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.
Top 50 GK Questions on Indian Economy
Job Highlights
Questions | Answers |
National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year | 1999 |
Reserve Bank of India was nationalized in the year | 1949 |
Fiscal deficit in the Union Budget means | the 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 the | Reserve Bank of India |
Gilt-edged market means | market of government securities |
Development expenditure of the Central government does not include | defence expenditure |
In the last one decade, which sector has attracted the highest foreign direct investment inflows into India | Telecommunication |
Depreciation means | loss of equipment over time due to wear and tear |
Devaluation of a currency means | reduction in the value of a currency vis-a-vis major internationally traded currencies |
In the second nationalization of commercial banks, ___ banks were nationalized | 6 |
If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits | will neither increase nor decrease |
India changed over to the decimal system of coinage in | April 1957 |
Gross domestic capital formation is defined as | net addition to stock after depreciation |
The association of the rupee with pound sterling as the intervention currency was broken in | 1992 |
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 that | investment pattern has been directed towards capital-intensive industries |
On July 12, 1982, the ARDC was merged into | NABARD |
Which is the most appropriate cause of exports surplus | Developments in national and international markets |
If the cash reserve ratio is lowered by the RBI, its impact on credit creation will be to | increase 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 develop | medium and small-scale industries |
The central co-operative banks are in direct touch with | state co-operative banks |
The currency convertibility concept in its original form originated in | Bretton Woods Agreement |
Our financial system has provided for the transfer of resources from the centre to the states; the important means of resource transfer are | tax sharing, grant-in-aid, and loans |
The first wholly Indian Bank was set up in | 1894 |
Excise duty is a tax levied on the | production of goods |
States earn maximum revenue through | commercial taxes |
Debenture holders of a company are its | creditors |
In pursuance of the recommendations of Narasimhan Committee, the RBI has framed new guidelines | to 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 the | RBI |
The condition of indirect taxes in the country’s revenue is approximately | 86 percent |
Since the inception of the co-operative movement, rural credits has been | institutionalized, rationalized, and cheapened |
Revenue of the state governments are raised from the following sources, except | agricultural income tax |
If an economy is an equilibrium at the point where plans to save and to invest are equal, then government expenditure must be | equal to government income |
The co-operative credit societies have a | three-tier structure |
The Board of Industrial and Financial Reconstruction (BIFR) came into existence in | 1987 |
Devaluation of currency will be more beneficial if | prices of exports remain constant |
The current price index (base 1960) is nearly 330. This means that | weighted 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 nearly | 65 percent |
The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is called | Statutory 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 was | Oudh Commercial Bank |
In India, inflation measured by the | Wholesale 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 mean | payment made by the government to business enterprises, without buying any goods and services |
National expenditure includes | consumption expenditure, investment expenditure, and government expenditure |
Therefore, the top 50 GK Questions on Indian Economy have been provided here. If you want GK Questions on various topics of General Awareness, go to our GK Page.
