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Indian Economy GK Questions with Answers – Page 28

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Indian Economy multiple choice questions with answers and explanations, 20 per page, for SSC, Banking, UPSC, Railway and state exams.

1127 questions

Indian Economy NotesOnly previous-year questions (580)GK Quiz
Q541.Indian EconomyMedium

Which law gave the Government of India the power of industrial licensing over entry, capacity and location of industries?

  1. A.The Companies Act, 1956
  2. B.The Industries (Development and Regulation) Act, 1951
  3. C.The MRTP Act, 1969
  4. D.The Capital Issues (Control) Act, 1947
Show answer
Correct answer: B. The Industries (Development and Regulation) Act, 1951

Under this Act a company needed a licence to start a new undertaking, to expand capacity substantially, to make a new article or to change its location, and the schedule to the Act listed the industries covered.

Q542.Indian EconomyAsked in: SSC CGL · 12 Dec 2022, Shift 4Medium

In the Industrial Policy Resolution of 1948, which of the following was not the monopoly of the Central Government?

  1. A.Iron and Steel
  2. B.Atomic energy
  3. C.Railway
  4. D.Arms and ammunition
Show answer
Correct answer: A. Iron and Steel

The Industrial Policy Resolution of 1948 made only three fields an exclusive monopoly of the central government: arms and ammunition, the production and control of atomic energy, and the ownership and management of railway transport.

Q546.Indian EconomyAsked in: CDS · CDS-I 2024, GKMedium

Consider the following statements regarding the Sugamya Bharat Abhiyan: 1. This programme is initiated by the Department of Empowerment of Persons with Disabilities, Ministry of Social Justice and Empowerment. 2. It aims to develop an inclusive society for persons with disabilities. 3. It has provisions of pension for persons with disabilities. Which of the statements given above is/are correct?

  1. A.1, 2 and 3
  2. B.1 and 2 only
  3. C.2 and 3 only
  4. D.1 only
Show answer
Correct answer: B. 1 and 2 only

The Sugamya Bharat Abhiyan is a campaign to make places, transport and information accessible; it is run by the Department of Empowerment of Persons with Disabilities and has no pension component.

Q547.Indian EconomyAsked in: CDS · CDS-I 2021, GKMedium

Which one of the following statements is not correct?

  1. A.Real GDP is calculated by valuing outputs of different years at common prices.
  2. B.Potential GDP is the real GDP that the economy would produce if its resources were fully employed.
  3. C.Nominal GDP is calculated by valuing outputs of different years at constant prices.
  4. D.Real GDP per capita is the ratio of real GDP divided by population.
Show answer
Correct answer: C. Nominal GDP is calculated by valuing outputs of different years at constant prices.

Nominal GDP values each year's output at that year's own (current) prices, not at constant prices, so this statement is not correct.

Q548.Indian EconomyAsked in: CDS · CDS-II 2022, GKHard

Which one of the following is the first and the oldest Government-owned coal mining company in India ?

  1. A.Neyveli Lignite Corporation
  2. B.Singareni Collieries Company Limited
  3. C.Coal India Limited
  4. D.Mahanadi Coalfields Limited
Show answer
Correct answer: B. Singareni Collieries Company Limited

Incorporated in 1920 and later taken over by the government, SCCL is India's oldest government-owned coal mining company. Coal was found in the Godavari valley near Yellandu in the 1870s, and the Hyderabad (Deccan) Company began mining there in 1886.

Q549.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2019, GS Paper IEasy

The Global Competitiveness Report is published by the

  1. A.International Monetary Fund
  2. B.United Nations Conference on Trade and Development
  3. C.World Economic Forum
  4. D.World Bank
Show answer
Correct answer: C. World Economic Forum

The Global Competitiveness Report is the World Economic Forum's assessment of how well countries' institutions, policies and markets support productivity and growth.

Q550.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2021, GS Paper IMedium

Indian Government Bond Yields are influenced by which of the following?

1. Actions of the United States Federal Reserve

2. Actions of the Reserve Bank of India

3. Inflation and short-term interest rates

Select the correct answer using the code given below.

  1. A.1 and 2 only
  2. B.2 only
  3. C.3 only
  4. D.1, 2 and 3
Show answer
Correct answer: D. 1, 2 and 3

Indian bond yields respond to the RBI's policy, to domestic inflation and short-term rates, and also to the US Federal Reserve through global capital flows.

Q551.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper IMedium

With reference to the "G20 Common Framework", consider the following statements:

1. It is an initiative endorsed by the G20 together with the Paris Club.

2. It is an initiative to support Low Income Countries with unsustainable debt.

Which of the statements given above is/are correct ?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
Show answer
Correct answer: C. Both 1 and 2

The Common Framework for Debt Treatments was agreed by the G20 and the Paris Club in November 2020 to help low-income countries with unsustainable debt.

