Indian economy covering basic economics budget banking economic development and planning - One Line Questions
1.
When was the Reserve Bank of India established? —
1935
2.
What does 'inflation' refer to in economics? —
An increase in the general price level of goods and services
3.
What is the 'CRISIL'? —
An Indian analytical company specializing in ratings, research, risk, and policy advisory
4.
What is the 'repo market'? —
A market where banks can borrow funds from the RBI against government securities
5.
What is 'Quantitative Easing' (QE)? —
A monetary policy where a central bank purchases longer-term securities
6.
Which sector is the largest contributor to India's GDP? —
Services
7.
The term 'Blue Revolution' is associated with which sector? —
Fisheries
8.
Which of the following is NOT a function of the RBI? —
Regulator of Stock Exchanges
9.
What is the 'Open Market Operations' (OMO) conducted by the RBI? —
Buying and selling of government securities
10.
Which of the following is a measure of poverty line in India? —
Poverty Estimation Committee recommendations
11.
Which of the following is a measure of inflation that tracks changes in wholesale prices of goods? —
Wholesale Price Index (WPI)
12.
What is the primary source of revenue for the Indian government? —
GST and Union Excise Duties
13.
Which sector experienced a 'Green Revolution' in India? —
Agriculture
14.
Which of the following is a direct tax in India? —
Corporate Tax
15.
What does GDP stand for in economics? —
Gross Domestic Product
16.
Which of the following is a tool of monetary policy used by the RBI? —
Repo Rate
17.
The First Five-Year Plan of India was based on the Harrod-Domar model and focused primarily on: —
Agriculture and irrigation
18.
Which of the following is a measure of national income? —
Gross National Product (GNP)
19.
Which sector is often referred to as the 'backbone' of the Indian economy due to its employment generation potential? —
Agriculture
20.
The 'Golden Revolution' in India is associated with: —
Honey and horticulture production
21.
Which committee is associated with the introduction of GST in India? —
Vijay Kelkar Committee
22.
What does 'Fiscal Policy' primarily involve? —
Government's decisions on taxation and spending
23.
The concept of 'inclusive growth' aims to: —
Ensure that the benefits of economic growth are shared by all sections of society
24.
The 'White Revolution' in India is associated with: —
Milk production
25.
Which of the following is a component of India's fiscal policy? —
Government spending and taxation
26.
Which organization was replaced by NITI Aayog in 2015? —
Planning Commission
27.
The term 'Pink Revolution' is associated with which sector? —
Meat production (specifically, processed meat/poultry)
28.
Which government scheme aims to provide financial assistance to women for starting businesses? —
Pradhan Mantri Mudra Yojana
29.
What is the term for the rate at which commercial banks are required to keep a certain percentage of their deposits with the RBI? —
Cash Reserve Ratio (CRR)
30.
Which body is responsible for presenting the Union Budget in India? —
Ministry of Finance
31.
Which five-year plan emphasized the need for liberalization and economic reforms? —
Eighth Five-Year Plan
32.
Which institution is the lender of last resort for commercial banks in India? —
Reserve Bank of India
33.
What does 'balance of trade' refer to? —
The difference between a country's total exports and imports of goods and services
34.
What is the fiscal deficit? —
The difference between government expenditure and government revenue, including borrowings
35.
What is 'demonetization'? —
The withdrawal of a currency unit from circulation
36.
What is the 'Statutory Liquidity Ratio' (SLR)? —
The percentage of deposits that banks must maintain in the form of gold and government securities
37.
What is the meaning of 'repo rate'? —
The rate at which the RBI lends money to commercial banks
38.
What is the 'Bank Rate'? —
The rate at which the RBI lends to commercial banks without collateral
39.
What is the 'reverse repo rate'? —
The rate at which the RBI borrows money from commercial banks
40.
Which five-year plan in India focused on 'Garibi Hatao' (Remove Poverty)? —
Fifth Five-Year Plan
41.
What is the primary objective of financial inclusion? —
To provide banking and financial services to all sections of society at an affordable cost
42.
What is the main goal of Goods and Services Tax (GST) in India? —
To simplify the indirect tax structure and create a common national market
43.
What is the primary role of commercial banks? —
To accept deposits and provide loans
44.
What is the main objective of the 'Make in India' initiative? —
To encourage manufacturing and investment in India
45.
What is the primary aim of the 'Digital India' initiative? —
To make government services available electronically and improve online infrastructure
46.
What is the primary goal of the 'Pradhan Mantri Jan Dhan Yojana'? —
To provide access to banking, insurance, and pension facilities to all
47.
What is the main aim of the National Rural Employment Guarantee Act (NREGA)? —
To guarantee at least 100 days of wage employment to every rural household
48.
What is the role of SEBI (Securities and Exchange Board of India)? —
To develop and regulate the stock market
49.
What is the primary function of the Reserve Bank of India (RBI)? —
To manage the country's currency and monetary policy
50.
What is 'disguised unemployment'? —
When more people are employed than are actually needed for a job