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Friday, October 11, 2019

INDIAN ECONOMY QUESTION AND ANSWERS TOP 10 Part 1

  Karunada Ekalavya       Friday, October 11, 2019


INDIAN ECONOMY TOP 10  Part 1


1. What is the type of Indian economy?

(a) Socialist
(b) Communist
(c) Capitalist
(d) Mixed

Ans. d

Explanation: The planners of the Indian Economy adopted the concept of a mixed economy. A mixed economy is consists of private and public sectors.

2. Which of the following statement is not correct about the 'Bombay Plan'?

(a) The Bombay Plan is also called the 'Tata Bidla Plan'
(b) It was started in 1944
(c) Its draft was prepared by the John Mathai
(d) There were 10 members in this plan

Ans. c

Explanation: There were total 8 members in the Bombay plan i.e.J.R.D. Tata, Ghanshyamadas Birla, Kasturbhai Lalbhai, Sir Purushottamdas Thakurdas, Sir Shriram,Sir ardishar Dalal, A.D. Shroff and Dr. John Mathai.


3. When was the 'Gandhian plan' started?

(a) 1944
(b) 1952
(c) 1934
(d) 1948

Ans. a

Explanation: 'Gandhian plan' was inspired by the economic thoughts of Mahatma Gandhi. It was constructed by the Sri man Narayan in 1944.

4. Who was the author of the Book 'Planned Economy of India'?

(a) M. Visvesvaraya
(b) Dada Bhai Nairobi
(c) Bhim Rao Ambedkar
(d) Jawaharlal Nehru

Ans. a

Explanation: Mokshagundam Visvesvaraya, was Diwan of Mysore from 1912 to 1918. 
He received India's highest honor, the Bharat Ratna, in 1955. 
He wrote the book "Planned Economy for India" in

1934.

5. Which of the following is not matched correctly?

(a) First Five Year Plan: 1951-56
(b) Third Five Year Plan: 1961-66
(c) Seventh Five Year Plan:1980-85
(d) Tenth Five Year Plan: 2002-07

Ans. c

Explanation: Seventh Five Year Plan was launched during the period of 1985 to 1990.
This plan was started by the Rajiv Gandhi government when Dr. Manmohan Singh was Deputy Chairman of the planning commission.

6. Which of the following statements is not correct?

(a) There is no constitutional provision in India about the Planning Commission
(b) Planning commission was established in January 1951
(c) National Development Council was established in August 1952
(d) Jawaharlal Nehru, was the first chairman of the Planning Commission

Ans. b

Explanation: National Development Council was established on 15 March 1950.
In his first Independence Day speech in 2014, Prime Minister Modi announced his intention to dissolve the Planning Commission. 

It has since been replaced by a new institution named NITI Aayog.

7. Which of the following statements is not correct?

(a) The first five-year plan was launched from 1st April 1951
(b) Dr. Rajendra Prasad was the first chairman of the Planning Commission of India
(c) The National Development Council used to give final approval to the Five Year Plan
(d) The first five year plan was based on the Harrod- Domar model

Ans. b

Explanation: Prime Minister of India is the ex-officio chairman of the planning commission, so Jawahar Lal Nehru was the first chairman of the planning commission of India.

8. Who is the current Chief Executive Officer of the NITI Aayog of India?

(a) Dr. Rajiv Kumar
(b) Shri Amitabh Kant
(c) Prof. Ramesh Chand
(d) Shri Bibek Debroy

Answer. b

Explanation: The current Chief Executive Officer of the NITI Aayog of India is Shri Amitabh Kant.
Currently, NITI Aayog has four full-time members.


9. Who started the 'Gandhian Plan'?

(a) Jawaharlal Nehru
(b) Dadabhai Naoroji
(c) M.N. Roy
(d) None of the above

Ans. d

Explanation: Gandhian Plan was put forward by Shriman Narayan Aggarwal in 1944; who was the principal of Wardha Commercial College.

10. Which of the following is a constitutional body?

(a) National Development Council
(b) NITI Aayog
(c) Finance Commission
(d) None of the above

Ans. c

Explanation: Except Finance Commission; none of the body is constitutional because others all bodies are established after an act of the Parliament.

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Thanks for reading INDIAN ECONOMY QUESTION AND ANSWERS TOP 10 Part 1

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