What is the main objective of the Indian Planning Commission?
The main objective of the Indian Planning Commission is to formulate and implement five-year plans for economic development.
Indian Economy MCQ GK Quiz
The Indian Economy encompasses the various sectors, policies, and institutions that contribute to the economic development of India. It includes agriculture, industry, services, banking, taxation, public finance, and trade.
This quiz covers key aspects such as GDP, national income, economic planning, budget, inflation, and major economic reforms. It is especially useful for competitive exams like UPSC, SSC, Banking, and State PSCs.
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Which sector contributes the most to India's GDP?
The services sector contributes the most to India's GDP, followed by agriculture and manufacturing.
Which of the following is a direct tax in India?
Income tax is a direct tax as it is levied directly on the income of individuals and companies.
What is the primary function of the Reserve Bank of India (RBI)?
The primary function of the Reserve Bank of India (RBI) is to regulate the monetary policy of the country.
Which scheme aims to provide employment to rural households in India?
MGNREGA aims to provide at least 100 days of wage employment in a financial year to every rural household.
Which of the following is NOT a type of inflation?
Value inflation is not a recognized type of inflation; the common types include demand-pull, cost-push, and built-in inflation.
What is the main objective of the Goods and Services Tax (GST) in India?
The main objective of GST is to simplify the tax structure and make it more efficient by unifying indirect taxes.
Which organization is responsible for the economic census in India?
The Ministry of Statistics and Programme Implementation is responsible for conducting the economic census in India.
Which Indian state is known as the "Rice Bowl of India"?
West Bengal is often referred to as the "Rice Bowl of India" due to its high production of rice.
What is the current monetary policy framework in India aimed at?
The current monetary policy framework in India aims at targeting inflation to ensure economic stability.
Which is the largest source of revenue for the Indian government?
Tax revenue is the largest source of revenue for the Indian government, comprising both direct and indirect taxes.
Which of the following is a component of India's Gross Domestic Product (GDP)?
Consumption is a major component of India's GDP, representing the total value of all goods and services consumed.
What is the primary aim of the National Rural Livelihood Mission (NRLM)?
The primary aim of NRLM is to reduce poverty by promoting self-employment and organizing rural poor into self-help groups.
Which of the following is a feature of the Indian economy?
The Indian economy is characterized as a mixed economy, combining elements of both capitalism and socialism.
What is the main purpose of the Agricultural Produce Market Committee (APMC) Act?
The APMC Act was enacted to regulate agricultural marketing and ensure fair prices for farmers.
Which of the following is a key indicator of economic development?
Per capita income is a key indicator of economic development, reflecting the average income earned per person in a given area.
Which institution is responsible for formulating India’s monetary policy?
The Reserve Bank of India (RBI) is responsible for formulating and implementing India's monetary policy.
Which is the largest public sector bank in India?
State Bank of India (SBI) is the largest public sector bank in India in terms of assets and customer base.