Indian Economy - Static GK MCQs

QUESTION 1 OF 200

Which Five-Year Plan focused on the Green Revolution in India?

Explanation: The Third Five-Year Plan period is associated with the beginnings and eventual push of the Green Revolution in India.

QUESTION 2 OF 200

NITI Aayog replaced which earlier planning body in India?

Explanation: NITI Aayog replaced the earlier Planning Commission in India.

QUESTION 3 OF 200

Which Five-Year Plan period is associated with the introduction of economic liberalization reforms in India?

Explanation: The Eighth Five-Year Plan period is associated with the introduction of India's economic liberalization reforms.

QUESTION 4 OF 200

India's Green Revolution significantly boosted agricultural output particularly for which crops?

Explanation: India's Green Revolution significantly boosted agricultural output particularly for wheat and rice.

QUESTION 5 OF 200

The Five-Year Plans in India, modeled partly on Soviet planning, began with the First Five-Year Plan launched in which year?

Explanation: India's Five-Year Plans, modeled partly on Soviet planning, began with the First Five-Year Plan launched in 1951.

QUESTION 6 OF 200

The Second Five-Year Plan, emphasizing rapid industrialization, was based on the strategy formulated by economist:

Explanation: The Second Five-Year Plan, emphasizing rapid industrialization, was based on the strategy formulated by economist P.C. Mahalanobis.

QUESTION 7 OF 200

The Reserve Bank of India was established in which year?

Explanation: The Reserve Bank of India (RBI), India's central bank, was established in 1935.

QUESTION 8 OF 200

The Reserve Bank of India (RBI), India's central bank, was established in which year?

Explanation: The Reserve Bank of India, India's central bank, was established in 1935.

QUESTION 9 OF 200

The RBI was nationalized in which year, transferring ownership from private shareholders to the government?

Explanation: The RBI was nationalized in 1949, transferring ownership from private shareholders to the government.

QUESTION 10 OF 200

The RBI's Monetary Policy Committee (MPC) is primarily responsible for determining:

Explanation: The RBI's Monetary Policy Committee (MPC) is primarily responsible for determining the policy repo rate.

QUESTION 11 OF 200

The repo rate refers to the rate at which the RBI lends money to:

Explanation: The repo rate is the rate at which the RBI lends money to commercial banks against securities.

QUESTION 12 OF 200

The reverse repo rate refers to the rate at which the RBI:

Explanation: The reverse repo rate is the rate at which the RBI borrows money from commercial banks.

QUESTION 13 OF 200

The Cash Reserve Ratio (CRR) refers to the percentage of a bank's deposits that must be kept as reserves with the:

Explanation: The Cash Reserve Ratio (CRR) is the percentage of a bank's deposits that must be kept as reserves with the RBI.

QUESTION 14 OF 200

The Statutory Liquidity Ratio (SLR) refers to the percentage of deposits banks must maintain in the form of:

Explanation: The Statutory Liquidity Ratio (SLR) is the percentage of deposits banks must maintain as liquid assets like cash, gold, or approved securities.

QUESTION 15 OF 200

Bank nationalization in India occurred in two major phases, the first involving 14 banks in which year?

Explanation: The first phase of bank nationalization in India, involving 14 banks, occurred in 1969.

QUESTION 16 OF 200

The second phase of bank nationalization in India, involving 6 more banks, occurred in which year?

Explanation: The second phase of bank nationalization, involving 6 more banks, occurred in 1980.

QUESTION 17 OF 200

The Narasimham Committee, which recommended banking sector reforms, submitted its reports in which decade?

Explanation: The Narasimham Committee, recommending banking sector reforms, submitted its reports in the 1990s.

QUESTION 18 OF 200

The concept of Non-Performing Assets (NPA) refers to loans where:

Explanation: A Non-Performing Asset (NPA) is a loan where the borrower has stopped making interest or principal payments for a specified period.

QUESTION 19 OF 200

The Insolvency and Bankruptcy Code (IBC) was introduced primarily to address issues related to:

Explanation: The Insolvency and Bankruptcy Code (IBC) was introduced to address corporate insolvency and enable faster resolution of bad debts.

QUESTION 20 OF 200

The RBI manages India's foreign exchange reserves, which include foreign currency assets, gold, and:

Explanation: India's foreign exchange reserves, managed by the RBI, include foreign currency assets, gold, and Special Drawing Rights (SDRs) plus IMF reserve position.

QUESTION 21 OF 200

The Goods and Services Tax (GST) was implemented in India in which year?

Explanation: The Goods and Services Tax (GST) was implemented in India in 2017.

QUESTION 22 OF 200

Disinvestment refers to:

Explanation: Disinvestment refers to the government selling its stake in public sector undertakings (PSUs).

QUESTION 23 OF 200

Which body releases the Economic Survey of India, typically a day before the Union Budget?

Explanation: The Economic Survey of India is released by the Ministry of Finance (Department of Economic Affairs), typically a day before the Union Budget.

QUESTION 24 OF 200

The term "Fiscal Deficit" refers to:

Explanation: Fiscal Deficit refers to the gap between the government's total expenditure and its total revenue.

QUESTION 25 OF 200

The term "Fiscal Deficit" refers to the difference between the government's total expenditure and its total:

Explanation: Fiscal Deficit is the difference between the government's total expenditure and its total revenue (excluding borrowings).

