The Indian Economy is one of the most important subjects for competitive exams like UPSC, SSC, Banking, Railway, and State PCS. Questions from the economy section are scoring, but only if you know the basics.
Here we bring you the Top 100 GK Questions with Answers on Indian Economy to boost your preparation.
Top 100 GK Questions on Indian Economy
1–20: Basics of Indian Economy
Q1. When did India adopt the planning system?
👉 1951 (First Five-Year Plan)
Q2. Who is known as the Father of Indian Planning?
👉 M. Visvesvaraya
Q3. Who is known as the Architect of Indian Planning?
👉 Jawaharlal Nehru
Q4. Who prepared the ‘Bombay Plan’?
👉 J.R.D. Tata & G.D. Birla (1944)
Q5. Who presented the first Union Budget of India?
👉 R.K. Shanmukham Chetty (1947)
Q6. Which year is known as the ‘Year of Great Divide’ in Indian economy?
👉 1921 (population growth started increasing)
Q7. Which sector is the backbone of the Indian economy?
👉 Agriculture
Q8. What is the contribution of agriculture to India’s GDP?
👉 Around 18% (approx, varies yearly)
Q9. Which sector contributes the most to India’s GDP?
👉 Services Sector (IT, Banking, Tourism)
Q10. What is the GDP of India (2024 approx)?
👉 $4 trillion (nominal)
Q11. Which is the fastest-growing sector in India?
👉 Information Technology (IT)
Q12. Which is the largest employer in India?
👉 Agriculture
Q13. Who is called the Father of Indian Green Revolution?
👉 M.S. Swaminathan
Q14. When was the Green Revolution introduced in India?
👉 1965–66
Q15. Who is called the Father of White Revolution in India?
👉 Dr. Verghese Kurien
Q16. Which program made India self-sufficient in milk production?
👉 Operation Flood
Q17. Who is known as the Milkman of India?
👉 Dr. Verghese Kurien
Q18. Which revolution is associated with fish production?
👉 Blue Revolution
Q19. Which revolution is associated with oil seeds?
👉 Yellow Revolution
Q20. Which revolution is associated with horticulture?
👉 Golden Revolution
21–40: Banking and Finance
Q21. When was the Reserve Bank of India established?
👉 1 April 1935
Q22. Where was RBI’s headquarters first located?
👉 Kolkata (later shifted to Mumbai in 1937)
Q23. Who was the first Governor of RBI?
👉 Sir Osborne Smith
Q24. Who was the first Indian Governor of RBI?
👉 C.D. Deshmukh
Q25. Who is the current RBI Governor (2024)?
👉 Shaktikanta Das
Q26. Which bank is known as the Banker’s Bank?
👉 Reserve Bank of India (RBI)
Q27. Which is the largest public sector bank in India?
👉 State Bank of India (SBI)
Q28. When was SBI established?
👉 1 July 1955
Q29. Which is the first Indian bank?
👉 Bank of Hindustan (1770)
Q30. Which is the oldest public sector bank still in existence?
👉 Allahabad Bank (merged with Indian Bank, 2020)
Q31. What does CRR stand for?
👉 Cash Reserve Ratio
Q32. What does SLR stand for?
👉 Statutory Liquidity Ratio
Q33. What does Repo Rate mean?
👉 The rate at which RBI lends money to commercial banks
Q34. What does Reverse Repo Rate mean?
👉 The rate at which RBI borrows money from commercial banks
Q35. What does Bank Rate mean?
👉 The rate at which RBI lends to commercial banks without any security
Q36. Which is India’s first digital bank?
👉 Airtel Payments Bank (2017)
Q37. Which is the largest private sector bank in India?
👉 HDFC Bank
Q38. What does NABARD stand for?
👉 National Bank for Agriculture and Rural Development
Q39. When was NABARD established?
👉 1982
Q40. Which bank is known as the Apex Bank for agriculture credit in India?
👉 NABARD
41–60: Budget, Tax, and Policies
Q41. Who is the Finance Minister of India (2024)?
👉 Nirmala Sitharaman
Q42. Which article of the Constitution deals with Union Budget?
👉 Article 112
Q43. Which year was GST (Goods and Services Tax) implemented in India?
👉 1 July 2017
Q44. Which tax system did GST replace?
👉 Indirect Tax System (VAT, Excise, Service Tax, etc.)
Q45. GST in India is based on which country’s model?
👉 Canada
Q46. Which is the highest GST slab in India?
👉 28%
Q47. Which body decides GST rates in India?
👉 GST Council
Q48. Who is the chairman of GST Council?
👉 Union Finance Minister
Q49. What is Fiscal Deficit?
