Economics GK & MCQ


Q.1. From which sector does India get the highest National Income ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āĻ¸ā§°ā§āĻŦāĻžāϧāĻŋāĻ• ā§°āĻžāĻˇā§āĻŸā§ā§°ā§€āϝāĻŧ āφāϝāĻŧ āϕ⧋āύ āĻ–āĻŖā§āĻĄā§° āĻĒā§°āĻž āφāĻšā§‡ ?
Ans: Service Sector (āĻ¸ā§‡ā§ąāĻž āĻ–āĻŖā§āĻĄ)
Exp: Service sector contributes the highest share to GDP. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ¸ā§‡ā§ąāĻž āĻ–āĻŖā§āĻĄā§‡ āĻ­āĻžā§°āϤ⧰ GDP-āϤ āĻ¸ā§°ā§āĻŦāĻžāϧāĻŋāĻ• āĻ…ā§ąāĻĻāĻžāύ āφāĻ—āĻŦāĻĸāĻŧāĻžāϝāĻŧāĨ¤


Q.2. When did the Green Revolution start in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āϏ⧇āωāϜ āĻŦāĻŋāĻĒā§āĻ˛ā§ą āϕ⧇āϤāĻŋāϝāĻŧāĻž āφ⧰āĻŽā§āĻ­ āĻšā§ˆāĻ›āĻŋāϞ?
Ans: 1966
Exp: It increased food grain production using HYV seeds. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āωāĻ¨ā§āύāϤ āĻŦā§€āϜ āĻŦā§āĻ¯ā§ąāĻšāĻžā§°ā§‡ āĻ–āĻžāĻĻā§āϝ āĻ‰ā§ŽāĻĒāĻžāĻĻāύ āĻŦ⧃āĻĻā§āϧāĻŋ āϕ⧰āĻŋāĻ›āĻŋāϞāĨ¤


Q.3. Who gave the slogan “Garibi Hatao” in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ “āĻ—ā§°āĻŋāĻŦā§€ āĻšāϟāĻžāĻ“” āύāĻžā§°āĻž āϕ⧋āύ⧇ āĻĻāĻŋāĻ›āĻŋāϞ ?
Ans: Indira Gandhi (1971)
Exp: It focused on poverty eradication. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻāχ āύāĻžā§°āĻžāĻŸā§‹ā§° āϞāĻ•ā§āĻˇā§āϝ āφāĻ›āĻŋāϞ āĻĻāĻžā§°āĻŋāĻĻā§ā§°ā§āϝ āĻĻā§‚ā§° āϕ⧰āĻžāĨ¤


Q.4. When was the Planning Commission established in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āĻĒā§°āĻŋāĻ•āĻ˛ā§āĻĒāύāĻž āφāϝāĻŧā§‹āĻ— āϕ⧇āϤāĻŋāϝāĻŧāĻž āĻ—āĻ āύ āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 1950
Exp: It was formed for planned economic development. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻĒā§°āĻŋāĻ•āĻ˛ā§āĻĒāĻŋāϤ āĻ…ā§°ā§āĻĨāύ⧈āϤāĻŋāĻ• āωāĻ¨ā§āύāϝāĻŧāύ⧰ āĻŦāĻžāĻŦ⧇ āĻ—āĻ āύ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞāĨ¤


Q.5. When was the Reserve Bank of India nationalised ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤ⧀āϝāĻŧ ā§°āĻŋāϜāĻžā§°ā§āĻ­ āĻŦ⧇āĻ‚āĻ• āϕ⧇āϤāĻŋāϝāĻŧāĻž ā§°āĻžāĻˇā§āĻŸā§ā§°ā§€āϝāĻŧāϕ⧰āĻŖ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 1949
Exp: RBI came under government control. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: RBI āϚ⧰āĻ•āĻžā§°ā§° āĻ…āϧ⧀āύāϞ⧈ āφāĻšāĻŋāĻ›āĻŋāϞāĨ¤


Q.6. Where is the headquarters of WTO located ? āĻĒā§ā§°āĻļā§āύ: WTO-ā§° āĻŽā§āĻ–ā§āϝ āĻ•āĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ•’āϤ āĻ…ā§ąāĻ¸ā§āĻĨāĻŋāϤ ?
Ans: Geneva, Switzerland
Exp: World Trade Organization regulates international trade. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: WTO āĻŦāĻŋāĻļā§āĻŦ āĻŦāĻžāĻŖāĻŋāĻœā§āϝ āύāĻŋāϝāĻŧāĻ¨ā§āĻ¤ā§ā§°āĻŖ āϕ⧰⧇āĨ¤


