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GK Quiz and Answer: Debt on Indian Economy

01-JUN-2017 13:35

    Jagran Josh is presenting a set of 10 questions with answers and explanation based on foreign debt on Indian economy, for aspirants preparing for various competitive examinations such as IAS / PCS / SSC / CDS etc. This set is designed while keeping in mind the examination pattern of old exams.

    GK QUIZ Indian Economy

    1. Who does receive largest share of total Indian exports?

    (A) America

    (B) United Arab Emirates

    (C) China

    (D) Britain

    Ans. A

    Explanation: India sends 13.69% of its total exports to the USA.

    2. Which country is the largest importer to India?

    (A) America

    (B) United Arab Emirates

    (C) China

    (D) Britain

    Ans. C

    Explanation: India imports 13.50% of its total import from China.

    3. As per the data of 2015, India has positive Balance of Payment (BOP) situation with ...................

    (A) China

    (B) Japan

    (C) USA

    (D) None of the above

    Ans. C

    Explanation: India exported US $ 255.522 million till March 2015, while imports from the US during this period amounted to Rs 13,342 crore.

    4. Which of the following statements is false?

    (A) India's external debt was $ 485.6 billion in March 2016

    (B) India's foreign debt has decreased in March 2016 compared to last year

    (C) India has the largest trade with Europe

    (D) Agriculture and allied products account for 10% of India's total export

    Ans. B

    Explanation: India's foreign debt was $ 475 billion in March 2015, which increased $ 10.6 billion in 2016 to reach $485.6 billion.

    5. India has highest foreign debt in the form of ...........

    (A) Non Resident Indian deposits

    (B) Commercial borrowing

    (C) Loans taken from International Monetary Fund

    (D) None of the above

    Ans. B

    Explanation: The maximum loan on the Government is in the form of commercial borrowings. It is 37.3% of the total loan.

    6. As per the data of financial year 2017, which Indian state has lowest State Gross Domestic Product?

    (A) Chandigarh

    (B) Tripura

    (C) Manipur

    (D) Lakshadweep

    Ans. D

    Explanation: Indian state Maharashtra has highest SGDP of $380 billion while Lakshadweep has lowest SGDP of $60 million.

    7. State Gross Domestic Product size of Uttar Pradesh is equivalent to Gross Domestic Product of which country?

    (A) Norway

    (B) Portugal

    (C) Romania

    (D) Kuwait

    Ans. C

    Explanation: In FY16, Uttar Pradesh's Gross Domestic Product was $ 184 billion, which is equivalent to the Gross Domestic Product of 'Romania'.

    8.In which foreign currency, India has largest foreign debt?

    (A) US Dollar

    (B) Indian Rupee

    (C) Euro

    (D) SDRs

    Ans. A

    Explanation: At the end of March 2016, 57% of India's total external debt was in US dollars.

    9. How much is India's share in the quota of the International Monetary Fund?

    (A) 1.5%

    (B) 2.7%

    (C) 5%

    (D) 4%

    Ans. B

    Explanation: In the financial year 2016, India's quota has increased from 2.44% to 2.7% in the IMF.

    10. India's total external debt was...................of GDP in the FY 2015.

    (A) 15%

    (B) 10%

    (C) 24%

    (D) 64%

    Ans. C

    Explanation: India's total external debt in fiscal year 2016 was 23.7% of its Gross Domestic Product.

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