1. What is the definition of Economics?
The study of how individuals and societies allocate scarce resources
2. Who is known as the father of Economics?
Adam Smith
3. What is the title of Adam Smith’s famous book?
The Wealth of Nations
4. When was The Wealth of Nations published?
1776
5. What are the two main branches of Economics?
Microeconomics and Macroeconomics
6. What does Microeconomics study?
Individual units like consumers, firms, and industries
7. What does Macroeconomics study?
The economy as a whole, including national income and inflation
8. What is the basic economic problem?
Scarcity of resources
9. What are the three fundamental economic questions?
What to produce, how to produce, and for whom to produce
10. What is meant by scarcity in Economics?
Limited resources to meet unlimited wants
11. What is an opportunity cost?
The cost of the next best alternative foregone
12. What is a production possibility curve (PPC)?
A graph showing the maximum combination of goods an economy can produce
13. What does a point inside the PPC indicate?
Underutilization of resources
14. What does a point outside the PPC indicate?
Unattainable production with current resources
15. What causes the PPC to shift outward?
Increase in resources or technological advancement
16. What is the law of demand?
As price decreases, quantity demanded increases, ceteris paribus
17. What is the law of supply?
As price increases, quantity supplied increases, ceteris paribus
18. What is meant by ceteris paribus?
All other things being equal
19. What is a demand curve?
A graph showing the relationship between price and quantity demanded
20. What is a supply curve?
A graph showing the relationship between price and quantity supplied
21. What is market equilibrium?
The point where quantity demanded equals quantity supplied
22. What happens when the price is above the equilibrium price?
Surplus occurs
23. What happens when the price is below the equilibrium price?
Shortage occurs
24. What is elasticity in Economics?
The responsiveness of one variable to a change in another
25. What is price elasticity of demand?
The responsiveness of quantity demanded to a change in price
26. What is the formula for price elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
27. What is elastic demand?
When elasticity is greater than 1
28. What is inelastic demand?
When elasticity is less than 1
29. What is unitary elastic demand?
When elasticity equals 1
30. What are the determinants of price elasticity of demand?
Availability of substitutes, necessity, and time period
31. What is income elasticity of demand?
The responsiveness of demand to a change in income
32. What is cross elasticity of demand?
The responsiveness of demand for one good to a change in the price of another
33. What is price elasticity of supply?
The responsiveness of quantity supplied to a change in price
34. What is a substitute good?
A good that can replace another good
35. What is a complementary good?
A good consumed together with another good
36. What is a normal good?
A good whose demand increases as income increases
37. What is an inferior good?
A good whose demand decreases as income increases
38. What is a luxury good?
A good with high income elasticity of demand
39. What is a necessity good?
A good with low income elasticity of demand
40. What is a Giffen good?
A good whose demand increases as its price increases
41. What is a Veblen good?
A good whose demand increases due to its high price signaling status
42. What is a market in Economics?
A place where buyers and sellers interact to exchange goods and services
43. What is a competitive market?
A market with many buyers and sellers, no single entity controls price
44. What is a monopoly?
A market with a single seller controlling the price
45. What is an oligopoly?
A market dominated by a few large sellers
46. What is monopolistic competition?
A market with many sellers offering differentiated products
47. What is perfect competition?
A market with many buyers and sellers, identical products, and no barriers
48. What are the characteristics of perfect competition?
Many firms, identical products, perfect information, and free entry/exit
49. What is a cartel?
A group of firms colluding to control prices and output
50. What is the law of diminishing marginal utility?
As consumption of a good increases, additional satisfaction decreases
51. What is marginal utility?
The additional satisfaction from consuming one more unit of a good
52. What is total utility?
The total satisfaction from consuming a quantity of a good
53. What is consumer surplus?
The difference between what consumers are willing to pay and what they actually pay
