Free Practice Questions for Economics in General-studies

• Five Year Plan in India is finally approved by National Development Council.
• The decades-old Five-Year Plans have been replaced by three-year action plan, which will be part of a seven-year strategy paper and a 15-year vision document.

• While all denominations of currency notes are signed by RBI Governor, as a convention the one rupee note continued to be signed by Finance Secretary.
• The RBI was established in 1935 and was nationalised in 1949. While prior to 1949, all currency notes were issued on behalf of the Ministry of Finance, post RBI's nationalisation, the apex bank was delegated the responsibility of issuing the currency.

• India’s population growth rate has decelerated to 17.64 per cent in the decade 2001-11, the slowest rate of growth this past century, according to the first results of Census 2011 put out by the registrar-general of census.
• India’s population in 2011 is estimated to be 1.21 billion, comprising 624 million males and 587 million females.
• While the gender imbalance in population remains, the preliminary census figures show that India’s female population grew by 18.12 per cent over the past decade against 17.19 per cent for males.

NITI Aayog has published the Multidimensional Poverty Index (MPI) report which measured “three equally weighted dimensions” of health, education and standard of living.

Poorest states

Bihar: 51.91 per cent

Jharkhand: 42.16 per cent

Uttar Pradesh: 37.79 per cent

Madhya Pradesh: 36.65 per cent

Meghalaya: 32.67 per cen

Rajasthan: Lowest female literacy
The female literacy rate in the state is 57.6% putting the state in the lowest rung among all the states in India with regard to the number of educated females. The overall literacy percentage in the state of Rajasthan, combining female and male literacy rates, is 69.7%. The male literacy rate in the state is 80.8%. However when you consider the overall literacy rate and the male literacy rate, Rajasthan fares better than Andhra Pradesh that has the nationwide lowest figures.

The words 'bull' and 'bear' are related to the stock market.

Important points:

• Bulls are called bulls. Those who want to take the market up.
• Bears are those who want to bring the market down. Bears are also called bears in the market.

"Narasimham Committee" is related to banking reform.

Important points:

• After the economic crisis of 1991 in the Indian economy, the Narasimham Committee or Financial Sector Reforms Committee was set up in June 1991 under the chairmanship of M. Narasimham with a view to reform the banking sector.
• It presented its recommendations in December 1991.
• The second Narasimham Committee was formed in 1998.