Indian Economy Mixed Practice — MCQs with Answers (Set 34)

Patel was Director of the London School of Economics from 1984 to 1990. Before that he led IIM Ahmedabad. Oxford, Imperial and Cambridge were not his institutions.

I.G. Patel was the 14th Governor of the Reserve Bank of India, serving from 1 December 1977 to 15 September 1982.

The correct answer is 10 consecutive years. GIFT City gives a 100% income tax exemption for 10 years out of the first 15. Five years is too short and 15 years is the whole window, not the exemption. Twenty years goes beyond the window. Memory hook: ten out of fifteen.

The correct answer is The Singapore Exchange (SGX). SGX Nifty became GIFT Nifty on 3 July 2023, and about $7.5 billion of contracts moved to NSE IX in GIFT City. Dubai, Hong Kong and London did not host those Nifty contracts. Memory hook: Singapore out, GIFT in.

The correct answer is The Coastal Shipping Act, 2025. IFSC units no longer need a licence under Section 11 of that Act to charter foreign vessels for foreign trade. The Ministry of Ports, Shipping and Waterways notified it, and PIB reported it on 10 July 2026. The Merchant Shipping Act and the Indian Ports Act are not the law named. The IFSCA Act, 2019 created the regulator, not this licence. Memory hook: coastal law, foreign ships, IFSC free.

The correct answer is IFSCA. The Government set up the International Financial Services Centres Authority on 27 April 2020 as one unified regulator, headquartered in GIFT City. SEBI and RBI regulate the rest of India’s markets and banks. The Ministry of Finance makes policy, not day-to-day rules for the zone. Memory hook: one zone, one regulator.

GIFT City (Gujarat International Finance Tec-City) is India’s first International Financial Services Centre, becoming operational in 2015.

The Chintan Shivir’s roadmap targets USD 150 billion in electronics EXPORTS by 2030, a narrower goal than the government’s broader target of growing the overall electronics SECTOR to USD 500 billion annually by 2030. These are two distinct, easily confused figures.

iPhones made up more than 75% of India’s total smartphone exports in FY26, about $22 billion out of a total $29.4 billion.

Production under the scheme reached about Rs 11.01 lakh crore against an original target of Rs 8.12 lakh crore, while exports crossed Rs 6.20 lakh crore against a target of about Rs 4.88 lakh crore. Both figures exceeded their original targets.

The scheme offers an incentive of 4% to 6% on incremental sales, over a defined base year, of goods manufactured in India under target segments, for a period of 5 years.

The PLI Scheme for Large Scale Electronics Manufacturing was launched in 2020, with an outlay of Rs 40,995 crore, to boost domestic mobile phone manufacturing and specified electronic components.

Jamsetji planned a science institute using his own wealth. The Indian Institute of Science came into existence on 27 May 1909 in Bangalore. The other bodies have different origins.

TISCO was registered in 1907 at Sakchi. The town was later renamed Jamshedpur after the founder. Nagpur is linked with the Empress Mills, not TISCO.

The Empress Mills opened on 1 January 1877, the day Queen Victoria was proclaimed Empress of India. Jamsetji named the mill to mark that day. None of the other options is the stated reason.

The Taj Mahal Hotel opened on 16 December 1903, before Jamsetji died in 1904. TISCO was registered in 1907 and IISc was established in 1909. Both followed his death.

A Custom Hiring Centre is a set of farm machinery available for hire by farmers.

On 26 July 2026, PM Modi announced a high-powered task force, headed by Nilekani, to make India’s public examination system leak-proof and more transparent, focusing especially on the National Testing Agency. It followed the May 2026 NEET-UG paper leak controversy and Education Minister Dharmendra Pradhan’s resignation on 25 July 2026.

Nilekani authored “Imagining India: The Idea of a Renewed Nation,” published in 2008. It became a widely praised book on India’s development, drawing praise from global leaders including Bill Gates.

Nilekani stepped down from UIDAI in 2014 to contest the Bangalore South Lok Sabha constituency as a Congress candidate. He was defeated by the BJP’s Ananth Kumar.