Indian Economy MCQs

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Maharashtra approved its caravan tourism policy in 2021. The policy permits private operators to run caravans and set up caravan parks. Incentives under this policy include GST refunds and waiver of stamp and electricity duties. Maharashtra became the third Indian state after Karnataka and Madhya Pradesh to implement such a policy. The policy aims to boost tourism infrastructure in the state.

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India meets 50% of its natural gas demand through LNG imports. Petronet LNG Ltd. reported that domestic production suffices for the remaining 50%. India is the world’s fourth-largest LNG importer. In 2025, India’s LNG imports are forecast at approximately 25.5 million metric tons per year. India aims to raise natural gas’s share in primary energy to 15% by 2030.

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In 2023, the USA produced over 9 million barrels per day of shale oil. Shale production accounts for nearly half of total U.S. oil output. The U.S. shale boom began around 2008 with hydraulic fracturing technology. The USA leads globally in shale reserves and export capacity. Argentine Vaca Muerta, China, and Russia have lower production volumes.

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India’s Ministry of New and Renewable Energy recognizes wind power, large hydro, biomass, and solar power as renewable energy sources. As of October 2024, large hydropower plants contributed 46.93 GW to India’s renewable capacity of 203.18 GW. The Central Electricity Authority includes large and small hydropower as renewable sources. All listed options are classified as renewable energy by Indian government agencies.

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A form of market in which a large number of buyers and sellers compete with each other in the purchase and sale of goods respectively is called perfect competition, and no individual buyer or seller has any influence on price and output. Each firm’s output is an ideal substitute for the other firms’ output, so the demand for each firm’s output is perfectly elastic.

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The demand curve may shift to the right if: the commodity becomes more popular; The price of a substitute commodity rises; The price of a complementary commodity decreases.

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A Giffen good is one that people consume more as the price rises. A Giffen good is a high-low commodity that has an upward-sloping demand curve, contrary to the fundamental law of demand, which states that the quantity demanded of a product falls as the price rises, resulting in demand. There is a downward slope for the curve. In general cases, as the price of a commodity rises, the substitution effect makes consumers buy less of it.

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The Alagh Committee in 1979 set poverty lines based on daily calorie intake. The Tendulkar Committee in 2009 recommended including health and education expenditures. The National Multidimensional Poverty Index by NITI Aayog uses 12 indicators including health, education, and living standards. The shift reflects a move from calorie-based to multidimensional poverty measurement in India.

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The National Heritage City Development and Augmentation Scheme (HRIDAY) was launched on 21 January 2015 with an objective to bring together urban planning, economic development and heritage conservation in an inclusive manner to preserve the heritage character of each heritage city.

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Janani Suraksha Yojana (JSY) is a safe motherhood intervention under the National Health Mission. It was launched in April 2005 to promote institutional deliveries among poor pregnant women and reduce maternal and neonatal mortality. JSY is implemented as a centrally sponsored scheme and provides cash assistance along with delivery and post-delivery care. Therefore, the statement that it is not a centrally sponsored scheme is incorrect.