Indian Economy MCQs

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The money that is lent for more than one day and less than 15 days in the call money market is referred to as “Notice Money”. Term Money refers to Money lent for 15 days or more in the Inter Bank Market.

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The SARFAESI Act allowed the creation of asset reconstruction companies (ARC) and allowed banks to sell their non-performing assets to ARCs.

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In the Union Budget 2026 estimates, income tax is projected as the largest contributor to central tax revenue at 32%. The government expects income tax collections of around ₹13.6 lakh crore for FY26. The share of GST is approximately 27.6%. Customs duty accounts for about 5-6%. Direct taxes overall form 61.2% of gross tax revenue, with income tax being the leading component.

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During the second five-year plan State electricity boards and state secondary education boards were formed. States were made responsible for secondary and higher education. State road transportation corporations were formed, and local road building became a state responsibility.

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Golden Rice is a genetically modified variety developed to biosynthesize beta-carotene, a precursor of vitamin A. It was developed in the late 1990s by Ingo Potrykus and Peter Beyer. Golden Rice was created to address vitamin A deficiency in developing countries. The rice grains contain provitamin A, giving them a golden-yellow color. It is not commercially released in most countries as of 2024.

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In 2022-23, Madhya Pradesh produced approximately 58.51 lakh tonnes of pulses. The state cultivates major pulses like gram, tur, and urad. Madhya Pradesh consistently ranks first in India’s pulses production according to Ministry of Agriculture data. Agriculture employs nearly 70% of the state’s population. The state’s soil and climate favor pulse cultivation.

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Sudan produced approximately 1.37 million tonnes of sesame seeds in 2025. Major sesame producing regions in Sudan include the Nile and Blue Nile areas. Sudan surpassed India and Myanmar in annual sesame seed production. FAO and other global agricultural databases confirm Sudan as the top sesame producing country as of 2025.

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Nashik is located in Maharashtra. Nashik is recognized for having around 52 wineries. It has approximately 1.75 lakh hectares under grape cultivation. Nashik produces about 10 lakh metric tonnes of grapes yearly. Nashik grapes achieved Geographical Indication status. The city exports nearly 55% of India’s grapes, with a significant share of Maharashtra’s wine production centered there.

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Mizoram’s forest cover is 85.34% of its total geographical area as per ISFR 2023. Arunachal Pradesh’s percentage is 79.89, Meghalaya’s is 76.33, and Assam’s is 35.22. Mizoram is the highest among these northeastern states and all Indian states for percentage forest cover after union territory Lakshadweep. The Forest Survey of India conducts assessments biennially.

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The Industrial Policy of 1956 is regarded as the “Economic constitution of India”. It served as the basic framework for 1991 policy.