MCQs on Economy & Business: RBI, Export, GDP (July 2026)

1.

Which of the following sectors is a major contributor to India's GDP?

A Services Sector

B Mining and Quarrying

C Electricity and Gas

D Fishing

2.

What does 'Q2' refer to in the context of India's financial year GDP reporting?

A April to June

B July to September

C October to December

D January to March

3.

Which organization releases the official GDP growth data for India?

A Reserve Bank of India (RBI)

B National Statistical Office (NSO)

C NITI Aayog

D Ministry of Finance

4.

Which of the following is a common feature of export promotion schemes in India?

A High import duties on raw materials

B Duty drawbacks or tax remissions

C Restrictions on export volume

D Mandatory domestic consumption quotas

5.

What is the main goal of an Export Promotion Scheme?

A To increase imports of luxury goods

B To reduce the country's foreign exchange reserves

C To enhance the competitiveness of domestic goods in the international market

D To discourage domestic manufacturing

6.

Which ministry is primarily responsible for formulating India's Foreign Trade Policy?

A Ministry of Finance

B Ministry of Commerce and Industry

C Ministry of External Affairs

D Ministry of Micro, Small and Medium Enterprises

7.

Which instrument is used by the RBI to absorb liquidity from the banking system?

A Repo Rate

B Reverse Repo Rate

C Bank Rate

D Marginal Standing Facility

8.

What is the primary objective of the RBI's monetary policy framework in India?

A Maximizing government revenue

B Maintaining price stability while keeping in mind the objective of growth

C Regulating the stock market

D Managing foreign direct investment

9.

Which committee is responsible for determining the policy repo rate in India?

A Monetary Policy Committee (MPC)

B Financial Stability Committee

C Economic Advisory Council

D Fiscal Policy Committee

Economy & Business MCQs - 2026-07-13