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Current Affairs is one of the most important components of any government exam. You’ll do better in the competition if you stay up to date on the most recent events in both the national and international arenas. However, you should also be aware of the small details because they occasionally have a significant impact on the Indian economy. Read this article to go through the list of most important economic current affairs UPSC as well as attempt Indian economy quiz to test your knowledge.
Top Economic Current Affairs UPSC
Here we have included a table that offers a variety of other fascinating data and statistics along with the most recent updates regarding Economic Current Affairs UPSC. So make sure you go through the information to find out more about the most significant economic occasions and happenings in the country’s capital.
| Topic | Economic Current Affairs UPSC |
| World Poverty Clock: Key findings | Less than 3% of India’s population lives under extreme poverty according to World Poverty Clock. |
| National Electronic Funds Transfer (NEFT) | NEFT reported its highest-ever daily transactions at 4.10 crore on February 29, 2024. |
| Non-lapsable defence modernisation fund | The proposal to establish a Non-lapsable Defence Modernization Fund was abandoned by the government. |
| T V Somanathan committee to finalize KYC Rules | An expert committee led by T V Somanathan has been formed to finalize uniform KYC norms. |
| Banihal-Sangaldan railway line | PM Narendra Modi inaugurated the Banihal-Sangaldan railway line in Jammu and Kashmir. |
| Sale of Potash derived from molasses (PDM) | Sugar mills are allowed to sell potash derived from molasses (PDM) to fertilizer companies. |
| Pigeon Pea | A new fast-breeding method for pigeonpea can reduce its breeding cycle by 3-5 years. |
| National Livestock Mission (NLM) | The union cabinet approved the inclusion of additional activities into the National Livestock Mission. |
| 100% FDI in space sector | The Union Cabinet approved 100% Foreign Direct Investment (FDI) in the space sector. |
| Rubber Board of India | The government increased the allocation for Sustainable and Inclusive Development of the Natural Rubber Sector. |
| The Global Pulses Conference suggested India to augment the production of pulses. | Parliament’s Public Accounts Committee approved the Finance Ministry’s proposal. |
| Global Pulses Conference: India needs to augment pulses production | The Global Pulses Conference suggested India to augment the production of pulses. |
| India’s farm subsidies under WTO Scrutiny | The Cairns Group claimed that India’s public stockholding (PSH) program is heavily subsidized. |
| Retail Inflation in India | India’s retail inflation eased to a three-month low of 5.1%. |
| Kinnow Farming | Punjab kinnow growers facing potential losses due to dropping prices. |
| Market Access Initiative (MAI) Scheme | Exporters urge government for higher allocation for MAI scheme in Interim Budget 2024. |
| Foreign Portfolio Investors (FPI) Disclosure Norms Extended | SEBI extends deadline for FPIs to reveal entity details. |
| RBI Guidelines on State Guarantees | RBI working group recommends guidelines on state guarantees for borrowings. |
| Investment Forum for Advancing Climate Resilient Agrifood | New Delhi hosts Investment Forum for Climate-Resilient Agrifood Systems. |
| Gir and Kankrej Cows | India imports bull semen from Brazil to boost milk production. |
| Zero-Duty Unrefined Gold Imports | Government asks bullion refineries not to import gold under zero duty. |
| Quality Control Order (QCO) | Around 220 products mandated to adhere to QCO norms by May 2027. |
| Total Expense Ratio in 2024 | SEBI proposes tweaks to total expense ratio. |
| States Startup Ranking in 2024 | Karnataka among best performing states in developing startup ecosystem according to DPIIT ranking. |
| Ministry of Agriculture & Farmers Welfare AI Technologies | MoU signed for leveraging AI technologies for farmers’ benefit. |
| Yen Denominated Green Bonds by REC | REC issues inaugural green bonds worth JPY 61.1 billion. |
| Kachchhi Kharek of Gujarat Got GI Tag | Indigenous dates of Kutch receive GI tag. |
| India-Argentina Agreement on Lithium Mines | India signs agreement for lithium exploration and mining project in Argentina. |
| Lentil Production at an All-Time High | India anticipated to lead global lentil production. |
| Tea Industry in India | Tea Association of India warns of challenges in the tea industry. |
| Atal Setu: India’s Longest Sea Bridge Inaugurated | PM inaugurates Atal Setu Nhava Sheva Sea Link. |
| SBI Report on Income Inequality in India | Reduction in income inequality observed according to SBI Research Report. |
| India Club: What It Means for Shipping Firms | India plans to create its own P&I entity, the India Club, to provide insurance for ships in Indian waters. |
| First Inland Waterways Development Council Meeting | Inland Waterways Authority of India hosts inaugural meeting. |
| RBI Clarifies Framework for Green Deposits | Updated guidelines released for RBI’s Green Deposits Framework. |
| Green Cover Index – NHAI Signs MoU with NRSC | NHAI signs MoU with NRSC for development and reporting of Green Cover Index. |
| RBI’s Revised Guidelines for Inoperative and Unclaimed Accounts | RBI revises guidelines for inoperative and unclaimed accounts. |
| Domestic Systemically Important Banks (D-SIBs) for 2023 | RBI releases list of D-SIBs for 2021. |
| Maharishi Valmiki International Airport | PM inaugurates airport in Ayodhya, Uttar Pradesh. |
Must Read: Best Books for Economic for UPSC Prelims and Mains 2024
Let’s Practice Indian Economy Quiz
Practice Indian Economy Quiz for all Indian competitive exams, including UPSC,SSC, State, and others since competitive examinations often ask objective questions regarding the Indian economy.
