The principal source of States own tax revenues is sales tax which accounts for about 60 per cent of the total. The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, profession tax, entertainment taxes and other sundry taxes.

Correct Option: D

The principal source of States own tax revenues is sales tax which accounts for about 60 per cent of the total. The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, profession tax, entertainment taxes and other sundry taxes.

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.

As per the data of 2009-2010, China, India and the United States were the first three major producers. India is the second largest cotton producer and consumer. The textile industry accounted for 14.4% of the country’s export earnings.

Correct Option: C

As per the data of 2009-2010, China, India and the United States were the first three major producers. India is the second largest cotton producer and consumer. The textile industry accounted for 14.4% of the country’s export earnings.

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.

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.