Indian Economy Questions with Answers

1. The number of products reserved for small scale industry till October 2008 is—

(A) 35

(B) 21

(C) 81

(D) 106

Ans : (B)

2. From 2nd November, 2010, the Repo Rate has been fixed at—

(A) 3•5%

(B) 5•5%

(C) 4•5%

(D) 6•25%

Ans : (D)

3. The target company of making ‘Cell phone’ in the world is—

(A) Samsung

(B) Panasonic

(C) Nokia

(D) Motorola

Ans : (C)

4. For 2010-11, the CSO has predicted India’s GDP growth at—

(A) below 7%

(B) 8•6%

(C) 8•5%

(D) 9•5%

Ans : (B)

5. Which Indian city has the highest population?

(A) Kolkata

(B) New Delhi

(C) Chennai

(D) Mumbai

Ans : (D)

6. National Sample Survey Organisation (NSSO) was established in—

(A) 1950

(B) 1951

(C) 1952

(D) 1947

Ans : (A)

7. Which of the following Indian company has been listed at the top in Forbes-2000 list ?

(A) RIL

(B) ONGC

(C) IOL

(D) NTPC

Ans : (A)

8. Which state stands first in the length of roads in the country ?

(A) U. P.

(B) M. P.

(C) Maharashtra

(D) Rajasthan

Ans : (C)

9. On November 2, 2010 the Reserve Bank of India has fixed Reverse Repo Rate at—

(A) 6•25%

(B) 4•25%

(C) 5•0%

(D) 5•25%

Ans : (D)

10. Total receipts from service tax during 2011-12 has been estimated at—

(A) Rs. 58000 crore

(B) Rs. 82000 crore

(C) Rs. 78000 crore

(D) Rs. 88000 crore

Ans : (B)

11. From November 7, 2009, the SLR has been fixed at—

(A) 24%

(B) 26%

(C) 25•5%

(D) 25%

Ans : (D)

12. What minimum support price (per quintal) for the rabi 2010-11. Wheat to be marketed during 2011-12 marketing season has been fixed by the Government ?

(A) Rs. 1080

(B) Rs. 1100

(C) Rs. 1120

(D) Rs. 1180

Ans : (C)

13. On 14 January, 2011 the amount of foreign exchange reserves with RBI was—

(A) $ 183 billion

(B) $ 213 billion

(C) $ 233 billion

(D) $ 268 billion

Ans : (D)

14. Three nationalised public sector banks have joined hands with India Infrastructure Finance Co. Ltd. (IIFCL) for funding large infrastructure funds. The bank not including in this race is—

(A) Canara Bank

(B) Punjab National Bank

(C) Syndicate Bank

(D) Vijaya Bank

Ans : (B)

15. When was Focus Market Scheme introduced ?

(A) 2003-04

(B) 2004-05

(C) 2005-06

(D) 2006-07

Ans : (D)

16. The government has purchased the Reserve Bank of India’s ……… per cent stake in the country’s largest bank, the State Bank of India.

(A) 56•73

(B) 59•73

(C) 61•27

(D) 69•73

Ans : (B)

17. CENVAT is associated with—

(A) Direct Tax

(B) Income Tax

(C) Indirect Tax

(D) Service Tax

Ans : (C)

18. Which of the following occupied the highest place in growth rate during the 10th Plan period 2002-2007 ?

(A) Agricultural Sector

(B) Service Sector

(C) Industrial Sector

(D) Mining

Ans : (B)

19. As per the latest estimates of Petroleum Ministry. India’s refining capacity will be increased to …… million tonne per annum by the end of coming 11th plan, i.e., 2011-12.

