Indian Economy and Banking MCQs with Answers – RBI – Page 7

Question 121 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 122 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 123 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 124 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 125 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 126 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 127 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 128 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 129 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 130 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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Question 131 Indian Economy Basics

Which constitutional amendment introduced the Goods and Services Tax in India?

Correct answer A. 101st Amendment Act, 2016

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Question 132 Indian Economy Basics

From which date did GST come into force across India?

Correct answer C. 1 July 2017

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Question 133 Indian Economy Basics

Under which Article of the Constitution is the GST Council constituted?

Correct answer C. Article 279A

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Question 134 Indian Economy Basics

Who chairs the GST Council?

Correct answer D. The Union Finance Minister

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Question 135 Indian Economy Basics

Which Article gives both Parliament and state legislatures the power to make laws on GST?

Correct answer C. Article 246A

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Question 136 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 137 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 138 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 139 Indian Economy Basics

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

Correct answer C. revenue expenditure

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Question 140 Indian Economy Basics

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

Correct answer A. 2003

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