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MCQ on Indian Economy

Who was the first Governor of Reserve Bank of India (RBI)?

  • C D Deshmukh
  • Sir Osborne Smith
  • James Braid Taylor
  • Benegal Rama Rau
    • Correct Option: B  [ Sir Osborne Smith ]

    Explanation: from 1935 to 1937

The highest body which approves the Five Year Plan in India is :

  • Parliament
  • Planning Commission
  • National Development Council
  • Finance Commission
    • Correct Option: C  [ National Development Council ]

    Explanation:

Chairman of the 15th Finance Commission of India-

  • NK Singh
  • YV Reddy
  • Ranghuram Rajan
  • Ramesh Chand
    • Correct Option: A  [ NK Singh ]

    Explanation:

Which prograrnme gave the slogan, Garibi Hatao ?

  • 4th Five Year Plan
  • 5th Five year plan
  • 6th Five Year Plan
  • 7th Five year plan
    • Correct Option: B  [ 5th Five year plan ]

    Explanation:

Who is the Chairman of the Fifteenth Finance Commission of India ?

  • Anurag Thakur
  • V. K. Singh
  • R. Jain
  • N. K. Singh
    • Correct Option: D  [ N. K. Singh ]

    Explanation:

Which of the statements given below is/are correct?

(i) GNP is always higher than GDP.

(ii) If GDP is greater than GNP, then net factor income earned abroad is negative.

Select the correct answer using the codes given below.

  • Only (i)
  • Only (ii)
  • Both (i) and (ii)
  • Neither (i) nor (ii)
    • Correct Option: B  [ Only (ii) ]

    Explanation:

In India the Repo rate is announced by:

  • the Ministry of Finance, Government of India
  • the Prime Minister of India
  • the Reserve Bank of India
  • the President of India
    • Correct Option: C  [ the Reserve Bank of India ]

    Explanation:

Gilt-edged market means:

  • Market of government securities
  • Bullion market
  • Market of commodities
  • Market of pure metals
    • Correct Option: A  [ Market of government securities ]

    Explanation:

Fiscal Deficit is:

  • Government expenditure minus borrowings
  • Government expenditure minus revenue receipts
  • Same as budget deficit
  • Budget deficit minus borrowings and other liabilities
    • Correct Option: B  [ Government expenditure minus revenue receipts ]

    Explanation:

In India, National Income is computed by :

  • Ministry of Fianance
  • Central Statistical Organisation
  • National Development Council
  • Finance Commission
    • Correct Option: B  [ Central Statistical Organisation ]

    Explanation:
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