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.

The core banking solution of the Reserve Bank of India (RBI) is the E-kuber. It enables commercial banks to access their current account with the...
Examples of core banking are processing credit and loans, deposits, mortgages, etc. These services are made available to the customers by the...
Some of the main features of core banking are managing and calculating interest rates, recording and processing cash withdrawals, loan...
E-kuber is the core banking solution of the Reserve Bank of India (RBI). Scheduled Urban Cooperative banks (UCBs), insurance companies,...
One of the disadvantages of core banking is there is very heavy reliance on technology, hence protecting the sensitive data is very crucial. You...
In 2020, India was ranked in 63rd position in the Ease of Doing Business Index. In 2019, India was ranked in 77th position. Out of 10 indicators,...
Small finance banks are governed by Banking Regulation Act 1949, Reserve Bank of India Act, 1934 and various other acts. Small finance banks can...
Societies and companies controlled and owned by residents, professionals or residents having 10 years of experience in finance and banking would...
Currently, the 6 members of the Monetary Policy committee are Shaktikanta Das (Governor of RBI), Dr. Michael Debabrata Patra (Deputy Governor),...
The Monetary Policy Committee is a statutory body. The Reserve Bank of India Act 1934 was amended by the Finance Act of 2016. The monetary policy...
Urjit Patel Committee was set up to give recommendations on revising and strengthening the monetary policy framework. This committee was set up...
Goods and Services Tax (GST) has to be paid by persons registered under GST and required to pay tax under reverse charge mechanism, people...
Education and Healthcare services are exempt under GST. The GST imposed on all the services has a 4 tier tax structure of 5%, 12%, 18%, and 28%....
Citizens have to pay tax because the Government uses it to develop the country. Goods and Services Tax is an indirect tax. It was imposed after...
Banks which provide basic banking activities like taking deposits, lending to unorganized entities, micro and small industries, small and...
Commercial banks do not have restrictions on the customers that they need to serve, whereas the target customers of small finance banks are...
Societies and companies controlled and owned by residents, professionals or residents having 10 years of experience in finance and banking would...
Yes, small finance banks are safe as they are regulated by the Reserve Bank of India (RBI). The deposits in small finance banks are insured by...
The 4 different types of banks are Central Bank, Commercial Bank, Cooperative Banks, Regional Rural Banks.You can read about the Types of Banks...
The aim of the small finance bank is financial inclusion by providing basic banking services to the unorganized sector, micro small and medium...