Indian Economy Quiz

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Economic policy, key institutions, and the indicators that describe how India's economy actually functions -- from major reforms and policy shifts to the organizations that regulate and measure economic activity. One of our more specialized categories, aimed at players with a genuine interest in economics or preparing for exams where economic general knowledge matters. Expect a mix of historical context and current facts about the institutions involved.

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Q1.Which institution is the central bank of India?

Q2.What does GST stand for?

Q3.Between which dates does India's financial year run?

Q4.Which revolution, led by Verghese Kurien, boosted India's milk production?

Q5.In which year did India begin its major economic liberalisation reforms?

Indian Economy answers and explanations

  1. Q1.Which institution is the central bank of India?

    The Reserve Bank of India, set up on 1 April 1935 and nationalised in 1949, is the central bank. It issues currency notes, manages monetary policy and regulates banks.

  2. Q2.What does GST stand for?

    GST stands for Goods and Services Tax. It is levied on the supply of goods and services and replaced many separate central and state taxes in 2017.

  3. Q3.Between which dates does India's financial year run?

    India's financial year runs from 1 April to 31 March, which is why the Union Budget is presented in February and company results are reported for periods such as 2025-26.

  4. Q4.Which revolution, led by Verghese Kurien, boosted India's milk production?

    Verghese Kurien led Operation Flood from 1970, building a nationwide cooperative milk network on the Amul model. It helped make India one of the world's largest milk producers.

  5. Q5.In which year did India begin its major economic liberalisation reforms?

    A balance-of-payments crisis in 1991 led Prime Minister P. V. Narasimha Rao and Finance Minister Manmohan Singh to open the economy: industrial licensing was cut back, import tariffs were lowered and foreign investment was welcomed.

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