Indian Economy GK Questions for SSC Exams

NEW Indian Economy GK Questions for SSC Exams

Welcome to our blog on Indian Economy General Knowledge (GK) questions tailored for SSC Exams! This comprehensive guide is designed to equip aspirants with crucial insights into the Indian economy, encompassing topics such as economic policies, growth indicators, budgetary allocations, and key economic reforms. Whether you are preparing for SSC CGL, CHSL, or other competitive exams, our curated questions and detailed explanations will help you enhance your knowledge and stay ahead in your preparation. Dive in to explore the intricacies of the Indian economy and boost your confidence for the upcoming exams.

Indian Economy GK

In this article Indian Economy GK Questions for SSC Exams, we are sharing the most important Indian Economy GK Questions and Answers for those learners who are preparing for upcoming competitive exams like SSC, SSC CGL, SSC CHSL and other government exams.

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Indian Economy GK Questions for SSC Exams

Q :  

Licenses for opening new bank branches are given by whom?

(A) Indian Banking Association

(B) RBI

(C) State Level Bankers Committee

(D) Ministry of Finance


Correct Answer : B
Explanation :

These branches will be treated at par with any branch and Regional Rural Banks will have to obtain the necessary license from the concerned Regional Office of Reserve Bank of India (RPCD).


Q :  

Which of the following is not a function of the Reserve Bank of India?

(A) Making monetary plans

(B) Controlling all the banks in India

(C) Giving loans to exporters

(D) Issuing currency notes


Correct Answer : C
Explanation :

The correct answer is Lending money to the public. Lending money to the public is not a function of RBI. The Reserve Bank of India is the central bank and regulatory body of India under the jurisdiction of the Ministry of Finance, Government of India. It is responsible for the issue and supply of the Indian rupee and regulation of the Indian banking system.


Q :  

Bywhom controls the credit generated by commercial banks?

(A) Reserve Bank of India

(B) Government of India

(C) State Bank of India

(D) Ministry of Finance


Correct Answer : A
Explanation :

During the period of inflation Reserve Bank of India tightens its policies to restrict the supply of money while during deflation it allows commercial bank to pump money into the economy.


Q :  

Who is the custodian of India's foreign exchange reserves?

(A) Finance Ministry

(B) Reserve Bank of India

(C) Ministry of External Affairs

(D) State Bank of India


Correct Answer : B
Explanation :

Foreign exchange reserves in India are maintained by Reserve Bank of India.


Q :  

Draft of Five Year Plans in India is approved by which of the following?

(A) Planning Commission

(B) National Productivity Council

(C) Ministry of Finance

(D) National Development Council


Correct Answer : D
Explanation :

The draft of Five Year Plan is approved by National Development Council (NDC).


Q :  

Which of the following explains the relationship between production function?

(A) Inputs and final consumption

(B) Production and consumption

(C) Output and exports

(D) Initial information and final output


Correct Answer : D
Explanation :

In economics, a production function describes the technical relationship between the quantity of physical inputs and the quantity of output of goods.


Q :  

The nature of unemployment in agriculture in India is of which of the following types?

(A) Disguised only

(B) Seasonal only

(C) Both seasonal and disguised

(D) None of these


Correct Answer : C
Explanation :

The correct answer is Disguised unemployment. Disguised unemployment is found in the agricultural sector of India.


Q :  

On which of the following does economic development depend?

(A) Capital formation

(B) Market size

(C) Natural resources

(D) All of the above


Correct Answer : D
Explanation :

Economic growth will depend on advancing technology and increasing the amount of labour.


Q :  

The edged market is related to the?

(A) Gold-silver/Bullion

(B) Government Securities

(C) Corporate Bonds

(D) Torn old currency notes


Correct Answer : B
Explanation :

Gilt-edged securities are high-grade bonds issued by the government authority. In the gilt-edged market, the Reserve Bank of India carries out the exchange of gilt-edged securities through open market operations. The gilt-edged market is also called the government securities market.


Q :  

Which is the largest bank in India?

(A) State Bank of India

(B) Central Bank of India

(C) Bank of India

(D) Reserve Bank of India


Correct Answer : D
Explanation :

State Bank of India (SBI) is the largest and oldest bank in India.


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    Rajesh Bhatia

    A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at linkedin.com/in/rajesh-bhatia-7395a015b/.

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