54. What is producer surplus?
The difference between what producers receive and their minimum acceptable price
55. What is a price ceiling?
A maximum legal price set below the equilibrium price
56. What is a price floor?
A minimum legal price set above the equilibrium price
57. What is an example of a price ceiling?
Rent control
58. What is an example of a price floor?
Minimum wage
59. What is a black market?
Illegal trading of goods due to price controls
60. What is a tax in Economics?
A compulsory payment to the government
61. What is a direct tax?
A tax levied directly on income or wealth
62. What is an indirect tax?
A tax levied on goods and services
63. What is a progressive tax?
A tax where the rate increases as income increases
64. What is a regressive tax?
A tax where the rate decreases as income increases
65. What is a proportional tax?
A tax with a constant rate regardless of income
66. What is a subsidy?
Government financial assistance to producers or consumers
67. What is the effect of a subsidy on supply?
It shifts the supply curve to the right
68. What is a tariff?
A tax on imported goods
69. What is a quota?
A limit on the quantity of goods that can be imported
70. What is a trade barrier?
A restriction on international trade, such as tariffs or quotas
71. What is a public good?
A good that is non-excludable and non-rivalrous
72. What is an example of a public good?
National defense
73. What is a private good?
A good that is excludable and rivalrous
74. What is a merit good?
A good with positive externalities, often under-consumed
75. What is a demerit good?
A good with negative externalities, often over-consumed
76. What is an externality?
A cost or benefit affecting a third party not involved in the transaction
77. What is a positive externality?
A benefit to a third party from a transaction
78. What is a negative externality?
A cost to a third party from a transaction
79. What is an example of a positive externality?
Education
80. What is an example of a negative externality?
Pollution
81. What is market failure?
When the market fails to allocate resources efficiently
82. What are the causes of market failure?
Externalities, public goods, and imperfect information
83. What is asymmetric information?
When one party in a transaction has more information than the other
84. What is moral hazard?
When one party takes risks because they are protected from consequences
85. What is adverse selection?
When one party enters a transaction due to incomplete information
86. What is a mixed economy?
An economy combining elements of market, command, and traditional systems
87. What is a market economy?
An economy where decisions are made by supply and demand
88. What is a command economy?
An economy where decisions are made by the government
89. What is a traditional economy?
An economy based on customs and traditions
90. What is capitalism?
An economic system based on private ownership and free markets
91. What is socialism?
An economic system based on collective ownership of resources
92. What is communism?
An economic system with no private property and state control
93. What is the role of the government in a mixed economy?
To regulate markets, provide public goods, and correct market failures
94. What is GDP in Economics?
Gross Domestic Product, the total value of goods and services produced
95. What are the two methods to calculate GDP?
Expenditure method and Income method
96. What is the formula for GDP using the expenditure method?
GDP
97. What does ‘C’ stand for in the GDP formula?
Consumption
98. What does ‘I’ stand for in the GDP formula?
Investment
99. What does ‘G’ stand for in the GDP formula?
Government spending
100. What does ‘X’ stand for in the GDP formula?
Exports
101. What does ‘M’ stand for in the GDP formula?
Imports
102. What is nominal GDP?
GDP measured at current market prices
103. What is real GDP?
GDP adjusted for inflation
104. What is GDP per capita?
GDP divided by the total population
105. What is GNP?
Gross National Product, the total value of goods and services produced by nationals
106. What is the difference between GDP and GNP?
GDP includes production within the country; GNP includes nationals’ production abroad
