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.

Central Bank of India is known as the 1st swadeshi bank in India. It was established in 1911. The Reserve Bank of India was established in 1935....
No, small finance banks cannot issue credit cards but they are allowed to issue debit cards.You can read about the Types of Banks in India -...
A small finance bank cannot open its branches in any place like commercial banks, because in the initial 3 years 25% of their branches have to be...
An indirect tax imposed on the goods and services is known as Goods and Services Tax (GST). It is a destination-based, multistage tax. Majority...
Goods and Services Tax (GST) is an indirect tax. It has subsumed many central and state level indirect taxes like Central Excise Duty,...
France was the first country in the world to implement Goods and Services Tax (GST). More than 140 countries across the globe have implemented...
The two major types of taxes are direct tax and indirect tax. The different types of direct taxes are income tax, corporate tax, wealth tax, gift...
Any fund incorporated or established in India, and these funds are collected from either foreign or Indian sophisticated investors, and which is...
Global Infrastructure Facility is a platform for global collaboration to boost investments in emerging and developing countries in quality and...
On 3rd November, 2005 the Government of India started the National Investment Fund. This was to channelize the funds gained by disinvesting the...
Yes, India does have a sovereign wealth fund. It is the National Investment and Infrastructure Fund (NIIF). NIIF manages funds of over US $ 4.4...
The 3 types of Goods and Services (GST) Tax are the Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated...
National Payments Corporation of India (NPCI) was established by the RBI and Indian Banks Association (IBA). The purpose of creating NPCI was to...
As per guidelines of Reserve Bank of India (RBI), the validity period of cheque from the date of issue is 3 months. These guidelines came into...
The full form of UTR is Unique Transaction Reference (UTR) number. UTR reference number helps in identifying a RTGS, IMPS or NEFT transaction....
The full form of RTGS is real-time gross settlement. RTGS helps in transferring funds or securities instantly. You can read about the RBI - Know...
The full form of BHIM is Bharat Interface for Money and UPI is Unified Payments Interface. BHIM app is used to make quick digital transactions....
Bharat QR is a Mobile payment solution which is a Person to Merchant (P2M) mode where payments are done using credit or debit cards. BHIM UPI is...
Sovereign wealth fund is a state-owned investment fund that funds in financial and real assets like precious metal, real estate, stock, bonds or...
Former Reserve Bank of India (RBI) governor Y.V.Reddy was the chairman of the 14th finance commission. The 14th Finance Commission was...