Questions Related To Economics Survey 2023-2024

The Economic Survey is an annual document released by the Ministry of Finance, Government of India, which provides a detailed analysis of the country’s economic performance over the past financial year and outlines the economic outlook and policy challenges for the upcoming year. It serves as a crucial resource for understanding the macroeconomic indicators, fiscal performance, sectoral developments, and policy initiatives undertaken by the government. The survey is divided into various chapters, each focusing on different aspects of the economy such as GDP growth, inflation, monetary management, external sector performance, and social sector developments.

The following multiple-choice questions (MCQs) are designed to test your knowledge and understanding of the key insights and data presented in the latest Economic Survey. Each question is crafted to help you grasp the nuances of India’s economic landscape, policy measures, and their implications. Answers and explanations are provided to enhance your learning experience and ensure a comprehensive understanding of the survey’s findings.

Here are the Questions related to the Economic Survey 2023-24

Q1. What is the projected real GDP growth for India according to the Economic Survey?
(a) 5.5-6%
(b) 6-6.5%
(c) 6.5-7%
(d) 7-7.5%
(e) 7.5-8%

Q2. How much did India’s real GDP grow by in FY24?
(a) 6.2%
(b) 7.2%
(c) 8.2%
(d) 9.2%
(e) 10.2%

Q3. What percentage of tax was collected from direct taxes in FY24?
(a) 45%
(b) 50%
(c) 55%
(d) 60%
(e) 65%

Q4. At what rate did the RBI maintain the policy repo rate?
(a) 5.5%
(b) 6%
(c) 6.5%
(d) 7%
(e) 7.5%

Q5. How many corporate debtors were disposed of under the Insolvency and Bankruptcy Code by March 2024?
(a) 21,394
(b) 26,394
(c) 31,394
(d) 36,394
(e) 41,394

Q6. What was the retail inflation rate in FY24?
(a) 4.4%
(b) 4.9%
(c) 5.4%
(d) 5.9%
(e) 6.4%

Q7. What was India’s rank in the Logistics Performance Index in 2023?
(a) 28th
(b) 33rd
(c) 38th
(d) 43rd
(e) 48th

Q8. How much did India receive in remittances in 2023?
(a) $80 billion
(b) $100 billion
(c) $120 billion
(d) $140 billion
(e) $160 billion

Q9. What percentage of India’s installed electricity generation capacity came from non-fossil sources by 31 May 2024?
(a) 35.4%
(b) 40.4%
(c) 45.4%
(d) 50.4%
(e) 55.4%

Q10. How many houses were constructed under PM-AWAS-Gramin?
(a) 1.63 crore
(b) 2.13 crore
(c) 2.63 crore
(d) 3.13 crore
(e) 3.63 crore

Q11. What was the unemployment rate in India in 2022-23?
(a) 2.2%
(b) 3.2%
(c) 4.2%
(d) 5.2%
(e) 6.2%

Q12. What was the average annual growth rate of the agriculture sector over the last five years?
(a) 3.18%
(b) 3.68%
(c) 4.18%
(d) 4.68%
(e) 5.18%

Q13. What was the industrial growth rate supporting overall economic growth in FY24?
(a) 7.5%
(b) 8.5%
(c) 9.5%
(d) 10.5%
(e) 11.5%

Q14. What percentage of the global market share did India’s electronics manufacturing account for in FY22?
(a) 1.7%
(b) 2.7%
(c) 3.7%
(d) 4.7%
(e) 5.7%

Q15. What was the pace of National Highway construction by FY24?
(a) Around 24 km per day
(b) Around 29 km per day
(c) Around 34 km per day
(d) Around 39 km per day
(e) Around 44 km per day

Q16. What was the Current Account Deficit (CAD) as a percentage of GDP in FY24?
(a) 0.5%
(b) 0.7%
(c) 1.0%
(d) 1.5%
(e) 2.0%

Q17. How much credit was disbursed by Scheduled Commercial Banks (SCBs) in FY24?
(a) ₹124.3 lakh crore
(b) ₹144.3 lakh crore
(c) ₹164.3 lakh crore
(d) ₹184.3 lakh crore
(e) ₹204.3 lakh crore

Q18. What was the growth rate of Broad Money (M3) as of 22 March 2024, excluding the HDFC merger?
(a) 9.2%
(b) 10.2%
(c) 11.2%
(d) 12.2%
(e) 13.2%

