The 'New Economic Policy 1991' was introduced under which Prime Minister? MCQ with Answer and Explanation

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The 'New Economic Policy 1991' was introduced under which Prime Minister?

A. P.V. Narasimha Rao

B. Atal Bihari Vajpayee

C. Rajiv Gandhi

D. Manmohan Singh

Answer: Option A

Solution (By JKSSB Mock Tests)

The New Economic Policy of 1991 was introduced under Prime Minister P.V. Narasimha Rao.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on petroleum products is:

A. 12%

B. 18%

C. not levied currently

D. 5%

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Correct Answer: Option C

Explanation:
Petroleum crude, petrol, diesel, natural gas and ATF are currently outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:

A. European Union

B. South America

C. Asia-Pacific, including ASEAN and major partners

D. Africa only

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Correct Answer: Option C

Explanation:
RCEP is a free trade agreement among Asia-Pacific countries including ASEAN, China, Japan, South Korea, Australia and New Zealand.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Union Territory GST' is applicable in union territories that do not have:

A. a governor

B. their own legislature

C. a high court

D. a police force

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Correct Answer: Option B

Explanation:
UTGST applies in union territories without legislature, alongside CGST.

This question belongs to: Economy GK Economy Set 1

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