Q552.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2020, GS Paper IMedium

Along with the Budget, the Finance Minister also places other documents before the Parliament which include 'The Macro Economic Framework Statement'. The aforesaid document is presented because this is mandated by

  1. A.Long standing parliamentary convention
  2. B.Article 112 and Article 110(1) of the Constitution of India
  3. C.Article 113 of the Constitution of India
  4. D.Provisions of the Fiscal Responsibility and Budget Management Act, 2003
Show answer
Correct answer: D. Provisions of the Fiscal Responsibility and Budget Management Act, 2003

The FRBM Act requires the government to lay this statement before Parliament along with the Budget. Section 3 of the FRBM Act, 2003 lists the fiscal policy statements that must accompany the annual financial statement: the Macro-economic Framework Statement and the Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement.

Q553.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper IHard

With reference to the Indian economy, consider the following statements :

1. An increase in Nominal Effective Exchange Rate (NEER) indicates the appreciation of rupee.

2. An increase in the Real Effective Exchange Rate (REER) indicates an improvement in trade competitiveness.

3. An increasing trend in domestic inflation relative to inflation in other countries is likely to cause an increasing divergence between NEER and REER.

Which of the above statements are correct ?

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: C. 1 and 3 only

A rise in NEER means the rupee has gained against a basket of currencies, and higher domestic inflation makes REER drift away from NEER.

Q554.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2021, GS Paper IMedium

Consider the following statements :

Other things remaining unchanged, market demand for a good might increase if

1. price of its substitute increases

2. price of its complement increases

3. the good is an inferior good and income of the consumers increases

4. its price falls

Which of the above statements are correct?

  1. A.1 and 4 only
  2. B.2, 3 and 4
  3. C.1, 3 and 4
  4. D.1, 2 and 3
Show answer
Correct answer: A. 1 and 4 only

A dearer substitute pushes buyers towards this good, and a fall in its own price leads them to buy more of it.

Q555.Indian EconomyAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper IMedium

"Rapid Financing Instrument" and "Rapid Credit Facility" are related to the provisions of lending by which one of the following ?

  1. A.Asian Development Bank
  2. B.International Monetary Fund
  3. C.United Nations Environment Programme Finance Initiative
  4. D.World Bank
Show answer
Correct answer: B. International Monetary Fund

Both are IMF windows for quick emergency financing to member countries facing an urgent balance of payments need. The Rapid Financing Instrument (RFI) is open to all IMF members and gives fast, low-access financial help without a full-fledged programme.

Q556.Indian EconomyHard

The committee that reviewed India's special economic zone policy in 2018 and proposed turning the zones into employment and economic enclaves was headed by

  1. A.Bimal Jalan
  2. B.Baba Kalyani
  3. C.Arvind Subramanian
  4. D.Bibek Debroy
Show answer
Correct answer: B. Baba Kalyani

The committee headed by the industrialist Baba Kalyani submitted its report on the special economic zone policy in 2018, arguing that the zones should be judged by the economic activity and employment they create rather than by exports alone, and recommending a new framework of employment and economic enclaves serving…

Q557.Indian EconomyHard

Under the goods and services tax, supplies of goods and services to a unit in a special economic zone are

  1. A.taxed at the highest slab
  2. B.zero-rated
  3. C.exempt, with no credit of input tax
  4. D.outside the goods and services tax altogether
Show answer
Correct answer: B. zero-rated

A supply to a developer or a unit of a special economic zone for authorised operations is a zero-rated supply, so the supplier either pays the tax and claims a refund or supplies under a letter of undertaking without paying it, and in either case the credit of the tax…

Q558.Indian EconomyMedium

A unit in a special economic zone is required to be a

  1. A.net foreign exchange earner over a block of five years
  2. B.wholly export oriented unit selling nothing in India
  3. C.unit employing only local workers
  4. D.unit paying no tax of any kind
Show answer
Correct answer: A. net foreign exchange earner over a block of five years

The central obligation of a zone unit is a positive net foreign exchange earning, that is the value of its exports must exceed the value of its imports, measured over a block of five years counted from the date the unit begins production, and not year by year.

Q559.Indian EconomyHard

Approval for setting up a special economic zone is granted by the Board of Approval, which is chaired by the

  1. A.Secretary, Department of Commerce
  2. B.Governor of the Reserve Bank of India
  3. C.Chief Secretary of the state concerned
  4. D.Revenue Secretary, Ministry of Finance
Show answer
Correct answer: A. Secretary, Department of Commerce

Under the Act of 2005 proposals for a zone go to the Board of Approval in the Department of Commerce, which the Commerce Secretary chairs and on which the revenue, finance and other departments are represented; below it each notified zone has a Development Commissioner and a Unit Approval Committee…

Q560.Indian EconomyMedium

The Export Credit Guarantee Corporation of India chiefly provides exporters with

  1. A.insurance against the risk of not being paid by overseas buyers
  2. B.long-term loans for setting up factories
  3. C.subsidies on the price of exported goods
  4. D.warehousing facilities at ports
Show answer
Correct answer: A. insurance against the risk of not being paid by overseas buyers

The Export Credit Guarantee Corporation, founded in 1957 and first called the Export Risks Insurance Corporation, insures an Indian exporter against the commercial risk of a buyer failing to pay and the political risk of war, exchange restrictions or a ban in the buyer's country, and it also guarantees the…