107. What is national income?
The total income earned by a country’s residents
108. What is per capita income?
National income divided by the total population
109. What is inflation?
A sustained increase in the general price level
110. What is deflation?
A sustained decrease in the general price level
111. What is stagflation?
High inflation combined with high unemployment and low growth
112. What is hyperinflation?
Extremely high and uncontrollable inflation
113. What is the Consumer Price Index (CPI)?
A measure of the average change in prices paid by consumers
114. What is the Wholesale Price Index (WPI)?
A measure of the average change in prices at the wholesale level
115. What is the difference between CPI and WPI?
CPI measures retail prices; WPI measures wholesale prices
116. What is the base year in price indices?
The reference year for comparing price changes
117. What is unemployment?
The condition where people are willing to work but cannot find jobs
118. What is the unemployment rate?
The percentage of the labor force that is unemployed
119. What is frictional unemployment?
Unemployment due to people transitioning between jobs
120. What is structural unemployment?
Unemployment due to a mismatch of skills and jobs
121. What is cyclical unemployment?
Unemployment due to economic downturns
122. What is seasonal unemployment?
Unemployment due to seasonal variations in demand
123. What is disguised unemployment?
When more people are employed than required
124. What is the labor force?
The total number of people employed and unemployed but seeking work
125. What is the labor force participation rate?
The percentage of the working-age population in the labor force
126. What is fiscal policy?
Government policy on taxation and spending to influence the economy
127. What is monetary policy?
Central bank policy on money supply and interest rates
128. What is expansionary fiscal policy?
Increasing government spending or reducing taxes to stimulate the economy
129. What is contractionary fiscal policy?
Reducing government spending or increasing taxes to slow the economy
130. What is expansionary monetary policy?
Increasing money supply or lowering interest rates to stimulate the economy
131. What is contractionary monetary policy?
Reducing money supply or raising interest rates to slow the economy
132. What is a budget deficit?
When government expenditure exceeds revenue
133. What is a budget surplus?
When government revenue exceeds expenditure
134. What is public debt?
The total amount owed by the government
135. What is internal debt?
Debt owed to domestic creditors
136. What is external debt?
Debt owed to foreign creditors
137. What is a trade deficit?
When imports exceed exports
138. What is a trade surplus?
When exports exceed imports
139. What is the balance of payments?
A record of all economic transactions between a country and the world
140. What are the two main accounts in the balance of payments?
Current account and Capital account
141. What is included in the current account?
Trade in goods, services, and transfers
142. What is included in the capital account?
Capital transfers and acquisition of non-financial assets
143. What is foreign exchange?
The conversion of one currency into another
144. What is a fixed exchange rate?
When a currency’s value is pegged to another currency or asset
145. What is a floating exchange rate?
When a currency’s value is determined by market forces
146. What is depreciation of currency?
A fall in the value of a currency in a floating exchange rate system
147. What is devaluation of currency?
A reduction in the value of a currency in a fixed exchange rate system
148. What is appreciation of currency?
A rise in the value of a currency in a floating exchange rate system
149. What is revaluation of currency?
An increase in the value of a currency in a fixed exchange rate system
150. What is a foreign exchange reserve?
Foreign currency held by a central bank
151. What is the role of foreign exchange reserves?
To stabilize the currency and manage balance of payments
152. What is a business cycle?
The fluctuation of economic activity over time
153. What are the phases of a business cycle?
Expansion, peak, contraction, and trough
154. What is a recession?
A period of negative economic growth for two consecutive quarters
155. What is a depression?
A severe and prolonged recession
156. What is economic growth?
An increase in the production of goods and services over time
157. What is economic development?
A broader concept including economic growth and improvement in living standards
158. What is the Human Development Index (HDI)?
A measure of life expectancy, education, and per capita income
159. What is poverty in Economics?
The condition of lacking sufficient income to meet basic needs
160. What is absolute poverty?
Inability to afford basic necessities like food and shelter
161. What is relative poverty?
Having significantly less income than the average in society
162. What is the poverty line?
The minimum income level needed to meet basic needs
163. What is inequality in Economics?
Unequal distribution of income and wealth
164. What is the Gini coefficient?
A measure of income inequality
165. What is a perfect equality Gini coefficient value?
0
166. What is a perfect inequality Gini coefficient value?
1
167. What is sustainable development?
Development that meets present needs without compromising future generations
168. What are the three pillars of sustainable development?
Economic, social, and environmental
169. What is capital in Economics?
Man-made resources used in production
170. What is human capital?
The skills, knowledge, and experience of workers
171. What is physical capital?
Tangible assets like machinery and buildings
172. What is financial capital?
Money used to purchase productive resources
173. What is entrepreneurship in Economics?
The process of organizing and managing resources to produce goods
174. What is the role of an entrepreneur?
To innovate and take risks in business
175. What is a firm in Economics?
An organization that produces goods or services
176. What is a household in Economics?
A group of individuals making consumption decisions
177. What is the circular flow of income?
The flow of money and goods between households and firms
178. What is the factor market?
A market where factors of production are bought and sold
179. What is the product market?
A market where goods and services are bought and sold
180. What is a stock in Economics?
A share of ownership in a company
181. What is a bond?
A loan made to a company or government in exchange for interest
182. What is a dividend?
A portion of a company’s profits paid to shareholders
183. What is a mutual fund?
An investment pooling money from many investors to buy securities
184. What is a derivative in Economics?
A financial contract whose value depends on an underlying asset
185. What is a futures contract?
An agreement to buy or sell an asset at a future date
186. What is an option contract?
The right to buy or sell an asset at a specified price
187. What is a hedge in Economics?
An investment to reduce the risk of price fluctuations
188. What is speculation?
Investing in high-risk assets for potential high returns
189. What is arbitrage?
Buying and selling in different markets to profit from price differences
190. What is a market index?
A measure of the performance of a group of stocks
191. What is the law of diminishing returns?
As one input increases, output increases at a decreasing rate
192. What is economies of scale?
Cost advantages due to increased production
193. What is diseconomies of scale?
Cost disadvantages due to excessive production
194. What is fixed cost?
A cost that does not change with output
195. What is variable cost?
A cost that changes with output
196. What is total cost?
The sum of fixed and variable costs
197. What is average cost?
Total cost divided by the quantity produced
198. What is marginal cost?
The cost of producing one additional unit
199. What is total revenue?
The total income from selling goods or services
200. What is average revenue?
Total revenue divided by the quantity sold
201. What is marginal revenue?
The additional revenue from selling one more unit
202. What is profit in Economics?
Total revenue minus total cost
203. What is normal profit?
The minimum profit needed to keep a firm in business
204. What is economic profit?
Total revenue minus total cost, including opportunity cost
205. What is a sole proprietorship?
A business owned and operated by one person
206. What is a partnership?
A business owned by two or more people
207. What is a corporation?
A business recognized as a separate legal entity
208. What is a cooperative?
A business owned and operated by its members for mutual benefit
209. What is a franchise?
A business operating under a parent company’s brand
210. What is globalization?
The integration of economies through trade, investment, and technology
211. What is liberalization?
The removal of restrictions on economic activities
212. What is privatization?
The transfer of public enterprises to private ownership
213. What is disinvestment?
The sale of government shares in public enterprises
214. What is foreign direct investment (FDI)?
Investment by a foreign entity in a domestic business
215. What is portfolio investment?
Investment in financial assets like stocks and bonds
216. What is a multinational corporation (MNC)?
A company operating in multiple countries
217. What is a small-scale industry?
An industry with limited capital and labor
218. What is a cottage industry?
A small-scale industry operated from home
219. What is the role of technology in Economics?
To increase productivity and efficiency
220. What is e-commerce?
Buying and selling goods and services online
221. What is digital economy?
An economy based on digital technologies
222. What is the sharing economy?
An economy based on sharing assets or services
223. What is the gig economy?
An economy based on short-term, flexible jobs
224. What is the green economy?
An economy focused on sustainable development
225. What is the circular economy?
An economy focused on reusing and recycling resources
226. What is a knowledge economy?
An economy driven by innovation and information
227. What is the informal sector?
Unregulated economic activities not covered by formal systems
228. What is the formal sector?
Regulated economic activities with legal protections
229. What is the primary sector?
The sector involved in extracting natural resources
230. What is the secondary sector?
The sector involved in manufacturing and processing
231. What is the tertiary sector?
The sector involved in services
232. What is the quaternary sector?
The sector involved in knowledge-based services
233. What is the quinary sector?
The sector involved in high-level decision-making
234. What is infrastructure in Economics?
Physical and organizational structures supporting economic activity
235. What is social infrastructure?
Infrastructure supporting education, health, and housing
236. What is economic infrastructure?
Infrastructure supporting transport, energy, and communication
237. What type of economy is India classified as?
Mixed economy
238. Which sector contributes the most to India’s GDP as of 2025?
Services sector
239. What is the approximate share of the services sector in India’s GDP?
Around 55%
240. Which sector employs the largest workforce in India?
Agriculture sector
241. What is the approximate share of agriculture in India’s GDP as of 2025?
Around 15-20%
242. What is the rank of India in terms of nominal GDP globally in 2025?
5th
243. What is India’s approximate nominal GDP in 2025 (in trillion USD)?
Around 4 trillion USD
244. What is the primary source of income for rural India?
Agriculture
245. What is the Green Revolution in India associated with?
Increase in agricultural productivity
246. Who is known as the father of the Green Revolution in India?
M.S. Swaminathan
247. In which decade did the Green Revolution begin in India?
1960s
248. What were the key crops promoted during the Green Revolution?
Wheat and rice
249. What is the White Revolution in India associated with?
Increase in milk production
250. Who is known as the father of the White Revolution in India?
Verghese Kurien
251. Which organization led the White Revolution in India?
Amul (Gujarat Cooperative Milk Marketing Federation)
252. What is the Blue Revolution in India associated with?
Increase in fisheries and aquaculture production
253. What is the Yellow Revolution in India associated with?
Increase in oilseed production
254. What is the Pink Revolution in India associated with?
Increase in shrimp and prawn production
255. What is the Golden Revolution in India associated with?
Increase in horticulture and honey production
256. What is the main objective of the Evergreen Revolution?
Sustainable agricultural growth
257. What is the Minimum Support Price (MSP)?
A guaranteed price set by the government for agricultural produce
258. Which body recommends the MSP in India?
Commission for Agricultural Costs and Prices (CACP)
