Top Important Indian Economics GK Questions : If you’re preparing for competitive exams like SSC, Bank PO, UPSC, or State PCS, a solid grasp of Indian Economics is essential. This subject frequently appears in the general knowledge section of various exams and can be a deciding factor in your success. In this article, we’ve compiled 100 important Indian Economics General Knowledge questions with answers in English to help boost your preparation. Covering key concepts such as inflation, national income, monetary policy, and current economic developments, this questionnaire is tailored to meet the needs of serious aspirants looking to score high in government job exams.
Contents
Indian Economics GK Questions and Answers (1–50)
1. Who invented the Human Development Index?
Answer: Mahbub ul Haq
2. Which class suffers the most due to inflation?
Answer: Creditors (Lenders)
3. Which organization estimates India’s national income?
Answer: Central Statistical Organization (CSO)
4. Which index measures inflation in India?
Answer: Wholesale Price Index (WPI)
5. On which system is the note-issuing system in India based?
Answer: Minimum Reserve System
6. What type of banking system is followed in India?
Answer: Mixed Banking
7. In which year was the decimal currency system introduced in India?
Answer: 1957
8. What is the financial year of the Reserve Bank of India?
Answer: April to March
9. Which method is used to calculate national income in India?
Answer: Income and Production Method
10. Who gives foreign exchange approval for imports in India?
Answer: Reserve Bank of India
11. What is the purpose of establishing Free Trade Zones in India?
Answer: Promotion of Exports
12. What is the effect of inflation on market goods?
Answer: Prices increase
13. Who is most affected during inflation?
Answer: Transactional Class
14. What is the currency called when its supply is more than demand?
Answer: Soft Currency
15. What is the currency called when its demand is more than supply?
Answer: Hard Currency
16. What is the term for illegal foreign exchange trade?
Answer: Hawala
17. What is the currency that tends to flee quickly called?
Answer: Hot Money
18. Who publishes the Economic Survey of India annually?
Answer: Government of India (usually presented by Finance Ministry)
19. Which is India’s oldest stock exchange?
Answer: Bombay Stock Exchange (BSE)
20. Who regulates the Indian Stock Market?
Answer: SEBI (Securities and Exchange Board of India)
21. Which sector contributes most to India’s National Income?
Answer: Tertiary Sector
22. Gandhian economy is based on which concept?
Answer: Rural Cooperation
23. When was the SEZ (Special Economic Zone) policy announced?
Answer: 2000
24. Who developed the Sarvodaya Plan?
Answer: Jai Prakash Narayan
25. When was MGNREGA fully implemented?
Answer: 1st April 2008
26. On which import does India spend the most foreign exchange?
Answer: Petroleum Products
27. Which organization manages the Rural Infrastructure Development Fund?
Answer: NABARD
28. Who chaired the committee for Infra Finance in India?
Answer: Rakesh Mohan
29. What is selling goods in foreign markets at lower prices than in the domestic market called?
Answer: Dumping
30. How are public and private sectors classified in an economy?
Answer: Based on ownership of enterprises
31. Who is credited with implementing the Rolling Plan in India?
Answer: D.T. Lakdawala
32. Which government introduced decentralized planning in India?
Answer: Janata Party Government
33. When was the Kisan Credit Card Scheme launched in India?
Answer: 1998
34. Where is the National Institute of Agricultural Marketing located?
Answer: Jaipur
35. Which country ranked 1st in the 2015 Human Development Index?
Answer: Norway
36. When was the Foreign Exchange Management Act (FEMA) implemented in India?
Answer: 2003
37. When was the SEZ Act passed by the Indian Parliament?
Answer: 2005
38. Who determines the Minimum Support Price (MSP) in India?
Answer: Commission for Agricultural Costs and Prices (CACP)
39. What is the main source of income for State Governments in India?
Answer: Sales Tax (now GST)
40. When was the National Income Committee established in India?
Answer: 1949
41. How many economists shared the Nobel Prize in Economics in 2010?
Answer: 3 Economists
42. Who publishes the World Investment Report?
Answer: UNCTAD
43. When is the Union Budget generally presented in India?
Answer: February
44. What is National Income at factor cost called?
Answer: Net National Product at Factor Cost
45. Which country first announced a basic income for unemployed citizens?
Answer: Finland
46. Which African country banned the production and sale of burqas?
Answer: Morocco
47. How much loan did the World Bank provide for the Nagaland Health Project?
Answer: $48 million
48. Which Indian state presented the largest-ever budget in 2017?
Answer: Jharkhand
49. How long was the EU ban on Indian vegetable imports before it was lifted?
Answer: 3 Years
50. Which scheme was launched by PM Modi for overseas Indians?
Answer: Pravasi Kaushal Vikas Yojana
Indian Economics GK Questions (51–100)
