Indian Economy - oct 2025

1. The major reform in the Indian financial sector after 1991 was the introduction of:
   
   
   
   
   

• 1. a) Nationalization of banks

• 1. b) Liberalization and deregulation

• 1. c) Social banking scheme

• 1. d) Green banking

1. The IT and Business Process Outsourcing (BPO) industry is a major contributor to:
   
   
   
   
   

• 1. a) Manufacturing exports

• 1. b) Agricultural exports

• 1. c) Service exports

• 1. d) Mining exports

1. The ________ reforms in 1991 marked the beginning of financial sector liberalization in India.

2. Assertion: India became a major exporter in services after liberalization.
   Reasoning: Policy reforms promoted IT, telecommunications, and professional services.
   
   

• 2. a) Both A and R are true, and R is the correct explanation of A.

• 2. b) Both A and R are true, but R is not the correct explanation of A.

• 2. c) A is true, but R is false.

Assertion: India’s external sector performance weakened after globalization.
Reasoning: Globalization restricted India’s access to foreign markets.

• a) Both A and R are true, and R is the correct explanation of A.

• b) Both A and R are true, but R is not the correct explanation of A.

• c) A is false, but R is true.

• d) Both A and R are false.

1. Recently the official poverty line in India is determined by:
   
   

• 1. a) Planning Commission

• 1. b) Reserve Bank of India

• 1. c) NITI Aayog

• 1. d) Finance Commission

1. The Public Distribution System (PDS) primarily distributes:
   
   

• 1. a) Luxury goods

• 1. b) Essential food grains

• 1. c) Industrial raw materials

• 1. d) Export goods

1. The concept of Universal Basic Income (UBI) in India was discussed in:
   
   

• 1. a) 1991 Economic Survey

• 1. b) 2016–17 Economic Survey

• 1. c) 2005 Planning Commission Report

• d) 2010 NITI Aayog Paper
  
  

Poverty estimation in India is based on ________ consumption expenditure.

1. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) aims to reduce ________.