An Overview Of Indian Economy JAIIB MCQs | Paper I – Indian Economy & Indian Financial System

IE&IFS Chapter 1 An overview of Indian Economy

📝 Quiz: An Overview of Indian Economy

(Paper I – Indian Economy & Indian Financial System | Module A)

Test your understanding of key concepts from Chapter 1: An Overview of Indian Economy with this specially designed MCQs Practice Pack for JAIIB aspirants.

📌 These multiple-choice questions cover important themes such as the Hindu rate of growth, structural features of the Indian economy at independence, colonial economic impact, World Bank classifications, and post-reform policies.

✅ Correct answers with explanations are provided at the end to help you revise effectively.

Sharpen your preparation, identify knowledge gaps, and boost your confidence before the exam.

Stay consistent. Stay exam-ready.

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1 / 10

The term "Hindu rate of growth," famously coined by Professor Raj Krishna, is used to describe a specific period in India's post-independence economic history. What does this term refer to?

A. The high annual GDP growth rate of over 8% achieved during the 1980s.

B. The period of economic stagnation and looting during British Company Rule.

C. The slow annual growth rate of the Indian economy, which hovered around 3.5% during the first three decades after independence.

D. The growth rate of the agricultural sector specifically, which was linked to monsoon patterns.

2 / 10

2. The COVID-19 pandemic and the subsequent lockdown had a varied impact across different sectors of the Indian economy. Which of the following sectors proved to be the most resilient and was largely exempt from the lockdown restrictions, showing positive growth even during the peak of the crisis?

A. Trade, hotels, and transport.

B. Manufacturing.

C. Financial and real estate services.

D. Agriculture and allied activities.

3 / 10

Based on its per capita income levels, how does the World Bank currently classify the Indian economy?

A. Low-Income Economy

B. Lower-Middle-Income Economy

C. Upper-Middle-Income Economy

D. High-Income Economy

4 / 10

What was the primary strategic purpose of the railway infrastructure developed by the British in India?

A. To promote industrialization and economic growth within India.

B. To facilitate passenger travel and connect major cultural centers.

C. To assist in the movement of troops for administrative control.

D. To transport raw materials from the hinterlands to ports for export to Britain

5 / 10

Which of the following best describes the "Home Charges" during the British Raj?

A. Taxes levied on Indian households for home ownership.

B. A fund created by the British to invest in Indian infrastructure projects.

C. Official payments made from India to Britain to cover British administrative and military costs and pensions.

D. The cost of importing British goods into the Indian domestic market.

6 / 10

(Fill in the Blank): The systematic ruin of India's traditional handicraft and textile industries by the British to promote their own manufactured goods is known as __________.

A. Commercialisation

B. De-industrialisation

C. Globalisation

D. Westernisation

7 / 10

(Fill in the Blank): The policies of Liberalisation, Privatisation, and Globalisation, collectively known as _________ policies, were adopted in India following the 1991 economic crisis.

A. NITI

B. SEBI

C. FEMA

D. LPG

8 / 10

8. What was the primary characteristic of the Indian economy at the time of independence in 1947?

A. A highly industrialized and modern economy.

B. A stagnant, predominantly agrarian economy with low productivity.

C. A service-sector dominated economy with a strong financial system.

D. An economy with a balanced contribution from all three sectors.

9 / 10

9. Match the Following): Match the items in Column A with their correct description in Column B.

Column A	Column B
1. Dadabhai Naoroji	a. An unfair land tax system used by the East India Company.
2. Post-2008 Crisis	b. Fiscal stimulus and liquidity injection to support the economy.
3. Zamindari System	c. First to publish estimates of India's national income.
4. Wealth Drain	d. The unilateral transfer of resources from India to Britain.

A. 1-d, 2-c, 3-b, 4-a

B. 1-c, 2-b, 3-a, 4-d

C. 1-a, 2-b, 3-d, 4-c

D. 1-c, 2-a, 3-d, 4-b

10 / 10

10.

The long-term shift in an economy's structure where the contribution of the primary sector (like agriculture) decreases while that of the tertiary sector (services) increases is a typical sign of what?

A. Economic Development

B. Stagnation

C. Inflation

D. Recession

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📝 Quiz: An Overview of Indian Economy

The term "Hindu rate of growth," famously coined by Professor Raj Krishna, is used to describe a specific period in India's post-independence economic history. What does this term refer to?

Based on its per capita income levels, how does the World Bank currently classify the Indian economy?

What was the primary strategic purpose of the railway infrastructure developed by the British in India?

Which of the following best describes the "Home Charges" during the British Raj?

(Fill in the Blank): The systematic ruin of India's traditional handicraft and textile industries by the British to promote their own manufactured goods is known as __________.

(Fill in the Blank): The policies of Liberalisation, Privatisation, and Globalisation, collectively known as _________ policies, were adopted in India following the 1991 economic crisis.

The long-term shift in an economy's structure where the contribution of the primary sector (like agriculture) decreases while that of the tertiary sector (services) increases is a typical sign of what?

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📝 Quiz: An Overview of Indian Economy

The term "Hindu rate of growth," famously coined by Professor Raj Krishna, is used to describe a specific period in India's post-independence economic history. What does this term refer to?

Based on its per capita income levels, how does the World Bank currently classify the Indian economy?

What was the primary strategic purpose of the railway infrastructure developed by the British in India?

Which of the following best describes the "Home Charges" during the British Raj?

(Fill in the Blank): The systematic ruin of India's traditional handicraft and textile industries by the British to promote their own manufactured goods is known as __________.

(Fill in the Blank): The policies of Liberalisation, Privatisation, and Globalisation, collectively known as _________ policies, were adopted in India following the 1991 economic crisis.

The long-term shift in an economy's structure where the contribution of the primary sector (like agriculture) decreases while that of the tertiary sector (services) increases is a typical sign of what?

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Study Material

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