Indian Economy – UPSC Prelims PYQs

Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in news ?

With reference to India's decision to levy an equalization tax of 6% on online advertisement services offered by non-resident entities, which of the following statements is/are correct ?

1. It is introduced as a part of the Income Tax Act.
2. Non-resident entities that offer advertisement services in India can claim a tax credit in their home country under the "Double Taxation Avoidance Agreements".

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Consider the following statements :

1. The Fiscal Responsibility and Budget Management (FRBM) Review Committee Report has recommended a debt to GDP ratio of 60% for the general (combined) government by 2023, comprising 40% for the Central Government and 20% for the State Governments.
2. The Central Government has domestic liabilities of 21% of GDP as compared to that of 49% of GDP of the State Governments.
3. As per the Constitution of India, it is mandatory for a State to take the Central Government's consent for raising any loan if the former owes any outstanding liabilities to the latter.

Which of the statements given above is/are correct ?

Consider the following statements :

1. The quantity of imported edible oils is more than the domestic production of edible oils in the last five years.
2. The Government does not impose any customs duty on all the imported edible oils as a special case.

Which of the statements given above is/are correct ?

Which one of the following links all the ATMs in India ?

Consider the following statements :

1. Capital Adequacy Ratio (CAR) is the amount that banks have to maintain in the form of their own funds to offset any loss that banks incur if the account-holders fail to repay dues.
2. CAR is decided by each individual bank.

Which of the statements given above is/are correct ?

With reference to the provisions made under the National Food Security Act, 2013, consider the following statements :

1. The families coming under the category of 'below poverty line (BPL)' only are eligible to receive subsidised food grains.
2. The eldest woman in a household, of age 18 years or above, shall be the head of the household for the purpose of issuance of a ration card.
3. Pregnant women and lactating mothers are entitled to a 'take-home ration' of 1600 calories per day during pregnancy and for six months thereafter.

Which of the statements given above is/are correct ?

India enacted The Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to

International Labour Organization's Conventions 138 and 182 are related to

Consider the following countries :

1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA

Which of the above are among the 'free-trade partners' of ASEAN ?

Which one of the following statements correctly describes the meaning of legal tender money ?

If a commodity is provided free to the public by the Government, then

Increase in absolute and per capita real GNP do not connote a higher level of economic development, if

Consider the following statements : Human capital formation as a concept is better explained in terms of a process which enables

1. individuals of a country to accumulate more capital.
2. increasing the knowledge, skill levels and capacities of the people of the country.
3. accumulation of tangible wealth.
4. accumulation of intangible wealth.

Which of the statements given above is/are correct ?

Despite being a high saving economy, capital formation may not result in significant increase in output due to

Consider the following statements :

1. The Reserve Bank of India manages and services Government of India Securities but not any State Government Securities.
2. Treasury bills are issued by the Government of India and there are no treasury bills issued by the State Governments.
3. Treasury bills offer are issued at a discount from the par value.

Which of the statements given above is/are correct ?

Consider the following :

1. Areca nut
2. Barley
3. Coffee
4. Finger millet
5. Groundnut
6. Sesamum
7. Turmeric The Cabinet Committee on Economic Affairs has announced the Minimum Support Price for which of the above ?

With reference to the governance of public sector banking in India, consider the following statements :

1. Capital infusion into public sector banks by the Government of India has steadily increased in the last decade.
2. To put the public sector banks in order, the merger of associate banks with the parent State Bank of India has been affected.

Which of the statements given above is/are correct ?

Consider the following items :

1. Cereal grains hulled
2. Chicken eggs cooked
3. Fish processed and canned
4. Newspapers containing advertising material

Which of the above items is/are exempted under GST (Goods and Services Tax) ?

'Recognition of Prior Learning Scheme' is sometimes mentioned in the news with reference to

Which of the following gives 'Global Gender Gap Index' ranking to the countries of the world ?

Which of the following statements is/are correct regarding the Monetary Policy Committee (MPC) ?

1. It decides the RBI's benchmark interest rates.
2. It is a 12-member body including the Governor of RBI and is reconstituted every year.
3. It functions under the chairmanship of the Union Finance Minister.

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The Trade Disputes Act of 1929 provided for

Consider the following statements : With reference to the Constitution of India, the Directive Principles of State Policy constitute limitations upon

1. legislative function.
2. executive function.

Which of the above statements is/are correct ?

With reference to the 'Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)', consider the following statements :

1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction.
2. Properties held benami are liable for confiscation by the Government.
3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism.

Which of the statements given above is/are correct ?

