Economics Topics
Undergraduate level — Economics
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Microeconomics
Macroeconomics
Indian Economy
Bihar Economy
Budget & Fiscal Policy
quiz Questions
Q91
In which calendar year did India implement the radical 'New Economic Policy' (NEP), introducing the structural paradigms of Liberalisation, Privatisation, and Globalisation (LPG)?
1985
1991
1995
2000
Explanation
Faced with a severe balance of payments crisis, India launched sweeping economic reforms introducing the LPG model under the leadership of Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh in July 1991.
Q92
Which sector currently contributes the highest percentage share to India's Gross Value Added (GVA)?
Primary Sector (Agriculture)
Tertiary Sector (Services)
Secondary Sector (Manufacturing)
Mining and Quarrying
Explanation
The tertiary sector (services sector) is the single largest contributor to the Indian economy, accounting for over 53% of its total Gross Value Added (GVA).
Q93
In which landmark year were 14 major private commercial banks nationalized in India for the first time by the central government?
1955
1969
1980
1992
Explanation
The Government of India passed the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance to nationalize 14 of the country's largest commercial banks on July 19, 1969.
Q94
Which apex financial institution handles the direct refinancing of institutional credit for agriculture and rural development operations in India?
SIDBI
NABARD
IDBI
EXIM Bank
Explanation
NABARD (National Bank for Agriculture and Rural Development) was established in July 1982 under a special act of parliament to serve as the peak regulatory and refinancing body for rural financial lines.
Q95
What is the primary baseline operational goal behind implementing the 'Kisan Credit Card' (KCC) scheme launched in India in 1998?
To offer life insurance coverages to landless laborers
To provide adequate and timely short-term credit support to farmers for cultivation expenses
To automate the direct procurement pricing of grains
To eliminate cash currency usage inside rural cooperative blocks
Explanation
The KCC scheme was introduced to provide farmers with timely, flexible, and simplified credit access to meet their short-term cultivation needs, purchasing seeds, fertilizers, and managing harvest expenses.
Q96
Under the current methodology of the NITI Aayog's National Multidimensional Poverty Index (MPI), how many dimensional parameters are evaluated to map deprivation?
Two dimensions
Three dimensions (Health, Education, Standard of Living)
Five dimensions
Six dimensions
Explanation
The National MPI mirrors the global methodology and evaluates poverty across three equal dimensions: Health, Education, and Standard of Living, which are broken down into 12 core indicators.
Q97
Which committee's comprehensive recommendations led directly to the establishment of Regional Rural Banks (RRBs) in India in 1975?
Chakravarty Committee
M. Narasimham Committee
Urjit Patel Committee
Kelkar Taskforce
Explanation
The Narasimham Working Group on Rural Banks recommended the creation of RRBs in 1975 to form a specialized low-cost financial channel matching rural environments.
Q98
What economic index measures the structural rate of consumer price inflation based on a basket of retail goods and services, used by the RBI as its nominal anchor for inflation targeting?
Wholesale Price Index (WPI)
Consumer Price Index (CPI - Combined)
GDP Deflator
Producer Price Index (PPI)
Explanation
The RBI uses the Consumer Price Index (CPI-Combined) as its primary tool to assess retail inflation and frame monetary policy guidelines.
Q99
The concept of 'Hindu Rate of Growth,' which described the sluggish 3.5% average growth rate of the Indian economy from the 1950s to the 1980s, was coined by which eminent economist?
Dr. Amartya Sen
Professor Raj Krishna
V.K.R.V. Rao
P.C. Mahalanobis
Explanation
Professor Raj Krishna coined the term 'Hindu Rate of Growth' at an annual lecture in the late 1970s to critique the slow expansion of the state-controlled Indian economy.
Q100
In which historical industrial policy resolution of India was the core classification of industries divided into three distinct schedules (Schedules A, B, and C), consolidating the public sector's commanding heights?
Industrial Policy Resolution 1948
Industrial Policy Resolution 1956
Industrial Statement 1977
Industrial Reforms Policy 1991
Explanation
The Industrial Policy Resolution of 1956 formed the economic constitution of India's state-led development models, classifying industries to prioritize public dominance (Schedule A).