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 National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) releases the inflation data in India. ...
As per the Reserve Bank of India, inflation is defined as a sustained increase in the general level of prices for goods and services. It reflects...
Given below are the key causes of inflation: Demand-pull inflation Cost-push inflation Built-in inflation Further Reading: Inflation...
The Bombay Plan was the economic plan for India proposed by a group of industrialists and technocrats in January 1944. A group of Indian...
The International Monetary Fund (IMF) defines inflation as the rate of increase in prices over a given period of time. is typically a broad...
The Bombay Plan was authored by top industrialists such as JRD Tata, GD Birla and Lal Shri Ram. The economists who helped draft the plan were...
When demand surpasses supply, higher prices are the result. This is known as demand-pull inflation.  Further Reading: Inflation in Economy...
The Bombay Plan, published in two parts in 1944 and the following year, was scripted by top industrialists and businessmen of the time for the...
When overall prices increase due to an increase in the cost of wages and raw materials, it results in cost-push inflation.  Further Reading:...
The main objective of the Bombay Plan was to support the state to take major initiatives in industrial and other economic investments by setting...
Inflation increases the price of commodities.   Further Reading: Inflation in Economy International Monetary Fund (IMF) Related...
The Bombay Plan of 1944 was set up by a group of leading industrialists in India for the economic development of the country. It proposed the...
J.R.D Tata and G.D.Birla were the two industrialists primarily responsible for the initiation of the plan. Apart from them, Kasturbhai Lalbhai,...
A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in India. It was called...
The United Nations Organisation sets forth a few measures that can be taken by individuals in order to achieve the sustainable development goals:...
The total number of indicators listed in the global indicator framework of SDG indicators is 247. However, a few indicators are repeated under...
The sustainable development goals came into effect from January 1, 2016.  Further Reading: Sustainable Development Goals (SDGs) United...
Sustainable Development Goals were officially adopted by 193 Countries at the Sustainable Development Summit.   Further Reading: Sustainable...
The objective behind introducing the 17 sustainable development goals was to produce a set of universal goals that meet the urgent environmental,...
Also, known as global goals, sustainable development goals are important as they were initiated as a universal call to action to end poverty,...