Economics (Gen. Studies)

Correct Answer: providing electricity to rural families living below the poverty line

Option (2) is the correct answer.

According to the Economic Census 2005, about 61.3% of total enterprises in India were located in rural areas. This highlights the importance of rural enterprises in India's economic structure, despite common perception of urban dominance in organized business.

Option (2) is the correct answer. 

The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. NSE was established in 1992 as the first demutualised electronic exchange in the country.

Option (1) is the correct answer. 

Option (4) is correct.

At present India’s manufacturing sector contributes about 16% to the total GDP. National Manufacturing Policy (NMP) seeks to enhance the share of manufacturing in the GDP to 25 percent within a decade and create 100 million jobs in manufacturing.

National income on current prices is higher than that at constant prices because price increase is higher than increase in production.

Option (1) is the correct answer.

In 1963, the Central Revenue Board was divided into ‘Central Excise and Custom Duty Board’ and ‘Central Direct Tax Board’.

Once enacted, the DTC will replace archaic Income Tax Act, 1961. However, many provisions in Income Tax Act will be a part of DTC as well.

 Ad valorem is a tax on price.

The taxes are levied, collected and retained by the Centre include Customs Duty, Corporation Tax, Taxes on Capital (other than Agricultural Land), etc.
Some taxes are levied and collected by the Centre, but the proceeds are to be distributed among States. Tax on sale or purchase of newspapers and ads is one such tax.

The eighth plan was postponed by two years because of political uncertainty at the centre, worsening balance of payment position and inflation during 1990-91. These were the key issues during the launch of the plan.
The plan undertook drastic policy measures to combat the bad economic situation and to undertake an annual average growth of 5.6%
Some of the main economic outcomes during the eighth plan period were rapid economic growth, high growth of agriculture, allied sector and manufacturing sector, growth in exports and imports and improvement in trade and current account deficit.

Option (3) is the correct answer. 

As per official SEBI and stock market data, India has 23 approved share markets including major stock exchanges like BSE and NSE, plus commodity exchanges and specialized segments. This number includes established exchanges and their approved segments operating under SEBI regulation. The exact count can vary slightly based on how regional exchanges and segments are classified.

The modern Indian economy after 1991 liberalization is fundamentally market-oriented, with price signals, competition, and private enterprise driving production decisions. While India still has labour-intensive sectors due to abundant labor, the organizing principle is market allocation rather than being labour-intensive per se. The self-sufficient village system describes pre-independence subsistence economy.

Statement 1 is incorrect: The Indian definition of child labour considers every human being below 14 years of age a child.

In economics, the current account is one of the three primary components of the balance of payments, the other two being - capital account and financial account. In the current account, goods, services, income and current transfers are recorded.
A current account surplus increases a country's net foreign assets by the corresponding amount, and a current account deficit does the reverse. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.

Classical or real wage unemployment occurs when real wages for a job are set above the market-clearing level, causing the number of job seekers to exceed the number of vacancies.

Statement 1 is correct: The production of food grains has increased from 54.92 million tones to 234.52 million tones in 2010-11.
Statement 2 is incorrect: An agricultural year in India is from July to June, while a calendar year is from January to December.

An industry that has been in existence for not less than 5 years, and is found at the end of an accounting year to have accumulated losses to such an extent that its net worth is completely eroded.

The focus of the 9th Five Year Plan can be described as "growth with social justice and equity".

Correct Answer: 30

Correct Answer: the Uruguay Round

Correct Answer: Iron ore

Option (1) is the correct answer.