TOP 10 Impact of covid-19 on Indian Economy

Impact of covid-19 on Indian Economy

Indian Economy Multiple Choice Questions (MCQs) for State and UPSC Civil Services Examinations. We are the team Livelearns presenting for you Objective Questions on Indian Economy for competitive examinations.

1. What is the main impact of covid on the Indian economy ?

Ans: The GDP growth had crashed 23.9% in response to the centre’s no notice lockdown. India’s GDP shrank 7.3% in 2020-21. This was the worst performance of the Indian economy in any year since independence.

2. Which sectors of the Indian Economy will grow faster?

Ans: Sectors like Health and Hospital, Pharmaceutical, Biotechnology, Financial sector, Insurance Sector, IT sector – Online / Digital Education, Digital Marketing, AI, Robotics etc.

3. What do the main macroeconomic indicators tell us about India’s economy during the pandemic?

Ans: During the 2020/21 financial year, the rates of decline in GDP for the world were 3.3% and 2.2% for emerging markets and developing economies. Comparing national unemployment rates in 2020, India’s rate of 7.1% indicates that it has performed relatively poorly.

4. Which acts did the centre and state governments invoke at the onset of pandemic ?

Ans: The Indian contagious diseases act 1868 and the epidemic diseases act 1897.

5. On 26 March 2020 the finance minister announced a relief package of what amount of money ?

Ans: 1.7 lakh crore

6. Will boycotting Chinese products result in an increasing manufacturing activities

Ans: The Chinese products will not be completely boycotted but there will be a gradual shift to manufacturing products in India. The make in India movement will gather speed.

7. The RBI decided to transfer 1.76 trillion rupees to the Indian government. How will it affect the Indian economy?

Ans: This record transfer, including a super plus of Rs. 1.23 lakh crores for 2018-19, will boost the government’s finance at a time it strives to tackle at a time nearly a five years low economic growth with lakhs of estimate job cuts across sectors and defend it’s ambitious target of containing fiscal deficit at 3.3% of the GDP.

Covid-19 impact on Indian education system

What could be the major disruptions in the education sector?

Ans: Increase in skill based education. Gradual shift to online exam mode and online evaluation. Around 30% of face to face teaching will shift to online education.

How effective is online school education?

Ans: For children going to school, online learning takes away the opportunity to build social skills and is not very effective in peer-group learning. Several helicopter parents stay out of the screen but prompt the child with the ‘correct response’, thus severely damaging the learning experience.

Why is online school bad for mental health?

Ans: This greatly impacts a student’s mental health. The lack of social interaction in online learning leads to feelings of loneliness, lack of motivation, and isolation. Even adults feel the empty void when they don’t get to see their friends. Young adults need social interaction in their formative years.

Covid-19 impact on Indian education system

1. What is the main impact of covid on the Indian economy ?

2. Which sectors of the Indian Economy will grow faster?

3. What do the main macroeconomic indicators tell us about India’s economy during the pandemic?

4. Which acts did the centre and state governments invoke at the onset of pandemic ?

5. On 26 March 2020 the finance minister announced a relief package of what amount of money ?

6. Will boycotting Chinese products result in an increasing manufacturing activities

What could be the major disruptions in the education sector?

How effective is online school education?

Why is online school bad for mental health?

FOR MORE ECONOMY QUESTIONS AND ANSWER

1.Recently, the Cabinet has approved the merger of 5 associate banks of SBI with the parent bank SBI. What will be the approximate market share of the banking giant produced via this merger?

2.The rate at which RBI purchases or rediscounts bills of exchange of commercial banks is called?

3.Which among the following organizations calculate and publish LIBOR (London Interbank Offered Rate)?

4.Hang-Seng is the share market index at which of the following?

5.Rs. 100 notes are printed in which of the following?

6.The concept of weaker sections under ‘priority sector’ was introduced on the recommendation of which of the following committees?

7.When a person has a savings account in the bank , the bank assumes the position of ___?

8.An investor or speculator who subscribes to a new issue with the intention of selling them soon after allotment to realize a quick profit is called?

9. What does the FDI trigger list consist of _______?

10. Which of the following companies introduced for the first time Traveller Cheques in the form of ‘circular notes’? 

11.From the following, bring out the one which is not a liability of a commercial bank?

12.Who among the following are the beneficiaries of Ways and Means Advances (WMA) facility of Reserve Bank of India?

13.Hundies are normally __________?

14.A monopolist will be able to maximize his profits when _________?

15.What is the frequency of availability of Overall WPI Index?

16.What was the name of the world currency that John Maynard Keynes conceptualized in the years 1940-42 and proposed at the Bretton Woods Conference?

17.Consider the following: 

18. Which among the following correctly represents Total Food Grains?

19.Consider the following statements

20.How many states of India are covered under the National Horticulture Mission?

21.Real National income increases in which of the following circumstances?

22.Who is the author of “Volatility and Growth”?

23.In which type of economy, competition doesn’t exist in the market?

24.Which sector do the red collar workers belong to?

25.Which sector employs the maximum population in the country?

26.What was the Indian economy share in the world economy immediately after Independence?

27.Which of the following is a reason for India to be a developing country?

28.In which year, the Planning commission scrapped?

29.what does food security mean?

30.What is the percentage of gross cropped area of oilseeds in the country?

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