The term 'Domestic Content Requirement' is sometimes seen in the news with reference to

Who among the following can join the National Pension System (NPS) ?

Consider the following statements :

1. The Standard Mark of Bureau of Indian Standards (BIS) is mandatory for automotive tyres and tubes.
2. AGMARK is a quality Certification Mark issued by the Food and Agriculture Organisation (FAO).

Which of the statements given above is/are correct ?

What is/are the advantage/advantages of implementing the 'National Agriculture Market' scheme ?

1. It is a pan-India electronic trading portal for agricultural commodities.
2. It provides the farmers access to nationwide market, with prices commensurate with the quality of their produce.

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With reference to the 'National Intellectual Property Rights Policy', consider the following statements :

1. It reiterates India's commitment to the Doha Development Agenda and the TRIPS Agreement.
2. Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India.

Which of the above statements is/are correct ?

With reference to 'Quality Council of India (QCI)', consider the following statements :

1. QCI was set up jointly by the Government of India and the Indian Industry.
2. Chairman of QCI is appointed by the Prime Minister on the recommendations of the industry to the Government.

Which of the above statements is/are correct ?

What is the purpose of setting up of Small Finance Banks (SFBs) in India ?

1. To supply credit to small business units
2. To supply credit to small and marginal farmers
3. To encourage young entrepreneurs to set up business particularly in rural areas.

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With reference to 'Asia Pacific Ministerial Conference on Housing and Urban Development (APMCHUD)', consider the following statements :

1. The first APMCHUD was held in India in 2006 on the theme 'Emerging Urban Forms — Policy Responses and Governance Structure'.
2. India hosts all the Annual Ministerial Conferences in partnership with ADB, APEC and ASEAN.

Which of the statements given above is/are correct ?

Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)' ?

With reference to 'National Investment and Infrastructure Fund', which of the following statements is/are correct ?

1. It is an organ of NITI Aayog.
2. It has a corpus of ₹ 4,00,000 crore at present.

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The Global Infrastructure Facility is a/an

With reference to 'National Skills Qualification Framework (NSQF)', which of the statements given below is/are correct ?

1. Under NSQF, a learner can acquire the certification for competency only through formal learning.
2. An outcome expected from the implementation of NSQF is the mobility between vocational and general education.

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Consider the following in respect of 'National Career Service' :

1. National Career Service is an initiative of the Department of Personnel and Training, Government of India.
2. National Career Service has been launched in a Mission Mode to improve the employment opportunities to uneducated youth of the country.

Which of the above statements is/are correct ?

Which of the following statements best describes the term 'Scheme for Sustainable Structuring of Stressed Assets (S4A)', recently seen in the news ?

Consider the following statements : The nation-wide 'Soil Health Card Scheme' aims at

1. expanding the cultivable area under irrigation.
2. enabling the banks to assess the quantum of loans to be granted to farmers on the basis of soil quality.
3. checking the overuse of fertilizers in farmlands.

Which of the above statements is/are correct ?

Which of the following has/have occurred in India after its liberalization of economic policies in 1991 ?

1. Share of agriculture in GDP increased enormously.
2. Share of India's exports in world trade increased.
3. FDI inflows increased.
4. India's foreign exchange reserves increased enormously.

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Consider the following statements :

1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.
2. NPCI has launched RuPay, a card payment scheme.

Which of the statements given above is/are correct ?

What is/are the most likely advantages of implementing 'Goods and Services Tax (GST)' ?

1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.
2. It will drastically reduce the 'Current Account Deficit' of India and will enable it to increase its foreign exchange reserves.
3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future.

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Consider the following statements :

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO's Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct ?

Consider the following statements :

1. Tax revenue as a percent of GDP of India has steadily increased in the last decade.
2. Fiscal deficit as a percent of GDP of India has steadily increased in the last decade.

Which of the statements given above is/are correct ?

There has been a persistent deficit budget year after year. Which action/actions of the following can be taken by the Government to reduce the deficit?

1. Reducing revenue expenditure
2. Introducing new welfare schemes
3. Rationalizing subsidies
4. Reducing import duty

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The establishment of 'Payment Banks' is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context?

1. Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks.
2. Payment Banks can issue both credit cards and debit cards.
3. Payment Banks cannot undertake lending activities.

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Which one of the following is a purpose of 'UDAY', a scheme of the Government?

With reference to 'IFC Masala Bonds', sometimes seen in the news, which of the statements given below is/are correct?

1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.

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In the context of which of the following do you sometimes find the terms 'amber box, blue box and green box' in the news?