QUESTION 26 OF 200

The term "Revenue Deficit" refers to the excess of revenue expenditure over:

Explanation: Revenue Deficit refers to the excess of revenue expenditure over revenue receipts.

QUESTION 27 OF 200

The Fiscal Responsibility and Budget Management (FRBM) Act, aimed at ensuring fiscal discipline, was enacted in which year?

Explanation: The Fiscal Responsibility and Budget Management (FRBM) Act, aimed at fiscal discipline, was enacted in 2003.

QUESTION 28 OF 200

India's Union Budget is presented annually, traditionally on which date (in recent practice)?

Explanation: India's Union Budget has traditionally been presented on February 1 in recent practice.

QUESTION 29 OF 200

The term "Disinvestment" in the Indian economic context refers to:

Explanation: Disinvestment refers to the government selling its stake in public sector enterprises.

QUESTION 30 OF 200

The Goods and Services Tax (GST) replaced multiple indirect taxes and was implemented in India in which year?

Explanation: The Goods and Services Tax (GST), replacing multiple indirect taxes, was implemented in India in 2017.

QUESTION 31 OF 200

GST in India is structured as a dual system comprising CGST, SGST, and:

Explanation: India's GST is structured as a dual system comprising CGST, SGST, and IGST (Integrated GST).

QUESTION 32 OF 200

The GST Council, responsible for making recommendations on GST rates and rules, is chaired by:

Explanation: The GST Council, which recommends GST rates and rules, is chaired by the Union Finance Minister.

QUESTION 33 OF 200

The term "Direct Tax" refers to taxes paid directly by individuals or organizations, such as:

Explanation: A Direct Tax is paid directly by individuals or organizations, such as income tax.

QUESTION 34 OF 200

The term "Indirect Tax" refers to taxes levied on goods and services, ultimately borne by:

Explanation: An Indirect Tax is levied on goods and services, ultimately borne by the end consumer.

QUESTION 35 OF 200

The term "Poverty Line" refers to the minimum level of income deemed necessary to achieve:

Explanation: The Poverty Line refers to the minimum income level deemed necessary to achieve an adequate standard of living.

QUESTION 36 OF 200

The Economic Survey of India, presented annually before the Union Budget, is prepared under the guidance of the:

Explanation: The Economic Survey of India, presented before the Union Budget, is prepared under the guidance of the Chief Economic Advisor.

QUESTION 37 OF 200

The term "Capital Expenditure" in government budgeting refers to spending on:

Explanation: Capital Expenditure in government budgeting refers to spending on creation of assets like infrastructure.

QUESTION 38 OF 200

The term "Revenue Expenditure" in government budgeting refers to spending on:

Explanation: Revenue Expenditure in government budgeting refers to spending on day-to-day operations, salaries, and subsidies.

QUESTION 39 OF 200

The concept of "Public Debt" refers to the total amount of money owed by the:

Explanation: Public Debt refers to the total amount of money owed by the government to domestic and foreign creditors.

QUESTION 40 OF 200

The Sixteenth Finance Commission, dealing with revenue-sharing between Centre and States, submits recommendations for a period typically covering:

Explanation: The Finance Commission's recommendations on Centre-State revenue sharing typically cover a period of five years.

QUESTION 41 OF 200

The term "Disinvestment" versus "Privatization" differ primarily in that privatization typically implies:

Explanation: Privatization, unlike disinvestment, typically implies a complete transfer of control to private ownership.

QUESTION 42 OF 200

The term "Financial Inclusion" refers to efforts to ensure access to financial services for:

Explanation: Financial Inclusion refers to efforts to ensure access to financial services for all sections of society, especially underserved populations.

QUESTION 43 OF 200

GATT, the predecessor organization to the WTO, stands for:

Explanation: GATT, the WTO's predecessor, stands for General Agreement on Tariffs and Trade.

QUESTION 44 OF 200

The Amul cooperative model, a major success story in India's dairy sector, originated in which state?

Explanation: The Amul cooperative model, a major dairy sector success story, originated in Gujarat.

QUESTION 45 OF 200

The term "Cess" in Indian taxation refers to a tax collected for:

Explanation: A Cess in Indian taxation is a tax collected for a specific designated purpose, such as education or health.

QUESTION 46 OF 200

The term "Surcharge" in Indian taxation refers to an additional tax levied on:

Explanation: A Surcharge in Indian taxation is an additional tax levied on individuals or entities with income above a certain threshold.

QUESTION 47 OF 200

The Income Tax Act governing direct taxation of individuals and entities in India was enacted in which year?

Explanation: The Income Tax Act governing direct taxation of individuals and entities in India was enacted in 1961.

QUESTION 48 OF 200

The Central Board of Direct Taxes (CBDT) is responsible for the administration of:

Explanation: The Central Board of Direct Taxes (CBDT) is responsible for administering direct tax laws in India.

QUESTION 49 OF 200

The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering:

Explanation: The Central Board of Indirect Taxes and Customs (CBIC) administers GST, customs, and excise laws.

QUESTION 50 OF 200

The term "GDP" stands for:

Explanation: GDP stands for Gross Domestic Product, the total value of goods and services produced within a country.

QUESTION 51 OF 200

Which sector contributes the most to India's GDP currently?

