (b) Peter Pyhrr.

✨ 08. The main objective of the 12th Five-Year Plan is…?

(a) Inclusive growth and poverty reductions

(b) Inclusive and sustainable growth

(c) Sustainable and inclusive growth to reduce unemployment

(d) Faster, sustainable, and more inclusive growth.

Ans: (d) Faster, sustainable, and more inclusive growth.

✨ 09. ‘ECOMARK,’ a symbol is related to …?

(a) Agricultural goods

(b) Manufacturing goods

(c) Goods of the best quality

(d) Goods are safe for the environment

And (d) Goods are safe for the environment.

✨ 10. What kind of convertibility of currency is permitted in India?

(a) Capital account

(b) Current account

(c) Both a & b

(d) Partial in both a & b

Ans. (c) Both a & b.

✍️ Final Thought:

Understanding the Indian economy is essential for students, competitive exam aspirants, and anyone interested in national development. These key facts provide valuable insights into India's economic structure, financial institutions, and growth drivers, helping build a strong foundation in general awareness and economics.💹

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