Indian Economy MCQs
Indian Economy Multiple Choice Questions (MCQs) for SSC, State and all One Day Examinations of India. Objective Questions on Indian Economy for competitive examinations.
11. Which of the following is a major shift in the 8th Five-Year Plan from its preceding ones? (UPSC Prelims 1994)
[A] the significant reduction in public sector outlays
[B] the concentration of pubic investment in infra-structural sectors
[C] major investment in agriculture with a view to promote exports
[D] major investment in sectors in which industrial sickness has been a chronic problem
Show Answer
Correct Answer: B [the concentration of pubic investment in infra-structural sectors]
Notes:
The Eighth Plan (1992–97), framed after the 1991 reforms, envisaged a more selective public-sector role with public investment concentrated on infrastructure and areas where private investment was insufficient. It did not simply propose a general reduction of public outlays. The question concerns this historical change in planning emphasis.
12. Where is the Indian Institute of Heritage currently located?
[A] Lucknow
[B] Noida
[C] Gwalior
[D] New Delhi
Show Answer
Correct Answer: B [Noida]
Notes:
The Indian Institute of Heritage is located in Sector 62, Noida, Uttar Pradesh. The institute shifted from the National Museum premises in New Delhi to Noida in 2020. It functions as a Deemed University approved by UGC. The institute offers postgraduate and doctoral courses related to heritage, conservation, museology, and allied fields.
13. Which economist is infamous for the series of economic shocks that rocked America and the world during his tenure as Chairman of the Federal Reserve?
[A] Alan Greenspan
[B] Jerome Powell
[C] Paul Volcker
[D] Roy A. Young
Show Answer
Correct Answer: A [Alan Greenspan]
Notes:
Alan Greenspan served as Chairman of the U.S. Federal Reserve from 1987 to 2006. He is often associated with the monetary policies and market conditions that preceded the 2008 global financial crisis. The original question needed correction only in the spelling of his first name.
14. Which sector gained most in GDP share post-1991 LPG reforms?
[A] Primary sector
[B] Secondary sector
[C] Tertiary sector
[D] Unorganised sector
Show Answer
Correct Answer: C [Tertiary sector]
Notes:
Tertiary sector grew fastest post-1991 LPG reforms, mainly due to IT, software, and services, contributing 54-55% to India’s GDP recently, while primary and secondary sectors’ shares decreased. Growth was fueled by liberalization, globalization, and increased demand for services.
15. Which five year plan gave emphasis on the removal of poverty for the first time?
[A] Fifth
[B] Sixth
[C] Seventh
[D] Eigth
Show Answer
Correct Answer: A [Fifth ]
Notes:
The Fifth Five-Year Plan from (1974-78) laid stress on employment, poverty alleviation (Garibi Hatao), and justice. It is the first time a plan had emphasis on poverty. The plan also focused on self-reliance in agricultural production and defense. In 1978 the newly elected Morarji Desai government rejected the plan.
16. What percentage do seafood exports contribute to India’s total agriculturel and allied exports?
[A] Approximately 10-12%
[B] Approximately 15-18%
[C] Approximately 20-25%
[D] Approximately 30-35%
Show Answer
Correct Answer: B [Approximately 15-18%]
Notes:
India’s seafood exports (valued at USD 7.5 to 8.4 billion in recent fiscal years) account for approximately 14.5% to 16% of the country’s total agricultural and allied exports (valued at USD 51 to 52.5 billion), making Option B (15-18%).
17. Which category of the industries under the Industrial policy of 1956 allowed private along with the Public sector?
[A] Category A
[B] Category B
[C] Category C
[D] Category D
Show Answer
Correct Answer: B [Category B]
Notes:
In the category B of industries, the state i.e the Public sector can establish new units. But the private sector was not denied to set up or expand existing units e.g. chemical industries, fertilizer, synthetic, rubber, aluminum, etc.
18. During which year Sovereign gold bond scheme was launched?
[A] 2016
[B] 2018
[C] 2015
[D] 2017
Show Answer
Correct Answer: C [2015]
Notes:
The Sovereign gold bond scheme was launched by government in consultation with RBI in 2015. It was issued time to time to reduce India’s gold imports.
19. When was Coal India limited established?
[A] 1975
[B] 1980
[C] 1990
[D] 1969
Show Answer
Correct Answer: A [1975]
Notes:
Coal India Limited (CIL) is an Indian state-owned coal mining and refining company headquartered in Kolkata, West Bengal, India. It is the largest coal-producing company in the world and a Maharatna Public sector undertaking. It was established in 1975.
20. What is the current revised deadline for the Pradhan Mantri Awas Yojana-Urban (PMAY-U) mission for completion of sanctioned houses?
[A] The deadline extended to September 30, 2026
[B] Operates under March 31, 2022 deadline
[C] Replaced by a new scheme with 2030 deadline
[D] Urban component discontinued, rural continues
Show Answer
Correct Answer: A [The deadline extended to September 30, 2026]
Notes:
The Pradhan Mantri Awas Yojana-Urban (PMAY-U) was launched in 2015 to support affordable housing in cities. The mission period has been extended for completion of sanctioned and under-construction houses, and the revised deadline is September 30, 2026. The government has also launched PMAY-U 2.0 from September 1, 2024 for urban housing support under a revamped framework. Hence, the correct option is the one stating the September 30, 2026 deadline.