Explanation: The services sector currently contributes the largest share to India's GDP.

QUESTION 52 OF 200

Which index measures inflation based on retail prices in India?

Explanation: The Consumer Price Index (CPI) measures inflation based on retail prices in India.

QUESTION 53 OF 200

The term "Gross Domestic Product" (GDP) measures the total monetary value of:

Explanation: Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country's borders in a given period.

QUESTION 54 OF 200

The term "Gross National Product" (GNP) differs from GDP by including:

Explanation: Gross National Product (GNP) differs from GDP by including income earned by residents abroad while excluding foreign residents' domestic income.

QUESTION 55 OF 200

The term "Per Capita Income" refers to:

Explanation: Per Capita Income refers to the average income per person in a country.

QUESTION 56 OF 200

The term "Inflation" refers to a sustained increase in the general:

Explanation: Inflation refers to a sustained increase in the general price level of goods and services.

QUESTION 57 OF 200

The Consumer Price Index (CPI) is used to measure inflation based on the cost of a:

Explanation: The Consumer Price Index (CPI) measures inflation based on the cost of a basket of consumer goods and services.

QUESTION 58 OF 200

The Wholesale Price Index (WPI) measures price changes at the:

Explanation: The Wholesale Price Index (WPI) measures price changes at the wholesale/producer level, before retail markup.

QUESTION 59 OF 200

The term "Deflation" refers to a sustained decrease in the general:

Explanation: Deflation refers to a sustained decrease in the general price level of goods and services.

QUESTION 60 OF 200

The term "Stagflation" describes an economic condition characterized by simultaneous:

Explanation: Stagflation describes an economic condition of simultaneous high inflation, stagnant growth, and high unemployment.

QUESTION 61 OF 200

The term "Human Development Index" (HDI), used to rank countries, considers indicators including life expectancy, education, and:

Explanation: The Human Development Index (HDI) considers indicators including life expectancy, education, and per capita income.

QUESTION 62 OF 200

The term "National Income" refers to the total value of all goods and services produced by a country's:

Explanation: National Income refers to the total value of all goods and services produced by a country's residents/citizens over a specific period.

QUESTION 63 OF 200

The term "Net National Product" (NNP) is calculated by subtracting depreciation from:

Explanation: Net National Product (NNP) is calculated by subtracting depreciation from Gross National Product (GNP).

QUESTION 64 OF 200

The tertiary sector of the economy, which contributes the largest share to India's GDP, includes:

Explanation: The tertiary sector, contributing the largest share to India's GDP, includes services like banking, IT, tourism, and trade.

QUESTION 65 OF 200

India's services sector has grown to contribute approximately what share of the country's GDP?

Explanation: India's services sector contributes more than 50% of the country's GDP.

QUESTION 66 OF 200

The term "Gini Coefficient" is a statistical measure used to represent:

Explanation: The Gini Coefficient is a statistical measure representing income or wealth inequality within a nation.

QUESTION 67 OF 200

A Gini Coefficient value of 0 represents:

Explanation: A Gini Coefficient value of 0 represents perfect equality.

QUESTION 68 OF 200

The 1991 reforms included measures such as delicensing of industries, reduction of import tariffs, and:

Explanation: The 1991 reforms included delicensing of industries, reduced import tariffs, rupee devaluation, and opening to foreign investment.

QUESTION 69 OF 200

The term "Balance of Payments" records a country's transactions with the rest of the world, including:

Explanation: Balance of Payments records a country's transactions with the rest of the world, including trade in goods, services, and financial flows.

QUESTION 70 OF 200

A "Current Account Deficit" occurs when a country's imports of goods and services exceed its:

Explanation: A Current Account Deficit occurs when a country's imports of goods and services exceed its exports.

QUESTION 71 OF 200

Foreign Direct Investment (FDI) refers to investment made by a foreign entity to:

Explanation: Foreign Direct Investment (FDI) is investment made by a foreign entity to establish or acquire lasting business interests in another country.

QUESTION 72 OF 200

Foreign Institutional Investment (FII), also called Foreign Portfolio Investment, primarily involves investment in:

Explanation: Foreign Institutional Investment (FII), or Foreign Portfolio Investment, primarily involves investment in stock markets and financial instruments.

QUESTION 73 OF 200

The term "Special Drawing Rights" (SDR), an international reserve asset, is created and maintained by which institution?

Explanation: Special Drawing Rights (SDR), an international reserve asset, are created and maintained by the International Monetary Fund (IMF).

QUESTION 74 OF 200

The term "Foreign Exchange Reserves" refers to assets held by a country's central bank in:

Explanation: Foreign Exchange Reserves are assets held by a country's central bank in foreign currencies and gold.

QUESTION 75 OF 200

The term "Convertibility" of currency refers to the ease with which a currency can be:

Explanation: Convertibility of currency refers to the ease with which it can be exchanged for other currencies or gold.

QUESTION 76 OF 200

India adopted full convertibility on the current account in which year, following IMF Article VIII obligations?

Explanation: India adopted full current account convertibility in 1994, following IMF Article VIII obligations.

QUESTION 77 OF 200

The term "Capital Account Convertibility" refers to the freedom to convert:

Explanation: Capital Account Convertibility refers to the freedom to convert financial assets into foreign currency and vice versa.

