The Export-Import Policy announced on March 31, 1992 said that all goods, except those coming under the negative list, could be freely imported and exported. The negative list consisted of goods, the import or export of which was prohibited; restricted through licensing or otherwise; or canalized. Canalized items can be imported by Canalizing Agency only and not by an individual importer. An individual importer requires an Import licence issued under the Export and Import Policy for importing canalized items.

Correct Option: D

The Export-Import Policy announced on March 31, 1992 said that all goods, except those coming under the negative list, could be freely imported and exported. The negative list consisted of goods, the import or export of which was prohibited; restricted through licensing or otherwise; or canalized. Canalized items can be imported by Canalizing Agency only and not by an individual importer. An individual importer requires an Import licence issued under the Export and Import Policy for importing canalized items.

India borrowed features of fundamental duties and planning mechanism from the former Soviet Union. India opted for planned economic growth model as resources were scarce at the time of independence. So it was imperative for the leaders to move along planned model so as to achieve optimum utilization of resources development and meeting the aim of social justice simultaneously.

Correct Option: B

India borrowed features of fundamental duties and planning mechanism from the former Soviet Union. India opted for planned economic growth model as resources were scarce at the time of independence. So it was imperative for the leaders to move along planned model so as to achieve optimum utilization of resources development and meeting the aim of social justice simultaneously.

The Gadgil formula was evolved in 1969 for determining the allocation of central assistance for state plans in India. It was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans. It was named after the then deputy chairman of the Planning Commission Dr. D R Gadgil.

Correct Option: A

The Gadgil formula was evolved in 1969 for determining the allocation of central assistance for state plans in India. It was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans. It was named after the then deputy chairman of the Planning Commission Dr. D R Gadgil.

Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital remain the fundamental driving force behind economic activity.

Correct Option: D

Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital remain the fundamental driving force behind economic activity.

Interest payments are the single largest item of expenditure. As per the Economic Survey 2011-2012, Interest payments constituted 3 per cent of India’s GDP in 2011-12. Major subsidies constituted 1.5 per cent, while defense expenditure comprised 1.1 per cent of India’s GDP in 2011-12. Of the revenue expenditure in 2011-12, interest payments comprised 24.4 per cent; Major subsidies: 12.3 per cent and Defence expenditure: 8.7 per cent.

Correct Option: C

Interest payments are the single largest item of expenditure. As per the Economic Survey 2011-2012, Interest payments constituted 3 per cent of India’s GDP in 2011-12. Major subsidies constituted 1.5 per cent, while defense expenditure comprised 1.1 per cent of India’s GDP in 2011-12. Of the revenue expenditure in 2011-12, interest payments comprised 24.4 per cent; Major subsidies: 12.3 per cent and Defence expenditure: 8.7 per cent.