Q1. Which of the following is NOT a component of the Indian economy?
Solution:
Tourism is not a primary component of the Indian economy; it is part of the Services sector.
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Q2. Which sector contributes the most to India's GDP?
Solution:
The Services sector contributes the most to India's GDP.
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Q3. What is the primary source of revenue for the Indian government?
Solution:
Indirect Taxes are the primary source of revenue for the Indian government.
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Q4. If the fiscal deficit of India is ₹15 lakh crore and the total expenditure is ₹30 lakh crore, what is the percentage of fiscal deficit to total expenditure?
Solution:
Fiscal deficit percentage = (15/30) * 100 = 50%.
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Q5. If the total population of India is 1.4 billion and the literacy rate is 74%, how many people are literate?
Solution:
Number of literate people = 1.4 billion * 0.74 = 1.03 billion.
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Q6. What is the main objective of the Goods and Services Tax (GST) implemented in India?
Solution:
The main objective of GST is to simplify the tax structure.
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Q7. If the inflation rate is 5% and the current price of a commodity is ₹200, what will be its price after one year?
Solution:
Price after one year = 200 + (5/100 * 200) = ₹210.
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Q8. What is the GDP growth rate of India for the financial year 2021-22?
Solution:
The GDP growth rate of India for the financial year 2021-22 was 8.4%.
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Q9. If the exchange rate of ₹ to $ is 75, how much would 1000 dollars be in rupees?
Solution:
1000 dollars in rupees = 1000 * 75 = ₹75000.
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Q10. What is the current account deficit (CAD) as a percentage of GDP for India in 2020-21?
Solution:
The current account deficit (CAD) for India in 2020-21 was 2.1% of GDP.
