Indian Economy MCQs

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Some of the major instruments of fiscal policy are Budget, Taxation, Public Expenditure, Public Works, Public Debt, etc. They consist of changes in government revenues or rates of the tax structure so as to encourage or restrict private expenditures on consumption and investment.

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The Reserve Bank of India regulates NBFCs under Chapter III-B of the Reserve Bank of India Act, 1934. RBI issues registration and operational guidelines for NBFCs. As of 2026, the RBI introduced differentiated regulations for Type I and Type II NBFCs. Housing finance companies also registered with the National Housing Board come under RBI oversight after 2019 regulatory amendments.

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As of January 31, 2026, India’s installed capacity is 520,511 MW. Non-fossil fuel sources, including renewables and nuclear, total 271,969 MW, accounting for over 52% of total installed capacity. This exceeds the fossil fuel-based capacity of 248,542 MW. Major components of non-fossil fuel capacity are solar and wind energy.

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NPK fertilizer is a complex fertilizer comprised primarily of the three primary nutrients required for healthy plant growth. NPK stands for “nitrogen, phosphorus, and potassium,” the three nutrients that compose complete fertilizers. The higher the number, the more concentrated the nutrient is in the fertilizer. You may encounter these letters when reading the contents printed on bags of fertilizer.

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British economist, John Maynard Keynes, argued against the long-held view that free markets would automatically provide full employment, spearheading a revolution in economic thinking. He proposed that state intervention is required during boom and bust cycles of the economy, a policy adopted by most western economies during the thirties. This went out of fashion by the seventies, but the world still looks to the Keynesian policy during economic crises.

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The Japanese government conferred the `Order of the Rising Sun’ on Amit Mitra in 2005 by His Majesty the Emperor of Japan. The award was presented for his contribution towards the promotion of friendly relations between India and Japan.

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Goods and Services Tax was launched on July 1, 2017. It is an indirect tax used in India on the supply of goods and services.

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Andhra Pradesh produced approximately 50 lakh metric tonnes of fish in 2023. The state contributed about 22% of India’s total fish production. Andhra Pradesh leads in aquaculture, especially shrimp farming. Marine and inland fisheries are the primary sources. The state surpassed West Bengal in fish production figures after 2021. West Bengal and Gujarat hold second and third positions respectively in recent years.

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India’s seafood exports reached $4.69 billion in April-October FY26. India’s total annual exports are approximately $37-44 billion. Seafood exports account for roughly 10-12% of the country’s total exports. The government allocated over $300 million annually for the fisheries sector to increase output and exports. The European Union, China, Vietnam, and Russia are major export destinations for Indian seafood.

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China leads the world in seafood exports with an estimated $24.8 billion USD in 2025. China has the largest aquaculture production worldwide, including major species like tilapia, carp, and shrimp. China also processes seafood for re-export in global markets. Norway, Vietnam, and Ecuador follow China in global seafood export rankings based on recent international trade data.