Which of the following is a characteristic of the Indian service sector? MCQ with Answer and Explanation

Which of the following is a characteristic of the Indian service sector?
A. Low contribution to GDP
B. Largest contributor to GDP and significant employment generation in recent decades
C. Complete dependence on agriculture
D. Absence of IT and ITES services
Answer: Option B
Solution (By JKSSB Mock Tests)
The services sector is the largest contributor to India's GDP and has been a major driver of growth, particularly through IT, financial services, trade and tourism.

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Practice More Economy Set 1 Questions

Question #1
The 'Full Budget' is presented after the interim budget when:
A. the Supreme Court orders
B. the RBI requests
C. elections are complete and the new government takes office
D. the President orders

Correct Answer: Option C


Explanation:
The new government presents a full budget after taking office.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Ayushman Bharat Yojana' has two components: Health and Wellness Centres and:
A. Pradhan Mantri Jan Arogya Yojana
B. Pradhan Mantri Mudra Yojana
C. Pradhan Mantri Awas Yojana
D. Pradhan Mantri Ujjwala Yojana

Correct Answer: Option A


Explanation:
Ayushman Bharat includes Health and Wellness Centres and PM-JAY.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on real estate under-construction properties is:
A. 5% or 1% for affordable housing
B. 18%
C. 12%
D. 0%

Correct Answer: Option A


Explanation:
Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).

This question belongs to: Economy GK Economy Set 1