Indian Economy Mixed Practice — MCQs with Answers (Set 39)

ONDC was constituted on 31 December 2021 under DPIIT, Ministry of Commerce, as a not-for-profit company.

The Rainbow Revolution was named in India’s first National Agriculture Policy, announced in July 2000, targeting over 4% annual agricultural growth.

The correct answer is An umbrella term for coordinated growth across many agricultural sectors at once. NITI Aayog’s Ramesh Chand says gains in oilseeds, fruits, fish and milk together can be called the Rainbow Revolution. It is not a scheme, so it has no ministry of its own. It is not the Green Revolution, which first covered wheat and rice. Memory hook: many colours, many sectors.

Press Note 3 (29 March 2016) permitted 100% FDI under the automatic route for the marketplace model.

The answer is 2020. The Prime Minister launched the auction of coal mines for commercial mining on 18 June 2020. It let private firms sell coal in the open market. The 2015 reform was about e-auction of mineral concessions. The 2021 Act removed the captive and merchant distinction.

Easy Connect uses Delhi as its hub, with Varanasi and Amritsar as its first two spokes as of mid-2026.

NHSRCL (the National High Speed Rail Corporation Limited) implements all of India’s high-speed rail corridors, including both Mumbai-Ahmedabad and Delhi-Varanasi.

The Delhi-Varanasi corridor runs roughly 813-865 km, making it longer than the existing Mumbai-Ahmedabad line (508 km).

The Delhi-Varanasi corridor follows the Mumbai-Ahmedabad High Speed Rail line, India’s first, which is currently under construction.

The Union Budget 2026-27 announced 7 new high-speed rail corridors. Railway Minister Ashwini Vaishnaw has set a long-term target of 7,000 km of dedicated high-speed passenger corridors by 2047, under the Viksit Bharat vision.

The corridor uses Japan’s Shinkansen technology. India originally planned to use the E5 trainset but has asked Japan for the newer E10 model instead, with talks ongoing as of 2026.

JICA’s soft loan covers about 81% of the project’s cost. The interest rate is 0.1% a year. Repayment runs over 50 years, including a 15-year grace period.

The Mumbai-Ahmedabad High Speed Rail corridor runs 508.17 km. The other figures belong to different planned corridors — Delhi-Varanasi (about 813 km), Hyderabad-Bengaluru (618 km), and Nagpur-Varanasi (760 km).

NHSRCL was incorporated on 12 February 2016, under the Companies Act, 2013, to build and manage India’s high-speed rail corridors.

The IIP and ISP release monthly; GDP releases quarterly and annually, while the HDI and MPI update about once a year.

Unlike the IIP or GDP, the HDI is compiled by the UNDP, ranking nearly every country on the same scale.

The NSO, under MoSPI, is the common source behind India’s IIP, ISP and GDP estimates. MoSPI released National Accounts Statistics 2026 on 31 August 2026 for the 2022-23 base.

Both are correct. India imports about 7 million tonnes of waste paper yearly, largely because it lacks sufficient domestic wood pulp.

Roughly 74-76% of Indian paper mills rely mainly on recycled paper as their raw material.

India’s first paper mill, built in 1812 by William Carey, failed from lack of demand for its paper.

The correct answer is Karnataka Soaps and Detergents Limited (KSDL). In 2008 Karnataka let KSDL and KSHDC buy directly from private growers. KSDL makes Mysore Sandal soap. Memory hook: 2008, KSDL and KSHDC.

The correct answer is It allowed private cultivation for the first time in over 200 years. The Karnataka Forest (Amendment) Act, 2001 let private people grow sandalwood. The government still controlled the trade. Memory hook: 2001 opened planting, not selling.

The correct answer is Mysore Sandal Soap. The Government Soap Factory was set up in 1916 by the Mysore king. The soap was born in 1918 and used sandalwood oil as its base. Memory hook: factory 1916, soap 1918.

The correct answer is A strict government monopoly. In 1792 the Mysore state declared sandalwood a Royal Tree. From then, harvest and sale stayed a government monopoly. Memory hook: 1792, Royal Tree, state monopoly.

Chilli alone made up 27% of India’s spice-export earnings in FY 2024-25. Cumin and spice oils/oleoresins followed with about 12% each.