259. What is the Food Corporation of India (FCI)?
A government body for procuring and distributing food grains
260. What is the Public Distribution System (PDS)?
A system to distribute subsidized food and essentials to the poor
261. Which act regulates the PDS in India?
National Food Security Act, 2013
262. What is the full form of NFSA?
National Food Security Act
263. How many people are covered under the NFSA for subsidized food grains?
About 81 crore
264. What is the flagship scheme for farmers’ income support in India?
PM-KISAN
265. What is the full form of PM-KISAN?
Pradhan Mantri Kisan Samman Nidhi
266. How much financial support is provided annually under PM-KISAN?
Rs. 6,000 per farmer
267. What is the Kisan Credit Card (KCC) scheme?
A scheme providing short-term credit to farmers
268. What is the objective of the PM Fasal Bima Yojana (PMFBY)?
To provide crop insurance to farmers
269. What is the Soil Health Card scheme?
A scheme to assess soil fertility and provide recommendations
270. What is the purpose of the e-NAM platform?
To create a unified national market for agricultural produce
271. What is the full form of e-NAM?
National Agriculture Market
272. Which ministry oversees agricultural policies in India?
Ministry of Agriculture and Farmers Welfare
273. What is the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)?
A scheme to improve irrigation and water use efficiency
274. What is the target of PMKSY?
“Har Khet Ko Pani” (water to every field)
275. What is the main source of irrigation in India?
Canals
276. Which state is known as the “Rice Bowl” of India?
Andhra Pradesh
277. Which state is the largest producer of wheat in India?
Uttar Pradesh
278. Which state is the largest producer of sugarcane in India?
279. Which crop is known as the “King of Cereals”?
Wheat
280. Which crop is known as the “Queen of Cereals”?
Maize
281. What is the Kharif season in India?
The monsoon crop season (June to September)
282. What is the Rabi season in India?
The winter crop season (October to March)
283. What is the Zaid season in India?
The summer crop season (March to June)
284. Which crop is primarily grown in the Kharif season?
Rice
285. Which crop is primarily grown in the Rabi season?
286. What is the National Mission for Sustainable Agriculture (NMSA)?
A mission to promote sustainable farming practices
287. What is the Paramparagat Krishi Vikas Yojana (PKVY)?
A scheme to promote organic farming
288. What is the share of industry in India’s GDP as of 2025?
Around 25-30%
289. Which industry is the backbone of the Indian economy?
Textile industry
290. Which city is known as the “Manchester of India”?
Ahmedabad
291. Which state is the largest producer of cotton in India?
Gujarat
292. What is the Make in India initiative?
A campaign to promote manufacturing in India
293. When was the Make in India initiative launched?
September 2014
294. Which sectors are prioritized under Make in India?
Automobiles, electronics, and defense manufacturing
295. What is the Production Linked Incentive (PLI) scheme?
A scheme to boost domestic manufacturing and exports
296. Which ministry implements the PLI scheme?
Ministry of Commerce and Industry
297. What is the Micro, Small and Medium Enterprises (MSME) sector?
A sector of small-scale businesses contributing to employment
298. What is the share of MSMEs in India’s GDP?
Around 30%
299. What is the full form of UDYAM?
A portal for MSME registration
300. What is the PM Employment Generation Programme (PMEGP)?
A scheme to generate self-employment through micro-enterprises
301. What is the Startup India initiative?
A program to promote entrepreneurship and innovation
302. When was Startup India launched?
January 2016
303. What is the Stand-Up India scheme?
A scheme to promote entrepreneurship among women and marginalized groups
304. What is the full form of SEZ?
Special Economic Zone
305. What is the purpose of SEZs in India?
To promote exports and attract foreign investment
306. Which is India’s first SEZ?
Kandla SEZ, Gujarat
307. What is the Industrial Policy Resolution of 1956?
A policy classifying industries into public, private, and mixed sectors
308. What is the New Industrial Policy of 1991?
A policy introducing liberalization, privatization, and globalization
309. What is disinvestment in the context of Indian economy?
Selling government stakes in public sector enterprises
310. Which organization manages disinvestment in India?
Department of Investment and Public Asset Management (DIPAM)
311. What is the Atmanirbhar Bharat Abhiyan?
A campaign for self-reliant India launched in 2020
312. What are the five pillars of Atmanirbhar Bharat?
Economy, infrastructure, system, demography, and demand
313. What is the National Infrastructure Pipeline (NIP)?
A plan to invest in infrastructure projects
314. What is the estimated investment under NIP for 2020-2025?
Rs. 111 lakh crore
315. Which scheme promotes digital payments in India?
Digital India
316. What is the full form of BHIM?
Bharat Interface for Money
317. What is the Unified Payments Interface (UPI)?
A real-time payment system developed by NPCI
318. What is the full form of NPCI?
National Payments Corporation of India
319. Which city is known as the financial capital of India?
Mumbai
320. Which state is known as the “Silicon Valley of India”?
Karnataka (Bengaluru)
321. What is the National Manufacturing Policy (NMP)?
A policy to increase the share of manufacturing in GDP
322. What is the target share of manufacturing in India’s GDP by NMP?
25%
323. What is the full form of GST?
Goods and Services Tax
324. When was GST implemented in India?
July 1, 2017
325. What is the objective of GST?
To create a unified indirect tax system
326. Which constitutional amendment enabled GST in India?
101st Amendment
327. What is the GST Council?
A body to decide GST rates and policies
328. Who chairs the GST Council?
Union Finance Minister
329. What are the main types of GST in India?
CGST, SGST, IGST
330. What is the full form of CGST?
Central Goods and Services Tax
331. What is the full form of SGST?
State Goods and Services Tax
332. What is the full form of IGST?
Integrated Goods and Services Tax
333. What is the highest GST rate slab in India as of 2025?
28%
334. What is the Direct Tax Code (DTC)?
A proposed code to simplify direct tax laws
335. What is the Corporate Tax rate for domestic companies in India (2025)?
22% (with exemptions)
336. What is the Personal Income Tax exemption limit for individuals in 2025?
Rs. 3 lakh (new tax regime)
