GK questions and answers on Indian Economy: Basic Economic data
On the basis of exams held in the past; it is observed that there are so many questions based on the basic economic data of Indian economy are asked. This set of 10 questions is based on the current data of Indian economy which will be very helpful for the exams to be held in India.
1. What is the base year to calculate the National income in India?
Explanation: The Ministry of Statistics & Programme Implementation has released the new series of national accounts, revising the base year from 2004-05 to 2011-12. The base year of national accounts was last revised in January 2010.
2. What is the per capita Net National income of India during FY 2017-18?
(a) Rs. 1,11,782
(b) Rs. 1,03,219
(c) Rs. 82,269
(d) Rs. 99215
Explanation: At current price the per capita Net National Income of India during 2017-18 is estimated to be Rs. 1,11,782 showing a rise of 8.3% as compared to Rs. 1,03,219 during 2016-17 with the growth rate of 9.7%.
3. Which of the following core sector has the highest weight in the Index of Industrial production?
(b) Refinery Products
Explanation: Petroleum Refinery production has the highest weight (28.04%) among the eight core sectors of the economy. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
4. Which of the following item is the main cause of higher inflation (WPI in India)?
(a) Primary Articles
(b) Fuel and Power
(c) Manufactured Products
(d) None of the above
Explanation: In India, inflation basket is composed of three groups: Primary Articles (20.1% of total weight), Fuel and Power (14.9%) and Manufactured Products (65%). So manufacturing products are contributing the most in the WPI based inflation in India.
5. Currently which of the following country is sending the largest share of FDI inflow in India?
Explanation: Between the April 2000 – September 2017; Share of Top Investing Countries FDI Equity Inflows in India is as follows: Mauritius-(34%), Singapore-(17%), UK- (7%), Japan-(7%) and USA-(6%).
6. Currently what is the share of agriculture sector in the Indian Economy?
Explanation: The share of agriculture sector in the Indian economy is around 17.1% in the FY 2017-18 while service sector is the backbone of the Indian economy which is contributing around 59% of the Indian economy.
7. During the period of April 2000 – June 2017 which of the following sector attracted the most FDI in India?
(a). Services Sector
(c). Computer Software and Hardware
(d).Drugs and Pharmaceuticals
Explanation: Major Sectors Attracting Highest FDI Equity Inflows: (April 2000 – June 2017) were;
a. Services Sector (17%)
b. Telecommunications (8%)
c. Computer Software and Hardware (8%)
d. Construction Development (7%)
e. Automobile (5%)
f. Drugs and Pharmaceuticals (4%)
g. Chemicals (4%)
h. Trading (4%)
i. Power (3%)
j. Construction Activities (3%)
8. During April –Nov.2017-18, which of the following is the largest exporting item in Indian export basket?
(a) Gems and Jewellry
(b) Petroleum crude products
(c) Textile and allied products
(d) Engineering goods
Explanation: During April –Nov.2017-18, the largest exporting item in Indian export basket was Engineering goods which accounts for 26% share of the total Indian export. Chemical and related products is at the second spot and contributing around 14.5% of the total Indian export during the same period.
9. Which of the following sector has highest share in the total import of India during the period of April –Nov.2017-18?
(a) Petroleum oil and lubricants
(b) Chemical and related products
(c) Gems and Jewellry
(d) Electronic goods
Explanation: Petroleum oil and lubricants has the highest share in the total import of India. It accounts for around 22% of the total Indian import. Capital goods are the second most imported item (19.2% share).
10. As per the new definition of MSME, an enterprise of manufacturing sector will be called a small enterprise if its…..
(a) Annual turnover is less than Rs.5 cr.
(b) Annual turnover is between Rs. 75 Cr to Rs. 250 cr.
(c) Annual turnover is between Rs. 5 Cr to Rs. 75 cr.
(d) Annual turnover is between Rs. 10 Cr to Rs. 50 cr.
Explanation: As per the new definition of MSME in India; the new definition of the enterprises is as follows;
Annual turnover is less than Rs.5 cr.
Annual turnover is between Rs. 5 Cr to Rs. 75 cr.
Annual turnover is between Rs. 75 Cr to Rs. 250 cr.