QUESTION 78 OF 200

The term "Devaluation" of a currency refers to a deliberate downward adjustment of its value relative to:

Explanation: Devaluation refers to a deliberate downward adjustment of a currency's value relative to others, typically under a fixed exchange rate system.

QUESTION 79 OF 200

The term "Depreciation" of a currency, distinct from devaluation, refers to a decline in value due to:

Explanation: Depreciation of a currency, unlike devaluation, refers to a decline in value due to market forces under a floating exchange rate system.

QUESTION 80 OF 200

India's exchange rate regime is generally described as:

Explanation: India's exchange rate regime is generally described as a managed float.

QUESTION 81 OF 200

The term "Trade Deficit" occurs when a country's imports exceed its:

Explanation: A Trade Deficit occurs when a country's imports exceed its exports.

QUESTION 82 OF 200

The term "Trade Surplus" occurs when a country's exports exceed its:

Explanation: A Trade Surplus occurs when a country's exports exceed its imports.

QUESTION 83 OF 200

The term "Protectionism" in trade policy refers to measures such as tariffs designed to:

Explanation: Protectionism in trade policy refers to measures like tariffs designed to protect domestic industries from foreign competition.

QUESTION 84 OF 200

The World Trade Organization (WTO), which regulates international trade rules, was established in which year?

Explanation: The World Trade Organization (WTO), regulating international trade rules, was established in 1995.

QUESTION 85 OF 200

The term "Most Favoured Nation" (MFN) status in trade agreements requires a country to:

Explanation: Most Favoured Nation (MFN) status requires a country to extend the same favorable trade terms to all WTO member countries.

QUESTION 86 OF 200

The term "Free Trade Agreement" (FTA) between countries typically aims to:

Explanation: A Free Trade Agreement (FTA) typically aims to reduce or eliminate trade barriers like tariffs between countries.

QUESTION 87 OF 200

The South Asian Free Trade Area (SAFTA) agreement involves countries from which regional organization?

Explanation: The South Asian Free Trade Area (SAFTA) agreement involves countries from SAARC.

QUESTION 88 OF 200

The Regional Comprehensive Economic Partnership (RCEP), a major Asia-Pacific trade agreement, was notably not joined by:

Explanation: India notably withdrew from the Regional Comprehensive Economic Partnership (RCEP) negotiations.

QUESTION 89 OF 200

The term "Dumping" in international trade refers to exporting goods at a price:

Explanation: Dumping refers to exporting goods at a price lower than the price charged in the domestic market of the exporting country.

QUESTION 90 OF 200

Anti-dumping duties are imposed by importing countries to counteract the effects of:

Explanation: Anti-dumping duties are imposed to counteract the effects of dumping by foreign exporters.

QUESTION 91 OF 200

The term "Tariff" refers to a tax imposed on:

Explanation: A Tariff is a tax imposed on imported (or sometimes exported) goods.

QUESTION 92 OF 200

SEBI, the regulatory body for the securities market in India, stands for:

Explanation: SEBI stands for Securities and Exchange Board of India, the regulator of the securities market.

QUESTION 93 OF 200

NABARD primarily focuses on providing credit and development support to which sector?

Explanation: NABARD primarily focuses on providing credit and development support to agriculture and rural development.

QUESTION 94 OF 200

The Securities and Exchange Board of India (SEBI), the regulator for securities markets, was given statutory powers in which year?

Explanation: SEBI, the securities markets regulator, was given statutory powers in 1992.

QUESTION 95 OF 200

The Bombay Stock Exchange (BSE), Asia's oldest stock exchange, was established in which year?

Explanation: The Bombay Stock Exchange (BSE), Asia's oldest stock exchange, was established in 1875.

QUESTION 96 OF 200

The National Stock Exchange (NSE) of India was established in which year?

Explanation: The National Stock Exchange (NSE) of India was established in 1992.

QUESTION 97 OF 200

The Sensex, a key stock market index, tracks the performance of how many major companies listed on the BSE?

Explanation: The Sensex tracks the performance of 30 major companies listed on the BSE.

QUESTION 98 OF 200

The Nifty 50, a key stock market index, tracks the performance of companies listed on which exchange?

Explanation: The Nifty 50 tracks the performance of companies listed on the National Stock Exchange (NSE).

QUESTION 99 OF 200

The concept of "Ease of Doing Business," a World Bank ranking metric, evaluates regulatory environments for:

Explanation: The Ease of Doing Business ranking evaluates regulatory environments for starting and operating businesses.

QUESTION 100 OF 200

NABARD (National Bank for Agriculture and Rural Development) was established primarily to promote:

Explanation: NABARD was established primarily to promote agricultural and rural development financing.

QUESTION 101 OF 200

NABARD was established in which year?

Explanation: NABARD (National Bank for Agriculture and Rural Development) was established in 1982.

QUESTION 102 OF 200

The Small Industries Development Bank of India (SIDBI) primarily focuses on financing:

Explanation: The Small Industries Development Bank of India (SIDBI) primarily focuses on financing Micro, Small, and Medium Enterprises.

QUESTION 103 OF 200

The Export-Import Bank of India (EXIM Bank) primarily facilitates:

Explanation: The Export-Import Bank of India (EXIM Bank) primarily facilitates international trade financing for Indian exporters and importers.

