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State PSC (e.g. BPSC / UPPSC / MPSC) Indian Economy and Development Flashcards
51 question-and-answer cards covering Indian Economy and Development as it is examined in State PSC (e.g. BPSC / UPPSC / MPSC). 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Indian Economy and Development deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
What is the difference between quantitative and qualitative tools of monetary policy?
Quantitative tools affect the overall volume of credit (CRR, SLR, repo rate, OMO, bank rate). Qualitative/selective tools direct credit to specific sectors (margin requirements, moral suasion, credit rationing).
What is the structure of the Indian banking system?
RBI is the apex/central bank. Scheduled banks include commercial banks (public sector, private sector, foreign, regional rural banks) and cooperative banks. There are also payments banks and small finance banks.
What is financial inclusion?
Financial inclusion means ensuring access to affordable financial services (banking, credit, insurance, payments) to all sections of society, especially the weaker and low-income groups.
What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
Launched in 2014, PMJDY is the National Mission for Financial Inclusion providing universal access to zero-balance bank accounts, RuPay debit cards, overdraft facility, and accident/life insurance cover.
What is Priority Sector Lending (PSL)?
PSL requires banks to allocate a portion of their lending (40% of Adjusted Net Bank Credit for domestic commercial banks) to priority sectors such as agriculture, MSMEs, education, housing, and weaker sections.
What is the difference between a payments bank and a small finance bank?
A payments bank can accept deposits (up to a limit, currently Rs 2 lakh per customer) and offer payments/remittances but cannot lend or issue credit cards. A small finance bank can both accept deposits and lend, focusing on unserved/underserved segments.
What is fiscal policy?
Fiscal policy refers to the government's use of taxation and public expenditure to influence the economy, manage demand, growth, employment, and price stability.
What is the difference between fiscal deficit and revenue deficit?
Fiscal Deficit = Total Expenditure − Total Receipts (excluding borrowings); it shows total borrowing requirement. Revenue Deficit = Revenue Expenditure − Revenue Receipts; it shows shortfall in current/revenue account.
What is the primary deficit?
Primary Deficit = Fiscal Deficit − Interest Payments. It indicates the government's borrowing requirement excluding interest obligations, reflecting current fiscal stance.
What does the FRBM Act aim to achieve?
The Fiscal Responsibility and Budget Management Act (2003) aims to ensure fiscal discipline by setting targets to reduce fiscal deficit and eliminate revenue deficit, promoting transparency in fiscal operations.
What is the difference between revenue expenditure and capital expenditure?
Revenue expenditure is recurring spending that does not create assets (salaries, subsidies, interest). Capital expenditure creates assets or reduces liabilities (infrastructure, loans repayment, investments).
What is the difference between direct and indirect taxes?
Direct taxes are levied directly on income/wealth and the burden cannot be shifted (income tax, corporate tax). Indirect taxes are levied on goods/services and the burden can be shifted to consumers (GST, customs duty).
What is GST and when was it implemented in India?
GST (Goods and Services Tax) is a comprehensive, destination-based indirect tax on supply of goods and services, implemented on 1 July 2017 through the 101st Constitutional Amendment Act (replacing many central and state taxes).
What are the components of GST (CGST, SGST, IGST)?
CGST (Central GST) and SGST (State GST) are levied on intra-state supplies, shared by Centre and State. IGST (Integrated GST) is levied by the Centre on inter-state supplies and imports.
What is the GST Council and how are its decisions made?
The GST Council (Article 279A) is the apex body for GST decisions, chaired by the Union Finance Minister with state finance ministers as members. Decisions need a 3/4th majority, with Centre having 1/3rd and states 2/3rd of voting weight.
What is the difference between the primary market and secondary market in capital markets?
The primary market is where new securities are issued for the first time (e.g., IPOs) to raise capital. The secondary market is where existing securities are traded among investors (stock exchanges like NSE, BSE).
Who regulates the securities/capital market in India?
The Securities and Exchange Board of India (SEBI), established in 1988 and given statutory status in 1992, regulates the securities market and protects investor interests.
Name the key financial sector regulators in India and their domains.
RBI (banking, monetary policy), SEBI (securities/capital markets), IRDAI (insurance), PFRDA (pensions), and IBBI (insolvency). FSDC coordinates among regulators.
What is the difference between absolute poverty and relative poverty?
Absolute poverty measures deprivation against a fixed poverty line (minimum needs/calorie/consumption). Relative poverty measures inequality—being poor relative to others in society (e.g., bottom income groups).
What are the main types of unemployment in India?
Disguised unemployment (more workers than needed, common in agriculture), seasonal, structural, cyclical, frictional, and open unemployment. Disguised and seasonal unemployment are prominent in rural India.
What does the Gini coefficient measure?
The Gini coefficient measures income/consumption inequality, ranging from 0 (perfect equality) to 1 (perfect inequality). It is derived from the Lorenz curve.
What is the Human Development Index (HDI) and its three dimensions?
The HDI, published by UNDP, is a composite measure of human development based on three dimensions: a long and healthy life (life expectancy), knowledge (education—mean and expected years of schooling), and a decent standard of living (GNI per capita, PPP).
What is the goal of Indian food security policy and which Act guarantees it?
To ensure availability, accessibility, and affordability of food to all. The National Food Security Act, 2013 provides subsidized foodgrains to about two-thirds of the population through the Public Distribution System (PDS).
What is the Minimum Support Price (MSP) and which body recommends it?
MSP is the guaranteed price at which the government purchases crops from farmers to protect them from price falls. It is recommended by the Commission for Agricultural Costs and Prices (CACP) and announced by the government.
What this deck covers
The Indian Economy and Development deck follows the State PSC (e.g. BPSC / UPPSC / MPSC) Indian Economy and Development syllabus — 5 chapters and 21 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 10.2 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 206 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Indian Economy and Development flashcards FAQ
How many Indian Economy and Development flashcards are in this State PSC (e.g. BPSC / UPPSC / MPSC) deck?
51 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these State PSC (e.g. BPSC / UPPSC / MPSC) flashcards free?
Yes. The preview here is free to read with no signup, and the full 51-card deck is free inside the Examius app.
What do the Indian Economy and Development cards cover?
They follow the State PSC (e.g. BPSC / UPPSC / MPSC) Indian Economy and Development syllabus — 5 chapters and 21 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.