Economic and Financial Affairs MCQ Quiz - Objective Question with Answer for Economic and Financial Affairs - Download Free PDF

Key Points

• The Centre has approved national highway projects worth Rs 13,000 crore for Odisha during the 2025-26 fiscal year.
• The Odisha government aims to complete road construction work worth Rs 2,000 crore by September 2025.
• The successful completion of these projects on time will allow the state to achieve a significant milestone in national highway construction, surpassing its past five-year achievements. 

The correct answer is 2010.

Key Points

• In 2010 the new currency symbol of the Indian rupee was officially adopted.
• The symbol of the Indian Rupee typifies India's international identity for money transactions and economic strength.
  • The Indian Rupee sign is an allegory of Indian ethos.
  • The symbol is an amalgam of Devanagari "Ra" and the Roman Capital "R" with two parallel horizontal stripes running at the top representing the national flag and also the "equal to" sign. The Indian Rupee sign was adopted by the Government of India on 15th July 2010.
  • The symbol, conceptualized and designed by Udaya Kumar, a postgraduate in Design from the Indian Institute of Technology Bombay, has been chosen from thousands of concept entries received by the Ministry of Finance through an open competition among resident Indian nationals.
  • The process of establishing and implementing this new identity is underway through various digital technology and computer applications.

Additional Information

• On 5 March 2009, the Indian government announced a contest to create a sign for the Indian rupee.
  • During the 2010 Union Budget, then Union Finance Minister Pranab Mukherjee said that the proposed sign should reflect and capture the Indian ethos and culture.
  • From around 3,331 responses received, five symbols were shortlisted.
  • These were the entries from Nondita Correa-Mehrotra, Hitesh Padmashali, Shibin KK, Shahrukh J. Irani, and D. Udaya Kumar:
  • one of them was due to be selected at the Union Council of Ministers of India meeting held on 24 June 2010.
  • However, the decision was deferred at the request of the Finance Minister, and the final decision was made when they met again on 15 July 2010, when they chose the symbol created by Udaya Kumar, Associate Professor IIT Guwahati.

Key Points

• Russia has become India’s second-largest supplier of oil, overtaking Saudi Arabia.
• The increase in imports was driven by discounted prices offered by Russia after the sanctions imposed by Western nations due to the Russia-Ukraine conflict.
• India, one of the largest importers of crude oil, diversified its sources and increased purchases from Russia.
• Saudi Arabia remains a significant supplier of crude oil to India but has been surpassed due to Russia’s discounted oil prices.

Key Points

• The Ministry of Women and Child Development celebrated the 6^th Rashtriya Poshan Maah throughout September 2023.
• Rashtriya Poshan Maah is an integral component of the POSHAN Abhiyaan, also known as the National Nutrition Mission.
• The initiative aims to create awareness and improve nutritional outcomes for children, pregnant women, lactating mothers, and adolescents.
• The theme for the 6^th Rashtriya Poshan Maah in 2023 focused on “healthy diets and nutrition awareness”, emphasizing grassroots-level action.
• The campaign involved multiple stakeholders, including Anganwadi workers, self-help groups, and community health workers, to promote behavioral change and track malnutrition data.

Additional Information

• POSHAN Abhiyaan:
  • Launched by the Government of India in March 2018 to reduce malnutrition and stunting in children under six years of age.
  • It focuses on improving nutritional outcomes through a convergence of various ministries and departments.
  • Technological tools like the ICDS-CAS (Integrated Child Development Services-Common Application Software) are used for real-time monitoring.
  • The initiative sets ambitious targets of reducing stunting, undernutrition, anemia, and low birth weight by 2%-3% annually.
• Malnutrition in India:
  • India is home to the largest number of malnourished children globally, according to the Global Nutrition Report.
  • Malnutrition includes stunting, wasting, underweight, and micronutrient deficiencies.
  • Key contributing factors include inadequate dietary intake, poor maternal nutrition, and limited access to healthcare.
• Global Efforts to Combat Malnutrition:
  • International initiatives like the UNICEF-led Scaling Up Nutrition (SUN) movement align with India's efforts under POSHAN Abhiyaan.
  • Programs such as the World Food Programme (WFP) and WHO guidelines assist countries in addressing malnutrition comprehensively.
  • India's commitment to the Sustainable Development Goals (SDGs), particularly Goal 2 (Zero Hunger), aligns with its focus on improving nutritional outcomes.

The correct answer is Bank of India.

In News

• On March 04, 2025, Bank of India (BOI) signed a Memorandum of Understanding (MoU) with the Indian Army to extend and enhance the ‘Rakshak Salary Package’ benefits.

Key Points

• The Bank of India (BOI) signed an MoU with the Indian Army (IA) in March 2025 in New Delhi.
• The agreement aims to provide enhanced benefits under the ‘Rakshak Salary Package’ for Army Personnel, Veterans, and Agniveers recruited through the Agnipath Scheme.
• The package includes special banking facilities and benefits for serving and retired Army personnel.