(A) 210

(B) 220

(C) 230

(D) 240

Ans : (D)

20. Which one has become the 8th member of SAARC ?

(A) China

(B) Afghanistan

(C) Mauritius

(D) Myanmar

Ans : (B)

21. Agriculture sector registered 1•6% growth in 2008-09 and it is estimated for year 2010-11 at—

(A) 4•00%

(B) 4•30%

(C) 5•4%

(D) 3•61%

Ans : (C)

22. After merger, Tata-Corus has become the …… largest steel producer in the World.

(A) 3rd

(B) 4th

(C) 5th

(D) 6th

Ans : (C)

23. Nirmal Bharat Abhiyan Yojana is associated with—

(A) The development of Bihar

(B) Community toilets in slum areas

(C) Construction of houses for low income groups

(D) None of the above

Ans : (B)

24. The estimated World Gross Product for 2010 as declared by the recent report of UNO is—

(A) US $ 95•1 Trillion

(B) US $ 62•22 Trillion

(C) US $ 112•0 Trillion

(D) US $ 118•2 Trillion

Ans : (B)

25. “Pure Banking, Nothing Else” is a slogan raised by—

(A) ICICI Bank

(B) HDFC Bank

(C) SBI

(D) UTI Bank

Ans : (C)

26. “Smart Money” is a term used for—

(A) Internet Banking

(B) Credit Card

(C) Cash with Bank

(D) Cash with Public

Ans : (B)

27. Which one of the following stands at first rank in the list of top 10 steel producers in the world ?

(A) Nippon Steels

(B) Tata-Corus

(C) Arcelor-Mittal

(D) Bao Steel

Ans : (C)

28. Which of the following country has decided not to print its king’s photo on national currency ?

(A) Nepal

(B) Japan

(C) Denmark

(D) None of the above

Ans : (A)

29. The rate of Gross Domestic Savings for the 11th Plan as percentage of GDP is fixed at—

(A) 36•7%

(B) 34•8%

(C) 35•8%

(D) 33•8%

Ans : (B)

30. Who is the present (Nobember 2010) Director of Central Bureau Investigation ?

(A) Jyoti Krishna Dutt

(B) Kiran Mazumdar

(C) Amar Pratap Singh

(D) Arun Balkrishnan

Ans : (C)

31. Oil Refinery at Bhatinda is being established by—

(A) IOC

(B) HPCL

(C) Reliance

(D) BPCL

Ans : (B)

32. The maximum limit of Foreign Direct Investment (FDI) in public sector banking is—

(A) 51%

(B) 50%

(C) 33%

(D) 49%

Ans : (D)

33. Which of the following plan is meant for constructing houses for rural people ?

(A) Indra Avas Yojana

(B) Ambedkar Avas Yojana

(C) PURA

(D) None of the above

Ans : (A)

34. Recently foundation stone of a new rail coach making factory has been laid at—

(A) Saharsa

(B) Rae Bareli

(C) Amethi

(D) Amritsar

Ans : (B)

35. As per the declaration made in Railway Budget 2011-12, how many new Duranto Trains are to be introduced in 2011-12 ?

(A) 15

(B) 12

(C) 11

(D) 9

Ans : (D)

36. As per quick estimate for 2009-010 what is the gross domestic savings (GDS) at market price?

(A) 30•5% of GDP

(B) 33•7% of GDP

(C) 35•5% of GDP

(D) 37•5% of GDP

Ans : (B)

37. Per capita income at factor cost at constant prices (2004-05) for 2009-10 (Revised Estimates) stands at—

(A) Rs. 22580

(B) Rs. 24295

(C) Rs. 38084

(D) Rs. 33731

Ans : (D)

38. As per the latest data released by CSO, what share Indian Agriculture accounts in country’s GDP during 2009-10 ?

(A) 17•1%

(B) 17•6%

(C) 14•1%

(D) 26•6%

Ans : (C)

39. For 11th plan period 2007–2012 savings rate has been targeted at—

(A) 30.8%

(B) 31.6%

(C) 34.8%

(D) 33.6%

Ans : (C)

40. According to Small and Medium Enterprise Development Act, the maximum limit for medium enterprise is—

(A) Rs. 25 lakhs

(B) Rs. 1 crore

(C) Rs. 5 crore

(D) Rs. 10 crore

Ans : (D)

41. Recently, Ministry of Human Resource Development developed a new index termed as ‘Educational Development Index’ (EDI) related to primary and upper primary education.