337. What is the Finance Commission?
A constitutional body for tax revenue sharing
338. Which article of the Constitution establishes the Finance Commission?
Article 280
339. What is the role of the Finance Commission?
To recommend devolution of taxes between Centre and States
340. Which Finance Commission is active as of 2025?
16th Finance Commission
341. Who chairs the 16th Finance Commission?
Arvind Panagariya
342. What is the period covered by the 16th Finance Commission?
2026-2031
343. What is the fiscal deficit?
The gap between government expenditure and revenue
344. What is the target fiscal deficit for India in 2025-26 (as per budget)?
4.9% of GDP
345. What is the revenue deficit?
The gap between revenue expenditure and revenue receipts
346. What is the primary deficit?
Fiscal deficit minus interest payments
347. What is the FRBM Act?
Fiscal Responsibility and Budget Management Act
348. When was the FRBM Act enacted?
2003
349. What is the main objective of the FRBM Act?
To ensure fiscal discipline
350. What is the Public Account of India?
An account for transactions not part of the Consolidated Fund
351. What is the Consolidated Fund of India?
The main account for government revenues and expenditures
352. What is the Contingency Fund of India?
A fund for unforeseen expenditures
353. Which article governs the Consolidated Fund of India?
Article 266
354. Which article governs the Contingency Fund of India?
Article 267
355. What is the Union Budget?
The annual financial statement of the Government of India
356. Which article mandates the presentation of the Union Budget?
Article 112
357. Who presents the Union Budget in India?
358. When is the Union Budget typically presented?
February 1
359. What is the Economic Survey?
A report on the state of the economy presented before the Budget
360. Who prepares the Economic Survey?
Chief Economic Adviser, Ministry of Finance
361. What is the full form of NITI Aayog?
National Institution for Transforming India
362. When was NITI Aayog established?
January 1, 2015
363. What replaced the Planning Commission in India?
NITI Aayog
364. Who is the chairperson of NITI Aayog?
Prime Minister of India
365. What is the role of NITI Aayog?
To provide policy inputs and foster cooperative federalism
366. What is the PM Gati Shakti initiative?
A plan for integrated infrastructure development
367. When was PM Gati Shakti launched?
October 2021
368. What is the National Monetisation Pipeline (NMP)?
A plan to monetize public sector assets
369. What is the estimated value of assets under NMP for 2021-2025?
Rs. 6 lakh crore
370. What is the full form of FDI?
Foreign Direct Investment
371. What is the FDI limit in the insurance sector as of 2025?
74%
372. What is the FDI limit in the defense sector under the automatic route?
373. Which sector receives the highest FDI in India?
Information technology
374. What is the full form of FPI?
Foreign Portfolio Investment
375. What is the difference between FDI and FPI?
FDI involves long-term investment; FPI involves short-term financial assets
376. What is the full form of PSU?
Public Sector Undertaking
377. Which is the largest PSU in India by market capitalization in 2025?
State Bank of India
378. What is the Navratna status for PSUs?
A status granting financial and operational autonomy
379. How many Navratna PSUs are there in India as of 2025?
14
380. What is the Maharatna status for PSUs?
A higher autonomy status for top-performing PSUs
381. How many Maharatna PSUs are there in India as of 2025?
13
382. Which is India’s largest oil refinery?
Jamnagar Refinery (Reliance Industries)