Q19. How much capital formation was facilitated by primary capital markets in FY24?
(a) ₹8.9 lakh crore
(b) ₹9.9 lakh crore
(c) ₹10.9 lakh crore
(d) ₹11.9 lakh crore
(e) ₹12.9 lakh crore

Q20. By how much were LPG cylinder prices reduced in August 2023?
(a) ₹100
(b) ₹150
(c) ₹200
(d) ₹250
(e) ₹300

Q21. What was India’s share in global goods exports in FY24?
(a) 1.4%
(b) 1.6%
(c) 1.8%
(d) 2.0%
(e) 2.2%

Q22. By what percentage did services exports grow in FY24?
(a) 2.9%
(b) 3.9%
(c) 4.9%
(d) 5.9%
(e) 6.9%

Q23. What was the external debt to GDP ratio at the end of March 2024?
(a) 16.7%
(b) 17.7%
(c) 18.7%
(d) 19.7%
(e) 20.7%

Q24. How many Ayushman Bharat cards were generated?
(a) 24.7 crore
(b) 29.7 crore
(c) 34.7 crore
(d) 39.7 crore
(e) 44.7 crore

Q25. What was the decline in youth unemployment from 2017-18 to 2022-23?
(a) 5.8%
(b) 6.8%
(c) 7.8%
(d) 8.8%
(e) 9.8%

Q26. What percentage of India’s installed electricity generation capacity is targeted to come from non-fossil sources by 2030?
(a) 40%
(b) 45%
(c) 50%
(d) 55%
(e) 60%

Q27. How many kilometers of roads were completed under Gram Sadak Yojana since 2014-15?
(a) 10.14 lakh km
(b) 12.14 lakh km
(c) 15.14 lakh km
(d) 18.14 lakh km
(e) 20.14 lakh km

Q28. What was the urban unemployment rate in the quarter ending March 2024?
(a) 5.7%
(b) 6.2%
(c) 6.7%
(d) 7.2%
(e) 7.7%

Q29. What percentage of the workforce was employed in the manufacturing sector?
(a) 9.4%
(b) 10.4%
(c) 11.4%
(d) 12.4%
(e) 13.4%

Q30. At what CAGR did rural wages grow?
(a) 5.9%
(b) 6.4%
(c) 6.9%
(d) 7.4%
(e) 7.9%

Q31. How much investment did PLI schemes attract until May 2024?
(a) ₹0.98 lakh crore
(b) ₹1.08 lakh crore
(c) ₹1.18 lakh crore
(d) ₹1.28 lakh crore
(e) ₹1.38 lakh crore

Q32. What percentage of the world’s commercial services exports did India constitute in 2022?
(a) 3.4%
(b) 3.9%
(c) 4.4%
(d) 4.9%
(e) 5.4%

Q33. By what percentage did railway capital expenditure increase in the past five years?
(a) 57%
(b) 67%
(c) 77%
(d) 87%
(e) 97%

Q34. How many new terminal buildings were operationalized at airports, increasing passenger handling capacity?
(a) 11
(b) 16
(c) 21
(d) 26
(e) 31

Q35. How much clean energy investment did India make between 2014 and 2023?
(a) ₹6.5 lakh crore
(b) ₹7.5 lakh crore
(c) ₹8.5 lakh crore
(d) ₹9.5 lakh crore
(e) ₹10.5 lakh crore

Q36. What was the growth rate of Gross Value Added (GVA) in FY24 at 2011-12 prices?
(a) 6.2%
(b) 6.7%
(c) 7.2%
(d) 7.7%
(e) 8.2%

Q37. How many mental disorders are covered under Ayushman Bharat – PMJAY?
(a) 12
(b) 17
(c) 22
(d) 27
(e) 32

Q38. What is the name of the programme aimed at developing the world’s largest preschool network at Anganwadi Centres?
(a) Padhai Bhi Poshan Bhi
(b) Poshan Bhi Padhai Bhi
(c) Shiksha aur Poshan
(d) Anganwadi Shiksha
(e) Bal Vikas Yojana

Q39. How many students benefited from enhanced educational experiences through the Vidyanjali Initiative?
(a) 0.44 crore
(b) 0.94 crore
(c) 1.44 crore
(d) 1.94 crore
(e) 2.44 crore

Q40. What was the percentage increase in higher education enrolment from underprivileged sections (SC, ST, OBC) since FY15?
(a) 21.6%
(b) 26.6%
(c) 31.6%
(d) 36.6%
(e) 41.6%

Q41. Approximately how many patents were granted in FY24?
(a) 50,000
(b) 75,000
(c) 100,000
(d) 125,000
(e) 150,000

