Correct Answer :   a MNC which manu-factures chemicals

Imperial Chemical Industries (ICI) was a British chemical company. It was, for much of its history, the largest manufacturer in Britain. It was formed by the merger of four leading British chemical companies in 1926.

Correct Answer :   Control the production of food grains

Since 1951 public distribution of food grains has been retained as deliberate social policy by India with the objectives of: Providing food grains and other essential items to vulnerable sections of the society at reasonable (subsidized) prices; put an indirect check on the open market prices of various items and to attempt socialization in the matter of distribution of essential commodities. PDS is an important constituent of the strategy for poverty eradication and is intended to serve as a safety net for the poor. Controlling the production of food grains is not the avowed aim of this system. It is a welfare measure, not some economic regulatory system.

Correct Answer :   1950

The Planning Commission is an institution in the Government of India, which formulates India’s FiveYear Plans, among other functions. It was set up on 15 March 1950, with Prime Minister Jawaharlal Nehru as the chairman. Planning Commission though is a non statutory as well extra constitutional body, i.e. has been brought by an executive order. The Planning Commission does not derive its creation from either the Constitution or statute, but is an arm of the Central/Union Government.

Correct Answer :   FEMA

Foreign Exchange Regulation Act (FERA) was replaced by the Foreign Exchange Management Act (FEMA), 1999 which came in to effect from 1st June, 2000 in India.

Correct Answer :   Mixed economy

There are primarily two types of economies capitalist or free market economy and socialist economy. Mixed economy is a median between these two main economies taking some characteristics of either of them. We have adopted mixed economy in India. All the basic industries such as railways, post and telegraph, defence production, atomic energy etc. are in the public sector. Industries dealing with consumer goods are in the private sector. India has a pubic private partnership economy

Correct Answer :   Finance Commission

Finance Commission of India is established under Article 280 of the Indian Constitution by the President of India to define the financial relations between the centre and the state. It is entrusted with the task of distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes; determine factors governing Grants-in Aid to the states and the magnitude of the same; and work with the State Finance Commissions and suggest measures to augment the Consolidated Fund of the States so as to provide additional resources to Panchayats and Municipalities in the state.

Correct Answer :   Post Office

The Department of Posts, trading as India Post, is a government-operated postal system in India. Owing to its far-flung reach and its presence in remote areas, the Indian postal service is involved in other services such as small savings banking and financial services. The post office has offered and continues to offer various savings schemes, including National Savings Certificates, the Public Provident Fund, Savings Bank Accounts, Monthly Income Schemes, Senior Citizen Saving Schemes, and Time Deposit Accounts. Small savings accounts in rural post offices were a keystone to the department’s policy and the department had the largest number of savings accounts across the country.

Correct Answer :   increase the rate of investment and reduce the capital output ratio

The immediate effect of devoting a larger share of national output to investment is that the economy devotes a smaller share to consumption; that is, “living standards” as measured by consumption fall. The higher investment rate means that the capital stock increases more quickly, so the growth rates of output and output per worker rise. According to Smith, in a developing economy, both income level and capital stock rise. In addition to this, the rate of capital accumulation also shows a tendency to increase. This leads to increase in the capital stock in successive periods as investment keeps on increasing. Another important factor which contributes to the progress of an economy is the successive decline in the incremental capital-output ratio due to the influence of capital on the productivity of labour.

Correct Answer :   From 65% to 75%

The Tenth Five-Year Plan (2002–2007) envisaged attainment of 8% GDP growth per year; reduction of poverty ratio by 5 percentage points by 2007; and reduction in gender gaps in literacy and wage rates by at least 50% by 2007. It set the goal that the rate of literacy must be increased by at least 75%, within the tenure of the Tenth Five Year Plan.

Correct Answer :   These seeds contain genetically engineered properties to prevent further multiplication

The Indian government banned the import of terminator seeds on fears the seeds would threaten traditional crops and put the well-being of Indian farmers at risk. The technology would have serious implications on the crop biodiversity. It may lead to gradual extinction of traditional varieties. Crop related wild varieties, important for natural evolution for crop species would be affected by cross-contamination. Inserting terminator genes into crops would prevent them from producing fertile seeds.