QUESTION 104 OF 200

India became a member of the International Monetary Fund (IMF) in which year, close to independence?

Explanation: India became a member of the International Monetary Fund (IMF) in 1945, close to independence.

QUESTION 105 OF 200

The World Bank Group primarily provides financing and support for:

Explanation: The World Bank Group primarily provides financing and support for development projects in developing countries.

QUESTION 106 OF 200

The Asian Infrastructure Investment Bank (AIIB), in which India is a founding member, primarily focuses on financing:

Explanation: The Asian Infrastructure Investment Bank (AIIB), with India as a founding member, primarily finances infrastructure projects in Asia.

QUESTION 107 OF 200

The New Development Bank (NDB), established by BRICS nations, primarily aims to finance:

Explanation: The New Development Bank (NDB), established by BRICS nations, primarily finances infrastructure and sustainable development projects.

QUESTION 108 OF 200

The term "BRICS" refers to an economic grouping comprising Brazil, Russia, India, China, and:

Explanation: BRICS refers to an economic grouping comprising Brazil, Russia, India, China, and South Africa.

QUESTION 109 OF 200

The term "G20," a major international economic forum, comprises how many member economies (plus the EU/AU)?

Explanation: The G20 comprises 19 countries plus the European Union, and more recently the African Union.

QUESTION 110 OF 200

India hosted the G20 Summit in which year?

Explanation: India hosted the G20 Summit in 2023.

QUESTION 111 OF 200

The term "Ease of Doing Business" index, previously published by the World Bank, ranked countries based on multiple parameters including starting a business and:

Explanation: The Ease of Doing Business index ranked countries on parameters including starting a business, enforcing contracts, and resolving insolvency.

QUESTION 112 OF 200

India's rank in the World Bank's Ease of Doing Business index showed significant improvement during the years following major reforms, particularly around:

Explanation: India's Ease of Doing Business ranking showed significant improvement particularly around 2014-2019.

QUESTION 113 OF 200

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) guarantees how many days of employment per year to rural households?

Explanation: MGNREGA guarantees 100 days of employment per year to rural households.

QUESTION 114 OF 200

The Public Distribution System (PDS) in India primarily distributes subsidized:

Explanation: The Public Distribution System (PDS) in India primarily distributes subsidized food grains and essential commodities.

QUESTION 115 OF 200

The Antyodaya Anna Yojana, a scheme under the PDS, specifically targets:

Explanation: The Antyodaya Anna Yojana, a PDS scheme, specifically targets the poorest of the poor households.

QUESTION 116 OF 200

India's economic reforms in agriculture have historically focused on issues including Minimum Support Price (MSP), which refers to:

Explanation: Minimum Support Price (MSP) is a guaranteed price offered to farmers for certain crops.

QUESTION 117 OF 200

The Agricultural Produce Market Committee (APMC) Acts, subject to recent reform debates, primarily regulate:

Explanation: The Agricultural Produce Market Committee (APMC) Acts primarily regulate the marketing and sale of agricultural produce.

QUESTION 118 OF 200

The Food Corporation of India (FCI) is primarily responsible for:

Explanation: The Food Corporation of India (FCI) is primarily responsible for procurement, storage, and distribution of food grains.

QUESTION 119 OF 200

The term "Land Reforms" in India's post-independence economic policy primarily aimed to:

Explanation: India's Land Reforms primarily aimed to abolish intermediary landlordism (Zamindari) and redistribute land.

QUESTION 120 OF 200

The abolition of the Zamindari system in India primarily aimed to transfer land rights to:

Explanation: The abolition of the Zamindari system aimed to transfer land rights to actual cultivators/tenants.

QUESTION 121 OF 200

The term "Land Ceiling" laws in India aimed to:

Explanation: Land Ceiling laws aimed to limit the maximum amount of land an individual/family could own.

QUESTION 122 OF 200

The term "Cooperative Farming" refers to a system where farmers:

Explanation: Cooperative Farming refers to a system where farmers pool resources and land for collective agricultural operations.

QUESTION 123 OF 200

The term "Operation Flood," associated with India's dairy development, is also known as the:

Explanation: Operation Flood, associated with India's dairy development, is also known as the White Revolution.

QUESTION 124 OF 200

The Make in India initiative, launched to boost domestic manufacturing, was launched in which year?

Explanation: The Make in India initiative, launched to boost domestic manufacturing, was launched in 2014.

QUESTION 125 OF 200

The term "Special Economic Zone" (SEZ) refers to a designated area offering:

Explanation: A Special Economic Zone (SEZ) is a designated area offering tax incentives and simplified regulations to boost exports/investment.

QUESTION 126 OF 200

The Companies Act, governing corporate regulation in India, was most comprehensively updated in which year?

Explanation: The Companies Act, governing corporate regulation in India, was most comprehensively updated in 2013.

QUESTION 127 OF 200

The Competition Commission of India (CCI) is responsible for preventing:

Explanation: The Competition Commission of India (CCI) is responsible for preventing anti-competitive business practices and monopolies.

QUESTION 128 OF 200

The term "Startup India" initiative, launched to promote entrepreneurship, was launched in which year?

Explanation: The Startup India initiative, promoting entrepreneurship, was launched in 2016.