Q42. What percentage of the workforce was employed in the construction sector?
(a) 8%
(b) 10%
(c) 13%
(d) 16%
(e) 19%

Q43. At what CAGR did urban wages grow?
(a) 5.1%
(b) 5.6%
(c) 6.1%
(d) 6.6%
(e) 7.1%

Q44. By what percentage did the number of factories employing over 100 workers grow from FY18 to FY22?
(a) 7.8%
(b) 9.8%
(c) 11.8%
(d) 13.8%
(e) 15.8%

Q45. At what CAGR did EPFO membership grow between FY15 and FY24?
(a) 6.4%
(b) 7.4%
(c) 8.4%
(d) 9.4%
(e) 10.4%

Q46. What was the total amount of agricultural credit disbursed as of January 31, 2024?
(a) ₹18.84 lakh crore
(b) ₹20.84 lakh crore
(c) ₹22.84 lakh crore
(d) ₹24.84 lakh crore
(e) ₹26.84 lakh crore

Q47. How many Kisan Credit Cards were issued?
(a) 5.5 crore
(b) 6.5 crore
(c) 7.5 crore
(d) 8.5 crore
(e) 9.5 crore

Q48. What area was covered under ‘Per drop more crop’ from 2015-16 to 2023-24?
(a) 70.0 lakh hectares
(b) 80.0 lakh hectares
(c) 90.0 lakh hectares
(d) 100.0 lakh hectares
(e) 110.0 lakh hectares

Q49. What is the average annual growth rate of the manufacturing sector over the last decade?
(a) 3.2%
(b) 4.2%
(c) 5.2%
(d) 6.2%
(e) 7.2%

Q50. What is the valuation of India’s pharmaceutical market?
(a) USD 30 billion
(b) USD 40 billion
(c) USD 50 billion
(d) USD 60 billion
(e) USD 70 billion

Q51. What percentage of the world’s commercial services exports did India’s computer and business services exports account for?
(a) 53%
(b) 63%
(c) 73%
(d) 83%
(e) 93%

Q52. What was the year-on-year increase in total air passengers handled?
(a) 5%
(b) 10%
(c) 15%
(d) 20%
(e) 25%

Q53. What was the services sector credit amount in March 2024?
(a) ₹35.9 lakh crore
(b) ₹40.9 lakh crore
(c) ₹45.9 lakh crore
(d) ₹50.9 lakh crore
(e) ₹55.9 lakh crore

Q54. By how much did passenger handling capacity increase with the operationalization of new terminal buildings?
(a) 42 million per annum
(b) 52 million per annum
(c) 62 million per annum
(d) 72 million per annum
(e) 82 million per annum

Q55. What is the main focus of Mission LiFE?
(a) Renewable energy adoption
(b) Waste management
(c) Human-nature harmony
(d) Industrial decarbonization
(e) Reforestation

Solutions:

S1. Ans.(c)
Sol. The Economic Survey conservatively projects a real GDP growth of 6.5–7%.

S2. Ans.(c)
Sol. Real GDP grew by 8.2% in FY24.

S3. Ans.(c)
Sol. 55% of tax collected was from direct taxes.

S4. Ans.(c)
Sol. RBI maintained a steady policy repo rate at 6.5%.

S5. Ans.(c)
Sol. 31,394 corporate debtors were disposed of under the Insolvency and Bankruptcy Code by March 2024.

S6. Ans.(c)
Sol. Retail inflation was maintained at 5.4% in FY24.

S7. Ans.(c)
Sol. India’s rank in the Logistics Performance Index improved to 38th in 2023.

S8. Ans.(c)
Sol. India received USD 120 billion in remittances in 2023.

S9. Ans.(c)
Sol. Non-fossil sources reached 45.4% of installed electricity generation capacity by 31 May 2024.

S10. Ans.(c)
Sol. Under PM-AWAS-Gramin, 2.63 crore houses were constructed.

S11. Ans.(b)
Sol. The unemployment rate declined to 3.2% in 2022-23.

S12. Ans.(c)
Sol. Agriculture registered an average annual growth rate of 4.18% over the last five years.

S13. Ans.(c)
Sol. Industrial growth was 9.5%, supporting overall economic growth of 8.2% in FY24.

S14. Ans.(c)
Sol. Electronics manufacturing accounts for 3.7% of the global market share in FY22.

