Indian Economy

Question 1

What is the primary objective of the Indian economy?

Answer 1

To achieve sustainable economic growth and development.

Question 2

True or False: The Indian economy is classified as a developing economy.

Answer 2

True

Question 3

Fill in the blank: The GDP of India is measured in terms of ______.

Answer 3

Indian Rupees

Question 4

What does GDP stand for?

Answer 4

Gross Domestic Product

Question 5

Which sector contributes the most to India’s GDP?

Answer 5

Services sector

Question 6

True or False: Agriculture is the largest employer in India.

Answer 6

True

Question 7

What is the significance of the Planning Commission in India?

Answer 7

To formulate and oversee the implementation of five-year plans.

Question 8

Which organization is responsible for monetary policy in India?

Answer 8

Reserve Bank of India (RBI)

Question 9

What is the current monetary policy framework in India?

Answer 9

Inflation targeting

Question 10

Fill in the blank: The Indian fiscal year runs from ______ to ______.

Answer 10

April 1 to March 31

Question 11

What does FDI stand for?

Answer 11

Foreign Direct Investment

Question 12

Which Indian initiative aims to boost manufacturing in the country?

Answer 12

Make in India

Question 13

True or False: The Indian economy is primarily based on agriculture.

Answer 13

False

Question 14

What is the term for the difference between exports and imports?

Answer 14

Balance of Trade

Question 15

Which tax is levied on goods and services in India?

Answer 15

Goods and Services Tax (GST)

Question 16

What is the main purpose of the National Bank for Agriculture and Rural Development (NABARD)?

Answer 16

To finance and support rural development activities.

Question 17

What is the primary source of revenue for the Indian government?

Answer 17

Taxation

Question 18

What does the term ‘black money’ refer to?

Answer 18

Income that is not reported to the government for tax purposes.

Question 19

Fill in the blank: The Indian economy is characterized by a ______ growth rate.

Answer 19

high

Question 20

What is the role of the Securities and Exchange Board of India (SEBI)?

Answer 20

To regulate the securities market in India.

Question 21

True or False: India has a mixed economy.

Answer 21

True

Question 22

What is the main goal of the Pradhan Mantri Jan Dhan Yojana?

Answer 22

To promote financial inclusion.

Question 23

What is the term for the economic measure that assesses the average income of a country’s citizens?

Answer 23

Per Capita Income

Question 24

Which organization provides loans to developing countries including India?

Answer 24

World Bank

Question 25

What is the primary objective of the Goods and Services Tax (GST)?

Answer 25

To simplify the tax structure and eliminate the cascading effect of taxes.

Question 26

Fill in the blank: The Indian stock market is primarily represented by ______ and ______.

Answer 26

BSE and NSE

Question 27

What is the main focus of the 'Digital India' initiative?

Answer 27

To transform India into a digitally empowered society and knowledge economy.

Question 28

True or False: The Indian economy has a high level of income inequality.

Answer 28

True

Question 29

What is the main objective of the Make in India initiative?

Answer 29

To encourage companies to manufacture their products in India.

Question 30

What does MSME stand for?

Answer 30

Micro, Small and Medium Enterprises

Question 31

What is the purpose of the Reserve Bank of India's repo rate?

Answer 31

To control inflation and manage liquidity in the economy.

Question 32

Fill in the blank: The Indian economy is considered one of the world's largest ______ economies.

Answer 32

emerging

Question 33

What is the term for government spending that is intended to stimulate economic activity?

Answer 33

Fiscal stimulus

Question 34

True or False: The informal sector plays a significant role in the Indian economy.

Answer 34

True

Question 35

What is the role of the Ministry of Finance in India?

Answer 35

To manage the government's finances and economic policy.

Question 36

What is the main purpose of the 'Skill India' initiative?

Answer 36

To enhance the employability of youth by providing skill training.

Question 37

What is inflation?

Answer 37

The rate at which the general level of prices for goods and services rises.

Question 38

Fill in the blank: The Indian economy has a large ______ population.

Answer 38

youth

Question 39

What is the significance of 'Atmanirbhar Bharat'?

Answer 39

To promote self-reliance and boost local manufacturing.

Question 40

What is the primary purpose of the Pradhan Mantri Awas Yojana?

Answer 40

To provide affordable housing to the urban poor.

Question 41

True or False: India has a large trade deficit.

Answer 41

True

Question 42

What is the term for the economic activity that involves the production and distribution of goods and services?

Answer 42

Economic system

Question 43

What is the significance of the 'Start-Up India' initiative?

Answer 43

To promote entrepreneurship and innovation in the country.

Question 44

Fill in the blank: The primary sector of the economy is based on ______.

Answer 44

natural resources

Question 45

What is the role of the Indian Statistical Institute?

Answer 45

To conduct research and provide statistical data for economic planning.

Question 46

True or False: The Indian economy is largely driven by consumer spending.

Answer 46

True

Question 47

What is the term for the economic strategy that emphasizes exports over imports?

Answer 47

Export-led growth

Question 48

What is the primary goal of the National Rural Livelihoods Mission?

Answer 48

To reduce poverty by promoting self-employment and wage employment.

Question 49

Fill in the blank: The Indian economy is influenced by both ______ and ______ factors.

Answer 49

domestic; international

Question 50

What is the main feature of the economic liberalization in India?

Answer 50

Reduction of government control over the economy.

Question 51

True or False: The service sector has shown rapid growth in India over the last two decades.

Answer 51

True

Question 52

What does the term 'current account deficit' refer to?

Answer 52

A situation where a country's imports exceed its exports.

Question 53

What is the primary focus of the Pradhan Mantri Ujjwala Yojana?

Answer 53

To provide LPG connections to women from below poverty line households.

Question 54

Fill in the blank: The Indian economy has a significant ______ sector.

Answer 54

informal

Question 55

What is the significance of the Foreign Exchange Management Act (FEMA)?

Answer 55

To facilitate external trade and payments and promote the orderly development of the foreign exchange market.

Question 56

True or False: The Indian government has a target to achieve a $5 trillion economy by 2025.

Answer 56

True

Question 57

What is the term for the amount by which a country's exports exceed its imports?

Answer 57

Trade surplus

Question 58

What is the primary purpose of the National Health Mission?

Answer 58

To provide accessible and affordable healthcare to all.

Question 59

Fill in the blank: The Indian economy is characterized by ______ diversity.

Answer 59

regional

Question 60

What is the role of the Ministry of Commerce and Industry?

Answer 60

To formulate and implement policies for trade, commerce, and industrial development.

Question 61

True or False: India is one of the largest producers of textiles in the world.

Answer 61

True

Question 62

What is the term for the economic measure that reflects the total value of all goods and services produced in a country in a given period?

Answer 62

Gross National Product (GNP)

Question 63

What is the significance of the 'Digital Payments' initiative?

Answer 63

To promote cashless transactions and enhance financial inclusion.

Question 64

Fill in the blank: The Indian economy is heavily influenced by ______ policies.

Answer 64

monetary