Indian Economy MCQs in English for UP PET Exam, as per UPSSSC syllabus for PET Exam in 2024 – 2025. Most important MCQs practice set for revision and preparation of upcoming examination.
Planning Commission and Five Year Plans
Q.1: When was the Planning Commission of India established?
(a) 1947
(b) 1950
(c) 1952
(d) 1955
Q.2: Which Five Year Plan focused on the rapid industrialization of India?
(a) First Five Year Plan
(b) Second Five Year Plan
(c) Third Five Year Plan
(d) Fourth Five Year Plan
Q.3: Who was the first Deputy Chairman of the Planning Commission?
(a) Jawaharlal Nehru
(b) V. T. Krishnamachari
(c) Gulzarilal Nanda
(d) P. C. Mahalanobis
Q.4: Which Five Year Plan aimed at achieving ‘self-reliance’ and ‘growth with stability’?
(a) Third Five Year Plan
(b) Fourth Five Year Plan
(c) Fifth Five Year Plan
(d) Sixth Five Year Plan
Q.5: What was the main focus of the First Five Year Plan?
(a) Heavy industry
(b) Agriculture
(c) Infrastructure development
(d) Export promotion
Development of Mixed Economy: Private and Public Sectors
Q.1: What is a mixed economy?
(a) An economy with only private enterprises
(b) An economy with only public enterprises
(c) An economy with both private and public enterprises
(d) An economy with no government intervention
Q.2: Which sector is often referred to as the ‘commanding heights’ of the economy?
(a) Private sector
(b) Informal sector
(c) Public sector
(d) Cooperative sector
Q.3: What was the primary aim of the Industrial Policy Resolution of 1956?
(a) To promote foreign investment
(b) To establish a socialist pattern of society
(c) To increase exports
(d) To reduce government spending
Q.4: Which of the following is a major public sector enterprise in India?
(a) Tata Steel
(b) Infosys
(c) Indian Oil Corporation
(d) Wipro
Q.5: What was the focus of the New Industrial Policy of 1991?
(a) Liberalization and privatization
(b) Nationalization of key industries
(c) Promotion of small-scale industries
(d) Import substitution
Green Revolution : Indian Economy MCQs in English for UP PET
Q.1: Who is known as the ‘Father of the Green Revolution’ in India?
(a) M. S. Swaminathan
(b) Norman Borlaug
(c) C. Subramaniam
(d) Verghese Kurien
Q.2: The Green Revolution primarily focused on which crop?
(a) Cotton
(b) Rice
(c) Wheat
(d) Sugarcane
Q.3: Which technology was NOT part of the Green Revolution?
(a) High-yield variety (HYV) seeds
(b) Irrigation improvements
(c) Chemical fertilizers
(d) Organic farming techniques
Q.4: In which decade did the Green Revolution begin in India?
(a) 1950s
(b) 1960s
(c) 1970s
(d) 1980s
Q,5: Which Indian state was the first to benefit significantly from the Green Revolution?
(a) Maharashtra
(b) Punjab
(c) Bihar
(d) Karnataka
Milk Development and Operation Flood
Q.1: Who is known as the ‘Father of the White Revolution’ in India?
(a) M. S. Swaminathan
(b) Norman Borlaug
(c) Verghese Kurien
(d) Lal Bahadur Shastri
Q.2: Which organization was primarily responsible for Operation Flood?
(a) National Dairy Development Board (NDDB)
(b) Food Corporation of India (FCI)
(c) Indian Council of Agricultural Research (ICAR)
(d) National Horticulture Board (NHB)
Q.3: Operation Flood is also known as the _.
(a) Blue Revolution
(b) Green Revolution
(c) White Revolution
(d) Yellow Revolution
Q.4: What was the primary aim of Operation Flood?
(a) Increase wheat production
(b) Increase milk production
(c) Promote horticulture
(d) Improve fisheries
Q.5: Which cooperative movement was a significant part of Operation Flood?
(a) AMUL
(b) Mother Dairy
(c) Nandini
(d) Parag
Nationalisation and Reforms of Banks
Q.1: In which year were 14 major commercial banks nationalized in India?
(a) 1969
(b) 1971
(c) 1975
(d) 1980
Q2: Who was the Prime Minister of India during the first wave of bank nationalization?
(a) Jawaharlal Nehru
(b) Indira Gandhi
(c) Lal Bahadur Shastri
(d) Rajiv Gandhi
Q.3: How many banks were nationalized in the second wave of nationalization in 1980?