The state at the top of this index is—

(A) Delhi

(B) Kerala

(C) Tamil Nadu

(D) Andhra Pradesh

Ans : (B)

42. India’s mobile market has been ranked at the……largest market of the world.

(A) Second

(B) Third

(C) Fourth

(D) Fifth

Ans : (B)

43. In 2010-11, contribution of service sector in country’s GDP is estimated at about—

(A) 48•6%

(B) 50•6%

(C) 57•3%

(D) 52•6%

Ans : (C)

44. Hutch-Essar has recently been acquired by—

(A) Bharti Airtel

(B) Vodafone

(C) Reliance

(D) Tata Mobile

Ans : (B)

45. In 2010-11 budget, the allocation for National Ganga River Basin Authority has been—

(A) Rs. 100 crore

(B) Rs. 200 crore

(C) Rs. 400 crore

(D) Rs. 500 crore

Ans : (D)

46. The tax-GDP ratio in 2010-11 is estimated at—

(A) 10•12%

(B) 10•38%

(C) 12•3%

(D) 11•98%

Ans : (B)

47. In 2011-12, the maximum limit of custom duty is proposed as—

(A) 11%

(B) 10%

(C) 9%

(D) 8%

Ans : (B)

48. In Human Development Report 2010, India has HDI ranking at—

(A) 126th

(B) 119th

(C) 127th

(D) 129th

Ans : (B)

49. As per the latest available data, in September 2010, India’s total external debt stood at—

(A) $ 122•610 billion

(B) $ 192•610 billion

(C) $ 295•8 billion

(D) $ 233•610 billion

Ans : (C)

50. In New Direct Tax Code for senior citizens, income tax exemption slab has been raised to—

(A) Rs. 2•00 lakh

(B) Rs. 2•00 lakh

(C) Rs. 2•50 lakh

(D) Rs. 3•00 lakh

Ans : (C)

51. Now the latest CRR as declared by RBI w.e.f. April 24, 2010 is—

(A) 6•0%

(B) 5•5%

(C) 5•75%

(D) 6•5%

Ans : (A)

52. As per revised estimates for 2010-11 released by CSO, the growth rate for Indian economy has been estimated to be—

(A) 9•5%

(B) 8•6%

(C) 9•8%

(D) 6•7%

Ans : (B)

53. US-based “Novelis” has recently been acquired by—

(A) Tata Group

(B) Birla Group

(C) Reliance Group

(D) Jointly by Tata and Birla Group

Ans : (B)

54. When was RBI nationalised ?

(A) 1st April, 1935

(B) 1st January, 1949

(C) 1st January, 1935

(D) 1st July, 1969

Ans : (B)

55. According to the latest data published in World Trade Statistics of WTO. India’s share in world trade of goods and services in 2006 was—

(A) 1•0%

(B) 1•1%

(C) 1•2%

(D) 1•5%

Ans : (C)

56. As per quick estimates for the year 2010-11, Indian economy’s GDP at factor cost (at current prices) stood at—

(A) Rs. 3790063 crore

(B) Rs. 4713000 crore

(C) Rs. 4879232 crore

(D) Rs. 6426277 crore

Ans : (C)

57. What is the theme of World Development Report 2010 ?

(A) Poverty and Next Generation

(B) The Real Wealth of Nations : Path Ways to Human Development

(C) Incidence of Rural Poverty

(D) Development and the Next Generation

Ans : (B)

58. How many banks are there in public sector at present ?

(A) 28

(B) 27

(C) 19

(D) 20

Ans : (B)

59. What is the national minimum wage rate fixed under minimum wage legislation on November 2009 ?

(A) Rs. 56

(B) Rs. 60

(C) Rs. 100

(D) Rs. 76

Ans : (C)

