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.

Yes, ICICI bank is part of IBA. IBA is an association of Indian banks and financial institutions. Many of the foreign banks operating in India,...
Yes, HDFC bank is a member of IBA. Initially IBA had 22 banks as its members. IBA is an association of Indian banks and financial institutions....
An example of cross default clause in a loan agreement is if a person defaults on his mortgage, then the person will default on his 4 wheeler...
Yes, Indian Bank is a Government Bank. Indian Bank was established in 1907. It is headquartered in Chennai. The Government of India took over the...
Merchant Discount Rate (MDR) is also known as Transaction Discount Rate. It is the sum total of all the taxes and charges that are incurred when...
Former Prime Minister of India, Indira Gandhi gave the slogan garibi hatao.You can read about the National Institution for Transforming India...
There were 13 five year plans during Stalin’s time.You can read about the National Institution for Transforming India (NITI Aayog) - A...
Rolling Plan was the sixth five year plan introduced by the Janata Government for the time period 1978-83, after removing the fifth five year...
India, had a total of 12 five years plans.You can read about the National Institution for Transforming India (NITI Aayog) - A Brief Overview in...
Planning commission formulated plans in India. It had formulated 12 five year plans, later on it was replaced by NITI Aayog.You can read about...
Six scheduled commercial banks were nationalised in 1980. The banks which were nationalised in 1980 were Vijaya Bank Limited, Punjab and Sind...
Standard Chartered is the largest foreign bank in India. As of 2020, there are 46 international banks in India. Some of the other very well-known...
The Banks Board Bureau elects the chairman of Public Sector Undertaking (PSU) banks. You can read about The Reserve Bank of India: Functions and...
The agreement for resolution of loan accounts which are under the control of a group of lenders, and the size of those accounts are Rs 50 crores...
It is a lending situation where a single borrower is jointly financed by different lending institutions by grouping together. You can read about...
The first five year plan was introduced by Joseph Stalin in the USSR in 1928. You can read about the National Institution for Transforming India...
Faster, more inclusive and sustainable growth was the main theme of the 12th five year plan.You can read about the National Institution for...
Stalin wanted to transform the Soviet economy into an industrial economy which helped them during the second world war.You can read about the...
Developing heavy industries was one of the primary reasons for introducing 5 year plans by Stalin.You can read about the National Institution for...
As of 2020, in the purchasing power index, Switzerland is ranked at 1st position.You can read about the Methods of GDP Estimation in the given...