(a) 4
(b) 6
(c) 7
(d) 8
Q.4: Which of the following was a major objective of bank nationalization?
(a) Increase in profits
(b) Expansion of banking services to rural areas
(c) Reduction in government expenditure
(d) Encouragement of private sector banking
Q.5: Which organization was established to promote rural banking in India?
(a) NABARD
(b) SEBI
(c) RBI
(d) IRDA
Q.1: Which committee’s recommendations led to the liberalization of the banking sector in the 1990s?
(a) Narasimham Committee
(b) Rangarajan Committee
(c) Kelkar Committee
(d) Gadgil Committee
Q.2: What was one of the key recommendations of the Narasimham Committee?
(a) Nationalization of more banks
(b) Reduction in Statutory Liquidity Ratio (SLR)
(c) Increase in government control over banks
(d) Merging of all nationalized banks
Q.3: Which of the following is a major reform introduced in the banking sector post-1991?
(a) Privatization of all banks
(b) Introduction of universal banking
(c) Implementation of Basel norms
(d) Closure of rural bank branches
Q.4: Which bank was the first to be established as a result of the banking reforms in the 1990s?
(a) ICICI Bank
(b) HDFC Bank
(c) Axis Bank
(d) Yes Bank
Q.5: What is the primary purpose of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
(a) Providing loans to small businesses
(b) Ensuring access to financial services for all households
(c) Promoting foreign investment in banking
(d) Encouraging digital transactions
Economic Reforms in 1991 and the Economy Thereafter
Q.1: Which Indian Prime Minister initiated the economic reforms in 1991?
(a) P. V. Narasimha Rao
(b) Atal Bihari Vajpayee
(c) Rajiv Gandhi
(d) Manmohan Singh
Q.2: Who was the Finance Minister responsible for the 1991 economic reforms?
(a) Yashwant Sinha
(b) Pranab Mukherjee
(c) Manmohan Singh
(d) Chidambaram
Q.3: Which term is associated with the 1991 economic reforms in India?
(a) Globalization, Privatization, and Liberalization
(b) Nationalization, Regulation, and Decontrol
(c) Privatization, Regulation, and Nationalization
(d) Liberalization, Nationalization, and Protectionism
Q.4: Which sector was opened to private investment as a result of the 1991 reforms?
(a) Defense
(b) Agriculture
(c) Telecommunications
(d) Education
Q.5: Which of the following was a direct impact of the 1991 economic reforms?
(a) Decrease in foreign direct investment
(b) Increase in fiscal deficit
(c) Increase in foreign exchange reserves
(d) Nationalization of more industries
Q.6: The New Industrial Policy of 1991 abolished which system for industrial licensing?
(a) Permit Raj
(b) License Raj
(c) Control Raj
(d) Regulation Raj
Q.7: Which organization was established to regulate the stock markets in India post-1991 reforms?
(a) RBI
(b) SEBI
(c) IRDA
(d) PFRDA
Q.8: Which sector saw a significant increase in employment opportunities post-1991 economic reforms?
(a) Manufacturing
(b) Information Technology (IT)
(c) Agriculture
(d) Mining
Q.9: Which tax was introduced as part of the tax reforms post-1991?
(a) Wealth Tax
(b) Service Tax
(c) Capital Gains Tax
(d) Inheritance Tax
Q.10: What was the primary goal of the economic reforms initiated in 1991?
(a) To increase government control over the economy
(b) To reduce inflation
(c) To liberalize the economy and promote growth
(d) To decrease foreign investment
Agricultural Reforms : Indian Economy MCQs in English for UP PET
Q.1: Which act was repealed as part of the agricultural reforms in 2020 to allow farmers to sell their produce outside APMC mandis?
(a) Essential Commodities Act
(b) Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act
(c) Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act
(d) Agricultural Produce Market Committee Act
Q.2: The Minimum Support Price (MSP) is declared by which body in India?
(a) Reserve Bank of India
(b) Ministry of Agriculture
(c) NITI Aayog
(d) Commission for Agricultural Costs and Prices (CACP)
Q.3: Which scheme was launched in 2018 to provide a pension to small and marginal farmers in India?
(a) PM-KISAN
(b) PMFBY
(c) PM-SYM
(d) PM-KMY
Q.4: What is the main objective of the Pradhan Mantri Fasal Bima Yojana (PMFBY)?
(a) To provide loans to farmers
(b) To provide insurance coverage and financial support to farmers in the event of crop failure
(c) To provide fertilizers to farmers
(d) To promote organic farming
Q.5: Which initiative aims to double farmers’ income by 2022?
