India is on a fast track to economic development. The global economy has been in decline since 2020 as a result of the COVID-19 pandemic. Repeated illness outbreaks, supply-chain interruptions, and inflation have produced difficult times. Faced with these issues, the Indian government has acted quickly to minimize the damage to the Indian economy.
Description of the Indian economy
India's economy is defined as massive, complicated, and rapidly expanding. It is one of the world's most dynamic and rapidly developing marketplaces. India has had a planned economy since 1951. The first several programs emphasized progress through manufacturing sector expansion, emphasizing heavy industries as the economy's backbone. Agriculture and social development were two other major planned sectors. Efforts were concentrated on determining the needs of the economy throughout the post-independence period and the period of the "Five-Year Plans." In addition, the economic reforms that were implemented in India at the beginning of the 1990s signified the beginning of a new era in the history of the nation. It allowed India to shrug off the constraints of its history and emerge as a progressive nation on the global stage. This essay about the Indian Economy will provide students with a thorough understanding of the Indian economy.
The Indian economy has made remarkable development since independence. The green revolution allowed India to become self-sufficient in food production and diversify its businesses. However, in order to reach a 5 trillion-dollar economy by 2025, we still have a long way to go. It can, however, be accomplished with government effort and the appropriate policymakers
Since the second part of 2020-21, the Indian economy has been steadily improving. Although, from a health standpoint, the second wave of the pandemic in April-June 2021 was more severe. The nationwide lockdown has impacted small enterprises, ordinary citizens, and everyone in India. The Indian economy has suffered as a result of this. But now it's gently rising to the surface and acquiring shape.
Following are some of the multiple choice questions on the Indian Economy with answers that will help the students in developing their knowledge.
Indian Economy MCQ
1. Which of the following is not a long period objective of planning in India?
2. Which of the following steps promoted the growth of the economy as a whole by stimulating the development of industrial and tertiary sectors?
3. What is needed to provide protection against natural calamities like floods, drought, locusts, thunderstorms, etc.?
4. Out of 200 million children in the school going age group, how many are attending schools?
5. A situation in which more persons are employed on a job than are optimally required is:
6. Directive Planning is pursued under:-
7. The task of collection of data in all three sectors is done by
8. Full employment and equitable distribution of income and wealth are the _______ period objectives of planning in India.
9. When we produce a good by exploiting natural resources, it is an activity of the:
10. Which of the following is included in tertiary sector?
11. The highway projects in India are being implemented by which organisation?
12. Which of the following organisation looks after the credit needs of agriculture and rural development in India.
13. Which of the following statements regarding high yielding variety (HYV) seeds are correct?
14. After which Five Year Plan, there were three annual Plan?
15. When was the planning Commission established?
16. Which was the last Five years plan in India
17. When was NITI Aayog established
18. Green Revolution resulting from:
19. Schedule C industries development were left to:
20. Choose the correct meaning of organised sector:
21. The service sector includes activities such as:
22. The sectors are classified into public and private sector on the basis of :
23. Government owns most of the assets and provides all the services:
24. Central government in India made a law, implementing the Right to Work in how many districts of India?
25. The value of all final goods and services produced within a country during a particular year is called as:
26. Human Development Index is not related to......
27. Optimum Population is that ideal population which provides......
28. Economic growth can be measured by
30. Who is known as the father of green revolution in India?
31. The period of the first five year plan was.............
32. Which is the characteristics of an underdeveloped economy?
33. POPULATION OF INDIA IN 2011 CENSUS
34. Which of the following is not a goal of five year plan?
35. Perspective plan is a
36. Fixing the maximum size of land which could be owned by an individual is called?
37. Subsidies do not allow prices to indicate the supply of a good. True/False?
38. Who is current RBI governor of India?
39. Who is the current finance minister of India?
40. In which year did the government decide to remove barriers on foreign trade and investment in India?
41. Which Indian company was bought over by Cargill Foods—a large American MNC?
42. Which one of the following Indian industries has been hit hard by globalisation?
43. In which year, Government of India established 'Niti Aayog'?
44. With 'Green Revolution', India could increased manifold the production of which commodity?
45. The 'Mahalanobis Model' formed the basis of which Five-Year Plan in India?
46. In which year, India adopted the 'Planning Approach'?
47. Quotas are a tax on imported goods while tariffs specify the number of goods which can be imported.
48. Legally stipulated maximum size beyond which no individual farmer can hold any land
49. Evaluate the below statements related to land reforms.i) Just a year after independence, steps were taken to abolish intermediaries and to make the tillers the owners of land.ii) The purpose of land ceiling was to keep the concentration of land ownership in the hands of a selected few.Which of the above are correct?
50. Under Industrial Policy Resolution (IPR), 1956, Category II of the industrial sector includes industries jointly owned and controlled by the private sector and the state.
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