Indian Economy — Basics Quiz

Q1.The Reserve Bank of India was established in:

A. 1930 B. 1935 C. 1947 D. 1949

Q2.Which sector currently contributes the most to India's GDP?

A. Primary (Agriculture) B. Secondary (Industry) C. Tertiary (Services) D. All contribute equally

Q3.₹1 currency notes and coins are issued by:

A. Reserve Bank of India B. State Bank of India C. Ministry of Finance D. SEBI

Q4.NITI Aayog was established in which year, replacing the Planning Commission?

A. 2012 B. 2014 C. 2015 D. 2017

Q5.GST (Goods and Services Tax) was introduced in India on:

A. 1 April 2016 B. 1 July 2017 C. 1 January 2018 D. 1 April 2018

Q6.Repo Rate is the rate at which:

A. Banks lend to customers B. RBI lends to commercial banks C. Government borrows from public D. Banks lend to each other

Q7.The first Five Year Plan of India started in:

A. 1947 B. 1950 C. 1951 D. 1956

Q8.The economic reforms of 1991 (LPG) were introduced when ________ was the Finance Minister.

A. P. Chidambaram B. Pranab Mukherjee C. Dr. Manmohan Singh D. Yashwant Sinha

Q9.Which Indian state consistently has the highest Human Development Index (HDI)?

A. Tamil Nadu B. Kerala C. Goa D. Karnataka

Q10.The GST Council is chaired by:

A. Prime Minister B. RBI Governor C. Union Finance Minister D. Chief Justice of India

Q11.NABARD is associated with:

A. Stock market regulation B. Rural and agriculture credit C. Foreign trade D. Insurance regulation

Q12.What does the 'P' in LPG reforms stand for?

A. Privatisation B. Production C. Participation D. Planning

Q13.Who was the first Indian Governor of the Reserve Bank of India?

A. Sir Osborne Smith B. James Taylor C. C.D. Deshmukh D. H.V.R. Iengar

Q14.SEBI regulates:

A. Banking sector B. Insurance sector C. Stock/securities market D. Telecom sector

Q15.How many Five Year Plans has India had in total?

A. 10 B. 11 C. 12 D. 13