Additional Information

• Bank of India (BOI)
  • Headquartered in Mumbai, Maharashtra.
  • One of India’s leading public sector banks.
  • Offers various customized banking packages, including the Rakshak Salary Package.
• Rakshak Salary Package
  • Exclusive salary account benefits for defense personnel and veterans.
  • Now extended to include Agniveers recruited under the Agnipath Scheme.
• Agnipath Scheme
  • Government of India’s recruitment scheme for the Armed Forces.
  • Agniveers serve for a fixed period and are entitled to various benefits under defense partnership initiatives.
• Indian Army (IA)
  • One of the largest standing armies in the world.
  • Actively collaborates with banks to offer welfare and financial support schemes for its personnel.

The correct answer is 974 crore.

Key Points

• The central government has allocated Rs 3062.60 crore for the financial year 2022-23, an increase of Rs 305.58 crore.
• In the previous financial year, the government had allocated Rs 2596.14 crore for sports, which was later revised to Rs 2757.02 crore. 
• The financial allocation towards the Khelo India programme, which got Rs 657.71 crore in the last budget, was increased to Rs 974 crore.

Additional Information

• On 01 February 2022, Union Finance Minister Nirmala Sitharaman announced that the government will launch the next phase of Ease of Doing Business.
• It will be known as 'Ease of Doing Business 2.0'.
• The new phase would be guided by the active involvement of the states, digitization of manual processes, and interventions.
• It will also have the integration of the central and the state-level systems through IT bridges.
• It will provide single-point access for all citizen-centric services, and standardization and removal of overlapping compliances.

The correct answer is  PM's Development Initiative for North-East (PM-DevINE).

Key Points

• A new scheme, Prime Minister's Development Initiative for North-East, PM-DevINE has been announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 on 01 February 2022.
• The PM-DevINE will be implemented through the North-Eastern Council.
• An initial allocation of Rs 1,500 crore will be made for the new scheme.
• It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the North-East

The correct answer is Gujarat.

Key Points

• Gujarat state’s Gross Value Addition (GVA) has grown at 15.9 per cent annually (in manufacturing) on average between FY’12 and FY’20 to touch Rs 5.11 lakh crore, according to data released by the Reserve Bank of India.
• Gujarat displaced Maharashtra state.
• Maharashtra’s annual growth rate during the period was 7.5 per cent, taking the state’s total manufacturing GVA to Rs 4.34 lakh crore in FY’20.
• Maharashtra continues to lead as the nation’s biggest services hub.
• Rajasthan, Telangana, and Andhra Pradesh respectively were among the worst performer states which were already among the top ten.

Important Points

• The Gross Value Addition (GVA) is essentially GDP minus net product taxes and reflects growth in the supply of goods and services.
• The other states with the highest manufacturing GVA were Tamil Nadu at Rs 3.43 lakh crore, Karnataka at Rs 2.1 lakh crore and Uttar Pradesh at 1.87 lakh crore.
• India’s manufacturing GVA grew to Rs 16.9 lakh crore in FY’20 at an average growth rate of 9.7 per cent since FY’12.

Additional Information

• In September 2021, Gujarat has launched Vatan Prem Yojana.
• Gujrat CM launched Agricultural Diversification Scheme-2021 which will benefit vanbandhu farmers in tribal areas.

The correct answer is 2010.

Key Points

• In 2010 the new currency symbol of the Indian rupee was officially adopted.
• The symbol of the Indian Rupee typifies India's international identity for money transactions and economic strength.
  • The Indian Rupee sign is an allegory of Indian ethos.
  • The symbol is an amalgam of Devanagari "Ra" and the Roman Capital "R" with two parallel horizontal stripes running at the top representing the national flag and also the "equal to" sign. The Indian Rupee sign was adopted by the Government of India on 15th July 2010.
  • The symbol, conceptualized and designed by Udaya Kumar, a postgraduate in Design from the Indian Institute of Technology Bombay, has been chosen from thousands of concept entries received by the Ministry of Finance through an open competition among resident Indian nationals.
  • The process of establishing and implementing this new identity is underway through various digital technology and computer applications.

Additional Information

• On 5 March 2009, the Indian government announced a contest to create a sign for the Indian rupee.
  • During the 2010 Union Budget, then Union Finance Minister Pranab Mukherjee said that the proposed sign should reflect and capture the Indian ethos and culture.
  • From around 3,331 responses received, five symbols were shortlisted.
  • These were the entries from Nondita Correa-Mehrotra, Hitesh Padmashali, Shibin KK, Shahrukh J. Irani, and D. Udaya Kumar:
  • one of them was due to be selected at the Union Council of Ministers of India meeting held on 24 June 2010.
  • However, the decision was deferred at the request of the Finance Minister, and the final decision was made when they met again on 15 July 2010, when they chose the symbol created by Udaya Kumar, Associate Professor IIT Guwahati.

