Check Out the List of GK Questions on Indian Economy

We all know that in every competitive exam, at least 2-3 questions are asked from the Indian Economy. But most of them fail to answer those questions and lose their marks due to lack of knowledge. Hence, to help all those aspirants in scoring good marks and improving their knowledge of Indian Economy, we have provided some top 50 GK Questions on Indian Economy which are frequently asked in the competitive exams. Therefore, the candidates who are going to appear for UPSC/ SSC/ Bank/ Other Exams must go through this complete article and must gain some knowledge about our Indian Economy.

Indian Economy

Top 50 GK Questions on Indian Economy

National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year
Reserve Bank of India was nationalized in the year1949
Fiscal deficit in the Union Budget meansthe sum of budgetary deficit and net increase in internal and external borrowings
ICICI is the name of a financial institution
The central banking functions in India are performed by theReserve Bank of India
Gilt-edged market meansmarket of government securities
Development expenditure of the Central government does not includedefence expenditure
In the last one decade, which sector has attracted the highest foreign direct investment inflows into India Telecommunication
Depreciation meansloss of equipment over time due to wear and tear
Devaluation of a currency meansreduction in the value of a currency vis-a-vis major internationally traded currencies
In the second nationalization of commercial banks, ___ banks were nationalized
If all the banks in an economy are nationalized and converted into a monopoly bank, the total depositswill neither increase nor decrease
India changed over to the decimal system of coinage in April 1957
Gross domestic capital formation is defined asnet addition to stock after depreciation
The association of the rupee with pound sterling as the intervention currency was broken in1992
On which one the benefits received principle of taxation to achieve optimality bases?Ability to pay for the benefit
One of the reasons for India’s occupational structure remaining more or less the same over the years has been thatinvestment pattern has been directed towards capital-intensive industries
On July 12, 1982, the ARDC was merged intoNABARD
Which is the most appropriate cause of exports surplusDevelopments in national and international markets
If the cash reserve ratio is lowered by the RBI, its impact on credit creation will be toincrease it
Which item will not appear in a company’s balance sheet?Revenue from sales of the company’s products
In the state of India, the State Financial Corporation have given assistance mainly to developmedium and small-scale industries
The central co-operative banks are in direct touch withstate co-operative banks
The currency convertibility concept in its original form originated inBretton Woods Agreement
Our financial system has provided for the transfer of resources from the centre to the states; the important means of resource transfer aretax sharing, grant-in-aid, and loans
The first wholly Indian Bank was set up in1894
Excise duty is a tax levied on theproduction of goods
States earn maximum revenue throughcommercial taxes
Debenture holders of a company are itscreditors
In pursuance of the recommendations of Narasimhan Committee, the RBI has framed new guidelinesto govern entry of new private sector banks to make the banking sector more competitive
Which is the first Indian private company to sign an accord with Government of Myanmar for oil exploration in two offshore blocks in that country?Essar Oil
Which is not viewed as a national debt?National Saving Certificate
Non Tax revenues can be increased by improving the working of the commercial irrigation projects
Deficit financing means that the government borrows money from theRBI
The condition of indirect taxes in the country’s revenue is approximately86 percent
Since the inception of the co-operative movement, rural credits has beeninstitutionalized, rationalized, and cheapened
Revenue of the state governments are raised from the following sources, exceptagricultural income tax
If an economy is an equilibrium at the point where plans to save and to invest are equal, then government expenditure must beequal to government income
The co-operative credit societies have athree-tier structure
The Board of Industrial and Financial Reconstruction (BIFR) came into existence in1987
Devaluation of currency will be more beneficial ifprices of exports remain constant
The current price index (base 1960) is nearly 330. This means thatweighted means of prices of certain item has increased 3-3 times
Of the gross tax revenue of the Union Government, the indirect taxes account for nearly65 percent
The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is calledStatutory Liquid Ratio (SLR)
How many banks were nationalized in 1969?14
In India, the first bank of limited liability manages by Indians and founded in 1881 wasOudh Commercial Bank
In India, inflation measured by theWholesale Price Index number
The average rate of domestic savings (gross) for the Indian economy is currently estimated to be in the range of 20 to 25 percent
Subsidies meanpayment made by the government to business enterprises, without buying any goods and services
National expenditure includesconsumption expenditure, investment expenditure, and government expenditure

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