What was the main catalyst for the Age of Discovery according to the text?
A) Maritime trade between India and Southeast Asia
B) Silk Route trade between India and Europe
C) Spice trade between India and the Roman Empire
D) Overland trade between India and Central Asia
Answer: C) Spice trade between India and the Roman Empire
Which sector makes up more than 50% of India’s GDP?
A) Agriculture
B) Industrial
C) Service
D) Technology
Answer: C) Service
What percentage of India’s population lives in villages according to the 1872 census?
A) 85%
B) 91.3%
C) 50%
D) 60%
Answer: B) 91.3%
Which era saw a decline in India’s GDP share from 24.4% to 4.2%?
A) Mughal era
B) Rajput era
C) Maratha era
D) British era
Answer: D) British era
Which empire had a thriving industrial manufacturing economy, producing about 25% of the world’s industrial output until 1750?
A) Gupta Empire
B) Mughal Empire
C) Maurya Empire
D) Chola Empire
Answer: B) Mughal Empire
During which period did India go through a phase of deindustrialization?
A) Mughal era
B) Rajput era
C) British era
D) Maratha era
Answer: C) British era
What was the primary reason for the decline in India’s handicrafts and handloom sectors under British rule?
A) Increased demand for local products
B) Industrialization
C) Introduction of modern machinery
D) Reduced demand and dipping employment
Answer: D) Reduced demand and dipping employment
Which of the following sectors experienced mass impoverishment and destitution of farmers under British rule?
A) Agriculture
B) Textiles
C) Mining
D) Manufacturing
Answer: A) Agriculture
Must Read: How to Prepare for UPSC Optional Economics 2024?
Which region was the most important center of cotton textile production during the Mughal era?
A) Bengal
B) Gujarat
C) Punjab
D) Rajasthan
Answer: A) Bengal
What was the main outcome of the economic policies of the British Raj?
A) Modernization of the domestic economy
B) Drain of revenue from India to England
C) Increased industrial output in India
D) Growth of agriculture and handicrafts sectors
Answer: B) Drain of revenue from India to England
What percentage of the world’s GDP did India and China account for in the 17th century according to Sean Harkin?
A) 40% to 50%
B) 50% to 60%
C) 60% to 70%
D) 70% to 80%
Answer: C) 60% to 70%
What percentage of global industrial output did India account for in the early 18th century?
A) 10%
B) 15%
C) 20%
D) 25%
Answer: D) 25%
Must Read: How to Prepare for Economics UPSC 2024 Prelims and Mains?
During which era did India have a relatively high degree of urbanization?
A) Mughal era
B) Rajput era
C) British era
D) Maurya era
Answer: A) Mughal era
Which European power had a monopoly over India’s large market and cotton resources?
A) France
B) Portugal
C) Spain
D) Britain
Answer: D) Britain
What was the main source of revenue for the British East India Company in India?
A) Taxation on agriculture
B) Taxation on trade
C) Taxation on manufacturing
D) Taxation on services
Answer: B) Taxation on trade
What percentage of India’s share of the world economy declined from 1700 to 1950 under British rule?
A) From 24.4% to 4.2%
B) From 30% to 10%
C) From 20% to 5%
D) From 40% to 15%
Answer: A) From 24.4% to 4.2%
Which census revealed that 91.3% of India’s population resided in villages?
A) 1872
B) 1901
C) 1921
D) 1951
Answer: A) 1872
Must Read: Best Books for Economic Optional for UPSC 2024 📚
What was the primary reason for the decline in India’s handicrafts and handloom sectors under British rule?
A) Increased demand for local products
B) Industrialization
C) Introduction of modern machinery
D) Reduced demand and dipping employment
Answer: D) Reduced demand and dipping employment
Which region was the most important center of cotton textile production during the Mughal era?
A) Bengal
B) Gujarat
C) Punjab
D) Rajasthan
Answer: A) Bengal
What was the main outcome of the economic policies of the British Raj?