60. For attaining 9% growth rate during 11th plan, investment level has been estimated to be—

(A) 31•4% of GDP

(B) 34•8% of GDP

(C) 38•7% of GDP

(D) 36•7% of GDP

Ans : (D)

61. Indian Rupee has got its symbol as This symbol has been designed by—

(A) D. Kumar Raju

(B) Udai D. Raj

(C) D. Udai Kumar

(D) D. Udai Reddy

Ans : (C)

62. Primary gold is a gold of—

(A) 20 carat

(B) 22 carat

(C) 23 carat

(D) 24 carat

Ans : (D)

63. First share market in India was established in—

(A) Delhi

(B) Kolkata

(C) Chennai

(D) Mumbai

Ans : (D)

64. ‘Aam Admi Bima Yojana’ is an insurance scheme for rural landless households executed by the nodal agency—

(A) National Insurance Co.

(B) State Government

(C) LIC

(D) Central Government

Ans : (B)

65. Revenue Deficit as a per cent of GDP in Budget 2011-12 has been estimated at—

(A) 4•2%

(B) 6•8%

(C) 6•0%

(D) 4•6%

Ans : (D)

66. GST would be introduced from—

(A) January 1, 2012

(B) August 1, 2011

(C) April 1, 2012

(D) August 15, 2011

Ans : (C)

67. The rate of Minimum Alternate Tax (MAT) proposed in the budget 2011-12 is—

(A) 15%

(B) 18•5%

(C) 20%

(D) 22%

Ans : (B)

68. Which of the following is not a financial regulator ?

(A) IRDA

(B) AMFI

(C) PFRDA

(D) SEBI

Ans : (B)

69. Inflation in India is measured on which of the following indexes/indicators ?

(A) Cost of Living Index

(B) Consumer Price Index

(C) Wholesale Price Index

(D) Gross Domestic Product

Ans : (C)

70. As per 13th Finance Commission Recommendations during 2010-15, transfers to the states from the central tax pool are expected to be—

(A) Rs. 44000 crore

(B) Rs. 164832 crore

(C) Rs. 318581 crore

(D) Rs. 107552 crore

Ans : (C)

71. From which of the following taxes, the Central Government will get the maximum revenue in 2011-12 ?

(A) Custom Duties

(B) Income Tax

(C) Excise Duties

(D) Corporation Tax

Ans : (D)

72. How many economists shared Nobel Prize in Economics for the year 2010 ?

(A) 01

(B) 02

(C) 03

(D) 04

Ans : (C)

73. The target for exports in 2013-14 has been fixed at—

(A) $ 300 billion

(B) $ 275 billion

(C) $ 250 billion

(D) $ 450 billion

Ans : (D)

74. Global Hunger Index released by IFPRI in October 2010 places India at—

(A) 58th rank

(B) 64th rank

(C) 67th rank

(D) 74th rank

Ans : (C)

75. When was the first EPZ set-up in Kandla ?

(A) 1965

(B) 1970

(C) 1975

(D) 1995

Ans : (A)

76. For rural development allocation Union Budget 2011-12 is—

(A) Rs. 16,000 crore

(B) Rs. 46,000 crore

(C) Rs. 56,000 crore

(D) Rs. 87,800 crore

Ans : (D)

77. What is true for the service tax in Union Budget 2011-12 ?

(A) It is raised from 10 to 12%

(B) It is left unchanged at 11%

(C) It is left unchanged at 10%

(D) It is reduced from 14% to 12%

Ans : (C)

78. Which part of Indian rupee has been allotted in public expenditure for repaying interest on loans in 2011-12 budget proposals ?

(A) 18 Paise

(B) 21 Paise

(C) 22 Paise

(D) 23 Paise

Ans : (A)

79. In Forbes-2000 list of the year 2010 how many Indian companies got the place ?

(A) 16

(B) 56

(C) 37

(D) 27

Ans : (B)

80. As per the latest data available (for the year 2009). Infant Mortality Rate (per thousand live births) in India is—

(A) 72

(B) 68

(C) 60

(D) 50

Ans : (D)