Introduction:
The Indian Economy is one of the largest and fastest-growing economies in the world. India has a mixed economy that includes Agriculture, Industry, and Services sectors. Since independence in 1947, India has undergone significant economic changes, especially after the Economic Reforms of 1991, which promoted Liberalization, Privatization, and Globalization.
Hare are 120+ Basic Indian Economy GK Question and Answer:
Q.1 In which year Reserve Bank of India (RBI) was nationalized?
Answer: 1st January, 1949
Q.2 When was the Reserve Bank of India established?
Answer: 1st April, 1935
Q.3 Who was the first Governor of RBI?
Answer: Osborne Smith
Q.4 Who is known as the ‘Father of Indian Economics’?
Answer: Dadabhai Naoroji
Q.5 What is the currency of India?
Answer: Indian Rupee
Q.6 What is the symbol of Indian Rupee?
Answer: ₹
Q.7 Which institution prints currency notes in India?
Answer: Reserve Bank of India
Q.8 Which note is printed by the Government of India?
Answer: One Rupee note
Q.9 What type of economy is India have?
Answer: Mixed Economy
Q.10 Which sector contributes the maximum to India’s GDP?
Answer: Service Sector
Q.11 What is the full form of GDP?
Answer: Gross Domestic Product
Q.12 What does GNP stand for?
Answer: Gross National Product
Q.13 What is per capita income?
Answer: Average income of a person
Q.14 Who calculates National Income in India?
Answer: National Statistical Office (NSO)
Q.15 What is fiscal deficit?
Answer: Excess of expenditure over income
Q.16 What is budget?
Answer: Annual financial statement of government
Q.17 Who presents the Union Budget in India?
Answer: Finance Minister of India
Q.18 When is the Union Budget presented?
Answer: 1st February
Q.19 When was ‘Atmanirbhar Bharat’ launched?
Answer: 12th May, 2020
Q.20 What is capital expenditure?
Answer: Money spent by business or organization for acquiring assets.
Q.21 What is direct tax?
Answer: Tax paid directly to Government
Q.22 Give an example of direct tax?
Answer: Income Tax
Q.23 What is indirect tax?
Answer: Tax collected indirectly by the Government
Q.24 Give an example of indirect tax?
Answer: GST
Q.25 What does GST stand for?
Answer: Goods and Services Tax
Q.26 When was GST implemented in India?
Answer: 1st July, 2017
Q.27 What is inflation?
Answer: Rise in the price of goods
Q.28 What is deflation?
Answer: Decrease the price of goods
Q.29 Which index measures inflation in India?
Answer: Consumer Price Index (CPI)
Q.30 What is repo rate?
Answer: Rate at which RBI lends funds to banks
Q.31 What is reverse repo rate?
Answer: Rate at which RBI borrows money from banks
Q.32 What is CRR?
Answer: Cash Reserve Ratio
Q.33 What is SLR?
Answer: Statutory Liquidity Ratio
Q.34 What is bank rate?
Answer: Long-term lending rate of RBI
Q.35 Which is the apex bank of India?
Answer: Reserve Bank of India (RBI)
Q.36 What is NABARD?
Answer: National Bank for Agriculture and Rural Development
Q.37 When was NABARD established?
Answer: 12th July, 1982
Q.38 What is SIDBI?
Answer: Small Industries Development Bank of India
Q.39 What is SEBI?
Answer: Securities and Exchange Board of India
Q.40 What is the main function of SEBI?
Answer: Regulate capital market in India
Q.41 What is stock exchange?
Answer: Market for buying and selling shares and other financial instruments.
Q.42 Which is the oldest stock exchange in India?
Answer: Bombay Stock Exchange
Q.43 When was Bombay Stock Exchange (BSE) established?
Answer: 9th July, 1875
Q.44 What does NSE stand for?
Answer: National Stock Exchange
Q.45 When was NSE established?
Answer: 1992
Q.46 What is share?
Answer: Unit of company’s ownership.
For example: ABC company has 100 Shares, if you purchase 1 share of ABC company the you became the shareholder of that company.
Q.47 What is dividend?
Answer: Profit of company distributed to shareholders
Q.48 What is primary sector?
Answer: Sector related to natural resources. Example: Agriculture, Fishing etc.
Q.49 What is secondary sector?
Answer: Manufacturing sector. Example: Textile Industries
Q.50 What is tertiary sector?
Answer: Service sector. Example: Banking Sector
Q.51 What is liberalization?
Answer: Reduction of government regulations, control and restrictions over economic activities is known as liberalization
Q.52 What is privatization?
Answer: Transfer of ownership from government to private sector
Q.53 What is globalization?
Answer: Integration with world economy
Q.54 When were economic reforms introduced in India?
Answer: July, 1991
Q.55 Who introduced economic reforms in India?
Answer: P.V. Narasimha Rao
Q.56 Who was Finance Minister during 1991 reforms?
Answer: Dr. Manmohan Singh
Q.57 What is poverty line?
Answer: Minimum level of income for basic needs like Food, Shelter, and Cloths
Q.58 What is unemployment?
Answer: Lack of employment
Q.59 What is disguised unemployment?
Answer: When there are more workers than required.
Q.60 What is seasonal unemployment?
