Economic Survey 2019: 10 GK Important Questions and Answers

Economic Survey is an annual document of the Ministry of Finance. It highlights the policy initiatives of the government of India along with the growth of economy. It is presented in both the house of parliament a day before the Union Budget. The first Economic Survey of India was presented in 1950-51.

According to Devendra Pant, Chief Economist at India Ratings and Research said that "the Economic Survey is a technocrat’s advice to the government. A glance through the entire document will be important as it suggests problems that the economy is facing and possible solutions for them".

  1. According to the Economic Survey 2019, how much GDP growth rate should be sustained for $5 trillion economy by 2024-25?
    A. 6%
    B. 7%
    C. 8%
    D. 9%
    Ans. C
    Explanation: Sustained real GDP growth rate of 8% needed for a $5 trillion economy by 2024-25.
  2. What are the key ingredients for a self-sustaining virtuous cycle?
    A. Presenting data as a public good.
    B. Ensuring policy consistency.
    C. Emphasising legal reforms.
    D. All the above
    Ans. D
    Explanation: Key ingredients for a self-sustaining virtuous cycle: Presenting data as a public good, emphasizing legal reforms, ensuring policy consistency, encouraging behaviour change using principles of behavioural economics, nourishing MSMEs to create more jobs and become more productive, reducing the cost of capital, rationalising the risk-return trade-off for investments.
  3. Economic Survey sees FY20 GDP growth at........
    A. 4%
    B. 5%
    C. 6%
    D. 7%
    Ans. D
    Explanation: Survey sees FY20 GDP growth at 7%, higher growth on stables macros.
  4. According to Economic Survey 2019, since mid-2018, what happened to rural wage growth?
    A. It started decreasing.
    B. It started increasing.
    C. Remains same
    D. None of the above
    Ans. B
    Explanation: Rural wage growth started increasing since mid-2018.
  5. According to Survey, the simplest way to solve many social issues is:
    A. Gradually change in behaviour
    B. Data should be created for public good.
    C. Both A and B
    D. Neither A nor B
    Ans. A
    Explanation: Survey argues that nudging behaviour change is simplest way to solve many social issues
  6. According to Survey, policy making needs:
    A. Clear Vision
    B. Strategic blueprint
    C. Tactical tools for constant recalibration
    D. All the above
    Ans. D
    Explanation: Top policymakers must ensure actions are predictable. Policymaking needs: Clear vision, strategic blueprint, tactical tools for constant recalibration.
  7.  According to Survey, what is the general fiscal deficit in FY19?
    A. 5%
    B. 5.2%
    C. 5.6%
    D. 5.8%
    Ans. D
    Explanation: General fiscal deficit seen at 5.8% in FY19 VS 6.4% in FY18.
  8. According to Survey, in FY20, what will happen to the oil prices?
    A. Increase
    B. Decline
    C. Remains same
    D. None of the above
    Ans. B
    Explanation: Oil prices seen declining in FY20.
  9. According to survey, which of the following statement is correct?
    A. National Total Fertility Rate expected to be below replacement rate by 2021.
    B. Working age population to grow by roughly 9.7mn per year during 2021-31 and 4.2mn per year during 2031-41..
    C. States need to consolidate/merge schools to make them viable rather than build new ones.
    D. All the above
    Ans. D
    Explanation: India's demography at 20140: Planning Public Good Provision for the 21st Century are: National Total Fertility Rate expected to be below replacement rate by 2021, working age population to grow by roughly 9.7mn per year during 2021-31 and 4.2mn per year during 2031-41, significant decline to be witnessed in elementary school-going children (5-14 age group) over next two decades, states need to consolidate/merge schools to make them viable rather than build new ones etc.
  10. According to Survey, analysis of the Swachh Bharat Mission is:
    A. 100% Individual Households Latrine (IHHL) Coverage in 30 states and UTs.
    B. 93.1% of the households have access to toilets.
    C. 96.5% of those with access to toilets are using them in rural India.
    D. All the above
    Ans. D
    Explanation: An Analysis of the Swachh Bharat Mission:
    - Traceable health benefits brought about by Swachh Bharat Mission (SBM)
    - 93.1% of the households have access to toilets.
    - 96.5% of those with access to toilets are using them in rural India.
    - 100% Individual Households Latrine (IHHL) Coverage in 30 states and UTs.
    - Financial savings from a household toilet exceed the financial costs to the household by 1.7 times on average and 2.4 times for poorest households.
    - Environmental and water management issues need to be incorporated in SBM for sustainable improvements in the long-term.

These are some Questions and Answers on Economic Survey highlights 2018-19 with explanations.

What is Economic Survey? Everything you need to know!

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