BPSC CCE Prelims
Economy & Finance Previous Year Questions (PYQs)
Showing solved Previous Year Questions for Chapter: Economy & Finance
Topic Breakdown: Scroll →
According to the Economic Survey for the year 2019-2020, which district has the lowest per capita income?
Detailed Explanation:
According to the Economic Survey 2019-20, Sheohar district in Bihar had the lowest per capita income in India.
Sheohar is one of the smallest and least developed districts, facing challenges in infrastructure, employment, and economic development.
Which of the following committees submitted a report on gas pricing, recommending complete pricing freedom from January 1, 2026?
Detailed Explanation:
The Kirit Parikh Committee was constituted to review the gas pricing framework in India and submitted its report recommending complete pricing freedom from January 1, 2026.
The committee proposed a graded approach: a reasonable floor and ceiling price till December 31, 2025, followed by full market-driven pricing thereafter to boost domestic gas production and investment.
India's first floating financial literacy camp was organized recently by India Post Payments Bank in which of the following locations?
Detailed Explanation:
India Post Payments Bank (IPPB) organized India's first floating financial literacy camp in Srinagar, Jammu & Kashmir in 2024.
The camp was conducted on a shikara (houseboat) on Dal Lake to promote digital banking and financial inclusion among local communities, particularly those living on houseboats and in remote areas around the lake.
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In which year was the Railway Budget merged with the General Budget in India?
Detailed Explanation:
The Railway Budget was presented separately from the General Budget since 1924 following the Acworth Committee recommendations. This practice was aimed at giving special attention to railway finances and insulating them from general revenue pressures.
In 2017, the Modi government merged the Railway Budget with the General Budget, ending the 92-year-old tradition. This merger was implemented to ensure better resource allocation and unified financial planning.
Therefore, the Railway Budget was merged with the General Budget in 2017, making Option 3 the correct answer.
In the recent Union Budget, the FM has increased the Foreign Direct Investment (FDI) limit in the insurance sector from the existing one to
Detailed Explanation:
The Union Budget 2021-22 raised the FDI limit in the insurance sector from 49% to 74%, allowing greater foreign participation while retaining Indian management and control safeguards.
This policy change aimed to boost capital inflow, improve insurance penetration, and align with broader economic liberalization measures in the financial sector.
Therefore, 74% is the updated FDI limit, making Option 3 the correct answer.
As per the Union Budget, 2021, the fiscal deficit is estimated to be how much percent of the GDP in 2021-22
Detailed Explanation:
The Union Budget 2021-22 projected a fiscal deficit of 6.8% of GDP for FY 2021-22, a reduction from the revised estimate of 9.5% for FY 2020-21.
This consolidation reflected the government's strategy to manage pandemic-related expenditures while initiating fiscal recovery through increased capital expenditure and disinvestment targets.
Therefore, 6.8% is the correct fiscal deficit estimate, making Option 4 the correct answer.
With reference to the Bare Necessities Index (BNI), consider the following statements
- The economic survey has come up with the Bare Necessities Index at rural and urban levels.
- The BNI has been created for all States for 2018 only.
- The BNI is based on 26 indicators
- The BNI consists of six dimensions
Which of the above statements are correct?
Detailed Explanation:
The Bare Necessities Index (BNI) was introduced in Economic Survey 2020-21 to measure access to basic amenities at household level.
- Statement 1 is Correct: BNI was computed separately for rural and urban areas across all states and UTs.
- Statement 3 is Correct: The index is based on 26 indicators covering water, sanitation, housing, micro-environment, and other necessities.
- Statement 2 is Incorrect: BNI was created for 2012 and 2018, not 2018 alone, to track progress.
- Statement 4 is Incorrect: BNI comprises five dimensions (water, sanitation, housing, micro-environment, other facilities), not six.
- Therefore, only statements 1 and 3 are correct, making Option 1 the correct answer.
Which of the following is not included in the priorities of India Budget 2022-23?
Detailed Explanation:
Union Budget 2022-23 outlined four main priorities: PM Gati Shakti, Inclusive Development, Productivity Enhancement & Investment with Sunrise Opportunities, Energy Transition and Climate Action, and Financing of Investments.
Disinvestment was a fiscal measure and revenue source but was not listed among the budget's thematic priorities. Options 1, 2, and 4 directly match the stated priorities.
Therefore, Disinvestment was not included in the priorities, making Option 3 the correct answer.
What was the Tax-GDP ratio in the financial year 2021-22 in India?
Detailed Explanation:
India's Tax-GDP ratio for FY 2021-22 stood at 11.7%, reflecting improved tax collection post-pandemic. Direct taxes contributed 6.1% and indirect taxes contributed 5.6% to GDP.
The total tax revenue was estimated at ₹22.17 lakh crore in Union Budget 2021-22, marking a significant recovery in fiscal health.
Therefore, the Tax-GDP ratio was 11.7%, making Option 1 the correct answer.
What was India's share in World Exports by commodity divisions and groups in 2018?
Detailed Explanation:
According to the World Trade Organization (WTO) report published in April 2019, India's share in world merchandise exports for the year 2018 was 1.7%.
This figure represents India's contribution to total global exports of physical commodities and places India among the top 20 trading nations globally.
Therefore, 1.7% is the correct share, making Option 4 the correct answer.
What was the total production of wheat in India as per the 4th advance estimates in the year 2020-21?
Detailed Explanation:
The Ministry of Agriculture & Farmers Welfare released the 4th Advance Estimates for 2020-21, recording wheat production at 109.59 million tonnes, which rounds to 109.5 million tonnes.
Options like 209.5, 501.5, and 201.23 million tonnes are factually incorrect and do not align with official agricultural statistics for that year.
Therefore, 109.5 million tonnes is the correct production figure, making Option 4 the correct answer.
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