IMPORTANT QUESTIONS OF INDIAN ECONOMY

1. Who was the first administrator-statesman to attempt planning as a means for

economic development?
ANS - M Viswesvarayya
2. The aim of which of the Five Year Plans was to correct the disequilibrium in the
economy? –
ANS - First Five Year Plan
3. Which Indian state has the largest number of cotton textile mills?
ANS – Maharashtra
4. When, for the first time, did the Prime Minister of India announce the 20-Point
Economic Programme?
ANS – 1975
5. Census in India is being held regularly after every
ANS – 10 years
6. People belonging to what age group is eligible for training under TRYSEM scheme?
ANS – 18-35
7. According to the census in 2001, which city in India has the largest population?
ANS – Mumbai
8. In terms of geographical area, India occupies what position in the world?
ANS – seven
9. India does not share its boundary with which of the following countries?
ANS – Taiwan
10. The data of estimation of India’s National income is issued by?
ANS – Central Statistical Organization
11. Which bank is the Banker of the Banks?
ANS – RBI
12. For international payments, to which currency is the Indian currency linked?
ANS – American Dollars
13. Where is the headquarter of East African Development Bank?
ANS – Uganda
14. In which year Statutory Liquidity Ratio was first imposed on banks?
ANS - 1949
15. The Unclaimed deposits are those deposits which haven’t been operated
for how many years?
ANS - 10 years or more
16. CENVAT is associated with ?
ANS - Rate of Indirect Tax
17. Gilt-edged means ?
ANS - Market of govt. securities
18. What is the effect of Deficit financing?
ANS – Inflation
19. Who was the first Indian Governor of RBI?
AND – Shachindra Ray
20. The principal sources of revenue to the State Government in India is ?
ANS – Sales Tax
21. Indias Economic Summit was held in December 1999, in ?
ANS – New Delhi
22. When a person has a saving account in the bank, the bank assumes the position of
?
ANS – Debtor
23. Which is the largest Private Sector Bank in India?
ANS – HDFC Bank
24. Which ministry formulates fiscal policy?
ANS – Finance Ministry
25. In which year SIDBI was established?
ANS - 1990
26. What is the highest denomination of currency notes in circulation as legal tender in
India at present?
ANS – Rs. 2000
27. How many banks were nationalized in 1969?
ANS - 14
28. In April 1980 how many banks were nationalized?
ANS – Six
29. When was decimal coinage introduced in India?
ANS – 1957
30. One rupee notes contain the signature of ?
ANS – Finance Secretary, GOI
31. Which is treated as artificial currency?
ANS – SDR
32. Companies pay corporation tax on their ?
ANS – Incomes
33. What was the earlier name of the WTO?
ANS – GATT
34. If saving exceeds investment, what will be the effect on national income ________?
ANS - Remains constant
35. Which is the oldest stock exchange in Asia?
ANS – Bombay Stock Exchange
36. Temporary tax levied to obtain additional revenue is called ?
AND – Fee
37. Which European country is the guarantor of Bank of Central African States?
ANS – France
38. When was Consumer Protection Act(COPRA) passed?
ANS - 1986
39. The Money Order system in India was introduced in the year ?
ANS - 1880
40. Investment in public works is known as ?
ANS – Capital Expenditure
41. Where are the headquarters of IMF and World Bank located?
ANS – Both Washington DC
42. Who appoints Banking Ombudsman?
ANS – RBI
43. In which year was Railway Budget in India separated from general budget?
ANS - 1924
44. Which is the best measure of economic growth of a country?
ANS – GNP
45. Economic growth is usually coupled with ?
ANS – Inflation
46. Which is the oldest stock exchange in the world?
ANS – Amsterdam Stock Exchange
47. Taxation and the government’s expenditure policy are dealt under which policy?
ANS – Fiscal Policy
48. If the price of an inferior good falls, what about its demand?
ANS – Remains Constant
49. Which type of unemployment mostly found in India?
ANS – Disguised Unemployment
50. GNP & GDP is ?
ANS – Capital Depreciation
51. 'Brent ' Index is associated with ?