QUESTION 129 OF 200

The term "Unicorn" in the startup ecosystem refers to a privately held startup company valued at over:

Explanation: A 'Unicorn' in the startup ecosystem refers to a privately held startup valued at over 1 billion US dollars.

QUESTION 130 OF 200

The Digital India initiative, aimed at transforming India into a digitally empowered society, was launched in which year?

Explanation: The Digital India initiative, aimed at digital transformation, was launched in 2015.

QUESTION 131 OF 200

The term "Startup" as officially recognized under India's Startup India initiative typically requires the company to be less than how many years old (as per current guidelines)?

Explanation: Under Startup India guidelines, a company is typically recognized as a 'startup' if it is less than 10 years old.

QUESTION 132 OF 200

The term "One District One Product" (ODOP) scheme in India aims to:

Explanation: The One District One Product (ODOP) scheme aims to promote a unique local product from each district.

QUESTION 133 OF 200

The Production Linked Incentive (PLI) scheme in India aims to boost domestic manufacturing by providing:

Explanation: The Production Linked Incentive (PLI) scheme boosts domestic manufacturing by providing financial incentives based on incremental production/sales.

QUESTION 134 OF 200

The term "Atmanirbhar Bharat" (Self-Reliant India), a policy initiative, emphasizes:

Explanation: Atmanirbhar Bharat (Self-Reliant India) emphasizes self-reliance and reduced import dependence.

QUESTION 135 OF 200

The Pradhan Mantri Jan Dhan Yojana primarily aims at:

Explanation: The Pradhan Mantri Jan Dhan Yojana primarily aims at financial inclusion by providing bank accounts for all.

QUESTION 136 OF 200

The Pradhan Mantri Jan Dhan Yojana, a financial inclusion scheme, was launched in which year?

Explanation: The Pradhan Mantri Jan Dhan Yojana, a financial inclusion scheme, was launched in 2014.

QUESTION 137 OF 200

The Aadhaar system, India's biometric identification program, primarily aims to:

Explanation: The Aadhaar system aims to provide a unique identity number to residents for service delivery.

QUESTION 138 OF 200

The Direct Benefit Transfer (DBT) scheme in India aims to transfer government subsidies directly to:

Explanation: The Direct Benefit Transfer (DBT) scheme aims to transfer government subsidies directly to beneficiaries' bank accounts.

QUESTION 139 OF 200

The Unified Payments Interface (UPI), a real-time digital payment system, was launched in India in which year?

Explanation: The Unified Payments Interface (UPI), a real-time digital payment system, was launched in India in 2016.

QUESTION 140 OF 200

The term "Cashless Economy" or "Digital Economy" gained significant policy emphasis in India following the:

Explanation: The push for a Cashless/Digital Economy gained significant policy emphasis following the 2016 demonetisation event.

QUESTION 141 OF 200

The Jan Dhan-Aadhaar-Mobile (JAM) trinity in India refers to the integration of bank accounts, unique identity, and:

Explanation: The JAM trinity refers to the integration of Jan Dhan bank accounts, Aadhaar identity, and Mobile phone connectivity for direct benefit transfers.

QUESTION 142 OF 200

The term "Microfinance" refers to financial services provided to:

Explanation: Microfinance refers to financial services provided to low-income individuals typically excluded from traditional banking.

QUESTION 143 OF 200

Self-Help Groups (SHGs), important in India's microfinance ecosystem, are typically composed of:

Explanation: Self-Help Groups (SHGs) are typically small groups of individuals, often women, pooling savings and credit.

QUESTION 144 OF 200

The term "National Pension System" (NPS) in India is a voluntary, defined-contribution retirement savings scheme regulated by:

Explanation: The National Pension System (NPS) is a voluntary, defined-contribution retirement scheme regulated by the PFRDA.

QUESTION 145 OF 200

The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for regulating:

Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for regulating the insurance industry.

QUESTION 146 OF 200

The Employees' Provident Fund Organisation (EPFO) manages retirement savings primarily for:

Explanation: The Employees' Provident Fund Organisation (EPFO) manages retirement savings primarily for organized sector salaried employees.

QUESTION 147 OF 200

The term "Corporate Social Responsibility" (CSR), mandated for certain companies under Indian law, requires spending a minimum percentage of average net profit, typically:

Explanation: Corporate Social Responsibility (CSR) rules mandate certain companies to spend a minimum of typically 2% of average net profit.

QUESTION 148 OF 200

The term "Demographic Dividend" refers to the economic growth potential arising from a favorable:

Explanation: Demographic Dividend refers to economic growth potential from a favorable age structure with a large working-age population.

QUESTION 149 OF 200

The concept of "Universal Basic Income" (UBI), discussed in Indian economic policy debates, proposes providing:

Explanation: Universal Basic Income (UBI) proposes providing a regular unconditional cash payment to all citizens.

QUESTION 150 OF 200

The term "Disguised Unemployment" refers to a situation where:

Explanation: Disguised Unemployment occurs when more workers are employed than actually needed, reducing marginal productivity.

QUESTION 151 OF 200

The term "Structural Unemployment" refers to unemployment caused by a mismatch between:

Explanation: Structural Unemployment is caused by a mismatch between workers' skills and available job requirements.

