Indian Economy MCQs

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The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006.

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In banking terminology, remittance means transfer of fund one place to another. When money transferred from one country to another, this is called Foreign Remittance.

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Liquidity order is M1>M2>M3>M4 i.e. M1 is most liquid and M4 is least liquid.

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The United States and the United Kingdom use two-party systems. These systems limit viable electoral parties to two, often due to plurality voting. In such systems, proportional representation has less impact because most legislative seats are divided between the two main parties. The Second Ballot Act 1906 in the UK led toward two-party dominance. Two-party systems emerged in the United States by the 19th century.

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Wheat is an annual cereal crop mainly cultivated in temperate regions. Wheat is grown in rabi season in India and harvested during March–April. Wheat requires well-drained loamy soil and a cool growing season. India is the second-largest producer of wheat globally. Wheat is not considered a plantation crop, which typically includes tea, rubber, and coffee.

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Andhra Pradesh is the top banana-producing state in India as per recent government data. Andhra Pradesh produced over 5,846 thousand metric tonnes of bananas in 2022-23. Andhra Pradesh adopted high-density plantation and tissue culture for higher yield. The major banana-growing districts include Krishna, Kadapa, and West Godavari. India’s total banana production was over 30 million metric tonnes in 2022-23.

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The Sundarbans mangrove forest is located in West Bengal. It covers approximately 10,000 square kilometers, of which about 4,260 square kilometers are in India. The Indian part of Sundarbans was designated a UNESCO World Heritage Site in 1987. The forest spans the delta of the Ganges, Brahmaputra, and Meghna rivers. The area is known for its unique biodiversity including Royal Bengal Tigers.

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India has the unique distinction of being the only country producing all the five known commercial silks, namely, mulberry, tropical tasar, oak tasar, eri and muga, of which muga with its golden yellow glitter is unique and prerogative of India.

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India produced 41,121 metric tonnes of raw silk in FY25. Mulberry silk accounts for approximately 95% of India’s total silk production. Karnataka produces nearly 45% of the country’s mulberry silk. The other major varieties—Eri, Tasar, and Muga—contribute much smaller shares to overall output.

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Tobacco is introduced by Portuguese in India. Indian tobacco, introduced by the Portuguese in the 17th century, is appreciated worldwide for its rich, full-bodied flavor and smoothness. India has an impressive and progressive profile in the global tobacco industry, and it is an important commercial crop grown here.