383. What is the full form of ONGC?
Oil and Natural Gas Corporation
384. What is the full form of SAIL?
Steel Authority of India Limited
385. What is the full form of NTPC?
National Thermal Power Corporation
386. What is the full form of BHEL?
Bharat Heavy Electricals Limited
387. What is the National Rural Employment Guarantee Act (NREGA)?
A law guaranteeing 100 days of employment to rural households
388. When was NREGA enacted?
2005
389. What is the renamed version of NREGA?
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
390. What is the objective of MGNREGA?
To enhance livelihood security in rural areas
391. What is the PM Awas Yojana (PMAY)?
A scheme to provide affordable housing
392. What are the two components of PMAY?
PMAY-Urban and PMAY-Gramin
393. What is the target of PMAY-Gramin by 2024?
2.95 crore houses
394. What is the Swachh Bharat Mission?
A campaign for cleanliness and sanitation
395. When was Swachh Bharat Mission launched?
October 2, 2014
396. What is the full form of AMRUT?
Atal Mission for Rejuvenation and Urban Transformation
397. What is the objective of AMRUT?
To improve urban infrastructure like water supply and sewerage
398. What is the Smart Cities Mission?
A mission to develop 100 smart cities in India
399. When was the Smart Cities Mission launched?
June 2015
400. What is the full form of HRIDAY?
Heritage City Development and Augmentation Yojana
401. What is the objective of HRIDAY?
To preserve heritage cities
402. What is the Ayushman Bharat scheme?
A health insurance scheme for the poor
403. What is the full form of PM-JAY?
Pradhan Mantri Jan Arogya Yojana
404. How much health coverage is provided under PM-JAY?
Rs. 5 lakh per family per year
405. What is the National Health Mission (NHM)?
A mission to improve healthcare delivery
406. What are the two components of NHM?
National Rural Health Mission and National Urban Health Mission
407. What is the full form of ICDS?
Integrated Child Development Services
408. What is the objective of ICDS?
To improve nutrition and health of children and women
409. What is the Mid-Day Meal Scheme?
A program to provide free meals to school children
410. What is the objective of the Mid-Day Meal Scheme?
To improve nutrition and school attendance
411. What is the full form of SSA?
Sarva Shiksha Abhiyan
412. What is the objective of SSA?
To provide free and compulsory education to children
413. What is the Samagra Shiksha Abhiyan?
A scheme integrating SSA, RMSA, and teacher education
414. What is the full form of RMSA?
Rashtriya Madhyamik Shiksha Abhiyan
415. What is the Beti Bachao Beti Padhao scheme?
A campaign to promote girl child education and survival
416. When was Beti Bachao Beti Padhao launched?
January 2015
417. What is the Sukanya Samriddhi Yojana?
A savings scheme for the girl child
418. What is the PM Jan Dhan Yojana?
A scheme for financial inclusion
419. When was PM Jan Dhan Yojana launched?
August 2014
420. What is the objective of PM Jan Dhan Yojana?
To provide banking services to all households
421. What is the Mudra Yojana?
A scheme to provide loans to micro-enterprises
422. What is the full form of MUDRA?
Micro Units Development and Refinance Agency
423. What are the three loan categories under Mudra Yojana?
Shishu, Kishor, and Tarun
424. What is the maximum loan amount under Mudra Yojana?
Rs. 10 lakh
425. What is the PM Suraksha Bima Yojana?
An accident insurance scheme
426. What is the PM Jeevan Jyoti Bima Yojana?
A life insurance scheme
427. What is the Atal Pension Yojana?
A pension scheme for the unorganized sector
428. What is the full form of EPFO?
Employees’ Provident Fund Organisation
429. What is the role of EPFO?
To manage provident fund and pension schemes
430. What is the full form of ESIC?
Employees’ State Insurance Corporation
431. What is the role of ESIC?
To provide social security to workers
432. What is the National Pension System (NPS)?
A voluntary pension scheme
433. Who regulates the NPS?
Pension Fund Regulatory and Development Authority (PFRDA)