51. When was the concept of GST introduced in India?
Answer: 1st July 2017
52. What is the full form of FDI?
Answer: Foreign Direct Investment
53. What is the full form of NITI Aayog?
Answer: National Institution for Transforming India
54. What is the base year for calculating GDP in India (as per the latest revision)?
Answer: 2011–12
55. What is the minimum amount for RTGS transactions in India?
Answer: ₹2 Lakhs
56. What is the name of India’s disinvestment department?
Answer: Department of Investment and Public Asset Management (DIPAM)
57. What does CRR stand for in banking?
Answer: Cash Reserve Ratio
58. What does SLR stand for?
Answer: Statutory Liquidity Ratio
59. What is the full form of PPP in economics?
Answer: Public-Private Partnership
60. Which organization launched the Make in India campaign?
Answer: Government of India
61. What is the main objective of Monetary Policy in India?
Answer: Control inflation and ensure price stability
62. Who prepares the Economic Survey in India?
Answer: Chief Economic Advisor
63. What is the term used for the difference between a country’s imports and exports?
Answer: Trade Balance
64. Which index is used to measure industrial production in India?
Answer: Index of Industrial Production (IIP)
65. What is the current income tax exemption limit in India (individuals, as per FY 2023–24)?
Answer: ₹2.5 Lakhs
66. Which Indian economist won the Nobel Prize in Economics?
Answer: Amartya Sen
67. Who is called the father of Green Revolution in India?
Answer: M.S. Swaminathan
68. What is the main function of the Reserve Bank of India?
Answer: Monetary Policy and Currency Issuance
69. What is the full form of NABARD?
Answer: National Bank for Agriculture and Rural Development
70. Which five-year plan focused most on agriculture?
Answer: First Five-Year Plan
71. What is Repo Rate?
Answer: The rate at which RBI lends to commercial banks
72. What is Reverse Repo Rate?
Answer: The rate at which RBI borrows from commercial banks
73. Which government launched the Jan Dhan Yojana?
Answer: Narendra Modi Government (2014)
74. What is the full form of SIDBI?
Answer: Small Industries Development Bank of India
75. What does MSME stand for?
Answer: Micro, Small and Medium Enterprises
76. Which tax was replaced by GST in India?
Answer: VAT, Service Tax, Excise Duty, etc.
77. What is fiscal deficit?
Answer: The difference between total revenue and total expenditure of the government
78. What is the full form of GDP?
Answer: Gross Domestic Product
79. Which is India’s biggest public sector bank?
Answer: State Bank of India (SBI)
80. What is the full form of NPA?
Answer: Non-Performing Asset
81. What is disinvestment?
Answer: Selling government’s stake in public sector undertakings
82. What is the role of SEBI?
Answer: Regulate stock market and protect investor interests
83. What is a fiscal policy?
Answer: Government policy related to taxation and expenditure
84. Which Indian city hosts the headquarters of RBI?
Answer: Mumbai
85. What is the full form of BOP in economics?
Answer: Balance of Payments
86. What is the literacy rate of India as per Census 2011?
Answer: 74.04%
87. What is the main source of revenue for the central government?
Answer: Income Tax and GST
88. Which committee recommended GST in India?
Answer: Vijay Kelkar Committee
89. What does the term “black money” refer to?
Answer: Income not declared to the government for tax purposes
90. Which bank is known as the “Bankers’ Bank”?
Answer: Reserve Bank of India (RBI)
91. What is the unemployment rate in India as per PLFS 2022–23?
Answer: Around 4.1% (approx.)
92. What is the full form of GNP?
Answer: Gross National Product
93. What is the key aim of the Start-Up India scheme?
Answer: Promote entrepreneurship and innovation
94. What is the “Digital India” initiative?
Answer: To make government services available electronically
95. What is the concept of Minimum Government, Maximum Governance?
Answer: Reduce bureaucracy and improve efficiency
96. Which Indian ministry handles economic affairs?
Answer: Ministry of Finance
97. What is the full form of CPI?
Answer: Consumer Price Index
98. Who heads the NITI Aayog?
Answer: Prime Minister of India
99. What does GST stand for?
Answer: Goods and Services Tax
100. What is the purpose of Ujjwala Yojana?
Answer: Provide LPG connections to poor households
Bonus: Other Essential Economics GK Questions for 2025
- What is the logistics performance index and who releases it? – World Bank
- Which day is observed as Central Excise Duty Day in India? – 24 February
- Where is the headquarters of the New Development Bank (BRICS Bank)? – Shanghai, China
Economics GK Questions
Indian Economics is a crucial subject for all competitive exams. Whether you’re preparing for UPSC, SSC CGL, Banking, or State PSCs, the above 100 Economics GK questions will help you stay ahead. For daily updates, subscribe to our newsletter or bookmark this page.
FAQs
Q. Is Indian Economics important for SSC and Banking exams?
Yes, both static and current economics questions are frequently asked.
Q. How to remember these 100 questions?
Use flashcards or practice mock quizzes based on these questions weekly.
Q. Are these questions updated for 2025 exams?
Yes, we’ve included current affairs up to the recent updates.
