India’s large service industry accounts for 57.2% of the country’s GDP while the industrial and agricultural sectors contribute 28.6% and 14.6% respectively. Agriculture is the predominant occupation in Rural India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.

Correct Option: B

India’s large service industry accounts for 57.2% of the country’s GDP while the industrial and agricultural sectors contribute 28.6% and 14.6% respectively. Agriculture is the predominant occupation in Rural India, accounting for about 52% of employment. The service sector makes up a further 34%, and industrial sector around 14%.

Inflation increased steadily during 2008, reaching 8.75% by the end of May and in June when this jumped to 11% then there was an alarming increase in the prices. There were many reasons for it but one of the main driving forces was reduction in government fuel subsidies, which lifted gasoline prices by an average 10%.In July 2008, the key Indian Inflation Rate i.e. the Wholesale Price Index touched the mark of 12.6%, highest rate in past 16 years of the Indian history. This was almost three times the RBI‘s target of 4.1% and almost doubled as compared to 2007. This continuous rise slipped back to 12.4% by mid-August in 2008.

Correct Option: E

Inflation increased steadily during 2008, reaching 8.75% by the end of May and in June when this jumped to 11% then there was an alarming increase in the prices. There were many reasons for it but one of the main driving forces was reduction in government fuel subsidies, which lifted gasoline prices by an average 10%.In July 2008, the key Indian Inflation Rate i.e. the Wholesale Price Index touched the mark of 12.6%, highest rate in past 16 years of the Indian history. This was almost three times the RBI‘s target of 4.1% and almost doubled as compared to 2007. This continuous rise slipped back to 12.4% by mid-August in 2008.

With the Prime Minister as the ex-officio Chairman, the Planning Commission of India has a nominated Deputy Chairman, who is given the rank of a full Cabinet Minister. Mr. Montek Singh Ahluwalia is presently the Deputy Chairman of the Commission. Cabinet Ministers with certain important portfolios act as part-time members of the Commission, while the full-time members are experts of various fields like Economics, Industry, Science and General Administration.

Correct Option: C

With the Prime Minister as the ex-officio Chairman, the Planning Commission of India has a nominated Deputy Chairman, who is given the rank of a full Cabinet Minister. Mr. Montek Singh Ahluwalia is presently the Deputy Chairman of the Commission. Cabinet Ministers with certain important portfolios act as part-time members of the Commission, while the full-time members are experts of various fields like Economics, Industry, Science and General Administration.

The government recently (in October 2012) approved the 12th five year plan (2012-17) document that seeks to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent envisaged earlier and directed that the draft be placed before the National Development Council (NDC) which is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.

Correct Option: A

The government recently (in October 2012) approved the 12th five year plan (2012-17) document that seeks to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent envisaged earlier and directed that the draft be placed before the National Development Council (NDC) which is the apex body for decision making and deliberations on development matters in India, presided over by the Prime Minister.

Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP was first developed by Simon Kuznets for a US Congress report in 1934. After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country’s economy.

Correct Option: D

Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP was first developed by Simon Kuznets for a US Congress report in 1934. After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country’s economy.