What is the primary characteristic of the gig economy? A) Long-term employment B) Freelance work or short-term contracts C) Fixed salaries D) Government employment Answer: B) Freelance work or short-term contracts Which of the following is considered a major benefit…
Introduction Agricultural subsidies in India have long been a pivotal part of the government’s strategy to support the agrarian economy, which forms the backbone of the country. With over half of India's population relying on agriculture for their livelihood, the…
Which of the following is the primary purpose of agricultural subsidies in India? A) To promote imports B) To ensure food security C) To reduce export competitiveness D) To encourage urbanization Answer: B) To ensure food security What percentage of…
Introduction In the realm of economic development, cooperative societies have emerged as vital players in India, particularly in the context of rural and agricultural sectors. These organizations have fostered collective effort, empowering individuals by pooling resources for mutual benefit. This…
What is the primary objective of cooperative societies in India? A) Profit maximization B) Individual gain C) Promotion of collective welfare D) Expansion of private enterprises Answer: C) Promotion of collective welfare Which of the following acts governs the formation…
Introduction Public debt is an integral aspect of a nation’s economy, often reflecting its fiscal policies, economic health, and growth trajectory. In India, the public debt has reached alarming levels, raising concerns about sustainability, economic stability, and future growth prospects.…
What is public debt? A) Debt incurred by private individuals B) Debt incurred by the government C) Debt incurred by corporations D) Debt incurred by foreign nations Answer: B) Debt incurred by the government Which of the following is a…
Introduction The Indian economy, characterized by its diversity and dynamism, has witnessed remarkable transformations over the past few decades. Among the various sectors that contribute to this transformation, the service sector stands out as a pivotal driver of economic growth.…
What percentage of India's GDP was contributed by the service sector in 2021-2022? A) 45% B) 55% C) 60% D) 70% Answer: C) 60% Which of the following is the largest segment of the service sector in India? A) Financial…
Introduction Foreign exchange reserves play a crucial role in the financial stability and economic growth of a nation. They are assets held in foreign currencies and serve as a buffer against economic shocks, currency fluctuations, and external pressures. For India,…
What are foreign exchange reserves? A) Gold reserves held by the government B) Foreign currency deposits held by a country's central bank C) Bonds issued by foreign governments D) None of the above Answer: B) Foreign currency deposits held by…
What does FDI stand for? a) Foreign Direct Investment b) Foreign Development Investment c) Free Direct Investment d) None of the above Answer: a) Foreign Direct Investment Which year marked a significant liberalization of FDI policies in India? a) 1991…
Introduction Infrastructure development is the backbone of any economy, acting as a catalyst for economic growth and development. In India, a country characterized by its vast geography, diverse population, and varying levels of economic development, infrastructure plays a crucial role…
What is the primary purpose of infrastructure development in India? A) Enhancing tourism B) Economic growth and development C) Reducing population density D) Urban planning Answer: B) Economic growth and development Which of the following sectors is primarily responsible for…
Introduction Inclusive growth is a developmental approach that aims to ensure that the benefits of economic growth are distributed equitably across society. In India, a nation characterized by stark socio-economic disparities, the concept of inclusive growth has become a critical…
What is meant by 'inclusive growth'? A) Growth that benefits only a specific group B) Growth that includes all sections of society C) Economic growth with no regard for social aspects D) Growth driven solely by urban development Answer: B)…
Introduction The Indian economy, one of the largest and fastest-growing economies in the world, has undergone significant transformations since its independence in 1947. The balance between the public and private sectors has been a central theme in this evolution, shaping…
Which of the following sectors is primarily owned and operated by the government in India? A) Private Sector B) Public Sector C) Cooperative Sector D) None of the above Answer: B) Public Sector What is the primary objective of the…
Introduction In July 2017, India embarked on a transformative journey by implementing the Goods and Services Tax (GST), a landmark reform aimed at simplifying the taxation landscape of the country. Dubbed as "One Nation, One Tax," GST was designed to…
What does GST stand for? a) General Sales Tax b) Goods and Services Tax c) Global Sales Tax d) Goods and Services Transaction Answer: b) Goods and Services Tax When was GST implemented in India? a) July 1, 2016 b)…
Introduction Demonetization, as announced on November 8, 2016, was one of the most significant and controversial economic policy decisions in independent India. Prime Minister Narendra Modi declared that ₹500 and ₹1000 notes, which constituted 86% of the currency in circulation,…