Q.7. Who estimates National Income in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ ā§°āĻžāĻˇā§āĻŸā§ā§°ā§€āϝāĻŧ āφāϝāĻŧ āϕ⧋āύ⧇ āĻ—āĻŖāύāĻž āϕ⧰⧇ ?
Ans: CSO (Central Statistics Office)
Exp: It compiles economic statistics. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ…ā§°ā§āĻĨāύ⧈āϤāĻŋāĻ• āϤāĻĨā§āϝ āϏāĻ‚āĻ—ā§ā§°āĻš āϕ⧰⧇āĨ¤


Q.8. When was NABARD established ? āĻĒā§ā§°āĻļā§āύ: āύāĻžāĻŦāĻžā§°ā§āĻĄ āϕ⧇āϤāĻŋāϝāĻŧāĻž āĻ—āĻ āύ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 1982
Exp: It supports agriculture and rural development. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ•ā§ƒāώāĻŋ āφ⧰⧁ āĻ—ā§ā§°āĻžāĻŽā§āϝ āωāĻ¨ā§āύāϝāĻŧāύ⧰ āĻŦāĻžāĻŦ⧇āĨ¤


Q.9. Which was the first bank in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āĻŦ⧇āĻ‚āĻ• āϕ⧋āύāĻŸā§‹ āφāĻ›āĻŋāϞ ?
Ans: Bank of Hindustan (1770)
Exp: First European bank in India. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ­āĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āχāω⧰⧋āĻĒā§€āϝāĻŧ āĻŦ⧇āĻ‚āĻ•āĨ¤


Q.10. When were 14 major banks nationalised in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ ā§§ā§ĒāϟāĻž āĻĄāĻžāϙ⧰ āĻŦ⧇āĻ‚āĻ• āϕ⧇āϤāĻŋāϝāĻŧāĻž ā§°āĻžāĻˇā§āĻŸā§ā§°ā§€āϝāĻŧāϕ⧰āĻŖ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞ ? 
Ans: 1969
Exp: Banking services expanded nationwide. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻŦ⧇āĻ‚āĻ• āĻ¸ā§‡ā§ąāĻž āĻŦāĻŋāĻ¸ā§āϤ⧃āϤ āĻšā§ˆāĻ›āĻŋāϞāĨ¤


Q.11. When was WTO established ? āĻĒā§ā§°āĻļā§āύ: WTO āϕ⧇āϤāĻŋāϝāĻŧāĻž āĻ—āĻ āύ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 1995
Exp: It replaced GATT. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: GATT-ā§° āĻ āĻžāχāϤ āĻ—āĻ āύ āĻšā§ˆāĻ›āĻŋāϞāĨ¤


Q.12. Where are the headquarters of IMF and World Bank ? āĻĒā§ā§°āĻļā§āύ: IMF āφ⧰⧁ āĻŦāĻŋāĻļā§āĻŦ āĻŦ⧇āĻ‚āϕ⧰ āĻŽā§āĻ–ā§āϝ āĻ•āĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ•’āϤ ?
Ans: Washington D.C., USA
Exp: International Monetary Fund and World Bank provide financial assistance. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻŦāĻŋāĻļā§āĻŦ āĻ…ā§°ā§āĻĨāύ⧀āϤāĻŋāϤ āϏāĻšāĻžāϝāĻŧ āϕ⧰⧇āĨ¤


Q.13. Which policy did India adopt in 1991 ? āĻĒā§ā§°āĻļā§āύ: ⧧⧝⧝⧧ āϚāύāϤ āĻ­āĻžā§°āϤ āϕ⧋āύāĻ–āύ āύ⧀āϤāĻŋ āĻ—ā§ā§°āĻšāĻŖ āϕ⧰āĻŋāĻ›āĻŋāϞ ?
Ans: New Economic Policy (LPG)
Exp: Liberalisation, Privatisation, Globalisation. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ…ā§°ā§āĻĨāύ⧈āϤāĻŋāĻ• āϏāĻ‚āĻ¸ā§āĻ•āĻžā§° āφ⧰āĻŽā§āĻ­ āĻšā§ˆāĻ›āĻŋāϞāĨ¤