Answer: Employment available only in seasons. Example: Agriculture, Tourism etc.
Q.61 What is planning commission?
Answer: Economic planning body
Q.62 When was Planning Commission established in India?
Answer: 1950
Q.63 What replaced Planning Commission?
Answer: NITI Aayog
Q.64 When was NITI Aayog formed?
Answer: 1st January, 2015
Q.65 What does NITI stand for?
Answer: National Institution for Transforming India
Q.66 What is Five Year Plan?
Answer: Economic development plan
Q.67 How many Five-Year Plans were launched in India?
Answer: 12 Five Year Plan
Q.68 When was the first Five Year Plan launched?
Answer: 1951–1956
Q.69 Who was the first Chairman of Planning Commission?
Answer: Jawaharlal Nehru
Q.70 What is agricultural income?
Answer: Income from farming activities
Q.71 What is Green Revolution?
Answer: Increase in food grain production
Q.72 Who is known as the ‘Father of Green Revolution’ in India?
Answer: M.S. Swaminathan
Q.73 What is White Revolution?
Answer: Increase in milk production
Q.74 Who is known as the ‘Father of White Revolution’ in India?
Answer: Verghese Kurien
Q.75 What is Blue Revolution?
Answer: Increase in fish production
Q.76 What is industrialization?
Answer: Growth of industries
Q.77 What is MSME?
Answer: Micro, Small and Medium Enterprises
Q.78 What is ‘Make in India’?
Answer: Manufacturing promotion initiative
Q.79 When was Make in India launched?
Answer: 25th September, 2014
Q.80 What is Startup India?
Answer: Startup promotion scheme
Q.81 What is Digital India?
Answer: Digital empowerment program
Q.82 What is FDI?
Answer: Foreign Direct Investment
Q.83 What is FII?
Answer: Foreign Institutional Investment
Q.84 What is balance of trade?
Answer: Difference between exports and imports of goods
Q.85 What is export?
Answer: Selling goods to another country
Q.86 What is import?
Answer: Purchasing goods from other country
Q.87 What is trade deficit?
Answer: When Imports exceed exports
Q.88 What is surplus?
Answer: Exports exceed imports
Q.89 What is HDI?
Answer: Human Development Index
Q.90 What is Forex Reserve?
Answer: Foreign currency assets
Q.91 What is pension?
Answer: Post-retirement income
Q.92 What is cooperative bank?
Answer: Bank which is owned and manage by members
Q.93 What is public sector bank?
Answer: Government-owned bank
Q.94 Which is the largest public sector bank of India?
Answer: State Bank of India (SBI)
Q.95 When was State Bank of India (SBI) established?
Answer: 1st July, 1955
Q.96 Who control inflation rate in India?
Answer: Reserve Bank of India (RBI)
Q.97 What is Jan Dhan Yojana?
Answer: Financial inclusion scheme
Q.98 When was Jan Dhan Yojana launched?
Answer: 28th August, 2014
Q.99 What is insurance?
Answer: Insurance means protection from financial loss.
Q.100 What is Life Insurance Corporation?
Answer: Government insurance company
Q.101 When was LIC nationalized?
Answer: 1st September, 1956
Q.102 What is mutual fund?
Answer: Mutual fund is a financial institution that pools the funds from investor and invest them in different financial instruments, which generate returns and the same is distributed to Mutual Funds holders.
Q.103 What is capital market?
Answer: Capital market is a market for long-term funds
Q.104 What is money market?
Answer: Money market is a market for short-term funds
Q.105 What is black money?
Answer: The money at which tax is not paid to the government is known as black money.
Q.106 What is demonetization?
Answer: Withdrawal of currency notes
Q.107 When was demonetization done in India?
Answer: 8th November, 2016
Q.108 What is subsidy?
Answer: Financial assistance or benefits given by government
Q.109 What is ‘Minimum Support Price’?
Answer: Minimum price for crops
Q.110 What is PDS?
Answer: Public Distribution System
Q.111 What is Ration card?
Answer: Food entitlement document issued by Indian government.
Q.112 What is economic growth?
Answer: Increase in GDP
Q.113 What is sustainable development?
Answer: Growth without harming future
Q.114 What is IMPS?
Answer: Immediate Payment Service
Q.115 What is taxation?
Answer: Government revenue system
Q.116 What is customs duty?
Answer: Tax on imports of goods
Q.117 What is excise duty?
Answer: Tax on production, manufacture or sale of goods within country.
Q.118 What is corporate tax?
Answer: Tax on company profits
Q.119 What is service tax replaced by?
Answer: GST
Q.120 What is UPI?
Answer: Unified Payments Interface
Q.121 What is NEFT?
Answer: National Electronic Funds Transfer
Q.122 What is RTGS?
Answer: Real Time Gross Settlement
Q.123 Micro Economics is also known as?
Answer: Price Theory
Q.124 Goods which are consumed together are called?
Answer: Complementary goods
Q.125 Economic problem arises mainly due to?
Answer: Scarcity of resources
Conclusion:
The Indian economy has shown remarkable strength and progress over the years. From an agriculture-dominated structure, it has transformed into a diversified economy with strong industrial and service sectors. Economic reforms, technological advancement, and globalization have strengthened growth and global integration.
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