Correct answer is (4). 

Correct Answer: Gulzari Lal Nanda

The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

No specific attempts were made for estimating national income in India during the pre-independence era. In 1868, the first attempt was made by Dadabhai Naoroji. He, in his book ‘Poverty and Un-British Rule in India’, estimated Indian per capita annual income at a level of Rs. 20.

Option (1) is the correct answer.

 Option (1) is correct.

India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income, which the State Government can levy), customs duties, central excise and service tax. Value Added Tax (VAT), stamp duty, state excise, land revenue and profession tax are levied by the State Governments.

Statement 1 is wrong: Please note that Excise duty is not a tax on sale of goods but it is a tax on manufacture or production of goods for sale (in India). Rest of the three statements are perfectly correct. 

The GST is an indirect tax that will replace existing levies such as excise duty, service tax and value-added tax (VAT). The states and the federal government will impose the tax on almost all goods and services produced in India or imported. Exports will not attract GST. The GST will not cover goods like crude oil, diesel, petrol and alcohol. These goods are major sources of revenues for most states. Exports would be zero-rated and imports would be levied the same taxes as domestic goods and services adhering to the destination principle. 

The Hindu Rate of Growth refers to the low annual growth rate of the socialist economy of India before 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged 1.3%. 

India’s Second Five-Year Plan (1956-61):- The second plan was to set India on the path of industrialization. P.C. Mahalanobis was the moving spirit behind the second five year plan. He gave the highest priority to strengthening the industrial base of the economy. It was in this light that the 1948 Industrial Policy Resolution was revised and the new resolution of 1956 was adopted. There was emphasis on the expansion of the public sector and establishment of a socialistic pattern of society.

Correct answer is (1). 

Correct answer is (2). 

In India, marginal holdings of less than 1 hectare (ha) accounts for 60% of all holdings but only 20% of total cultivated area. On the other hand, holdings above 2 hectares accounts for only around 20% of all holdings but 60% of cultivated area, with holdings above 10 hectares accounting for just 1% of holdings, but 12% of area.

A Budget Deficit is the excess of spending over income for a government, corporation, or individual over a particular period of time. The opposite of a deficit is a surplus. Fiscal deficit is noticed when government's total expenditures exceed the revenue that it generates (excluding money from borrowings). Deficit differs from debt, which is an accumulation of yearly deficits. Fiscal deficit is regarded as a positive economic event by some economists like Keynes.

Core inflation represents the long run trend in the price level. In measuring long run inflation, transitory price changes should be excluded. One way of accomplishing this is by excluding items frequently subject to volatile prices, like food and energy.

The amount received as national income is identical to the amount spent as national expenditure, which is also identical to what is produced as national output. Throughout macroeconomics, the terms income, output and expenditure are interchangeable.

The Indian WPI figure was earlier released weekly on every Thursday and influenced stock and fixed price markets. The Indian WPI is now updated on a monthly basis.

In order to improve health of the small scale industries (SSIs), the Government of India appointed Abid Hussain Committee in 1991. The Committee submitted its report, which carried some revolutionary recommendations, in 1997. Though the S. P. Gupta Committee was also constituted for the cause of the SSIs, its year of appointment was 1999.

Both the statements given are perfectly correct. Kisan Credit Card Scheme was introduced in 1998-99 to facilitate access to credit from Commercial Banks, Cooperatives and Regional Rural Banks. Rural Infrastructure Development Fund (RIDF) was set up with a corpus of Rs.10,000 crore with NABARD to finance rural infrastructure development projects by states.

Option (3) is the correct answer.