ANS – Crude oil prices
52. The Foreign Exchange Management Act(FEMA) was passed in which year?
ANS - 1999
53. Which plan is also known as 'Gadgil Yojana'?
ANS – 3rd FYP
54. Who presented the first union budget of Independent India?
ANS – RK Shanmukham Chetty
55. States earn maximum revenue through?
ANS – Commercial Taxes
56. Short-term finance is usually for a period ranging up to?
ANS – 12 months
57. When did India become a member of international Monetary Fund (IMF)?
ANS - 1947
58. Who coined the term ‘Hindu rate of growth’ for Indian Economy?
ANS – Raj Krishna
59. When was the National Bank for Agriculture and Rural Development (NABARD) set
up?
ANS - 1982
60. Where are the headquarters of United Nations Conference on Trade and
Development (UNCTAD)?
ANS – Geneva
61. Who is called the ‘Father of Economics’?
ANS – Adam Smith
62. Which sector of Indian Economy has shown remarkable expansion during the last
decade?
ANS – Tertiary Sector
63. Which state has the lowest per capita income?
ANS – Bihar
64. World Development Report is an annual publication of ?
ANS – International Bank of Reconstruction & Development
65. The slogan of ‘Garibi Hatao’ (Remove Poverty) was launched in which FYP?
ANS – 4th FYP
66. ‘Golden Handshake Scheme’ is associated with ?
ANS – Voluntary Retirement
67. Who has presented the Union Budget of India maximum number of times?
ANS – Morarji Desai
68. Who is the chairman of 14th Finance Commission?
ANS – Y. V. Reddy
69. The second Five Year plan was based on ?
ANS – Mahalanobis model
70. The first devaluation of Indian currency took place in which year?
ANS - 1949
71. VAT has been introduced on the recommendation of which commission?
ANS – L. K. Jha Commission
72. In which year was Minimum inflation in post economic reform?
ANS – 1999-2000
73. Who was the Chairman of the first Finance Commission?
ANS – K.C. Niyogi
74. Those goods which have positive relationship between price and quantity
demanded are called as ….?
ANS – Giffen Goods
75. On July 12, 1982, the ARDC was merged into ?
ANS – NABARD
76. Which Indian got Nobel Prize for Economics?
ANS – Amartya Sen
77. National Income estimates in India is prepared by ?
ANS – Central Statistical Organization
78. Who wrote the book ‘Planned Economy for India’?
ANS – M. Visvesvaraya
79. Which is the oldest Development Financial Institution of India?
ANS – IFCI
80. When was EXIM Bank set-up?
ANS – 1982
81. Which is the ‘Slack Season’ in the Indian Economy?
ANS – January-June
82. To meet the need of whom, the concept of Land Development Bank has been
developed?
ANS – Farmers
83. When was the Rolling plan designed?
ANS – 1978-83
84. Which country is the largest debtor of UNO?
ANS – U.S.
85. Which was first Commercial Bank of India?
ANS – Hindustan Bank
86. Participatory Notes (PNs) are associated with which investors?
ANS –Foreign Institutional Investments
87. A new private bank is established under which act?
ANS – Companies Act 1956
88. How many countries are represented in International Monetary Fund (IMF)?
ANS - 189
89. In which plan was the objective of self-reliance and zero net foreign aid was
declared?
ANS – Fourth 5-year plan
90. National Rural Development Institute is situated at ?
ANS – Hyderabad
91. Name the oldest insurance company of India?
ANS – Oriental Life Insurance Company
92. On which date a Bank publishes its balance sheet?
ANS – 31st march
93. Excise duty is a tax levied on the ?
ANS – Production of goods
94. Which state stands first in the length of roads in the country?
ANS – Maharashtra
95. Deficit financing means that the government borrows money from the ?
ANS – RBI
96. “Bad money (if not limited in quantity) drives good money out of circulation.” is the
law known as ?
ANS – Gresham's law
97. The "Garibi Hatao" slogan was coined in?
ANS - 1971
98. When was the Reserve Bank of India taken over by the Government?
ANS - 1948
99. Who is considered the guardian of the Public Purse?
ANS – CAG
100. In which year Swarn Jayanti Gram Swarozgar Yojna came into being?
ANS – 1st April 1999
101. The philosophy of 'Laissez-faire' is associated with?
ANS – Industrial States
102. Where in Indian are coins minted?
ANS – Mumbai, Calcutta & Hyderabad
103. In India, in which year was the service tax first introduced?
ANS - 1994
104. National Rural Employment Guarantee Scheme (NREGS) came into force in which
year?
ANS - 2006