UPSC Economic Questions and Answers

UPSC Economic Questions and Answers

The civil services exam is one of the toughest examinations conducted in the country, and economy questions constitute a major of the two written phases of the examination. At BYJU’S we bring to you a compiled list of Economy questions along with answers that are suitable from the prelims and mains perspective.

These answers have been provided by UPSC experts for the candidate’s assistance, without any indirect or ambiguous information. Questions based on sustainable development, GDP, economic growth, taxation, etc. are included in the economy syllabus and the list of questions provided below will focus on the same.

The compiled list of questions given below comes with straightforward and crisp answers, with the IAS mains General Studies-III paper syllabus as the focal point. Aspirants can refer to these questions and answers and familiarize themselves with the depth of important economic topics as per the UPSC Syllabus.

There are three different ways of paying Income taxes in India. Voluntary payment of taxes by citizens, tax collected at source, and tax deducted...
Reform means making some changes so that the system functions in a better way. These reforms could be in any sphere like social, economics etc....
The current Finance Minister Nirmala Sitaraman is the current chairman of the GST Council. The Governing body of the GST is the GST Council. The...
The Tax Reforms Commission (TRC) gave many recommendations for tax reforms in India. The final report of this commission had 3 different parts...
The Central Board of Direct Taxes (CBDT) is the apex body which heads the Income Tax Department. The Income Tax Department functions under the...
James Wilson, the first Finance Minister of the British Indian Government introduced the tax system in India. In 1860, income tax was introduced...
The marginal tax rate was brought down to 40% in the tax reforms of 1991. Lowering marginal tax rates, broadening the tax base, reforms in tax...
The two main ways Governments can raise money are through levying indirect taxes and direct taxes. Direct taxes are levied on companies,...
From 1st April 2020, Finance Minister Nirmala Sitaraman had introduced a new personal income tax regime. As per this new rule, lower income tax...
Tax reforms means changing the way taxes are managed or collected. Tax reforms involve making the system more accountable, and simplifying the...
There was a need for tax reforms in India to ensure international competitiveness and to meet the requirements of the market economy.You can read...
Fiscal deficit is usually mentioned in absolute terms or as a percentage of GDP. Fiscal deficit means the excess expenditure of the Government,...
For 2020-21, the fiscal deficit was at 9.3% of the GDP. In the revised budget estimates, the Government had estimated the fiscal deficit to be...
Based on the estimates there are three types of Government budgets in India, they are, surplus budget, balanced budget, and deficit budget. You...
Government budgets in India are of three different types. Surplus budget, balanced budget, and deficit budget are the three different budgets....
Based upon the revenue expected by the Government and based on the estimated expenditure of the Government, the budget of Government can be...
The Indian budget i.e. the Union Budget was presented on the last working day of February till 2016. Post 2016, the Indian budget was presented...
The 7 different types of budgeting used by companies are strategic plan budget, cash budget, master budget, labor budget, capital budget,...
The 5 different types of budgeting used by companies are financial budget, cash flow budget, master budget, static budget, and operating budget....
The 2 main parts of a Government budget are revenue and expenditure of the Government. The Government gets its major share of revenue from Goods...