The correct answer is 13,700 crore.

Key Points

• Finance Minister Nirmala Sitharaman has allocated Rs 13,700 crore to the Department of Space in the Union Budget.
• The allocation was an increase of Rs 1,058 crore over the revised estimate of Rs 12,642 crore in the previous budget.
• A giant share of the allocation - Rs 10,534 crore - has been made under the head of space technology that covers most of the centres of ISRO. 

​ Important Points

• ISRO plans to launch India's first unmanned space mission under Gaganyaan.
• The preparations for the manned mission involve an in-flight demonstration of the Crew Escape System functioning in the lower atmosphere. 
• Sitharaman made a marginal increase in the allocation for the Department of Atomic Energy to Rs 22,723.58 crore, as against Rs 22,707.21 crore.
• The Present Chairman of ISRO is Mr. S Somanath (As of Feb 2022).

The correct answer is 137%.

Key Points

• The allocation towards health and well-being was increased by 137% over the previous year in Union Budget 2021-22. 
• According to analysts, one of the sectors that have continually been neglected is "health."
• However, in her Budget 2021-22, Union Finance Minister Nirmala Sitharaman announced a 137 percent increase in the allocation for health from the previous year's budget estimate of over Rs. 94,000 crore (Rs. 94,452 crore) and a 118 percent increase from the previous year's revised budget of over Rs. 1.02 lakh crore (Rs. 1,02,873 crore).

Important Points

• The 2.23 lakh crore spending in Budget 2021 comprises allocations to the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy, as well as the Ministry of Health and Family Welfare (MoHFW), which is the country's focal ministry for healthcare (AYUSH).
• To calculate the spending for health and wellness, the Finance Minister combined the amounts given under several categories of other ministries. 

The correct answer is To reduce the use of chemical fertilizers in agriculture.

In News

• "PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” ( PM-PRANAM) was announced in Budget 2023.

Key Points

• Under the scheme, the government aims to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers. 
• The main objective of the scheme is to reduce the use of chemical fertilizers in agriculture.
• 500 new 'waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.
• These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore.
• Also, a 5 per cent CBG mandate will be introduced for all organisations marketing natural and biogas.
• For the collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.
• Bhartiya Prakritik Kheti Bio-Input Resource Centres:
  • To facilitate 1 crore farmers to adopt natural farming, 10,000 Bio-Input Resource Centres will be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
• The government has also secured Rs 35,000 crore to support the transition towards energy efficiency and security.

Additional Information

• Union Budget:
  • Union Budget is also known as the Annual Financial Statement. 
  • Article 112 of the Constitution of India lays down that it is a statement of the estimated expenditure and receipts of the Government for a particular year. 
  • A budget keeps account of the finances of the government for the fiscal year (from 1st April to 31st March).
  • It is presented in the parliament generally by Union Finance Minister.

The correct answer is Budget 2021-2022.

Key Points

• The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on February 1, 2021, which is the first budget of this new decade and also a digital one in the backdrop of the unprecedented COVID-19 crisis.
• Minister stated that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
• This is the First Paperless Budget in India.

Additional Information

• The Budget proposals for 2021-22 rest on 6 pillars:
  • Health and Well-being 
  • Physical & Financial Capital, and Infrastructure
  • Inclusive Development for Aspirational India
  • Reinvigorating Human Capital
  • Innovation and R&D
  • Minimum Government and Maximum Governance
• There is a substantial increase in investment in Health Infrastructure and the Budget outlay for Health and well-being is Rs. 2,23,846 crore in BE 2021-22 as against this year’s BE of Rs. 94,452 crore, an increase of 137 percent.
• No changes in personal income tax slabs and a slew of hikes in customs duty to benefit Make in India, the Budget speech focussed on the Centre's Atmanirbhar Bharat vision.
• Most money spent sectors in this budget are Health and Infrastructure.
• This is the 91^st Budget of India.

The correct answer is 100 Giga watt.

Key Points

• The data regarding the generation of power from various renewable energy projects is consolidated by the Central Electricity Authority. 
• As per the Ministry of New and Renewable Energy (MNRE), the solar projects require around 4 to 5 acres of land per MW.
• All the commissioned and upcoming renewable energy projects are monitored by MNRE.

Additional Information

• Karnataka is the leading state in solar power generation.
• The largest solar power plant in India is Bhadla Solar Park in Jodhpur, Rajasthan.

The correct answer is 52-56%.

India's crude and petroleum Imports - 

• India imports more than 70 or 80% of its oil requirement.
• India ranked 4th in terms of crude and petroleum consumption in the world.
• As per the economic survey 2013 data, the share of Crude and Petroleum products in total imports of India is 27-33%.
• As per the recent economic survey data, the share of Crude and Petroleum products in total imports of India at present is 52.7%. Hence option 2 is correct.