Test: Exploring the Vibrant Landscape of the Indian Economy - UPSC MCQ

Services sector, including industries like banking, IT, tourism, and healthcare, contributes the most to India's GDP. It accounts for a significant portion of the country's economic output.

The Reserve Bank of India (RBI) is responsible for formulating and implementing monetary policy in India. It regulates the country's banking system and controls the money supply.

The primary objective of the Goods and Services Tax (GST) in India is to simplify the tax structure by replacing multiple indirect taxes with a single unified tax.

The Calcutta Stock Exchange (CSE) is one of the oldest stock exchanges in India. However, the London Stock Exchange (LSE) is not a stock exchange in India.

Mumbai, the capital city of Maharashtra, is known as the financial capital of India. It is home to the country's major financial institutions and stock exchanges.

FDI stands for Foreign Direct Investment, which refers to investments made by foreign companies or individuals in the Indian economy to establish businesses or acquire existing ones.

The New Economic Policy, implemented in 1991, aimed at liberalizing India's economy by introducing economic reforms, encouraging foreign investment, and reducing government control over industries.

Jharkhand is the largest producer of coal in India. It has abundant coal reserves and is a major contributor to the country's coal production.

Tata Consultancy Services (TCS) is the largest exporter of IT services from India. It is a multinational IT services and consulting company headquartered in Mumbai.

NPA stands for Non-Performing Asset, which refers to a classification of loans or advances that have stopped generating interest income for banks due to non-payment by the borrowers.

The Ministerial Conference is the highest decision-making body of the World Trade Organization (WTO). It meets at least once every two years to discuss trade-related issues and make decisions.

Karnataka is known for its high production of silk. The state's major silk-producing centers include Mysore, Bengaluru, and Ramanagara.

Pune, located in Maharashtra, is known as the 'Automobile Capital' of India. It is a major hub for automobile manufacturing and has numerous automobile companies and manufacturing plants.

The Reserve Bank of India (RBI) has set the inflation target at 4%. It aims to maintain inflation within this range to ensure price stability and sustainable economic growth.

Alleviation of Poverty Scheme (APSis not a measure of poverty in India. The commonly used measures of poverty in India include the Tendulkar Method, Rangarajan Committee Method, and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

PV Narasimha Rao is known as the 'Father of Indian Economics Reforms'. He served as the 10th Prime Minister of India from 1991 to 1996. He is known for launching free-market reform of India that brought it back from near bankruptcy also commonly known as LPG.

The IT industry is known as the "Sunrise Industry" of India. It has experienced significant growth and has become a major contributor to India's economy, generating employment opportunities and driving innovation.

As of 2021, the unemployment rate in India was approximately 6%. However, please note that the specific unemployment rate may vary over time and based on different sources.

Surat, located in Gujarat, is known as the 'Diamond City' of India. It is a major center for diamond cutting, polishing, and trading, contributing significantly to the diamond industry in the country.

West Bengal is the largest producer of rice in India. The state has favorable climatic conditions and fertile agricultural land, which contribute to its high rice production.