(a) PM-KISAN
(b) National Agriculture Market (eNAM)
(c) Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)
(d) Doubling Farmers’ Income (DFI) Committee
Structural Reforms : Indian Economy MCQs in English for UP PET
Q.1: Which initiative was launched to improve the ease of doing business in India?
(a) Digital India
(b) Make in India
(c) Startup India
(d) Skill India
Q.2: The Insolvency and Bankruptcy Code (IBC) was implemented in which year?
(a) 2014
(b) 2015
(c) 2016
(d) 2017
Q.3: Which act was amended to facilitate faster land acquisition for infrastructure projects?
(a) Land Acquisition Act, 1894
(b) Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
(c) Real Estate (Regulation and Development) Act, 2016
(d) Special Economic Zones Act, 2005
Q.4: Which reform aims to enhance credit availability for MSMEs through a public sector bank recapitalization plan?
(a) MUDRA Yojana
(b) UDAY Scheme
(c) Aatmanirbhar Bharat Abhiyan
(d) SAMPADA Scheme
Q.5: Which of the following schemes is aimed at the comprehensive development of clusters of traditional industries?
(a) PMKVY
(b) SFURTI
(c) Startup India
(d) Pradhan Mantri Awas Yojana
Labor Reforms
Q.1: How many labor codes were consolidated from the existing labor laws in India as part of recent labor reforms?
(a) 2
(b) 3
(c) 4
(d) 5
Q.2: The Code on Wages, 2019 subsumes which of the following acts?
(a) Minimum Wages Act, Payment of Wages Act, Equal Remuneration Act, and Payment of Bonus Act
(b) Factories Act, Industrial Disputes Act, Trade Unions Act
(c) Employees’ State Insurance Act, Employees’ Provident Funds Act
(d) Shops and Establishments Act, Contract Labour Act
Q.3: Which code aims to regulate the conditions of employment and make provisions for the safety, health, and welfare of workers?
(a) Code on Wages
(b) Industrial Relations Code
(c) Social Security Code
(d) Occupational Safety, Health, and Working Conditions Code
Q.4: The Industrial Relations Code, 2020 seeks to simplify and consolidate which aspects of labor laws?
(a) Wages and remuneration
(b) Social security and benefits
(c) Employment contracts and dispute resolution
(d) Safety and working conditions
Q5: Which of the following is NOT included in the Social Security Code, 2020?
(a) Employees’ Provident Fund
(b) Employees’ State Insurance
(c) Gratuity
(d) Minimum Wages
Economic Reforms : Indian Economy MCQs in English for UP PET
Q.1: Which initiative launched in 2016 aims to promote a cashless economy?
(a) Digital India
(b) Make in India
(c) Pradhan Mantri Jan Dhan Yojana
(d) Demonetization
Q.2: The Pradhan Mantri Jan Dhan Yojana (PMJDY) aims to achieve which of the following?
(a) Doubling farmers’ income
(b) Financial inclusion
(c) Urban development
(d) Digital literacy
Q.3: Which reform was introduced to address the issue of non-performing assets (NPAs) in banks?
(a) Goods and Services Tax (GST)
(b) Insolvency and Bankruptcy Code (IBC)
(c) UDAY Scheme
(d) Make in India
Q.4: The term ‘Aatmanirbhar Bharat’ translates to which of the following?
(a) Global India
(b) Self-Reliant India
(c) Digital India
(d) Prosperous India
Q.5:Which of the following is a key feature of the Aatmanirbhar Bharat Abhiyan?
(a) Focus on import dependency
(b) Encouragement of foreign direct investment
(c) Promotion of local manufacturing and supply chains
(d) Privatization of the education sector
Goods and Services Tax (GST)
Q.1: When was the Goods and Services Tax (GST) implemented in India?
(a) 2014
(b) 2015
(c) 2016
d) 2017
Q.2: GST is levied at how many different rates in India?
(a) 2
(b) 3
(c) 4
(d) 5
Q.3: Which of the following taxes were subsumed under GST?
(a) Income Tax
(b) Property Tax
(c) Service Tax and VAT
(d) Wealth Tax
Q.4: What is the highest GST rate slab in India?
(a) 18%
(b) 28%
(c) 30%
(d) 35%
Q.5: Which body is responsible for making recommendations to the government on issues related to GST?
(a) Reserve Bank of India
(b) GST Council
(c) Ministry of Finance
(d) NITI Aayog
Thanks for attempt Indian Economy MCQs in English for UP PET Exams.