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.

Comparison is possible between two similar things. Here, Unified Payment Interface (UPI) and Bharat Interface for Money (BHIM) are two different...
The National Payments corporation of India (NPCI) made Unified Payments Interface (UPI). The payment model which is used to receive or send money...
As per a new circular released, effective from January 1, 2021, the third party app providers have to make sure that the total volume of...
Unified Payment Interface (UPI) was developed by the National Payments Corporation of India (NPCI) which was established by the Reserve Bank of...
National Payments Corporation of India (NPCI) generates around one-third of its revenues from interchange fees, switching fees and other...
National Electronic Funds Transfer is the full form of NEFT. It was introduced in 2005. NEFT is used to transfer small to large amounts of money...
The process of linking the 12 digits AADHAAR number of persons with their personal identification documents like MNREGA Job Card, Pension ID,...
Reserve Bank of India (RBI) has its offices spread over 31 different locations in India. The headquarters of RBI is in Mumbai. RBI has its...
Merchant Discount Rate (MDR) is a percentage of the value of the digital transaction processed.You can read about The Reserve Bank of India:...
Karnataka was the first state to implement the Fiscal Responsibility and Budget Management (FRBM) Act.You can read about Fiscal Responsibility...
For FY 2020, the fiscal deficit limit was relaxed to 3.5% by the Central Government. As per FRBM Act, the fiscal deficit limit should be 3% of...
As per the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 the responsibility of reviewing the FRBM Act could be given to the...
Yes, the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 is applicable to all states. It was first implemented by Karnataka in 2002....
Public debt is the total amount borrowed by the Government to finance its development activities. Internal loans comprise more than 90% of the...
GDP is the total value of goods and services produced in a country in a particular time period. Fiscal Deficit is sometimes measured as a...
N.K.Singh is the chairman of the FRBM review committee. It was set up in May 2016 by the Government of India to review the FRBM Act. The fiscal...
Currently 247 banking companies are under Indian Banks’ Association (IBA). IBA was established in 1946. Initially IBA had 22 banks as its...
IBA is an association of Indian banks and financial institutions. Indian Banking Association (IBA) was formed for strengthening, better...
No, RBI is not owned by the Indian Bank Association. Reserve Bank of India (RBI) was established through the Reserve Bank of India Act 1934 and...
No, Indian Banks Association (IBA) is not a statutory body, it is a voluntary organisation. Indian Banks Association does not have any control...