434. What is the full form of PFRDA?
Pension Fund Regulatory and Development Authority
435. What is the PM Shram Yogi Maan-Dhan Yojana?
A pension scheme for unorganized workers
436. What is the PM Kisan Maan-Dhan Yojana?
A pension scheme for small and marginal farmers
437. What is the PM Laghu Vyapari Maan-Dhan Yojana?
A pension scheme for small shopkeepers and traders
438. What is the National Rural Livelihood Mission (NRLM)?
A mission to promote self-employment in rural areas
439. What is the renamed version of NRLM?
Deendayal Antyodaya Yojana-NRLM
440. What is the Deendayal Upadhyaya Grameen Kaushalya Yojana?
A skill development program for rural youth
441. What is the Skill India Mission?
A campaign to train youth in employable skills
442. When was the Skill India Mission launched?
July 2015
443. What is the PM Kaushal Vikas Yojana (PMKVY)?
A scheme for skill development and certification
444. What is the full form of ITI?
Industrial Training Institute
445. What is the role of ITIs in India?
To provide vocational training
446. What is the Startup Village Entrepreneurship Programme (SVEP)?
A program to promote rural entrepreneurship
447. What is the full form of SFURTI?
Scheme of Fund for Regeneration of Traditional Industries
448. What is the objective of SFURTI?
To promote traditional and village industries
449. What is the Khadi and Village Industries Commission (KVIC)?
A body to promote khadi and village industries
450. What is the PM Employment Generation Programme (PMEGP)?
A scheme to promote micro-enterprises
451. What is the full form of DIC?
District Industries Centre
452. What is the role of DICs?
To promote industrial development at the district level
453. What is the full form of SIDBI?
Small Industries Development Bank of India
454. What is the role of SIDBI?
To provide finance to MSMEs
455. What is the full form of NSIC?
National Small Industries Corporation
456. What is the role of NSIC?
To support small-scale industries
457. What is the full form of CII?
Confederation of Indian Industry
458. What is the full form of FICCI?
Federation of Indian Chambers of Commerce and Industry
459. What is the full form of ASSOCHAM?
Associated Chambers of Commerce and Industry of India
460. What is the role of CII, FICCI, and ASSOCHAM?
To promote industry and trade interests
461. What is the Ease of Doing Business Index?
A World Bank ranking of economies based on business regulations
462. What is India’s rank in the Ease of Doing Business Index 2020?
63
463. What is the Insolvency and Bankruptcy Code (IBC)?
A law to resolve insolvency cases
464. When was the IBC enacted?
2016
465. What is the role of the Insolvency and Bankruptcy Board of India (IBBI)?
To regulate insolvency proceedings
466. What is the full form of NCLT?
National Company Law Tribunal
467. What is the role of NCLT?
To adjudicate corporate disputes and insolvency cases
468. What is the full form of NCLAT?
National Company Law Appellate Tribunal
469. What is the role of NCLAT?
To hear appeals against NCLT orders
470. What is the PM SVANidhi scheme?
A scheme to provide loans to street vendors
471. What is the full form of SVANidhi?
Street Vendors Atmanirbhar Nidhi
472. What is the maximum loan amount under PM SVANidhi?
Rs. 50,000
473. What is the Vibrant Gujarat Summit?
A biennial event to attract investment to Gujarat
474. What is the Global Investor Summit (GIS)?
An event to attract investment to Indian states
475. Which state hosts the “Invest Karnataka” summit?
Karnataka
476. What is the “Magnetic Maharashtra” initiative?
A campaign to attract investment to Maharashtra
477. What is the “Advantage Assam” initiative?
A campaign to promote investment in Assam
478. What is the full form of GIFT City?
Gujarat International Finance Tec-City
479. What is the role of GIFT City?
To serve as an international financial hub
480. What is the full form of IFSC?
International Financial Services Centre
481. Where is India’s first IFSC located?
GIFT City, Gujarat
482. What is the full form of EXIM Bank?
Export-Import Bank of India
483. What is the role of EXIM Bank?
To finance and promote India’s international trade
484. What is the full form of ECGC?
Export Credit Guarantee Corporation of India
485. What is the role of ECGC?
To provide export credit insurance
486. What is the full form of DGFT?
Directorate General of Foreign Trade
487. What is the role of DGFT?
To regulate and promote foreign trade
488. What is the Foreign Trade Policy (FTP)?
A policy to guide India’s export and import activities
489. What is the current Foreign Trade Policy period as of 2025?
2023-2028
490. What is the Duty Drawback Scheme?
A scheme to refund duties on exported goods
491. What is the Merchandise Exports from India Scheme (MEIS)?
A scheme to promote exports
492. What is the Service Exports from India Scheme (SEIS)?
A scheme to promote service exports
493. What is the Export Promotion Capital Goods (EPCG) scheme?
A scheme to import capital goods at zero duty for exports
494. What is the Advance Authorisation Scheme?
A scheme to import inputs duty-free for export production
495. What is the full form of SEIS?
Service Exports from India Scheme
496. What is the full form of MEIS?
Merchandise Exports from India Scheme
497. What is the full form of RoDTEP?
Remission of Duties and Taxes on Exported Products
498. What is the objective of RoDTEP?
To refund taxes and duties on exported products
499. What is the full form of APEDA?
Agricultural and Processed Food Products Export Development Authority
500. What is the role of APEDA?
To promote agricultural and processed food exports
501. What is the full form of MPEDA?
Marine Products Export Development Authority
502. What is the role of MPEDA?
To promote marine product exports
503. What is the full form of EEPC?
Engineering Export Promotion Council
504. What is the role of EEPC?
To promote engineering goods exports
505. What is the full form of FIEO?
Federation of Indian Export Organisations
506. What is the role of FIEO?
To promote exports and support exporters
507. What is economic development?
A process of improving living standards, income, and quality of life
508. How is economic development different from economic growth?
Development includes social indicators; growth focuses on GDP increase
509. What is the Human Development Index (HDI)?
510. Who publishes the HDI?
United Nations Development Programme (UNDP)
511. What is India’s HDI rank as of the latest UNDP report (2022)?
134
512. What is the range of HDI values?
0 to 1
513. What does a higher HDI value indicate?
Better human development
514. What is the Gender Development Index (GDI)?
A measure of gender disparities in human development
515. What is the Gender Inequality Index (GII)?
A measure of gender inequality in health, empowerment, and labor
516. What is the Multidimensional Poverty Index (MPI)?
A measure of poverty based on health, education, and living standards
517. Who publishes the MPI?
UNDP and Oxford Poverty and Human Development Initiative
518. What is India’s MPI headcount ratio as per the 2023 report?
Approximately 16.4%
519. What is the Gini coefficient?
520. What does a Gini coefficient of 0 indicate?
Perfect equality
521. What does a Gini coefficient of 1 indicate?
Perfect inequality
522. What is India’s Gini coefficient as of recent estimates?
Around 0.35
523. What is sustainable development?
Development meeting present needs without compromising future generations
524. What are the three pillars of sustainable development?
525. What are the Sustainable Development Goals (SDGs)?
17 global goals set by the UN for 2030
526. How many SDGs are there?
17
527. When were the SDGs adopted?
September 2015
528. What is the first SDG?
No Poverty
529. What is the second SDG?
Zero Hunger
530. What is the third SDG?
Good Health and Well-being
531. What is the fourth SDG?
Quality Education
532. What is the fifth SDG?
Gender Equality
533. What is the sixth SDG?
Clean Water and Sanitation
534. What is the seventh SDG?
Affordable and Clean Energy
535. What is the eighth SDG?
Decent Work and Economic Growth
536. What is the ninth SDG?
Industry, Innovation, and Infrastructure
537. What is the tenth SDG?
Reduced Inequalities
538. What is the eleventh SDG?
Sustainable Cities and Communities
539. What is the twelfth SDG?
Responsible Consumption and Production
540. What is the thirteenth SDG?
Climate Action
541. What is the fourteenth SDG?
Life Below Water
542. What is the fifteenth SDG?
Life on Land
543. What is the sixteenth SDG?
Peace, Justice, and Strong Institutions
544. What is the seventeenth SDG?
Partnerships for the Goals
545. Which ministry coordinates SDG implementation in India?
546. What is the full form of NITI Aayog?
547. What is the National Indicator Framework (NIF)?
A framework to monitor SDG progress in India
548. What is absolute poverty?
549. What is relative poverty?
550. What is the poverty line in Economics?
The minimum income needed to meet basic needs
551. Who estimates the poverty line in India?
552. What was the Tendulkar Committee known for?
Estimating poverty in India
553. What was the poverty headcount ratio in India as per the 2011-12 Tendulkar method?
21.9%
554. What is the Rangarajan Committee known for?
Revising poverty estimation methodology
555. What was the poverty headcount ratio as per the Rangarajan Committee (2011-12)?
29.5%
556. What is the National Rural Employment Guarantee Act (NREGA)?
557. When was NREGA enacted?
558. What is the renamed version of NREGA?
Mahatma Gandhi NREGA (MGNREGA)
