Indian Economy MCQs

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The Planning Commission was set up by a Cabinet Resolution of the Government of India in March 1950. Jawaharlal Nehru was the first Chairman of the Planning Commission. It had the responsibility to formulate plans to utilize the available resources.

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Sikkim produces about 80% of India’s large cardamom. It is grown mainly in the Himalayan region of Sikkim due to the favorable climate and altitude. Sikkim’s production reached approximately 5.591 thousand tonnes in 2025. The government initiative “Mero Alaichi, Mero Dhan” supports cardamom cultivation in Sikkim. Assam, Gujarat, and Kerala do not match Sikkim’s output in this crop.

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Gini coefficient represents the income distribution of a country’s residents. It was developed by the Italian statistician and sociologist Corrado Gini. It measures the inequality. The coefficient ranges from zero to one, with zero representing perfect equality and one showing perfect inequality. The higher is the Gini Coefficient, more is gap between rich and poor in a country. If the value of Gini Coefficient is 1, it implies that all wealth of that country belongs to one person and everybody else is poor. The 0 value of Gini Coefficient implies that all people have exactly equal wealth. Practically, the Gini Coefficient value falls between 0 and 1 for all the countries.

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Bank notes are defined as negotiable instruments under the Reserve Bank of India Act, 1934. They are payable to bearer on demand and transferable by delivery. Bank notes circulate as legal tender in India and other countries. Negotiable Instruments Act, 1881 governs negotiable instruments in India, specifically mentioning promissory notes, bills of exchange, and cheques.

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In 2024, India was the second-largest steel producer after China. India produced around 149.4 to 149.6 million tonnes of crude steel. China produced 1,005.1 million tonnes, and Japan ranked third with 84 million tonnes. Major Indian companies include Tata Steel, JSW Steel Limited, and SAIL. India plans to expand steel production capacity to 300 million tonnes by 2030 and 500 million tonnes by 2047.

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Pure public goods are goods or services that are both non-excludable and non-rivalrous in consumption. Non-excludable means that it is impossible to prevent anyone from using the good or service, once it is provided. Non-rivalrous means that one person’s use of the good or service does not diminish its availability to others. Examples of pure public goods include national defense, clean air, and knowledge. Because pure public goods are both non-excludable and non-rivalrous, they are often provided by the government, since it is difficult for private businesses to exclude people from using them or to charge them for their use.

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The Commission for Agricultural Costs and Prices (CACP) was established in January 1965 as the Agricultural Prices Commission and renamed CACP in 1985. CACP functions as an attached office under the Ministry of Agriculture and Farmers Welfare. CACP annually recommends MSPs for 22-23 crops to the government. Its recommendations consider factors such as production costs, market prices, and inter-crop price parity.

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Short Term Funds – Indian Money Market,
Medium and Long Term Funds- Indian Capital Market

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In 2026, oil production and hydrocarbon exports remain the main growth drivers for the MENA region, especially within GCC states. Despite efforts toward economic diversification in areas like AI and tourism, hydrocarbons still overwhelmingly contribute to real GDP growth and export revenues in the region.

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Vertical farming uses multi-storey buildings to grow crops in urban environments. The method utilizes hydroponics or aeroponics. This allows for agriculture independent from soil and weather conditions. The technique optimizes space and supports year-round production. Commercial vertical farms have been established in countries such as Japan, Singapore, and the United States since the early 2000s.