QUESTION 152 OF 200

The term "Cyclical Unemployment" refers to unemployment that rises and falls with:

Explanation: Cyclical Unemployment rises and falls with the business cycle of economic booms and recessions.

QUESTION 153 OF 200

The Tendulkar Committee, which recommended a revised poverty line methodology for India, submitted its report in which year?

Explanation: The Tendulkar Committee, recommending a revised poverty line methodology, submitted its report in 2009.

QUESTION 154 OF 200

The Rangarajan Committee, another committee examining poverty estimation methodology, submitted its report in which year?

Explanation: The Rangarajan Committee, examining poverty estimation methodology, submitted its report in 2014.

QUESTION 155 OF 200

The term "Trickle-Down Economics" suggests that benefits given to businesses and the wealthy will eventually:

Explanation: Trickle-Down Economics suggests that benefits given to businesses and the wealthy will eventually benefit the broader population.

QUESTION 156 OF 200

The concept of "Inclusive Growth" emphasizes economic development that:

Explanation: Inclusive Growth emphasizes economic development that benefits all sections of society, especially marginalized groups.

QUESTION 157 OF 200

The term "Universal Basic Income" differs from targeted subsidies by providing benefits:

Explanation: Universal Basic Income differs from targeted subsidies by providing benefits to all citizens regardless of income level.

QUESTION 158 OF 200

India's economic liberalization reforms were initiated in which year?

Explanation: India's economic liberalization reforms, opening the economy to markets and foreign investment, began in 1991.

QUESTION 159 OF 200

Which committee's recommendations led to India's banking sector reforms in the 1990s?

Explanation: The Narasimham Committee's recommendations led to India's banking sector reforms in the 1990s.

QUESTION 160 OF 200

The currency notes of India are printed under the authority of:

Explanation: Currency notes in India are printed under the authority of the Reserve Bank of India.

QUESTION 161 OF 200

The concept of "Mixed Economy" in India means a coexistence of:

Explanation: India's mixed economy model means a coexistence of both public and private sectors.

QUESTION 162 OF 200

Which bank is known as the "banker's bank" in India?

Explanation: The Reserve Bank of India is known as the 'banker's bank' since it regulates and lends to commercial banks.

QUESTION 163 OF 200

The MSME sector in India is primarily regulated and promoted by which ministry?

Explanation: The MSME sector in India is primarily regulated and promoted by the Ministry of MSME.

QUESTION 164 OF 200

The term "Mixed Economy" describes an economic system that combines elements of:

Explanation: A Mixed Economy combines elements of both capitalism (private enterprise) and socialism (state control).

QUESTION 165 OF 200

India adopted a mixed economy model with an emphasis on planning through the establishment of the:

Explanation: India adopted a mixed economy model with planning emphasis through the Planning Commission, established in 1950.

QUESTION 166 OF 200

India's economic liberalization reforms of 1991 were primarily triggered by a severe:

Explanation: India's 1991 economic liberalization reforms were primarily triggered by a severe balance of payments and foreign exchange crisis.

QUESTION 167 OF 200

India's currency, the Rupee, is issued and regulated by:

Explanation: India's currency, the Rupee, is issued and regulated by the Reserve Bank of India.

QUESTION 168 OF 200

The term "Public Sector Undertaking" (PSU) refers to a company where the government holds:

Explanation: A Public Sector Undertaking (PSU) is a company where the government holds a majority stake, typically 51% or more.

QUESTION 169 OF 200

The Maharatna status, granted to select high-performing PSUs, gives them greater:

Explanation: Maharatna status, granted to select high-performing PSUs, gives them greater financial and operational autonomy.

QUESTION 170 OF 200

The Micro, Small and Medium Enterprises (MSME) sector in India is often described as the backbone of the economy due to its contribution to:

Explanation: The MSME sector is often described as the backbone of the economy due to its contribution to employment and GDP.

QUESTION 171 OF 200

The term "Priority Sector Lending" (PSL) requires banks to allocate a certain percentage of lending to sectors including agriculture and:

Explanation: Priority Sector Lending requires banks to allocate a certain percentage of lending to agriculture, MSMEs, and weaker sections.

QUESTION 172 OF 200

The Pradhan Mantri Mudra Yojana provides loans to which category of enterprises?

Explanation: The Pradhan Mantri Mudra Yojana provides loans to micro and small businesses (non-corporate, non-farm).

QUESTION 173 OF 200

The HDI is published annually by which international organization?

Explanation: The HDI is published annually by the United Nations Development Programme (UNDP).

QUESTION 174 OF 200

India's economy is broadly classified into three sectors: primary, secondary, and:

Explanation: India's economy is broadly classified into primary, secondary, and tertiary (services) sectors.

QUESTION 175 OF 200

The primary sector of the economy primarily includes activities such as:

Explanation: The primary sector includes activities such as agriculture, fishing, and mining.

QUESTION 176 OF 200

The secondary sector of the economy primarily includes:

Explanation: The secondary sector primarily includes manufacturing and industrial production.

QUESTION 177 OF 200

The term "Informal Sector" or "Unorganized Sector" of the economy refers to economic activities that are:

Explanation: The informal or unorganized sector refers to economic activities not regulated or registered under formal government structures.

QUESTION 178 OF 200

The term "Subsidy" in economic policy refers to financial assistance given by the government to:

Explanation: A Subsidy is financial assistance given by the government to reduce the cost of goods/services for consumers or producers.

