Economics GK MCQ (English)

Indian Economics GK MCQ questions practice set in English. This Mock test of India Economy is very useful for UPSC, Bank, SSC competitive exams.


#1. In which of the following years was the Planning Commission of India set up ?

#2. Unique Transaction Reference number is a ______ character code used to uniquely identify a transaction in the RTGS system.

#3. Where is the corporate office of RBL Bank located ?

#4. Who among the following economists coined the terminology 'Hindu Rate of Growth'?

#5. What is the objective of the 'Doughnut model' of Development ?

#6. Who among the following never became the Vice President of India ?

#7. The ______ rate measures rising prices in everything except food and energy.

#8. Which of the following is a private good ?

#9. Qns : A soft currency is one that is expected to______ in value relative to other currencies.

#10. What is the proportion of the Central government’s ownership of capital in Regional Rural Banks?

#11. MRTP Act was enacted in 1969 to ensure that the operation of the economic system does not result in the concentration of economic power in hands of few. The full form of MRTP is _________.

#12. Which of the following is another term for the average income of a country?


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One-liner questions and answers on Indian economics:

  1. What is the currency of India? Answer: Indian Rupee (INR).
  2. What is the current rate of Goods and Services Tax (GST) in India? Answer: 5%, 12%, 18%, and 28%.
  3. Which city is considered the financial capital of India? Answer: Mumbai.
  4. What is the largest source of revenue for the Indian government? Answer: Indirect taxes.
  5. Which sector is the largest contributor to India’s GDP? Answer: Services sector.
  6. What is the poverty line income threshold in India? Answer: ₹32 per day in rural areas and ₹47 per day in urban areas.
  7. Who formulates the monetary policy in India? Answer: Reserve Bank of India (RBI).
  8. What is the current rate of unemployment in India? Answer: It varies, but as of September 2021, it was around 8%.
  9. Which index is used to measure the performance of the Indian stock market? Answer: S&P BSE Sensex and NSE Nifty 50.
  10. What is the fiscal year in India? Answer: April 1st to March 31st.
  11. Which is the largest public sector bank in India? Answer: State Bank of India (SBI).
  12. What is the current inflation rate in India? Answer: It varies, but as of September 2021, it was around 4%.
  13. Which organization is responsible for regulating and developing the securities market in India? Answer: Securities and Exchange Board of India (SEBI).
  14. Which economic sector employs the largest workforce in India? Answer: Agriculture sector.
  15. Which city is known as the “Silicon Valley of India”? Answer: Bengaluru.
  16. What is the current rate of unemployment in India? Answer: As of September 2021, it was around 8%.
  17. Which Indian state has the highest per capita income? Answer: Goa.
  18. Which sector contributes the most to India’s employment generation? Answer: Informal sector or unorganized sector.
  19. What is the current rate of poverty in India? Answer: As of 2020, the poverty rate in India was around 21%.
  20. Which economic reform in 1991 opened up India’s economy and liberalized various sectors? Answer: Economic liberalization or New Economic Policy.

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