Indian Economy GK Questions for IAS, SSC, State Civil Services

1. What does Inflation imply? – Rise in general price index
2. When was the decimal system of currency introduced in India? – 1957
3. What is the mean of Cheap Money? – Low Rate of Interest
4. Which bank is the Banker of the Banks? – RBI
5. From where does the National Stock Exchange functions? – Mumbai
6. Which is the oldest ‘stock exchange of India? – Bombay Stock Exchange
7. By which bill does the government make arrangement for the collection of revenues for a year? – Finance Bill
8. If the price of an inferior good falls, what about its demand? – Remains constant
9. In which year was Railway Budget in India separated from general budget? – 1924-25
10. What is the investment in public works? – Capital expenditure

11. With which Economic growth is usually coupled? – Inflation
12. Which is the largest (in terms of turnover) Public Sector organisation in India? – Indian Oil Corporation
13. How is the difference between visible exports and visible imports defined? – Balance of trade
14. Who long do the World Bank and IMF give respectively? – Long term and short term credits
15. Which State produces maximum pulses in the country? – Madhya Pradesh
16. In which activity percentage share of cooperative sector is the highest? – Sugar production
17. Economic Planning is a subject of which list? – Union List
18. When was the Rolling plan designed? – 1978-83
19. Why is Poverty in less developed countries largely? – Due to income inequality
20. Among the remedies of inflation, what can we include? – Lowering bank rate
21. Who sings on One-rupee currency notes? – Finance Secretary of India
22. terms of economics, which recession occurring two times with a small gap in between? – Deep Recession
23. In India, which first bank of limited liability managed by Indians and founded in 1881? – Oudh Commercial Bank
24. Bouncing of cheques has become an offence. What is the punishment for the same? – 6 months imprisonment
25. Which Public Sector bank’ emblem figures a dog and the words ‘faithful, friendly’ in it? – Syndicate Bank
26. Consequent upon the recommendations of the Working Group on Rural Banks, in which year were 5 Rural Regional Banks initially set up? – 1975
27. Through which methods is the national income of India estimated mainly? – Production and income methods
28. From when was the Zero Base Budgeting in India first experimented? – April, 1987
29. On which do Companies pay Corporation Tax? – Incomes
30. Why is the Gross National Income always more than Net National Income? – Direct taxes
31. Which is the updated base for Wholesale Price Index (WPI) ? – 2004-2005
32. After textiles, which is India’s second important industry? – Iron and steel
33. Which Committee was formed to suggest means for eradicating black money? – Cheiliah Committee
34. What is the mean of Ad Valorem? – According to value
35. The ‘Uruguay Round’ negotiations resulted in the establishment of which organization? – WTO
36. From which country does More than one-third of the crude steel production of the world comes? – China
37. What is the mean of ‘Take off stage’ in an economy? – Steady growth begins
38. When had India a plan holiday? – After the drought of 1966
39. Who was the first Chairman of the Planning Commission? – Pt. Jawahar Lal Nehru
40. Which Committee’s recommendations are being followed for estimating Poverty Line in India? – Lakdawala Committee

41. For which purpose, the Government has launched the Rajiv Awas Yojana? – To provide affordable houses to rural poor
42. What is the effect of inflation on tax revenue results in a situation? – Fiscal drag
43. By which band is Monetary policy regulated? – Central Bank
44. Immediately prior to change in the measure of Food Inflation, which index was being used for measuring it? – Wholesale Price Index
45. Who is responsible for the collection and publication of monetary and financial information? – Reserve Bank of India
46. Which is at the apex of Industrial Finance in India? – Industrial Development Bank of India
47. Which bank gives long term loan to farmers? – Land Development Bank
48. During whose viceroyalty was the system of Budget introduced in India? – Canning
49. Who is the chairman of 13th Finance Commission? – Vijay Kelkar
50. Main’ bearers of the burden of indirect tax are? – consumers