Which of the following is a feature of the Indian fiscal federalism? MCQ with Answer and Explanation

Question
Which of the following is a feature of the Indian fiscal federalism?
A. Complete centralisation of all taxes
B. Absence of any sharing of taxes
C. Division of tax powers between Centre and States with Finance Commission recommendations
D. Only states collect all major taxes
Answer: Option C
Solution (By JKSSB Mock Tests)
Indian fiscal federalism involves constitutional division of tax bases between the Centre and States, with the Finance Commission recommending the sharing of divisible taxes and grants.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'National Agricultural Cooperative Marketing Federation of India' is known as:
A. NABARD
B. NAFED
C. FCI
D. CACP
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Correct Answer: Option B

Explanation:
NAFED is the National Agricultural Cooperative Marketing Federation of India.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'International Development Association' lends mainly to:
A. poorest developing countries on concessional terms
B. private corporations
C. developed countries
D. central banks
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Correct Answer: Option A

Explanation:
IDA provides concessional loans and grants to the world's poorest countries.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a characteristic of developing countries?
A. High population growth rate
B. Low per capita income
C. Dependence on primary sector
D. High rate of capital formation
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Correct Answer: Option D

Explanation:
Developing countries typically have low rates of capital formation. High capital formation is a feature of developed economies.
This question belongs to: Economy GK Economy Set 1
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