Economy & Business MCQs

The Services sector is the largest contributor to India's GDP, accounting for more than 50% of the total economic output.

In India's financial year (April-March), Q1 is April-June, Q2 is July-September, Q3 is October-December, and Q4 is January-March.

The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation, is responsible for releasing GDP data.

Duty drawbacks and tax remissions are common features to ensure that exporters are not burdened by domestic taxes on exported goods.

Export promotion schemes aim to make domestic products more competitive globally by providing incentives, subsidies, or infrastructure support.

The Ministry of Commerce and Industry is responsible for the formulation and implementation of India's Foreign Trade Policy.

The Reverse Repo Rate is the rate at which the RBI borrows money from commercial banks, thereby absorbing excess liquidity.

The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth.

The Monetary Policy Committee (MPC) is a statutory body under the RBI Act, 1934, responsible for fixing the benchmark interest rate in India.

Two-factor authentication (like OTPs and PINs) and robust encryption protocols are fundamental security measures employed to safeguard digital transactions against fraud and unauthorized access, ensuring the integrity of the expanded digital payment infrastructure.