👉 The difference between government’s total expenditure and total revenue (excluding borrowings)
Q50. What is Revenue Deficit?
👉 When government’s revenue expenditure exceeds revenue receipts
Q51. What is Inflation?
👉 Rise in general price levels of goods and services
Q52. Which index measures Inflation in India?
👉 Consumer Price Index (CPI) & Wholesale Price Index (WPI)
Q53. What is Deflation?
👉 Fall in general price levels
Q54. What is Disinvestment?
👉 Sale of government’s share in public sector undertakings
Q55. What is FDI?
👉 Foreign Direct Investment
Q56. What is FII?
👉 Foreign Institutional Investment
Q57. What is the minimum FDI limit in the insurance sector in India (2021 update)?
👉 74%
Q58. What does PPP stand for in the economy?
👉 Public-Private Partnership
Q59. What does NITI Aayog stand for?
👉 National Institution for Transforming India
Q60. When was NITI Aayog established?
👉 2015 (replaced Planning Commission)
61–80: Economic Reforms and Trade
Q61. When was LPG (Liberalization, Privatization, Globalization) introduced in India?
👉 1991
Q62. Who was the Finance Minister during 1991 economic reforms?
👉 Dr. Manmohan Singh
Q63. Who was the Prime Minister during 1991 reforms?
👉 P.V. Narasimha Rao
Q64. Which body regulates the stock market in India?
👉 SEBI (Securities and Exchange Board of India)
Q65. When was SEBI established?
👉 1988 (statutory power in 1992)
Q66. Which is the oldest stock exchange in India?
👉 Bombay Stock Exchange (BSE, 1875)
Q67. Which is the largest stock exchange in India by market capitalization?
👉 NSE (National Stock Exchange)
Q68. What does Sensex represent?
👉 30 top companies listed on BSE
Q69. What does Nifty represent?
👉 50 top companies listed on NSE
Q70. What is India’s rank in the world economy by GDP (2024)?
👉 5th largest
Q71. What is India’s currency system based on?
👉 Decimal System (introduced in 1957)
Q72. Which is the highest denomination currency note currently in circulation?
👉 ₹2000 (but being withdrawn gradually, 2023 update)
Q73. What is the symbol of Indian Rupee?
👉 ₹ (introduced in 2010)
Q74. Who designed the symbol of Indian Rupee?
👉 Udaya Kumar Dharmalingam
Q75. Which state has the highest per capita income in India?
👉 Goa (approx 2023 data)
Q76. Which state has the lowest per capita income in India?
👉 Bihar
Q77. Which state has the highest GDP in India?
👉 Maharashtra
Q78. Which state is the largest exporter in India?
👉 Gujarat
Q79. Which country is India’s largest trading partner (2024)?
👉 USA
Q80. Which sector attracts maximum FDI in India?
👉 Services sector
81–100: Miscellaneous Economy GK
Q81. What is the full form of MSME?
👉 Micro, Small & Medium Enterprises
Q82. When was the Make in India campaign launched?
👉 2014
Q83. When was Startup India launched?
👉 2016
Q84. Who regulates insurance sector in India?
👉 IRDAI (Insurance Regulatory and Development Authority of India)
Q85. When was IRDAI established?
👉 1999
Q86. Who regulates telecom sector in India?
👉 TRAI (Telecom Regulatory Authority of India)
Q87. Who regulates railways in India?
👉 Railway Board (under Ministry of Railways)
Q88. Who is called the Father of Indian Economic Reforms?
👉 Dr. Manmohan Singh
Q89. What is Demonetization?
👉 Banning of currency notes by government (2016 – ₹500, ₹1000 notes)
Q90. What is Digital India campaign?
👉 A government program to promote online services and digital economy
Q91. What is Jan Dhan Yojana?
👉 Financial inclusion scheme launched in 2014
Q92. Which is the largest public insurance company in India?
👉 LIC (Life Insurance Corporation of India)
Q93. When was LIC established?
👉 1956
Q94. Which is the largest PSU in India?
👉 Indian Oil Corporation
Q95. Which is India’s largest IT company by revenue?
👉 Tata Consultancy Services (TCS)
Q96. What is India’s main export item?
👉 Petroleum products, gems & jewelry, IT services
Q97. What is India’s main import item?
👉 Crude oil, gold, machinery
Q98. What is Balance of Trade?
👉 Difference between a country’s exports and imports
Q99. What is Balance of Payments?
👉 Record of all economic transactions of a country with the rest of the world
Q100. Who publishes Economic Survey of India?
👉 Ministry of Finance
These Top 100 GK Questions on Indian Economy cover agriculture, banking, budget, reforms, and policies. If you’re preparing for UPSC, SSC, Banking, Railway, or State exams, this blog is a must-read.