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WorksheetsIndian Economy Quiz part 1
Total questions: 50
Worksheet time: 25mins
During the ancient and medieval period, India controlled approximately how much of the world’s wealth?
10–15%
20–25%
30–35%
40–45%
The earliest treatise on Indian economic thought is:
Manusmriti
Arthashastra
Rig Veda
Charaka Samhita
Which sector dominated the Indian economy before British rule?
Industry
Services
Agriculture
Foreign trade
The destruction of Indian handicrafts during British rule was mainly due to:
Famines
Lack of skilled labour
Discriminatory tariff policies
Floods
The Zamindari system created:
Industrial growth
A wealthy artisan class
Absentee landlords
Modern banking
Which of the following was NOT a major consequence of British policies?
Fragmentation of land
High agricultural productivity
Growth of moneylenders
Unemployment
Factory-based production in India began around:
1700
1850
1950
1800
India’s iron industry in 1930 ranked:
1st
5th
8th
12th
At Independence, India’s literacy rate was approximately:
10%
18%
25%
30%
Life expectancy in India in 1951 was about:
25 years
32 years
45 years
50 years
The Nehruvian model emphasized:
Free markets
Heavy industrialization and planning
Privatization
Agriculture only
The Planning Commission was created in:
1948
1950
1956
1960
The early industrial policy (1948) granted state monopoly in:
All industries
Textile & jute
Atomic energy and railways
Banking
The term “Hindu growth rate” refers to GDP growth of:
6–7%
1–2%
3.5%
8%
Which event triggered the Green Revolution?
1971 war
1965-67 consecutive droughts
1991 reforms
1962 China war
The Green Revolution focused primarily on:
Organic farming
Rice & wheat productivity
Plantation crops
Livestock
The MRTP Act was introduced in:
1948
1969
1975
1991
The 1980s reforms are called:
Silent globalization
Reforms by stealth
Socialist revival
License Raj reforms
Open General Licence (OGL) reforms promoted:
More licensing
Easy import of capital goods
Ban on exports
Nationalization
The major cause for the 1991 crisis was:
High exports
Huge fiscal deficit
Agricultural surplus
Low money supply
The foreign exchange reserves in 1991 were enough for:
1 month of imports
2 weeks of imports
6 months of imports
1 year of imports
The 1991 reforms are also known as:
Tax reforms
LPG reforms
Green reforms
Structural reforms only
Disinvestment policy refers to:
Increasing subsidies
Selling government shares in PSUs
Creation of new public enterprises
Increasing taxes
Which sector was MOST liberalized in 1991?
Agriculture
Industrial sector
Banking
Defence
How many industries remained reserved for public sector after 1991?
18
8
5
2
Under 1991 reforms, foreign direct investment up to 51% was allowed under:
Government approval
Automatic route
RBI approval
Special cabinet permission
Devaluation of the rupee in 1991 was done to:
Increase imports
Boost exports
Reduce foreign investments
Increase government expenditure
MODVAT was introduced to reduce:
Income tax
Excise duty cascading
Corporate tax
Import duty
SEBI became a statutory body in:
1988
1991
1992
1995
The New Industrial Policy abolished licensing for:
All industries except 18
Only agriculture
Banking
Transport
Which is a stabilisation measure?
Trade liberalisation
Fiscal deficit reduction
Deregulation of industries
Foreign investment policy
Structural reforms aim at:
Immediate inflation control
Long-term productivity
Short-term price control
Cutting subsidies only
Which of the following was NOT part of 1991 reforms?
Abolition of license raj
Increase in subsidies
Exchange rate reform
Privatisation
NITI Aayog replaced the Planning Commission in:
2012
2014
2015
2017
NITI Aayog’s primary role is:
Allocate funds to states
Create 5-year plans
Act as a think tank
Control fiscal deficit
The term “Cooperative Federalism” means:
Power only with centre
States compete for funds
Centre and states work together
Only states plan
India’s largest source of livelihood is:
Services sector
Industry
Agriculture
Banking
India’s share of agriculture in GVA is around:
8%
15%
18–20%
30%
Which crop is India the world’s largest producer of?
Wheat
Pulses
Tea
Cotton
PM-KISAN provides:
Free seeds
Direct income support
Insurance
Loans
Minimum Support Price (MSP) is fixed at:
1.2 times cost
1.5 times cost
2 times cost
3 times cost
e-NAM is related to:
Online education
Unified agriculture market
Banking services
Pension scheme
India’s biggest challenge in agriculture is:
Excess rainfall
Small & fragmented landholding
Too many tractors
No irrigation facilities at all
Secondary sector primarily refers to:
Banking
Manufacturing
Farming
Services
The share of industry in India’s GDP is around:
10%
20–30%
40%
50%
The eight core industries include all EXCEPT:
Coal
Steel
Electricity
Textiles
“Make in India” was launched in:
2012
2014
2016
2018
GST was introduced in:
2015
2016
2017
2018
FDI limit in insurance sector was raised to:
26%
49%
74%
100%
Services sector contributes approx. what percentage to India’s GVA?
25%
40%
54%
70%
