Latest Indian Economy General Knowledge(GK) Questions and answers

1 .

The customs duty on umbrellas has been raised to how much?

A)

20 percent

B)

23 percent

C)

25 percent

D)

30 percent

Correct Answer : 20 percent

Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced several changes to customs duty that will, in turn, affect the prices of different commodities. While concessions in the customs duty levied on mobile phone parts and other electronics will mean a reduction in their prices, cut and polished diamonds and other gemstones are also set to become cheaper. At the same time, one commodity is all set to become more expensive. The duty on umbrellas is being raised to 20 percent, which means that umbrellas -- lifesavers in sun and rain -- are all set to become costlier.

Source : NDTV

2 .

Which among the following commodities will become costly after the Union Budget 2022-23 presentation?

A)

Diamond

B)

Gemstone

C)

Umbrella

D)

Imitation Jewelry

Correct Answer : Umbrella

Union Finance Minister "Nirmala Sitharaman" announced a slew of changes in the customs duty for several products in her Union Budget Speech 2022 including a 5 percent reduction in customs duty on gems, cut and polished diamonds. The customs duty on imitation jewelry and chemicals has also been reduced, while the customs duty on umbrellas has been increased to 20 percent.

3 .

Which sector was least affected by the COVID-19 pandemic, as per Economic Survey 2021-2022?

A)

Mining

B)

Agriculture

C)

Services

D)

Construction

Correct Answer : Agriculture

Agriculture and its allied sectors, the largest employer in India, continued to be least hit by the COVID-19 pandemic and will grow at 3.9 percent in 2021-22, compared to the 3.6 percent growth it clocked in 2020-21, the Economic Survey said January 31, 2022.

The share of agriculture in the total GVA (gross value added) of the economy was 18.8 percent. While it is less than 20.2 percent in 2020-21, the share is still the second-highest in the last 10 years.

The Survey also pointed out that higher growth in allied sectors, especially livestock, has also contributed to the total agricultural GVA..

4 .

Economic Survey 2021-2022 has projected how much growth in India's GDP in FY23?

A)

6.2 - 6.9%

B)

7 - 7.6%

C)

7.8 - 8.1%

D)

8 - 8.5%

Correct Answer : 8 - 8.5%

Union Finance Minister "Nirmala Sitharaman" tabled the Economic Survey 2021-22 in the Lok Sabha on January 31, 2022. The Economic Survey 2022 projects India's GDP growth to be between 8 - 8.5% in the Fiscal Year 2022-23.

5 .

How many million USD will India pay in UN regular budget estimates for 2022?

A)

USD 21.7 million

B)

USD 29.9 million

C)

USD 35.5 million

D)

USD 41.3 million

Correct Answer : USD 29.9 million

India has paid USD 29.9 million in UN regular budget assessments for the year 2022.

"India proud to pay again in full! India joins the 2022 Honour Roll of 24 Member States out of 193 that have paid their @UN Regular Budget Assessments in full, India’s Permanent Mission to the UN tweeted".

As of January 21, 2022, 24 Member States have paid their regular budget assessments in full. India is currently a non-permanent member of the 15-nation Security Council and its two-year term will end on December 31, 2022.

Source : Money Control

6 .

What is the estimated GDP growth rate of India in FY22 according to the IMF's latest global economic outlook?

A)

9%

B)

8%

C)

7%

D)

6%

Correct Answer : 9%

The International Monetary Fund (IMF) has cut India's economic growth forecast to 9% for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of a spread of new variant of coronavirus on business activity and mobility.

In its latest update of World Economic Outlook on Tuesday, the Washington-based international financial institution, which had in October last year projected a 9.5% GDP growth for India, put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1%.

Source : Mint

7 .

According to the International Monetary Fund (IMF), what is the forecast for global GDP growth projection in 2022?

A)

6.7%

B)

5.8%

C)

4.4%

D)

4.1%

Correct Answer : 4.4%

* The International Monetary Fund has downgraded its 2022 global growth forecast to 4.4%.

* In its World Economic Outlook report, published Tuesday, the IMF said it expects global gross domestic product to grow 0.5 percentage points less than previously estimated.

* The revised outlook is largely due to growth markdowns in the world’s two largest economies; the U.S. and China.

8 .

What was the amount of global FDI flow in 2021 as per UNCTAD Global Investment Trends Monitor?

A)

$1.34 trillion

B)

$1.49 trillion

C)

$1.65 trillion

D)

$1.92 trillion

Correct Answer : $1.65 trillion

Global foreign direct investment (FDI) flows showed a strong rebound in 2021, up 77% to an estimated $1.65 trillion, from $929 billion in 2020, surpassing their pre-COVID-19 level.

9 .

According to UNCTAD data, what percentage of FDI in India in 2021 will be lower than in 2020?

A)

13%

B)

17%

C)

21%

D)

26%

Correct Answer : 26%

Foreign Direct Investment (FDI) flows to India dropped 26% in 2021 as compared with the previous year as large mergers and acquisitions deals recorded in 2020 were not repeated, the United Nations Conference on Trade and Development (UNCTAD) data showed.

"FDI flows to India were 26% lower, mainly because large M & A deals recorded in 2020 were not repeated," according to UNCTAD's Investment Trends Monitor published on 19 January, 2022.

Global foreign direct investment (FDI) flows showed a strong rebound in 2021, up 77% to an estimated $1.65 trillion, from $929 billion in 2020, surpassing their pre-COVID-19 level.

Source : Business Standard

10 .

As per the latest GDP prediction by Ind-Ra, what is the estimated GDP growth rate for Indian economy in FY 2022-23?

A)

8.1%

B)

7.6%

C)

7.2%

D)

6.4%

Correct Answer : 7.6%

India Ratings and Research (Ind-Ra) has projected the real gross domestic product (GDP) growth rate of the Indian economy to grow at 7.6% year-on-year in 2022-23 (FY23). Ind-Ra is a wholly-owned subsidiary of the Fitch Group. The economic recovery was encouraging, he said, and restrictions put in place by many states to contain the current wave of Covid-19 were not as severe as the second wave. Nonetheless, there are risks to the ongoing recovery, the rating agency warned.

It pointed to the latest FY22 GDP advance estimates, which show that Private Final Consumption Expenditure (PFCE) — the largest component of GDP (58.6%) from the demand side and a proxy for consumption demand — is projected to grow only 6.9% YoY in the current year, despite a low base and sales data of many consumer durables showing robust growth.