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Questions and Answers
Which sector contributes the most to the Indian economy?
Which sector contributes the most to the Indian economy?
- Services (correct)
- Mining
- Manufacturing
- Agriculture
What is the current rank of India in terms of nominal GDP among the world's economies?
What is the current rank of India in terms of nominal GDP among the world's economies?
- 5th
- 3rd (correct)
- 10th
- 7th
Which economic reform aimed to simplify the indirect tax system in India?
Which economic reform aimed to simplify the indirect tax system in India?
- Goods and Services Tax (GST) (correct)
- Value Added Tax (VAT)
- Central Sales Tax (CST)
- Customs Duty
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Study Notes
Indian Economy
- The service sector is the largest contributor to India's economy.
- India ranks 5th in terms of nominal GDP among the world's economies.
- The Goods and Services Tax (GST) is the economic reform that aimed to simplify the indirect tax system in India.
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