Q40. Which institution issues India’s Economic Survey?
[CGPSC Civil Service Prelims 2018]
(A) Planning Commission
(B) Reserve Bank of India
(C) Ministry of Finance
(D) Finance Commission
Answer: (C) Ministry of Finance
Explanation: The annual Economic Survey is prepared under the Ministry of Finance and reviews economic trends, challenges and policies. It is generally presented before the Union Budget and is an analytical report rather than a binding development plan.
Q39. Which law superseded the Monopolies and Restrictive Trade Practices Act framework?
[RRB Group D 2018]
(A) Goods and Services Tax Act
(B) Business Freedom Act
(C) Prohibited Trade Practices Act
(D) Competition Act
Answer: (D) Competition Act
Explanation: The Competition Act, 2002 created a modern framework for preventing anti-competitive conduct and promoting market competition. It replaced the older MRTP regulatory approach, reflecting India’s shift toward competition-based oversight after liberalisation.
Q38. Who was the first Vice-Chairman of NITI Aayog?
[MPPSC Prelims 2018]
(A) Arvind Panagariya
(B) Raghuram Rajan
(C) C. Subramaniam
(D) Rajiv Kumar
Answer: (A) Arvind Panagariya
Explanation: Economist Arvind Panagariya became NITI Aayog’s first Vice-Chairman after its establishment in 2015. The organisation replaced the Planning Commission and was designed as a policy advisory institution that works with state governments.
Q37. Which developments occurred after India liberalised in 1991:
(1) huge rise in agriculture’s GDP share;
(2) higher share of global exports;
(3) more FDI;
(4) larger foreign-exchange reserves?
[UPSC CSE Prelims 2017]
(A) 1 and 4 only
(B) 2, 3 and 4 only
(C) 2 and 3 only
(D) All four
Answer: (B) 2, 3 and 4 only
Explanation: The agricultural share of GDP generally declined as other sectors expanded. India’s engagement with world trade rose, while foreign direct investment and reserve holdings increased greatly over subsequent years. Therefore only statements 2, 3 and 4 qualify.
Q36. The major economic reforms in India were introduced in which year?
[WBCS Prelims 2017]
(A) 1989
(B) 1990
(C) 1991
(D) 1992
Answer: (C) 1991
Explanation: The year 1991 marks the launch of India’s New Economic Policy under Prime Minister P. V. Narasimha Rao. Balance-of-payments stress led to stabilisation measures and market-oriented structural reforms intended to support efficiency and external integration.
Q35. What did the Economic Survey 2015–16 call India’s “Chakravyuha Challenge”?
[UPPSC Civil Service Prelims 2017]
(A) Moving from socialism to capitalism
(B) Moving from limited entry to markets with easy exit
(C) Moving from limited entry to markets without adequate exit
(D) Abandoning mixed economy for capitalism
Answer: (C) Moving from limited entry to markets without adequate exit
Explanation: The Chakravyuha analogy addressed firms entering markets more easily than they could exit after failure. Slow bankruptcy and asset resolution trapped capital and resources, so reforms needed effective mechanisms for orderly business exit as well as entry.
Q34. Which combination of sectors is associated with a mixed economy?
[MPPSC Assistant Professor (Commerce) 2017]
(A) Public, private and cooperative
(B) Public and cooperative only
(C) Private and joint only
(D) Agriculture and industry only
Answer: (A) Public, private and cooperative
Explanation: In India the mixed economic structure allows state enterprises, privately owned firms and cooperative ventures to operate simultaneously. These forms differ in ownership incentives, but all can contribute to output, jobs and the provision of goods and services.
Q33. Which economist is most closely identified here with a policy framework compatible with mixed economic management?
[MPPSC Assistant Professor (Commerce) 2017]
(A) Karl Marx
(B) Adam Smith
(C) J. M. Keynes
(D) Alfred Marshall
Answer: (C) J. M. Keynes
Explanation: John Maynard Keynes advocated government intervention to stabilise demand and employment in a market economy. His ideas helped shape systems that retain private enterprise while using fiscal and other public policies to address economic instability.
Q32. Put the events in chronological order: 1 Garibi Hatao; 2 nationalisation of major banks; 3 start of Green Revolution.
[UPPSC Civil Service Prelims 2016]
(A) 1, 2, 3
(B) 3, 2, 1
(C) 2, 1, 3
(D) 3, 1, 2
Answer: (B) 3, 2, 1
Explanation: The Green Revolution gathered pace in the mid-1960s, major commercial banks were nationalised in 1969, and the Garibi Hatao slogan was central to the 1971 election campaign. Thus the correct chronology is 3, 2, 1.
Q31. On which date was India’s National Development Council established?
[UPPSC Mains 2016]
(A) 26 January 1950
(B) 2 October 1950
(C) 6 August 1951
(D) 6 August 1952
Answer: (D) 6 August 1952
Explanation: The National Development Council was set up on 6 August 1952. It sought to mobilise resources for plans, encourage common economic policies and ensure balanced growth through cooperation between central leadership and the states.
