Indian Economy MCQs with Answers – Budget, GST, Plans – Page 2

Question 21 Indian Economy Basics

In which year was the Fiscal Responsibility and Budget Management (FRBM) Act enacted?

Correct answer A. 2003

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Question 22 Indian Economy Basics

Revenue deficit refers to the excess of ____ over revenue receipts.

Correct answer C. revenue expenditure

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Question 23 Indian Economy Basics

Fiscal deficit is best defined as which of the following?

Correct answer C. Total expenditure minus total receipts excluding borrowings

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Question 24 Indian Economy Basics

In the GST Council, how is voting weight divided between the Centre and the states?

Correct answer B. One-third Centre, two-thirds states

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Question 25 Indian Economy Basics

Which component of GST is levied on inter-state supply of goods and services?

Correct answer C. IGST

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Question 26 Indian Economy Basics

Who chairs the GST Council?

Correct answer D. The Union Finance Minister

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Question 27 Indian Economy Basics

Who was the first chairman of the Planning Commission of India?

Correct answer B. Jawaharlal Nehru

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Question 28 Indian Economy Basics

On which date did NITI Aayog replace the Planning Commission?

Correct answer C. 1 January 2015

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Question 29 Indian Economy Basics

Who is the ex officio chairperson of NITI Aayog?

Correct answer D. The Prime Minister

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Question 30 Indian Economy Basics

Which body of NITI Aayog includes the Chief Ministers of all states and of Union Territories with legislatures?

Correct answer C. Governing Council

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Question 31 Indian Economy Basics

Which sector received the highest priority in India’s First Five-Year Plan (1951-56)?

Correct answer D. Agriculture, including irrigation

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Question 32 Indian Economy Basics

The Second Five-Year Plan (1956-61), which emphasised heavy industry, was based on the model of which economist?

Correct answer C. P. C. Mahalanobis

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Question 33 Indian Economy Basics

The period 1966-69, when India followed annual plans instead of a Five-Year Plan, is commonly called what?

Correct answer A. Plan holiday

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Question 34 Indian Economy Basics

The ‘rolling plan’ approach of 1978-80 was introduced by which government?

Correct answer A. The Janata Party government

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Question 35 Indian Economy Basics

Which Five-Year Plan was terminated a year ahead of schedule in 1978?

Correct answer C. Fifth Plan

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Question 36 Indian Economy Basics

Which was the last Five-Year Plan implemented in India?

Correct answer C. Twelfth Plan (2012-17)

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Question 37 Indian Economy Basics

In which year was the National Development Council, which approved Five-Year Plans, set up?

Correct answer A. 1952

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Question 38 Indian Economy Basics

During the 1991 economic reforms, who was India’s Union Finance Minister?

Correct answer C. Manmohan Singh

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Question 39 Indian Economy Basics

Which crisis immediately prompted India’s economic reforms of 1991?

Correct answer B. A balance of payments crisis

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Question 40 Indian Economy Basics

The New Industrial Policy announced in July 1991 abolished licensing for most industries except a short list related to which concerns?

Correct answer D. Security, strategy, safety and environment

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Indian Economy Basics MCQs