A) Modernization of the domestic economy
B) Drain of revenue from India to England
C) Increased industrial output in India
D) Growth of agriculture and handicrafts sectors
Answer: B) Drain of revenue from India to England
Must Read: Find Economics PYQ UPSC Mains Question Bank: 2021-2018
What economic system characterized India’s economy from independence in 1947 until 1991?
A) Laissez-faire capitalism
B) Socialist planned economy
C) Mixed economy with heavy state intervention
D) Free market economy
Answer: B) Socialist planned economy
What event led to the adoption of broad economic liberalization in India in 1991?
A) The end of the Cold War
B) The Indian Independence movement
C) A severe balance of payments crisis
D) The rise of the BRIC economies
Answer: C) A severe balance of payments crisis
What was the main driver of India’s GDP growth since the start of the 21st century?
A) Government spending
B) Export growth
C) Foreign direct investment
D) Domestic consumption
Answer: D) Domestic consumption
What was the total foreign direct investment (FDI) in India in 2021–22?
A) $82 million
B) $82 billion
C) $82 trillion
D) $82 billion
Answer: B) $82 billion
Which sector makes up more than 50% of India’s GDP?
A) Agriculture
B) Industrial
C) Service
D) Technology
Answer: C) Service
What is India’s rank on the Ease of Doing Business index?
A) 40th
B) 50th
C) 60th
D) 70th
Answer: A) 40th
What percentage of India’s population resides in rural areas?
A) 35%
B) 50%
C) 65%
D) 80%
Answer: C) 65%
What is India’s gross domestic savings rate as a percentage of GDP in 2022?
A) 25.3%
B) 29.3%
C) 32.3%
D) 35.3%
Answer: B) 29.3%
What is India’s overall social spending as a share of GDP in 2021–22?
A) 5.6%
B) 7.6%
C) 8.6%
D) 10.6%
Answer: C) 8.6%
Must Read:Economics For UPSC Prelims: Previous Year Questions
Which index ranks India 63rd in terms of ease of doing business?
A) World Bank Doing Business Index
B) Global Competitiveness Index
C) Human Development Index
D) Corruption Perceptions Index
Answer: A) World Bank Doing Business Index
What percentage of India’s GDP is driven by domestic consumption?
A) 50%
B) 60%
C) 70%
D) 80%
Answer: C) 70%
What were the leading sectors for foreign direct investment (FDI) inflows in India in 2021–22?
A) Agriculture and mining
B) Manufacturing and construction
C) Service sector, computer industry, and telecom industry
D) Energy and healthcare
Answer: C) Service sector, computer industry, and telecom industry
What percentage of India’s population is rural?
A) 35%
B) 50%
C) 65%
D) 80%
Answer: C) 65%
Which stock exchanges in India are among the world’s largest by market capitalization?
A) New York Stock Exchange and London Stock Exchange
B) Tokyo Stock Exchange and Shanghai Stock Exchange
C) Bombay Stock Exchange and National Stock Exchange
D) NASDAQ and Hong Kong Stock Exchange
Answer: C) Bombay Stock Exchange and National Stock Exchange
What percentage of India’s GDP do rural areas contribute?
A) 25%
B) 35%
C) 50%
D) 60%
Answer: C) 50%
Which era saw a decline in India’s GDP share from 24.4% to 4.2%?
A) Mughal era
B) Rajput era
C) Maratha era
D) British era
Answer: D) British era
What was the primary reason for the decline in India’s handicrafts and handloom sectors under British rule?
A) Increased demand for local products
B) Industrialization
C) Introduction of modern machinery
D) Reduced demand and dipping employment
Answer: D) Reduced demand and dipping employment
Which region was the most important center of cotton textile production during the Mughal era?
A) Bengal
B) Gujarat
C) Punjab
D) Rajasthan
Answer: A) Bengal
What was the main outcome of the economic policies of the British Raj?
A) Modernization of the domestic economy
B) Drain of revenue from India to England
C) Increased industrial output in India
D) Growth of agriculture and handicrafts sectors
Answer: B) Drain of revenue from India to England
What percentage of India’s share of the world economy declined from 1700 to 1950 under British rule?
A) From 24.4% to 4.2%
B) From 30% to 10%
C) From 20% to 5%
D) From 40% to 15%
Answer: A) From 24.4% to 4.2%
Related Posts
FAQs
Read newspapers like The Hindu, Indian Express, and magazines like Yojana. Follow reliable websites and analyze economic policies.
There isn’t a single “best” sir. However, renowned economists like Ramesh Singh and M. Laxmikanth are popular for UPSC economics preparation.
The Indian economy is a mixed economy with sectors like agriculture, manufacturing, and services contributing to its growth and development.
Dr. Manmohan Singh is often referred to as the father of Indian economy for his significant contributions as Finance Minister in the 1990s.
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