Q.14. When was the Agricultural Prices Commission established ? āĻĒā§ā§°āĻļā§āύ: āĻ•ā§ƒāώāĻŋ āĻŽā§‚āĻ˛ā§āϝ āφāϝāĻŧā§‹āĻ— āϕ⧇āϤāĻŋāϝāĻŧāĻž āĻ—āĻ āύ āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 1965
Exp: It recommends MSP for crops. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ•ā§ƒāώāϕ⧰ āĻ¨ā§āϝ⧂āύāϤāĻŽ āϏāĻŽā§°ā§āĻĨāύ āĻŽā§‚āĻ˛ā§āϝ āύāĻŋā§°ā§āϧāĻžā§°āĻŖ āϕ⧰⧇āĨ¤


Q.15. For how many years is the Finance Commission constituted ? āĻĒā§ā§°āĻļā§āύ: āĻŦāĻŋāĻ¤ā§āϤ āφāϝāĻŧā§‹āĻ— āĻ•āĻŋāĻŽāĻžāύ āĻŦāϛ⧰⧰ āĻŦāĻžāĻŦ⧇ āĻ—āĻ āύ āϕ⧰āĻž āĻšāϝāĻŧ ?
Ans: 5 Years
Exp: It decides revenue distribution. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: ā§°āĻžāϜāĻ¸ā§āĻŦ āĻŦāĻŖā§āϟāύ āύāĻŋā§°ā§āϧāĻžā§°āĻŖ āϕ⧰⧇āĨ¤


Q.16. Where is the headquarters of RBI ? āĻĒā§ā§°āĻļā§āύ: RBI-ā§° āĻŽā§āĻ–ā§āϝ āĻ•āĻžā§°ā§āϝāĻžāϞāϝāĻŧ āĻ•’āϤ ?
Ans: Mumbai
Exp: RBI controls monetary policy. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻŽā§āĻĻā§ā§°āĻžāύ⧀āϤāĻŋ āύāĻŋāϝāĻŧāĻ¨ā§āĻ¤ā§ā§°āĻŖ āϕ⧰⧇āĨ¤


Q.17. What is the largest source of Direct Tax in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āĻ¸ā§°ā§āĻŦāĻžāϧāĻŋāĻ• āĻĒā§ā§°āĻ¤ā§āϝāĻ•ā§āώ āϕ⧰ āϕ⧋āύāĻŸā§‹ ?
Ans: Income Tax
Exp: Major revenue source. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āϚ⧰āĻ•āĻžā§°ā§° āĻŽā§āĻ–ā§āϝ āφāϝāĻŧ āĻ‰ā§ŽāϏāĨ¤


Q.18. Who was the Prime Minister during the 1991 economic crisis ? āĻĒā§ā§°āĻļā§āύ: ⧧⧝⧝⧧ āϚāύ⧰ āĻ…ā§°ā§āĻĨāύ⧈āϤāĻŋāĻ• āϏāĻ‚āĻ•āϟāϤ āĻ­āĻžā§°āϤ⧰ āĻĒā§ā§°āϧāĻžāύāĻŽāĻ¨ā§āĻ¤ā§ā§°ā§€ āϕ⧋āύ āφāĻ›āĻŋāϞ ?
Ans: P. V. Narasimha Rao
Exp: Economic reforms were launched. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ…ā§°ā§āĻĨāύ⧈āϤāĻŋāĻ• āϏāĻ‚āĻ¸ā§āĻ•āĻžā§° āφ⧰āĻŽā§āĻ­ āĻšā§ˆāĻ›āĻŋāϞāĨ¤


Q.19. Who publishes the Human Development Index (HDI) ? āĻĒā§ā§°āĻļā§āύ: āĻŽāĻžāĻ¨ā§ą āωāĻ¨ā§āύāϝāĻŧāύ āϏ⧂āϚāĻ• āϕ⧋āύ⧇ āĻĒā§ā§°āĻ•āĻžāĻļ āϕ⧰⧇ ?
Ans: UNDP
Exp: United Nations Development Programme publishes HDI. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻŽāĻžāĻ¨ā§ą āωāĻ¨ā§āύāϝāĻŧāύ āĻĒā§°āĻŋāĻŽāĻžāĻĒ āϕ⧰⧇āĨ¤