559. What is the objective of MGNREGA?
560. What is the PM Awas Yojana (PMAY)?
561. What are the two components of PMAY?
562. What is the target of PMAY-Gramin by 2024?
563. What is the Ayushman Bharat scheme?
564. What is the full form of PM-JAY?
565. How much health coverage is provided under PM-JAY?
566. What is the National Health Mission (NHM)?
567. What are the two components of NHM?
568. What is the full form of ICDS?
569. What is the objective of ICDS?
570. What is the Mid-Day Meal Scheme?
571. What is the objective of the Mid-Day Meal Scheme?
572. What is the full form of SSA?
573. What is the objective of SSA?
574. What is the Samagra Shiksha Abhiyan?
575. What is the full form of RMSA?
576. What is the Beti Bachao Beti Padhao scheme?
577. When was Beti Bachao Beti Padhao launched?
578. What is the Sukanya Samriddhi Yojana?
579. What is the National Rural Livelihood Mission (NRLM)?
580. What is the renamed version of NRLM?
581. What is the Deendayal Upadhyaya Grameen Kaushalya Yojana?
582. What is the Skill India Mission?
583. When was the Skill India Mission launched?
584. What is the PM Kaushal Vikas Yojana (PMKVY)?
585. What is the full form of ITI?
586. What is the role of ITIs in India?
587. What is the Startup Village Entrepreneurship Programme (SVEP)?
588. What is the full form of SFURTI?
589. What is the objective of SFURTI?
590. What is the Khadi and Village Industries Commission (KVIC)?
591. What is the PM Employment Generation Programme (PMEGP)?
592. What is the full form of DIC?
593. What is the role of DICs?
594. What is economic planning?
The process of allocating resources to achieve economic goals
595. What was the first institution for economic planning in India?
Planning Commission
596. When was the Planning Commission established?
March 15, 1950
597. Who was the first chairman of the Planning Commission?
Jawaharlal Nehru
598. What replaced the Planning Commission in 2015?
599. When was NITI Aayog established?
600. Who is the chairperson of NITI Aayog?
601. What is the role of NITI Aayog?
602. What is a Five-Year Plan?
A plan outlining economic goals for a five-year period
603. How many Five-Year Plans were implemented in India?
12
604. When was the first Five-Year Plan launched?
1951
605. What was the focus of the First Five-Year Plan (1951-56)?
Agriculture and irrigation
606. What model was used in the Second Five-Year Plan (1956-61)?
Mahalanobis Model
607. Who developed the Mahalanobis Model?
P.C. Mahalanobis
608. What was the focus of the Second Five-Year Plan?
Industrialization
609. What was the Third Five-Year Plan (1961-66) focused on?
Self-reliance and agriculture
610. Why did the Third Five-Year Plan fail to meet its targets?
Due to wars and droughts
611. What were the three annual plans between 1966-69 called?
Plan Holiday
612. What was the focus of the Fourth Five-Year Plan (1969-74)?
Growth with stability
613. What was the focus of the Fifth Five-Year Plan (1974-79)?
Poverty alleviation and self-reliance
614. Which program was launched during the Fifth Five-Year Plan?
Garibi Hatao
615. Why was the Fifth Five-Year Plan terminated early?
Due to political changes
616. What were the two annual plans between 1978-80 called?
Rolling Plans
617. What was the focus of the Sixth Five-Year Plan (1980-85)?
Poverty reduction and employment
618. What was the focus of the Seventh Five-Year Plan (1985-90)?
Food, work, and productivity
619. What were the two annual plans between 1990-92 called?
Annual Plans
620. What was the focus of the Eighth Five-Year Plan (1992-97)?
Human resource development
621. What was the focus of the Ninth Five-Year Plan (1997-2002)?
Growth with equity
622. What was the focus of the Tenth Five-Year Plan (2002-07)?
Inclusive growth
623. What was the GDP growth target of the Tenth Five-Year Plan?
8%
624. What was the focus of the Eleventh Five-Year Plan (2007-12)?
Inclusive and faster growth
625. What was the GDP growth target of the Eleventh Five-Year Plan?
9%
626. What was the focus of the Twelfth Five-Year Plan (2012-17)?
Faster, sustainable, and inclusive growth
627. What was the GDP growth target of the Twelfth Five-Year Plan?
628. Which Five-Year Plan introduced the concept of “Garibi Hatao”?
Fifth Five-Year Plan
629. Which Five-Year Plan emphasized “Jawahar Rozgar Yojana”?
Seventh Five-Year Plan
630. What was the Jawahar Rozgar Yojana?
A scheme for rural employment
631. What is the National Development Council (NDC)?
A body to approve Five-Year Plans
632. Who chairs the National Development Council?
633. What is the role of the NDC?
To coordinate development policies between Centre and States
634. What is the Vision 2020 document?
A plan for India’s development by 2020
635. Who prepared the Vision 2020 document?
636. What is the India Vision 2035?
A document by NITI Aayog for long-term development
637. What is the PM Gati Shakti initiative?
638. When was PM Gati Shakti launched?
639. What is the National Infrastructure Pipeline (NIP)?
640. What is the estimated investment under NIP for 2020-2025?
641. What is the National Mission for Sustainable Agriculture (NMSA)?
642. What is the Paramparagat Krishi Vikas Yojana (PKVY)?
643. What is the Swachh Bharat Mission?
644. When was Swachh Bharat Mission launched?
645. What is the full form of AMRUT?
646. What is the objective of AMRUT?
647. What is the Smart Cities Mission?
648. When was the Smart Cities Mission launched?
649. What is the full form of HRIDAY?
650. What is the objective of HRIDAY?
651. What is the PM Jan Dhan Yojana?
652. When was PM Jan Dhan Yojana launched?
653. What is the objective of PM Jan Dhan Yojana?
654. What is the Mudra Yojana?
655. What is the full form of MUDRA?
656. What are the three loan categories under Mudra Yojana?
657. What is the maximum loan amount under Mudra Yojana?
658. What is the PM SVANidhi scheme?
659. What is the full form of SVANidhi?
660. What is the maximum loan amount under PM SVANidhi?
661. What is the Atmanirbhar Bharat Abhiyan?
662. What are the five pillars of Atmanirbhar Bharat?
663. What is the National Education Policy (NEP) 2020?
A policy to reform education in India
664. What is the target of NEP 2020 for Gross Enrolment Ratio in higher education?
50% by 2035
665. What is the National Skill Development Corporation (NSDC)?
A body to promote skill development
666. What is the National Policy on Skill Development and Entrepreneurship?
A policy to enhance employability and entrepreneurship
667. When was the National Policy on Skill Development launched?
2015
668. What is the green economy?
669. What is the circular economy?
670. What is the National Action Plan on Climate Change (NAPCC)?
A plan to address climate change in India
671. How many missions are under the NAPCC?
Eight
672. What is the National Solar Mission?
A mission to promote solar energy
673. What is the target of the National Solar Mission by 2030?
300 GW of solar energy
674. What is the National Mission for Enhanced Energy Efficiency?
A mission to promote energy-efficient technologies
675. What is the National Mission on Sustainable Habitat?
A mission to promote sustainable urban development
676. What is the National Water Mission?
A mission to ensure water security
677. What is the National Mission for Sustaining the Himalayan Ecosystem?
A mission to protect the Himalayan ecosystem
678. What is the National Mission for a Green India?
A mission to increase forest cover
679. What is the National Mission on Strategic Knowledge for Climate Change?
A mission to enhance climate research
680. What is the National Mission for Sustainable Agriculture?
A mission to promote climate-resilient farming
681. What is the full form of MNRE?
Ministry of New and Renewable Energy
682. What is the renewable energy target of India by 2030?
500 GW
683. What is the International Solar Alliance (ISA)?
A coalition to promote solar energy
684. Where is the headquarters of the ISA?
Gurugram, India
685. What is the Paris Agreement?
A global agreement to combat climate change
686. When was the Paris Agreement adopted?
687. What is India’s Nationally Determined Contribution (NDC) under the Paris Agreement?
Reduce emission intensity by 45% by 2030
688. What is the National Clean Air Programme (NCAP)?
A program to reduce air pollution
689. What is the target of NCAP?
20-30% reduction in PM pollution by 2024
690. What is the full form of PMUY?
Pradhan Mantri Ujjwala Yojana
691. What is the objective of PMUY?
To provide free LPG connections to poor households
692. What is the Bharat Stage (BS) emission standard?
A standard for vehicle emissions in India
693. Which Bharat Stage norm is implemented in India as of 2025?
BS-VI
694. What is the National Green Tribunal (NGT)?
A body to handle envi
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