Indian economy

Basic economic concepts, schemes and institutions.

General Test5 questions

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Basics

GDP: value of all final goods and services produced within a country in a year.
Inflation: a general rise in prices; the RBI controls monetary policy (repo rate).
Budget: presented by the Union Finance Minister; the fiscal year runs from 1 April to 31 March.
GST: a unified indirect tax introduced on 1 July 2017.
Sectors: primary (agriculture), secondary (industry), tertiary (services).

Practice questions

The rate at which the RBI lends short-term funds to commercial banks is the:	Medium
GST was introduced in India on:	Medium
India’s financial year runs from:	Easy
Banking and IT services belong to which sector?	Easy
A general and sustained rise in the price level is called:	Easy

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