Q.20. Which is the second largest employment sector in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āĻĻā§āĻŦāĻŋāϤ⧀āϝāĻŧ āĻ¸ā§°ā§āĻŦāĻžāϧāĻŋāĻ• āϚāĻžāϕ⧰āĻŋ āĻĻāĻŋāϝāĻŧāĻž āĻ–āĻŖā§āĻĄ āϕ⧋āύāĻŸā§‹ ?
Ans: Industrial Sector
Exp: Comes after agriculture. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ•ā§ƒāώāĻŋā§° āĻĒāĻŋāĻ›āϤ⧇āĨ¤


Q.21. Where was the first stock exchange of India established ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤ⧰ āĻĒā§ā§°āĻĨāĻŽ āĻļā§āĻŦ⧇āϝāĻŧāĻžā§° āĻŦāϜāĻžā§° āĻ•’āϤ āĻ¸ā§āĻĨāĻžāĻĒāύ āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: Mumbai (1875)
Exp: Now known as BSE. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻŦā§°ā§āϤāĻŽāĻžāύ BSE āĻŦ⧁āϞāĻŋ āϜāύāĻž āϝāĻžāϝāĻŧāĨ¤


Q.22. Which index is mainly used to measure inflation ? āĻĒā§ā§°āĻļā§āύ: āĻŽā§āĻĻā§ā§°āĻžāĻ¸ā§āĻĢā§€āϤāĻŋ āĻŽāĻžāĻĒāĻŋāĻŦāϞ⧈ āϕ⧋āύ āϏ⧂āϚāĻ• āĻŦā§āĻ¯ā§ąāĻšāĻžā§° āϕ⧰āĻž āĻšāϝāĻŧ ?
Ans: WPI
Exp: Measures wholesale price changes. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻĒāĻžāχāĻ•āĻžā§°ā§€ āĻŽā§‚āĻ˛ā§āϝ āĻĒā§°āĻŋāĻŦā§°ā§āϤāύāĨ¤


Q.23. When was Mudra Bank established ? āĻĒā§ā§°āĻļā§āύ: āĻŽā§āĻĻā§ā§°āĻž āĻŦ⧇āĻ‚āĻ• āϕ⧇āϤāĻŋāϝāĻŧāĻž āĻ—āĻ āύ āϕ⧰āĻž āĻšā§ˆāĻ›āĻŋāϞ ?
Ans: 2015
Exp: Supports small entrepreneurs. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āϏ⧰⧁ āĻŦā§āĻ¯ā§ąāϏāĻžāϝāĻŧā§€āĻ• āϏāĻšāĻžāϝāĻŧ āϕ⧰⧇āĨ¤


Q.24. Who controls monetary policy in India ? āĻĒā§ā§°āĻļā§āύ: āĻ­āĻžā§°āϤāϤ āĻŽā§āĻĻā§ā§°āĻžāύ⧀āϤāĻŋ āϕ⧋āύ⧇ āύāĻŋāϝāĻŧāĻ¨ā§āĻ¤ā§ā§°āĻŖ āϕ⧰⧇ ?
Ans: RBI
Exp: Controls money supply. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āϟāĻ•āĻžā§° āϝ⧋āĻ—āĻžāύ āύāĻŋāϝāĻŧāĻ¨ā§āĻ¤ā§ā§°āĻŖ āϕ⧰⧇āĨ¤


Q.25. What was the main objective of the First Five-Year Plan ? āĻĒā§ā§°āĻļā§āύ: āĻĒā§ā§°āĻĨāĻŽ āĻĒāĻžā§āϚāĻŦāĻžā§°ā§āώāĻŋāĻ• āĻĒā§°āĻŋāĻ•āĻ˛ā§āĻĒāύāĻžā§° āĻŽā§āĻ–ā§āϝ āωāĻĻā§āĻĻ⧇āĻļā§āϝ āĻ•āĻŋ āφāĻ›āĻŋāϞ ?
Ans: Agricultural Development
Exp: Focus on food production and irrigation. āĻŦā§āϝāĻžāĻ–ā§āϝāĻž: āĻ–āĻžāĻĻā§āϝ āĻ‰ā§ŽāĻĒāĻžāĻĻāύ āφ⧰⧁ āϜāϞāϏāĻŋāĻžā§āϚāύāĨ¤