Preparing for the OSSSC RI, ARI, Amin, SFS, and ICDS Supervisor exams requires a solid understanding of the Indian economy. These competitive exams often feature questions on economic concepts, policies, and current trends. A focused study of the top 30 multiple-choice questions (MCQs) can significantly enhance your readiness. These questions cover critical topics such as GDP growth, inflation, fiscal policy, banking reforms, and trade. They are tailored to align with the exam pattern, helping candidates gain a comprehensive overview and practice efficiently for their upcoming assessments.
Top 30 Indian Economy MCQs for OSSSC RI,ARI, Amin, SFS, ICDS Supervisor
- What option does the central government not include in the development expenditure?
(a) Grants to states
(b) Expenditure on social and community services
(c) Expenditure on economic services
(d) Defence expenditure
Answer: (d) - Which of the following defines depreciation?
(a) Destruction of a plant in a fire accident
(b) Loss of equipment over time due to wear and tear
(c) Closure of a plant due to labour trouble
(d) Closure of a plant due to lockout
Answer: (b) - Generally, deficit financing can create inflation. However, it can be checked if _________.
(a) government expenditure increases the aggregate supply in the aggregate demand ratio.
(b) all the investment is indicated as payment on national debt only.
(c) only the aggregate demand is increased.
(d) All of the above
Answer: (d) - With which of the following did the ARDC merge with on 12 July, 1982?
(a) NABARD
(b) EXIM Bank
(c) RBI
(d) None of the above
Answer: (a) - What is the main cause of the export surplus?
(a) The country’s stringent import policy
(b) Developments in national and international markets
(c) The country’s exports promotion value
(d) None of the above
Answer: (b) - If RBI reduces the cash reserve ratio, what will happen to the credit creation?
(a) There will be no impact.
(b) It will decrease.
(c) It will increase.
(d) None of the above
Answer: (c) - Which option is not mentioned in a firm’s balance sheet?
(a) Cash held at the bank
(b) Revenue from sales of the company’s products
(c) Total issued capital
(d) Value of the stocks of raw materials held
Answer: (b) - Which of the following does the state financial corporation in the State Bank of India give special assistance to?
(a) Medium and small-scale industries
(b) Large-scale industries
(c) Cottage industry
(d) Agricultural farms
Answer: (a) - Which of the following are the central cooperative banks directly associated with?
(a) Central government
(b) Land development banks
(c) State cooperative banks
(d) Farmers
Answer: (c) - The first complete Indian Bank was established in which year?
(a) 1794
(b) 1894
(c) 1896
(d) 1902
Answer: (b) - Which state had the highest GDP among all Indian states as of Q2 FY 2023-24?
(a) Tamil Nadu
(b) Maharashtra
(c) Uttar Pradesh
(d) Gujarat
Ans. (b) Maharashtra - Which state surpassed Tamil Nadu to become the second-largest economy in India by Q2 FY 2023-24?
(a) Karnataka
(b) Andhra Pradesh
(c) Uttar Pradesh
(d) Gujarat
Ans. (c) Uttar Pradesh - What was the GDP growth rate prediction for India in 2023-24 as per the Economic Survey 2022-23?
(a) 5.0% to 5.8%
(b) 6.0% to 6.8%
(c) 7.0% to 7.8%
(d) 8.0% to 8.8%
Ans. (b) 6.0% to 6.8% - What is the nominal GDP of India for Q2 FY 2023-24?
(a) ₹322.39 lakh crore
(b) ₹292.53 lakh crore
(c) ₹312.39 lakh crore
(d) ₹352.39 lakh crore
Ans. (a) ₹322.39 lakh crore - Which state had a GDP percentage share of 7.5% in Q2 FY 2023-24?
(a) Karnataka
(b) West Bengal
(c) Rajasthan
(d) Madhya Pradesh
Ans. (b) West Bengal - In 2020-21, which state had a GDP of ₹303016 crore?
(a) Arunachal Pradesh
(b) Assam
(c) Bihar
(d) Chhattisgarh
Ans. (b) Assam - What was the GDP of Bihar in 2019-20?
(a) ₹533234 crore
(b) ₹614431 crore
(c) ₹533583 crore
(d) ₹307995 crore
Ans. (a) ₹533234 crore - Which state contributed 4.9% to India’s total GDP in Q2 FY 2023-24?
(a) Madhya Pradesh
(b) Rajasthan
(c) Andhra Pradesh
(d) Karnataka
Ans. (c) Andhra Pradesh - Which of the following is not considered one of the eight core sectors of the Indian economy?
(a) Coal
(b) Textiles
(c) Natural Gas
(d) Cement
Answer: (b) - What percentage of the Index of Industrial Production (IIP) is contributed by the core sectors?
(a) 30.15%
(b) 40.27%
(c) 50.32%
(d) 60.25%
Answer: (b) - Which organization compiles and publishes the Index of Eight Core Industries (ICI)?
(a) Reserve Bank of India (RBI)
(b) Ministry of Finance
(c) Office of the Economic Adviser (OEA)
(d) Central Statistical Organization (CSO)
Answer: (c) - What is the weightage of refinery products in the Index of Industrial Production (IIP)?
(a) 19.85%
(b) 17.92%
(c) 28.04%
(d) 10.33%
Answer: (c) - In terms of weightage in the Index of Industrial Production, which sector comes after refinery products?
(a) Electricity
(b) Steel
(c) Coal
(d) Natural Gas
Answer: (a) - Which of the following sectors had the lowest weightage in the IIP?
(a) Fertilizers
(b) Cement
(c) Crude Oil
(d) Natural Gas
Answer: (a) - What was the growth rate of India’s eight major industries in May 2022?
(a) 8.4%
(b) 12.3%
(c) 18.1%
(d) 15.7%
Answer: (c) - Which core sector’s production increased by 11.9% in August 2022 compared to a decline in the same month the previous year?
(a) Coal
(b) Fertilizers
(c) Steel
(d) Electricity
Answer: (b) - Which sector is the largest contributor to the Index of Eight Core Industries?
(a) Electricity
(b) Refinery Products
(c) Steel
(d) Coal
Answer: (b) - In the context of core sectors, what does the term “weight” refer to?
(a) The physical weight of products
(b) The percentage contribution to the overall industrial output
(c) The number of industries in the sector
(d) The financial value of the sector
Answer: (b) - Which of the following statements is true about the core sectors?
(a) They are not influenced by international market trends.
(b) They form the foundation for other industrial activities.
(c) Their performance does not affect the GDP of the country.
(d) They include sectors like tourism and IT.
Answer: (b) - Which sector experienced a growth rate of 7.6% in August 2022 compared to the same month the previous year?
(a) Crude Oil
(b) Natural Gas
(c) Coal
(d) Cement
Answer: (c)
