Tag: objectives of economic planning in india

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Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

Which of the following would be the most correct description of the Finance Commission?

  1. Recommending agency

  2. Coordinating agency

  3. Distributing agency

  4. Mobilsing agency
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Finance Commission (FC) is appointed directly by the President. The major function of FC is to keep a  vertical balance between the financial revenues of taxes collected by the central govt, it recommends how the distribution should be among the union and states also grants distribution. It is on the recommendation of this institution that the financial decisions are taken hence it could be described as recommending agency.  

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

When is the budget traditionally submitted?

  1. Last day of the month of February

  2. First day of the month of March

  3. Last week of February

  4. Last week of March
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The budget is a statement prepared by the government. It says how much money the government plans to spend on particular things in the next year. Moreover, it also states how the government plans to collect money. It is made for a particular period of time. Furthermore, the budget is traditionally submitted on the last day of the month of February.

The correct answer is A.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

Finance Commission usually submit their report within _________.

  1. five years

  2. one year

  3. six months

  4. three years
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under the Indian Constitution, the Finance Commission is required to submit its report to the President, and it typically operates on a five-year cycle, but the specific reporting requirement is usually within the timeframe set by the President, often interpreted as one year for specific tasks.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

The Railway Budget is generally presented in the Parliament in the month of __________.

  1. February

  2. April

  3. May

  4. December
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Earlier the railway budget was presented in the Parliament before the Union Budget. Since 2016 it was merged with the Union budget and presented along with it on the 1st of February every year. 

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

Which of the following sets overall targets for various ministries in India?

  1. CAG

  2. Planning Commission

  3. Lok Sabha

  4. Finance Ministry, GOI
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Planning Commission was formed on 15th March 1950. It is an institution in the Government of India which formulated India's five-year plans. It has other important functions. Among other important functions includes its setting of overall targets for various ministries of India.

Thus, the correct answer is B.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

As per the reports published by various agencies/organisations, it is estimated that around 3 billion extra people will join our existing population of 6 billion by the year 2050. To provide food for all of them, a second round of which of the following initiatives is required to be started much in advance?

  1. Green Revolution

  2. Planned Urbanisation

  3. Industrialisation

  4. All of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

According to the reports published by various agencies/ organizations, it is estimated that around 3 billion extra people will join our existing population of 6 billion by the year 2050. To provide food for all of them, the second round of Green Revolution, Planned Urbanisation, Industrialisation initiatives are required to be started in advance.

Thus, the correct answer is D.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

A finance bill is __________.

  1. a bill which would authorise expenditure out of the Consolidated Fund of India.

  2. a bill ordinary introduced each year to give effect to financial proposals of the Government of India for the next following financial year.

  3. a bill to authorise expenditure on the Contingency Fund of India

  4. a bill to control the finances of the Union and State Government
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A finance bill is a Money Bill. It is defined in Article 110 of the Constitution. It is passed by the Parliament within a period of 75 days of its introduction. It is a bill introduced each year to give effect to financial proposals of the Government of India for the next following financial year.

Thus, the correct answer is B.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

Which of the following is/are true about the Competition Commission of India (CCI)?
(A) CCI is a regulatory body having quasi-judicial structure.
(B) It has been established to replace old Monopolies and Restrictions Trade Practices Act.
(C) Its main objective is to create a healthy environment in corporate world.

  1. Only (A)

  2. Only (B)

  3. Only (C)

  4. All (A), (B) and (C)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India.
It was established on 14 October 2003.CCI consists of a Chairperson and 6 Members appointed by the Central Government. 

It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

As per the news published in various newspapers, the government is planning to set up a regulatory body in the educational field, especially for ____________.

  1. Higher Education

  2. Medical Education

  3. Elementary Education

  4. Secondary Education
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Higher education institutions provide higher education. Department of Higher education under the Ministry of Human Resource Development oversees higher education in India. As per the news published in various newspapers, the government is planning to set up a regulatory body in the educational field, especially for higher education.

 Thus, the correct answer is A.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

The Planning Commission of India has established a National Fund to improve the distribution of which of the following in the country?

  1. Electricity

  2. Cooking gas

  3. Food grains through public distribution system

  4. Fresh currency notes
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

National Planning Commission formulates the National plan which is considered by the National Development Council. It’s most important functions include the formulation of effective plans for distribution of resources of the country. The Planning Commission of India has established a National Fund to improve the distribution of Electricity in the country.

Thus, the correct answer is A.