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Sharpen your exam preparation with these 20 carefully selected Multiple Choice Questions on Indian Economy for CGL 2026. Each question is followed by an explanation to help you understand the concept thoroughly.
Instructions: Choose the most appropriate option for each question. Answers and explanations are provided at the end of each question block.
Q1. GST was implemented in India from:
Correct Answer: B
Goods and Services Tax (GST) was implemented in India from 1 July 2017. It replaced 17 indirect taxes and was introduced under the motto 'One Nation, One Tax'.
Q2. NITI Aayog replaced which body?
Correct Answer: B
NITI Aayog (National Institution for Transforming India) was established on 1 January 2015, replacing the Planning Commission which was set up in 1950.
Q3. The Reserve Bank of India was established in:
Correct Answer: C
The Reserve Bank of India (RBI) was established on 1 April 1935 under the Reserve Bank of India Act, 1934. It was nationalized in 1949.
Q4. Which sector contributes the most to India's GDP?
Correct Answer: C
The Services sector is the largest contributor to India's GDP, accounting for approximately 55% of GDP. It includes IT, banking, insurance, trade, and hospitality.
Q5. The Green Revolution in India primarily led to increased production of:
Correct Answer: C
The Green Revolution (1960s–70s) primarily focused on increasing food grain production, especially wheat and rice, through high-yielding variety (HYV) seeds, irrigation, and fertilizers.
Q6. SEBI regulates:
Correct Answer: C
SEBI (Securities and Exchange Board of India), established in 1992, regulates the securities market in India to protect investors and promote development of the capital market.
Q7. Which is India's largest commercial bank?
Correct Answer: C
State Bank of India (SBI) is India's largest public sector bank and largest commercial bank by assets, branches, and employees.
Q8. What is the full form of GDP?
Correct Answer: A
GDP stands for Gross Domestic Product. It is the total monetary value of all goods and services produced within a country's borders in a specific time period.
Q9. India's first Five Year Plan was launched in:
Correct Answer: D
India's First Five Year Plan was launched in 1951 under Prime Minister Jawaharlal Nehru, with focus on agriculture and irrigation.
Q10. The headquarters of the World Bank is in:
Correct Answer: C
The World Bank Group is headquartered in Washington D.C., USA. It was established in 1944 at the Bretton Woods Conference.
Q11. Which of the following best describes Indian Economy in the context of General Awareness?
Correct Answer: A
Indian Economy is considered a fundamental concept in General Awareness, forming the basis for higher-level understanding.
Q12. In competitive exams like CGL, Indian Economy is primarily tested under which section?
Correct Answer: A
Indian Economy falls under General Awareness, which is tested in most competitive exams including CGL.
Q13. Which of the following is most relevant to Indian Economy?
Correct Answer: D
Indian Economy can involve theoretical, historical, and mathematical aspects depending on the specific exam and question type.
Q14. What is the recommended approach to master Indian Economy for CGL?
Correct Answer: B
The best approach is to understand core concepts of Indian Economy and then practice MCQs regularly. This builds both comprehension and speed.
Q15. How many questions from Indian Economy typically appear in CGL?
Correct Answer: A
Most competitive exams like CGL have 1-2 questions from Indian Economy in the General Awareness section, though this can vary.
Q16. Which of the following best describes Indian Economy in the context of General Awareness?
Correct Answer: A
Indian Economy is considered a fundamental concept in General Awareness, forming the basis for higher-level understanding.
Q17. In competitive exams like CGL, Indian Economy is primarily tested under which section?
Correct Answer: A
Indian Economy falls under General Awareness, which is tested in most competitive exams including CGL.
Q18. Which of the following is most relevant to Indian Economy?
Correct Answer: D
Indian Economy can involve theoretical, historical, and mathematical aspects depending on the specific exam and question type.
Q19. What is the recommended approach to master Indian Economy for CGL?
Correct Answer: B
The best approach is to understand core concepts of Indian Economy and then practice MCQs regularly. This builds both comprehension and speed.
Q20. How many questions from Indian Economy typically appear in CGL?
Correct Answer: A
Most competitive exams like CGL have 1-2 questions from Indian Economy in the General Awareness section, though this can vary.
