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Indian Economy: Policy, Planning & Finance

UPSC Economy • 10 questions • Free on ExamBattle

Practice Questions

1. Q1

   NITI Aayog replaced which body in 2015?

   • A. Finance Commission
   • B. Planning Commission
   • C. Economic Advisory Council
   • D. CCI

2. Q2

   Repo rate is the rate at which:

   • A. RBI borrows from commercial banks
   • B. Commercial banks borrow from RBI
   • C. Commercial banks lend to customers
   • D. Government borrows from RBI

3. Q3

   The term "Fiscal Deficit" means:

   • A. Revenue receipts minus revenue expenditure
   • B. Total expenditure minus total receipts excluding borrowings
   • C. Capital expenditure minus capital receipts
   • D. Current account deficit in balance of payments

4. Q4

   Goods and Services Tax (GST) was implemented in India on:

   • A. April 1, 2016
   • B. July 1, 2017
   • C. January 1, 2018
   • D. April 1, 2019

5. Q5

   Assertion: India's GDP growth shifted significantly after the 1991 economic liberalisation.

   Reason: The 1991 reforms opened India to foreign direct investment, reduced license raj, and integrated India with the global economy.

   • A. Both Assertion (A) and Reason (R) are true and R is the correct explanation of A
   • B. Both Assertion (A) and Reason (R) are true but R is NOT the correct explanation of A
   • C. Assertion (A) is true but Reason (R) is false
   • D. Assertion (A) is false but Reason (R) is true

6. Q6

   Which organisation publishes the "Human Development Report" annually?

   • A. World Bank
   • B. IMF
   • C. UNDP
   • D. WTO

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