Indian Economy – GK Questions and Answers (MCQs)
The Indian Economy is one of the most important subjects in the General Awareness section of competitive exams. From GDP, inflation, and budget to banking systems, government schemes, and economic reforms, this topic helps candidates understand the structure and functioning of India’s financial system.
Whether you're preparing for SSC, UPSC, Banking, Railways, CDS, State PSCs, or other government job exams, questions related to the Indian economy are frequently asked to test your knowledge of key economic concepts, current trends, and policymaking.
To help you stay exam-ready, GKwizard provides a dedicated section of Indian Economy GK MCQs with answers and explanations. This section covers key topics like:
- Basic Concepts: GDP, GNP, Inflation, Deflation, Fiscal & Revenue Deficit
- Planning in India & Five-Year Plans (till replaced)
- Union Budget Highlights and Economic Surveys
- Sectors of Economy – Primary, Secondary, Tertiary
- Tax Structure – Direct and Indirect Taxes, GST
- Banking and Monetary Policy – RBI roles, repo rate, CRR, SLR
- Government Schemes & Subsidies (e.g., PMAY, MNREGA, Ujjwala)
- Poverty, Unemployment & Inclusive Growth
- Public Finance, Expenditure & Deficit Control
- Foreign Trade & Balance of Payments
- FDI, FII and Economic Liberalization
- Make in India, Startup India & Atmanirbhar Bharat
- Current Economic Data, Reports, Indices (like WPI, CPI, HDI, Ease of Doing Business)
Indian Economy Practice MCQ Question and Answer
92
The role of the Planning Commission in India's economic development came to an end with its replacement by:
93
The dominant model of economic development adopted by India from the 1950s to the 1980s is often described as:
94
The initial focus of land reforms in India after independence was on:
95
The impact of the oil shock of 1973 on India's balance of payments was significantly worsened by:
96
The establishment of the Steel Authority of India Limited (SAIL) and Bharat Heavy Electricals Limited (BHEL) are examples of the government's strategy of:
97
The Multiplier Effect, a key concept in Keynesian economics that influenced post-independence Indian planning, suggests that:
98
The primary objective of the Industrial Policy Resolution of 1948 was to:
99
The establishment of the National Bank for Agriculture and Rural Development (NABARD) in 1982 aimed to:
100
The 'License Raj' in India, prevalent before the 1991 reforms, referred to:
101
The primary goal of the 'Operation Flood' program, launched in the 1970s, was to:
102
The establishment of the Planning Commission in 1950 was inspired by the economic planning models of:
103
The focus of the Tenth Five-Year Plan (2002-2007) was on:
104
The concept of 'self-reliance' in India's early economic planning primarily meant:
105
The primary objective of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 was to:
106
The economic reforms of 1991 led to a significant shift in India's approach towards:
107
The main recommendation of the Rajamannar Committee (1969) was related to:
108
The concept of 'rolling plan' was introduced in India during which period?
109
The primary aim of the 'Food for Work' Programme, started in 1977, was to:
110
The establishment of the Export-Import Bank of India (EXIM Bank) in 1982 was primarily to:
111
The primary focus of the Eleventh Five-Year Plan (2007-2012) was on:
112
The economic policies followed by India in the immediate post-independence period were largely influenced by the experience of:
113
The main objective of the 'Lead Bank Scheme', introduced in 1969, was to:
114
The primary focus of the Twelfth Five-Year Plan (2012-2017) was on:
115
The establishment of the Small Industries Development Bank of India (SIDBI) in 1990 aimed to:
116
The 'Second Generation Reforms' initiated in India in the late 1990s and early 2000s primarily focused on:
117
The primary objective of the 'Nationalization of Banks (Second Phase) Act, 1980' was to:
118
The 'Janata Government' (1977-1979) economic policy primarily emphasized:
119
The establishment of the Industrial Credit and Investment Corporation of India (ICICI) in 1955 was primarily to:
120
The 'Look East' policy, initiated in the early 1990s, primarily aimed to:
Benefits of Practicing Indian Economy MCQs
- Frequently asked in UPSC, SSC, Banking, Railways, and State exams
- Helps build strong foundational knowledge of how the Indian economy works
- Useful for interviews, essay writing, and current affairs sections
- Reinforces learning through practice-based revision
- Relevant for economics, commerce, and finance-related roles
Note
Understanding the Indian economy not only helps in exams but also improves your overall awareness as a citizen. With GKwizard’s MCQs, you can revise important concepts, practice exam-style questions, and boost your preparation for any competitive test.