1. Which Five-Year Plan was called the “People’s Plan” and focused mainly on agriculture and irrigation development?
A) First Plan
B) Second Plan
C) Third Plan
D) Fifth Plan
Answer: A) First Plan
2. The Planning Commission of India was replaced by which institution in January 2015 to guide economic policy?
A) NITI Aayog
B) Finance Commission
C) RBI
D) SEBI
Answer: A) NITI Aayog
3. Which year is known as the “Year of Great Economic Crisis” in India due to the balance of payments?
A) 1990
B) 1991
C) 1992
D) 1993
Answer: B) 1991
4. The Reserve Bank of India (RBI) was established in which year under the RBI Act of 1934?
A) 1935
B) 1947
C) 1950
D) 1951
Answer: A) 1935
5. Which committee recommended LPG reforms (Liberalisation, Privatisation, Globalisation) in India during 1991 crisis?
A) Rangarajan Committee
B) Narasimham Committee
C) Kelkar Committee
D) Gadgil Committee
Answer: B) Narasimham Committee
6. The Goods and Services Tax (GST) in India was implemented from which date officially?
A) 1 April 2016
B) 1 July 2017
C) 1 January 2018
D) 1 April 2017
Answer: B) 1 July 2017
7. Which body is responsible for regulating the Indian share market and protecting investors?
A) RBI
B) SEBI
C) NABARD
D) IRDAI
Answer: B) SEBI
8. Which tax reform was known as the “One Nation, One Tax” introduced by Government of India?
A) Income Tax
B) Wealth Tax
C) GST
D) Corporate Tax
Answer: C) GST
9. Which organisation publishes the “Economic Survey of India” every year before the Union Budget?
A) RBI
B) SEBI
C) Ministry of Finance
D) NITI Aayog
Answer: C) Ministry of Finance
10. Which Indian state has the highest contribution to India’s GDP mainly due to industries and services?
A) Tamil Nadu
B) Maharashtra
C) Gujarat
D) Karnataka
Answer: B) Maharashtra
11. Who is considered the “Father of Indian Green Revolution” for introducing high-yield crop varieties?
A) M.S. Swaminathan
B) Verghese Kurien
C) Norman Borlaug
D) Charan Singh
Answer: A) M.S. Swaminathan
12. Which Indian organisation is called the “Banker’s Bank” and controls monetary policy?
A) SBI
B) RBI
C) NABARD
D) NITI Aayog
Answer: B) RBI
13. The Headquarters of the Securities and Exchange Board of India (SEBI) is located in which city?
A) Delhi
B) Kolkata
C) Mumbai
D) Chennai
Answer: C) Mumbai
14. Which sector is the largest contributor to India’s GDP in 2025, dominating employment generation?
A) Agriculture
B) Industry
C) Services
D) Manufacturing
Answer: C) Services
15. Which index measures inflation at the wholesale level in India released monthly by the government?
A) CPI
B) WPI
C) IIP
D) GDP Deflator
Answer: B) WPI
16. Which bank is known as India’s largest public sector bank by assets and branch network?
A) PNB
B) SBI
C) Bank of Baroda
D) Canara Bank
Answer: B) SBI
17. Which scheme aims to provide financial inclusion by opening zero balance accounts for all citizens?
A) PMGSY
B) PMJDY
C) PMAY
D) PMKVY
Answer: B) PMJDY
18. Which agricultural scheme provides minimum support price and direct benefits to farmers in India?
A) PMFBY
B) PM-KISAN
C) MGNREGA
D) NFSA
Answer: B) PM-KISAN
19. The first Industrial Policy of Independent India was announced in which year by the government?
A) 1948
B) 1950
C) 1951
D) 1956
Answer: A) 1948
20. Which index is used by RBI to measure inflation based on household consumption expenditure patterns?
A) CPI
B) WPI
C) IIP
D) GDP Deflator
Answer: A) CPI
21. Which Indian economist is known for the “Drain of Wealth” theory under British colonial rule?
A) Dadabhai Naoroji
B) Gopal Krishna Gokhale
C) R.C. Dutt
D) B.R. Ambedkar
Answer: A) Dadabhai Naoroji
22. Which institution is responsible for providing long-term credit to agriculture and rural development in India?
A) RBI
B) NABARD
C) SIDBI
D) Exim Bank
Answer: B) NABARD
23. The disinvestment policy of the Government of India primarily deals with which sector of the economy?
A) Private Sector
B) Public Sector Undertakings
C) Agriculture Sector
D) Banking Sector
Answer: B) Public Sector Undertakings
24. The fiscal deficit in the Indian economy represents the excess of expenditure over which component?
A) Capital Receipts
B) Total Receipts
C) Revenue Receipts
D) Non-Tax Receipts
Answer: C) Revenue Receipts
25. Which global organisation releases the “World Economic Outlook Report” that reviews global and Indian economy?
A) World Bank
B) IMF
C) WTO
D) UNDP
Answer: B) IMF