S15. Ans.(c)
Sol. The pace of National Highway construction increased to around 34 km per day by FY24.
Solutions:

S16. Ans.(b)
Sol. The Current Account Deficit (CAD) improved to 0.7% of GDP in FY24.

S17. Ans.(c)
Sol. Credit disbursal by Scheduled Commercial Banks (SCBs) reached ₹164.3 lakh crore in FY24.

S18. Ans.(c)
Sol. Excluding HDFC merger, Broad Money (M3) grew by 11.2% YoY as of 22 March 2024.

S19. Ans.(c)
Sol. Primary capital markets facilitated capital formation of ₹10.9 lakh crore in FY24.

S20. Ans.(c)
Sol. LPG cylinder prices were reduced by ₹200 in August 2023.

S21. Ans.(c)
Sol. India’s share in global goods exports was 1.8% in FY24.

S22. Ans.(c)
Sol. Services exports grew by 4.9% to USD 341.1 billion.

S23. Ans.(c)
Sol. The external debt to GDP ratio was 18.7% at the end of March 2024.

S24. Ans.(c)
Sol. 34.7 crore Ayushman Bharat cards were generated.

S25. Ans.(c)
Sol. Youth unemployment declined from 17.8% in 2017-18 to 10% in 2022-23, a decline of 7.8%.

S26. Ans.(c)
Sol. India targets 50% of installed electricity generation capacity from non-fossil sources by 2030.

S27. Ans.(c)
Sol. 15.14 lakh km roads were completed under Gram Sadak Yojana since 2014-15.

S28. Ans.(c)
Sol. Urban unemployment declined to 6.7% in the quarter ending March 2024.

S29. Ans.(c)
Sol. 11.4% of the workforce was employed in the manufacturing sector.

S30. Ans.(c)
Sol. Rural wages grew at 6.9% CAGR.

S31. Ans.(d)
Sol. PLI Schemes attracted over ₹1.28 lakh crore of investment until May 2024.

S32. Ans.(c)
Sol. India constituted 4.4% of the world’s commercial services exports in 2022.

S33. Ans.(c)
Sol. Railway capital expenditure increased by 77% in the past five years.

S34. Ans.(c)
Sol. New terminal buildings were operationalized at 21 airports.

S35. Ans.(c)
Sol. India made ₹8.5 lakh crore (USD 102.4 billion) in clean energy investment between 2014 and 2023.

S36. Ans.(c)
Sol. Gross Value Added (GVA) grew by 7.2% in FY24 at 2011-12 prices.

S37. Ans.(c)
Sol. 22 mental disorders are covered under Ayushman Bharat – PMJAY.

S38. Ans.(b)
Sol. The programme is called ‘Poshan Bhi Padhai Bhi’.

S39. Ans.(c)
Sol. The Vidyanjali Initiative enhanced educational experiences for 1.44 crore students.

S40. Ans.(c)
Sol. There was a 31.6% increase in higher education enrolment from underprivileged sections since FY15.

S41. Ans.(c)
Sol. Nearly one lakh (100,000) patents were granted in FY24.

S42. Ans.(c)
Sol. 13% of the workforce was employed in the construction sector.

S43. Ans.(c)
Sol. Urban wages grew at 6.1% CAGR.

S44. Ans.(c)
Sol. The number of factories employing over 100 workers grew by 11.8% from FY18 to FY22.

S45. Ans.(c)
Sol. EPFO membership grew at 8.4% CAGR between FY15 and FY24.

S46. Ans.(c)
Sol. Total credit disbursed to agriculture amounted to ₹22.84 lakh crore as of January 31, 2024.

S47. Ans.(c)
Sol. 7.5 crore Kisan Credit Cards were issued.

S48. Ans.(c)
Sol. 90.0 lakh hectares were covered under ‘Per drop more crop’ from 2015-16 to 2023-24.

S49. Ans.(c)
Sol. The manufacturing sector achieved an average annual growth rate of 5.2% over the last decade.

S50. Ans.(c)
Sol. India’s pharmaceutical market has a valuation of USD 50 billion.

S51. Ans.(c)
Sol. Computer and Business Services Exports accounted for 73% of India’s services exports.

S52. Ans.(c)
Sol. There was a 15% year-on-year increase in total air passengers handled.

S53. Ans.(c)
Sol. Services sector credit was ₹45.9 lakh crore in March 2024.

S54. Ans.(c)
Sol. Passenger handling capacity increased by 62 million per annum with new terminal buildings.

S55. Ans.(c)
Sol. Mission LiFE focuses on human-nature harmony, promoting mindful consumption to address global climate change.