Indian Economy Mixed Practice — MCQs with Answers (Set 21)

The answer is 29 February 2020. On that date the Prime Minister launched the scheme at Chitrakoot. The Cabinet Committee on Economic Affairs approved it earlier, on 19 February 2020, and the Prime Minister launched it on 29 February 2020. Of the four options, only 29 February 2020 fits the scheme’s start. The scheme aims to form 10,000 FPOs from 2019-20 to 2023-24. Its budget outlay is ₹6,865 crore.

The NMSA guidelines prefer clusters of 100 hectares or more. Official sources give 60:40 for most States. A Tamil Nadu note says NMSA components were fully central in 2014-15. North-Eastern and Himalayan States get 90:10. PIB’s August 2026 explainer now describes clusters of about 20 hectares.

The Company Secretaries Act, 1980 made ICSI a statutory body on 1 January 1981. Before that it was a company, set up in 1968. The Companies Act, 1956 only governed that earlier company. The Chartered Accountants Act, 1949 belongs to ICAI. The Cost and Works Accountants Act, 1959 belongs to ICMAI. Memory hook: ICSI’s Act is 1980, one year before 1981.

States agreed to take over 75% of DISCOM debt as on 30 September 2015. They took 50% in 2015-16 and 25% in 2016-17. The Centre did not give cash to consumers or waive tariffs.

UDAY was approved by the Union Cabinet on 5 November 2015. It was a rescue plan for state-owned power distribution companies.

Eligibility for ABVKY requires at least 12 months of insurable employment, with at least 78 contribution days in the year immediately before becoming unemployed.

Under SPREE 2025, over 1.38 lakh new employers and more than 1.12 lakh new employees registered with ESIC, without fear of retrospective penalties.

PM Gati Shakti is the physical infrastructure master plan; NLP is the policy and process layer built on top of it, covering standardisation, digitisation, and skill development.

India’s LPI rank climbed from 54th in 2014 to 38th in 2023 — genuine progress, though the top-25 target for 2030 remains a stretch.

ULIP doesn’t move any goods itself — it shares real-time data across ministries and private logistics players through a common set of APIs.

NLP targets bringing India’s logistics cost down to around 8% of GDP by 2030, in line with developed economies.

Per Drop More Crop was part of PMKSY until 2021-22. From 2022-23 the agriculture ministry runs it under its Rashtriya Krishi Vikas Yojana. PIB now calls that umbrella PM-RKVY, approved by the Cabinet on 3 October 2024.

The Cabinet approved the 2021-26 phase on 15 December 2021. The exact outlay is Rs 93,068.56 crore. It includes Rs 37,454 crore central assistance, Rs 20,434.56 crore NABARD debt servicing and Rs 35,180 crore State share. Rs 50,000 crore was the five-year outlay of 2015.

The Cabinet Committee on Economic Affairs approved PMKSY on 1 July 2015. PIB gives the same date as the launch. It combined AIBP, watershed work and on-farm water management under one umbrella.

The answer is the Care Economy. The paper was released in May 2026. It proposed a Parivar Seva Kosh and a Carepreneur Fund. The other options are not its subject. Memory hook: care paper, care funds.

The answer is Suman Bery, as NITI Aayog Vice Chairman. Debroy died on 1 November 2024. A Cabinet Secretariat order of 11 November 2024 gave Bery the additional charge. Dev and Sanyal were not given that charge. Memory hook: Bery held the extra charge.

The answer is a non-constitutional, independent, advisory-only body. It advises the Prime Minister and has no binding power. It is not a ministry. It is not a parliamentary committee. Memory hook: advice, not orders.

The answer is S. Mahendra Dev. He took charge in June 2025 after Debroy’s death. He replaced Suman Bery, who held the post as extra duty. Debroy and Sanyal are not the Chairman now. Memory hook: Debroy, then Bery, then Dev.

The answer is 2017, Bibek Debroy. Prime Minister Modi reconstituted the council on 25 September 2017. Debroy was its Chairman. Rangarajan led the earlier council. The other names led nothing here. Memory hook: revived in 2017 under Debroy.

The Ubharte Sitaare Programme is a fund that backs high-potential small exporters. It gives equity, debt and technical help. EXIM Bank and SIDBI sponsored it together, and it was launched in August 2021. It is not a pension scheme, a trade insurance scheme or a tariff subsidy. Memory hook: Ubharte Sitaare means rising stars, so it invests in rising small exporters.