Indian Economy MCQs

Notes:
Core Inflation is the rate of inflation calculated to exclude certain items that are subject to sudden and short-lived price movements, mainly food and energy. Core inflation is considered a better indicator of overall long-term than un-adjusted headline inflation.

Notes:
The Consolidated Fund of India was constituted under Article 266(1) of the Indian Constitution in 1950. Only after the enactment of an Appropriation Act by Parliament can funds be withdrawn from this Fund. The President of India cannot authorize withdrawal without parliamentary sanction. Expenditure from the Consolidated Fund includes government salaries, pensions, and all government-managed programs, all subject to prior parliamentary approval as stipulated in Article 114.

Notes:
Green Revolution- Food grains,
White Revolution Milk,
Yellow Revolution-Oil seeds,
Blue Revolution-Fisheries
Golden Revolution-Fruits;
 Silver Revolution-Eggs,
 Round Revolution Potato,
Pink Revolution-Meat,
 Grey Revolution (Fertilizers)

Notes:
In the context of industry, a lockout is a temporary measure used by employers to prevent workers from entering the workplace. This is typically done in response to a labor dispute or strike, and is intended to protect the employer’s property and ensure the safety of workers and others on the premises. A lockout may be imposed by an employer unilaterally, or it may be agreed upon as part of a collective bargaining agreement with a labor union. During a lockout, workers are not allowed to enter the workplace or perform their duties, and the employer may not provide any work or pay to the affected workers. A lockout can have significant economic and social consequences for both the employer and the affected workers, and is generally considered a last resort in the resolution of labor disputes.

Notes:
When the RBI tightens its policy by raising the repo rate, banks face higher borrowing costs from the RBI. Banks increase deposit rates to attract funds from the public. For example, the repo rate was increased multiple times in 2022 and banks responded by increasing fixed deposit rates between May and December 2022.

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Gulzari Lal Nanda was the first Deputy Chairman of the Planning Commission and later served twice as interim Prime Minister of India. He played a key role in planning policy after independence.

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As of August 2025, National Stock Exchange became the largest shareholder in NSDL after IDBI Bank reduced its stake by selling 11.11% in the IPO, retaining 14.99%. NSE holds a 24% stake. NSDL was established in 1996. Regulatory norms restrict non-institutional ownership in depositories to 15% in India. NSDL facilitates electronic securities settlement nationwide.

Notes:
In 1944 Eight Industrialists of Bombay including Mr. JRD Tata, GD Birla, Purshottamdas Thakurdas , Lala Shriram, kasturbhai lalbhai, AD Shroff , Ardeshir Dalal, & John Mathai working together prepared “A Brief Memorandum Outlining a Plan of Economic Development for India” which was popularly known as Bombay Plan. This plan envisaged doubling the per capita income in 15 years and tripling the national income during this period.

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The Khadi and Village Industries Commission is a statutory body formed in April 1957 by the Government of India, under the Act of Parliament, ‘Khadi and Village Industries Commission Act of 1956’. It was second five year plan period then.

Notes:
Total Food Grains, as classified by Indian agricultural authorities, comprise rice, wheat, all types of coarse cereals (millet, barley, sorghum, etc.), and pulses. These groups are reported together in agriculture statistics and policy documents, as both cereals and pulses are major staple food grains cultivated and consumed across India.