Which of the following is a major factor contributing to the growth of India's service sector? MCQ with Answer and Explanation

Which of the following is a major factor contributing to the growth of India's service sector?
A. Only agricultural productivity growth
B. Decline in global demand for services
C. Complete isolation from global markets
D. IT revolution, liberalisation and rising domestic demand
Answer: Option D
Solution (By JKSSB Mock Tests)
The rapid growth of India's services sector has been driven by the information technology boom, economic liberalisation, and expanding domestic and global demand for services.

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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is:
A. 1% without ITC
B. 5% without ITC
C. 12%
D. 18%

Correct Answer: Option A


Explanation:
Affordable housing construction attracts 1% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Minimum Wages Act' in India was enacted in which year?
A. 1947
B. 1948
C. 1950
D. 1956

Correct Answer: Option B


Explanation:
The Minimum Wages Act was enacted in 1948.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'injection' into the circular flow in a three-sector economy includes:
A. imports
B. government expenditure and investment
C. taxes
D. saving

Correct Answer: Option B


Explanation:
In a three-sector economy, injections include investment and government expenditure.

This question belongs to: Economy GK Economy Set 1