QUESTION 179 OF 200

The term "Vertical Devolution" in fiscal federalism refers to the sharing of tax revenue between:

Explanation: Vertical Devolution in fiscal federalism refers to sharing of tax revenue between the Union government and States.

QUESTION 180 OF 200

The term "Horizontal Devolution" refers to the distribution of resources among:

Explanation: Horizontal Devolution refers to the distribution of resources among different states based on criteria like population and area.

QUESTION 181 OF 200

India's exports have traditionally been strong in sectors including IT services, textiles, and:

Explanation: India's exports have traditionally been strong in IT services, textiles, pharmaceuticals, and gems/jewelry.

QUESTION 182 OF 200

India's largest trading partner in recent years, in terms of overall trade volume, has often been:

Explanation: India's largest trading partner in recent years, by overall trade volume, has often been the United States or China, varying by year.

QUESTION 183 OF 200

Air India, a major PSU, was privatized and returned to the Tata Group in which year?

Explanation: Air India, a major PSU, was privatized and returned to the Tata Group in 2022.

QUESTION 184 OF 200

The term "Priority Sector Lending" requirement for banks includes minimum lending targets for agriculture, typically around:

Explanation: Priority Sector Lending requires banks to lend a minimum share, typically around 18% of adjusted net bank credit, to agriculture.

QUESTION 185 OF 200

The Tarapore Committee examined the feasibility of India adopting full:

Explanation: The Tarapore Committee examined the feasibility of India adopting full Capital Account Convertibility.

QUESTION 186 OF 200

The term "Hard Currency" refers to a currency that is:

Explanation: A Hard Currency is one that is widely accepted internationally and considered stable.

QUESTION 187 OF 200

The term "Quota" in trade policy refers to a limit on the:

Explanation: A Quota in trade policy is a limit on the quantity of goods that can be imported or exported.

QUESTION 188 OF 200

The term "Blue Revolution" in Indian agricultural policy refers to the development of:

Explanation: The Blue Revolution refers to the development of fisheries and aquaculture in India.

QUESTION 189 OF 200

The term "Yellow Revolution" refers to India's efforts to boost production of:

Explanation: The Yellow Revolution refers to India's efforts to boost oilseed production.

QUESTION 190 OF 200

The term "Pink Revolution" in Indian agricultural policy is associated with the growth of the:

Explanation: The Pink Revolution is associated with the growth of the meat and poultry processing industry.

QUESTION 191 OF 200

The term "Golden Revolution" refers to development in India's:

Explanation: The Golden Revolution refers to development in India's horticulture and fruit production sector.

QUESTION 192 OF 200

The term "Silver Revolution" in Indian agricultural context refers to growth in:

Explanation: The Silver Revolution refers to growth in India's egg/poultry production.

QUESTION 193 OF 200

The term "Round Revolution" in Indian agriculture refers to increased production of:

Explanation: The Round Revolution refers to increased potato production in India.

QUESTION 194 OF 200

The term "Fiscal Federalism" in the Indian context refers to the division of financial powers and responsibilities between:

Explanation: Fiscal Federalism refers to the division of financial powers and responsibilities between the Union and State governments.

QUESTION 195 OF 200

The term "Angel Tax" in Indian startup policy refers to tax levied on:

Explanation: Angel Tax refers to tax levied on investments received by startups exceeding fair market value.

QUESTION 196 OF 200

The concept of "Ease of Living Index" in Indian policy discourse evaluates quality of life factors including infrastructure, and:

Explanation: The Ease of Living Index evaluates quality of life factors including infrastructure, governance, and social aspects.

QUESTION 197 OF 200

The term "Skill India" initiative primarily aims to:

Explanation: The Skill India initiative primarily aims to provide vocational training to enhance employability.

QUESTION 198 OF 200

The term "Angel Investor" in the startup ecosystem refers to an individual who provides:

Explanation: An Angel Investor provides early-stage capital to startups, often in exchange for equity.

QUESTION 199 OF 200

The term "Venture Capital" refers to financing provided to startups and small businesses by:

Explanation: Venture Capital is financing provided to startups and small businesses by investment firms or funds seeking equity stakes.

QUESTION 200 OF 200

The term 'Private Equity' differs from venture capital primarily in that it typically invests in:

Explanation: Private Equity, unlike venture capital, typically invests in more mature, established companies rather than early-stage startups.

Indian Economy - Static GK MCQs

Planning & Five-Year Plans

Banking & Monetary Policy

Budget, Taxation & Fiscal Policy

National Income & Economic Indicators

External Sector & Trade

Financial Markets & Institutions

Agriculture & Rural Economy

Industry, Startups & Reforms

Employment, Poverty & Inequality

Miscellaneous / General Knowledge

Want the complete UPSC Prelims audit?

Indian Economy - Static GK MCQs

Planning & Five-Year Plans

Banking & Monetary Policy

Budget, Taxation & Fiscal Policy

National Income & Economic Indicators

External Sector & Trade

Financial Markets & Institutions

Agriculture & Rural Economy

Industry, Startups & Reforms

Financial Inclusion & Social Sector

Employment, Poverty & Inequality

Miscellaneous / General Knowledge

Want the complete UPSC Prelims audit?