Question 1

Which ministry is responsible for implementing the MUDRA scheme?

Accepted Answer

The Pradhan Mantri Micro Units Development and Refinance Agency (MUDRA) scheme is implemented by the Ministry of Micro, Small and Medium Enterprises (MSME). It was launched in April 2015 to provide collateral-free loans to micro and small enterprises.

Question 2

In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched to promote financial inclusion?

Accepted Answer

PMJDY was launched on August 28, 2014, by Prime Minister Narendra Modi. It aims to provide universal access to banking services, with a focus on opening zero-balance bank accounts for the unbanked population.

Question 3

Which of the following is the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare to provide direct income support to small and marginal farmers. Each eligible farmer receives ₹6,000 per annum in three equal installments of ₹2,000 each.

Question 4

As per the Indian Constitution, which article guarantees the Right to Equality before the law?

Accepted Answer

Article 14 of the Indian Constitution guarantees equality before the law and equal protection of the laws to all persons within the territory of India. It is a fundamental right under Part III.

Question 5

Which of the following is the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare to provide direct income support to small and marginal farmers. Each eligible farmer receives ₹6,000 per annum in three equal installments.

Question 6

In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched to promote financial inclusion in India?

Accepted Answer

PMJDY was launched on August 28, 2014, by Prime Minister Narendra Modi. It aims to ensure universal access to banking services, with a focus on opening zero-balance bank accounts for all citizens.

Question 7

What is the primary focus of the MUDRA scheme launched by the Government of India?

Accepted Answer

The Pradhan Mantri Mudra Yojana (PMMY) was launched in April 2015 to provide collateral-free loans to micro, small, and medium enterprises (MSMEs) and self-employed individuals. The scheme aims to promote entrepreneurship and job creation.

Question 8

What is the current Statutory Liquidity Ratio (SLR) as per RBI guidelines (as of 2024)?

Accepted Answer

The Statutory Liquidity Ratio (SLR) is the percentage of deposits that commercial banks must maintain in the form of liquid assets (government securities, cash, etc.). As of 2024, the SLR is set at 18% of net demand and time liabilities (NDTL).

Question 9

In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched?

Accepted Answer

PMJDY was launched on August 28, 2014, by Prime Minister Narendra Modi. It is a national mission for financial inclusion aimed at ensuring access to financial services, particularly banking, to all households in the country.

Question 10

Which ministry is responsible for implementing the Startup India initiative?

Accepted Answer

The Startup India initiative was launched on January 16, 2016, by Prime Minister Narendra Modi. It is implemented by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce & Industry.

Question 11

Which of the following best describes the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme?

Accepted Answer

PM-KISAN is a central sector scheme launched in February 2019 by the Ministry of Agriculture & Farmers Welfare. It provides direct income support of ₹6,000 per year to all landholding farmer families, irrespective of their land holding size, in three equal installments of ₹2,000 each. The scheme aims to supplement the financial needs of farmers for procurement of inputs and other needs related to crop production.

Question 12

India's rank in terms of Gross Domestic Product (GDP) at nominal value as of 2023-24 is:

Accepted Answer

As of 2023-24, India is the 5th largest economy in the world by nominal GDP, surpassing the United Kingdom. India's nominal GDP is approximately $3.73 trillion (2023-24 estimates).

Question 13

As per the Union Budget 2024-25, what is the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme in terms of income support to farmers?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare with the objective of providing direct income support of ₹6,000 per annum (in three equal installments of ₹2,000 each) to all landholding farmer families across India, irrespective of the size of their landholding. The scheme aims to supplement the income of small and marginal farmers and help them meet their agricultural and other needs.

Question 14

India's rank in terms of Gross Domestic Product (GDP) by nominal value as of 2023-2024 is:

Accepted Answer

As of 2023-2024, India is the 5th largest economy in the world by nominal GDP, after the United States, China, Germany, and Japan. India's nominal GDP is approximately $3.7 trillion (as of 2023 estimates).

Question 15

Under the Pradhan Mantri MUDRA Yojana, micro-enterprises can avail loans up to a certain limit without collateral. What is the maximum loan amount under the MUDRA scheme?

Accepted Answer

The Pradhan Mantri MUDRA Yojana, launched in April 2015, provides collateral-free loans to micro and small enterprises. The maximum loan amount under MUDRA is ₹10 lakh per borrower.

Question 16

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched with the primary objective of providing universal access to banking services. In which year was this scheme launched?

Accepted Answer

PMJDY was launched on August 28, 2014, by Prime Minister Narendra Modi. The scheme aimed to ensure every household has at least one bank account and access to financial services, insurance, and pension schemes.

Question 17

As per the Reserve Bank of India's monetary policy framework, the Statutory Liquidity Ratio (SLR) is the minimum percentage of deposits that commercial banks must maintain in the form of liquid assets. What is the current SLR as of 2024?

Accepted Answer

The Statutory Liquidity Ratio (SLR) is set by the RBI and is currently maintained at 18% of Net Demand and Time Liabilities (NDTL). This rate has remained stable since 2010.

Question 18

Which of the following best describes the concept of 'Fiscal Deficit' in the Indian Union Budget?

Accepted Answer

Fiscal Deficit is the difference between the government's total expenditure and its total receipts excluding borrowings. It indicates the total borrowing requirements of the government. It is NOT just the difference between revenue receipts and revenue expenditure (that is Revenue Deficit), nor is it limited to capital account transactions.

Question 19

As per the Union Budget 2024-25, what is the primary focus of the National Infrastructure Pipeline (NIP) in terms of sectoral allocation?

Accepted Answer

The National Infrastructure Pipeline (NIP), launched in 2019, aims to develop high-quality infrastructure across the country. The 2024-25 budget emphasizes infrastructure development with significant allocation to roads, railways, energy, and urban development sectors.

Question 20

As per RBI's monetary policy framework (2024), the current Repo Rate is used to influence which of the following?

Accepted Answer

The Repo Rate is the rate at which the RBI lends money to commercial banks against government securities. It is the primary tool used by the RBI to control inflation and manage liquidity in the banking system. Changes in the Repo Rate influence lending rates, borrowing costs, and overall money supply in the economy.

CTET Paper I Indian Economy — Overview

Indian Economy — Overview— Rules & Concept

Key Points to Remember

Exam-Specific Tips

Indian Economy — Overview — Practice Questions

60-Second Revision — Indian Economy — Overview