Indian Economy GK MCQ Quiz for Exam Preparation
Indian Economy GK MCQ quiz for APSC, SSC, UPSC, and other competitive exams. This quiz includes essential questions on key topics related to India’s economy, policies, and economic developments.
Indian Economy Quiz with MCQ
1. Who is known as the “Father of Indian Economic Reforms”?
a) Jawaharlal Nehru
b) P. V. Narasimha Rao
c) Manmohan Singh
d) Indira Gandhi
2. Which of the following sectors contributes the most to India’s GDP?
a) Agriculture
b) Industry
c) Services
d) Manufacturing
3. When was the Goods and Services Tax (GST) implemented in India?
a) 2014
b) 2015
c) 2016
d) 2017
4. What is the main objective of the Pradhan Mantri Jan Dhan Yojana?
a) Digitalization of payments
b) Skill development
c) Financial inclusion
d) Promoting exports
5. Who is the current head of the Reserve Bank of India (RBI) as of 2023?
a) Raghuram Rajan
b) Urjit Patel
c) Shaktikanta Das
d) D. Subbarao
6. Which Indian economist received the Nobel Prize in Economics in 1998?
a) Amartya Sen
b) Manmohan Singh
c) Jagdish Bhagwati
d) Raghuram Rajan
7. What is the minimum age required to open a bank account under the Pradhan Mantri Jan Dhan Yojana?
a) 8 years
b) 10 years
c) 12 years
d) 18 years
8. Which organization publishes the Human Development Index (HDI)?
a) IMF
b) World Bank
c) United Nations
d) World Economic Forum
9. Which state in India is the largest producer of food grains?
a) Punjab
b) Uttar Pradesh
c) Madhya Pradesh
d) Haryana
10. What is India’s fiscal year period?
a) January to December
b) April to March
c) July to June
d) October to September
11. The disinvestment of public sector units in India is managed by which department?
a) Department of Economic Affairs
b) Department of Expenditure
c) Department of Disinvestment
d) NITI Aayog
12. Who was the first chairperson of the NITI Aayog?
a) Manmohan Singh
b) Narendra Modi
c) Arun Jaitley
d) Amitabh Kant
13. Which of the following is not a part of India’s foreign exchange reserves?
a) Gold
b) Foreign currency assets
c) SDRs
d) Rupee coins
14. What is the base year for the calculation of India’s GDP, as of 2023?
a) 2004-05
b) 2011-12
c) 2016-17
d) 2020-21
15. The “Make in India” initiative focuses on which sector?
a) Agriculture
b) Manufacturing
c) Tourism
d) Services
16. What does the term “repo rate” mean in banking?
a) Rate at which RBI lends to commercial banks
b) Rate at which banks lend to the RBI
c) Rate at which customers get loans
d) Rate at which the government borrows
17. Which organization in India is responsible for calculating and releasing GDP data?
a) Reserve Bank of India
b) NITI Aayog
c) Ministry of Finance
d) Central Statistics Office
18. Which Indian state is the largest producer of spices?
a) Maharashtra
b) Kerala
c) Karnataka
d) Tamil Nadu
19. Who is responsible for printing the currency notes in India?
a) Reserve Bank of India
b) Ministry of Finance
c) Securities and Exchange Board of India
d) National Bank for Agriculture and Rural Development
20. What is the full form of FDI?
a) Foreign Development Initiative
b) Fixed Development Investment
c) Foreign Direct Investment
d) Fiscal Development Indicator
21. In which year was the Indian Rupee symbol (₹) officially adopted?
a) 2008
b) 2010
c) 2012
d) 2014
22. Which bank launched India’s first mobile banking app?
a) HDFC Bank
b) ICICI Bank
c) SBI
d) Axis Bank
23. The “Skill India” initiative aims to train how many people by 2022?
a) 10 million
b) 50 million
c) 100 million
d) 500 million
24. Who is the current Finance Minister of India as of 2023?
a) Piyush Goyal
b) Nirmala Sitharaman
c) Arun Jaitley
d) Suresh Prabhu
25. The National Stock Exchange (NSE) is headquartered in which city?
a) New Delhi
b) Mumbai
c) Kolkata
d) Hyderabad
26. The “Mudra Yojana” provides loans mainly to which of the following?
a) Farmers
b) Small businesses
c) Large corporations
d) Exporters
27. The headquarters of the Securities and Exchange Board of India (SEBI) is in which city?
a) Kolkata
b) Chennai
c) Mumbai
d) New Delhi
28. In which year was the Planning Commission replaced by the NITI Aayog?
a) 2012
b) 2014
c) 2015
d) 2017
29. Which of the following taxes was abolished with the introduction of GST?
a) Income Tax
b) Property Tax
c) Sales Tax
d) Corporation Tax
30. The “Atal Pension Yojana” is aimed at providing pension primarily to which group?
a) Government employees
b) Private sector employees
c) Unorganized sector workers
d) Farmers