Indian Economy Mixed Practice — MCQs with Answers (Set 25)

The Mudra Card is a RuPay debit card. It gives working-capital credit as an overdraft facility. The borrower can use it at ATMs, Business Correspondents and point-of-sale machines. Repayment is flexible.

The limit rose from Rs 10 lakh to Rs 20 lakh with effect from 24 October 2024. The Finance Minister announced it in Union Budget 2024-25 on 23 July 2024.

Tarun Plus is open only to borrowers who took and successfully repaid a Tarun loan. It covers above Rs 10 lakh and up to Rs 20 lakh. It is a step up, not an entry point.

Tarun covers loans above Rs 5 lakh and up to Rs 10 lakh. Shishu goes up to Rs 50,000. Kishore covers above Rs 50,000 and up to Rs 5 lakh. Tarun Plus covers above Rs 10 lakh and up to Rs 20 lakh.

PMMY was launched on 8 April 2015 in New Delhi. The Prime Minister described its aim as funding the unfunded.

This provision, under the Pradhan Mantri Garib Kalyan Anna Yojana, was extended for five more years from January 2024.

Nearly all of India’s Fair Price Shops now have ePoS (electronic Point of Sale) devices installed.

DPIIT’s own May 2026 ‘Tax Playbook’ for startups confirmed this, while mapping older provisions to their renumbered counterparts.

FMV for this purpose was determined under Rule 11UA of the Income Tax Rules, 1962.

It was introduced in Finance Minister Pranab Mukherjee’s last Budget, before he resigned to contest the presidency.

The MSP for seed cotton has been increased by about 7% for Cotton Season 2026-27.

The answer is ₹200 crore. The 1984 Act fixed the bank’s authorised capital at that figure. ₹50 crore is the initial paid-up capital, not the authorised capital. ₹100 crore and ₹1,000 crore match nothing in the Act. Memory hook: 200 authorised, 50 paid up.

The best answer is the merger option. Reports from 2005 show the IDBI ruling out an acquisition of IIBI, and a Government closure plan followed by December 2006. No court struck down its charter, and the other options match no report. Do not rely on any exact wind-up date or on who rejected the 2005 idea. Memory hook: no buyer, then closure.

The answer is the Industrial Investment Bank of India (IIBI). A 1997 Act repealed the 1984 Act, and IIBI took over the business from 27 March 1997. The other names are not IRBI’s successor. IRBI was not left unchanged until closure. Memory hook: 1997 turned IRBI into IIBI.

The answer is the Industrial Reconstruction Bank of India (IRBI). The 1984 Act turned the company into a statutory bank, and the bank began work in 1985. IFCI, IDBI and SIDBI are other institutions with their own laws. Memory hook: reconstruction company, then reconstruction bank.

The answer is 1971, to rehabilitate sick industrial units. The Act says IRCI was set up as a company on 12 April 1971. Bank nationalisation, the 1991 reforms and stock exchange regulation are other stories. None of them was IRCI’s job. Memory hook: 1971, sick units, a company first.

On 9 July 2026, NSIC and QCI signed a five-year pact linking QCI’s Zero Defect Zero Effect (ZED) Certification with NSIC’s market-access schemes for MSMEs.

The Public Procurement Policy for MSEs, Order 2012, was notified under Section 11 of the MSME Development Act, 2006, giving it a statutory basis rather than being a mere executive order.

Under Raw Material Assistance, NSIC finances the purchase of raw materials for registered MSEs. This includes credit against bank guarantees. Interest charges apply. Bulk purchase discounts may be shared with the units. It is not a promise to resell raw materials at cost without finance charges.

The Public Procurement Policy for MSEs, Order 2012, effective 1 April 2012, reserves at least 25% of annual procurement by Central Ministries, Departments, and PSUs for MSEs.

NSIC was established in 1955, by the Government of India. It now holds Mini Ratna Category-I status, giving it greater financial and operational autonomy.

The answer is ₹15 per hank. ANI reported that KVIC raised spinners’ pay from ₹12.50 to ₹15 per hank from 1 April 2025. It had been ₹10 in 2023-24 reports. KVIC said wages rose 275 per cent over 11 years. That fits a start near ₹4. ₹8, ₹10 and ₹20 do not match the current rate. Hook: 15 per hank since April 2025.

PM-KUSUM has benefited over 21.77 lakh farmers, through nearly 11.49 lakh off-grid pumps and 15.89 lakh solarised grid-connected pumps.

Rs 28,024 crore in subsidy has reached beneficiaries directly, helping nearly 19 lakh households reach zero electricity bills.