Father of Economics?
Adam Smith — Wealth of Nations (1776)
CGL · CHSL · MTS · GD · CPO · Steno
SSC Economy — Learn, Hide, Recall
Single-file workbook covering basics of economy, national income (राष्ट्रीय आय), planning, unemployment and poverty, budget (बजट) and GST, inflation (मुद्रास्फीति), money and banking (भारतीय रिज़र्व बैंक), financial markets, foreign trade and welfare schemes — plus SSC CGL PYQs. Hide, flip, mark, repeat.
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Chapter 0 · How to use
How to use this workbook
Hide answers Flip cards Mark revised
Same learning chrome as Static GK I / II. LocalStorage keys for this page are unique so Economy progress does not overwrite GK.
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3. Mark revised
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Hindi names sit in parentheses where you write them in papers: राष्ट्रीय आय, बजट, मुद्रास्फीति, भारतीय रिज़र्व बैंक. Facts are reconstructed from scanned notes plus standard SSC economics — verify against official sources before the exam.
Chapter 1 · अर्थव्यवस्था की मूल बातें
Basics of Economy (अर्थव्यवस्था की मूल बातें)
Adam Smith Marshall Robbins Keynes Invisible hand
Economics is the ‘science of wealth’ and deals with the scarcity and efficient allocation of resources. An economy is a system through which a country produces, distributes and consumes goods and services.
Fundamental definitions
| Thinker | Contribution / definition |
|---|---|
| Adam Smith | Considered the Father of Economics. Defined it as the study of wealth in An Inquiry into the Nature and Causes of the Wealth of Nations (1776). |
| Alfred Marshall | Considered the Father of microeconomics. Shifted focus from wealth to human welfare (Principles of Economics). |
| Lionel Robbins | Scarcity definition: economics is the study of how humans satisfy unlimited wants with scarce resources that have alternative uses. |
| John Maynard Keynes | Father of modern macroeconomics. The General Theory of Employment, Interest and Money (1936) — government can influence aggregate demand. |
| Paul Samuelson | Focuses on how society chooses to use productive resources over time (growth / choice). |
PYQ hook: scarcity definition → Lionel Robbins. Welfare shift → Alfred Marshall. Wealth of Nations / Father of Economics → Adam Smith (OCR often prints “Ader”).
Core market concepts
| Concept | Meaning |
|---|---|
| Market economy | Individuals pursue self-interest (animal spirits — Keynes); this self-interest benefits the economy as a whole. |
| Invisible hand | Unseen market forces of supply and demand guide the free market toward efficiency without government control (Adam Smith). |
| Laissez-faire | Policy of minimal government interference; markets are allowed to operate freely. |
| Factors of production | Land, labour, capital, entrepreneur (organisation). Households supply these to firms. |
| Animal spirits | Keynes: psychological drivers of investment and spending (confidence, fear) that can swing the business cycle. |
Micro vs macro
| Branch | Focus / tool / objective |
|---|---|
| Microeconomics (व्यष्टि अर्थशास्त्र) | Individual units — firms and households. Main tool: demand and supply. Objective: price determination of a product. |
| Macroeconomics (समष्टि अर्थशास्त्र) | Entire economy (GDP, inflation, employment). Main tool: aggregate demand and aggregate supply. Objective: determination of national income and employment. |
Demand and supply
| Idea | SSC fact |
|---|---|
| Demand curve | Downward sloping (price ↑ → quantity demanded ↓). |
| Law of demand | Price increase → less purchase (more expensive; purchasing power falls). Price decrease → more purchase (more affordable; real income rises). |
| Demand determinants | Income: normal goods — demand rises with income; inferior goods — demand falls as income rises. Related goods: substitutes (price of A ↑ → demand for B ↑); complements (price of A ↑ → demand for B ↓). |
| Supply curve | Upward sloping (price ↑ → quantity supplied ↑). |
| Law of supply | Price of commodity rises → quantity supplied increases; price falls → quantity supplied decreases. |
| Supply determinants | Production costs (raw materials, wages); technology (reduces cost); government policy — subsidies motivate production, higher taxes decrease supply. |
| Market equilibrium | Price where buyers’ demand equals sellers’ supply (D = S). No shortage, no surplus. |
| Excess demand (shortage) | Market price below equilibrium. |
| Excess supply (surplus) | Market price above equilibrium. |
Elasticity (लोच)
| Type | Formula / meaning |
|---|---|
| Price elasticity of demand (Ed) | % change in quantity demanded ÷ % change in price. |
| Price elasticity of supply (Es) | % change in quantity supplied ÷ % change in price. |
| Perfectly inelastic (Ed = 0) | Vertical demand curve. Quantity does not change with price. Example: life-saving drugs. |
| Inelastic (Ed < 1) | % ΔQ < % ΔP. Necessities, few substitutes. |
| Unitary (Ed = 1) | % ΔQ = % ΔP. |
| Elastic (Ed > 1) | % ΔQ > % ΔP. Luxuries, many substitutes. PYQ: price ↑ 10%, Q ↓ 20% → elastic. |
| Perfectly elastic (Ed = ∞) | Horizontal demand curve. Any tiny price rise → quantity demanded falls to zero. |
| Income elasticity | % ΔQ ÷ % Δ income. Positive for normal goods; negative for inferior goods. |
| Cross elasticity | % ΔQ of good A ÷ % Δ price of good B. Positive for substitutes; negative for complements. |
| Factors affecting Ed | Availability of substitutes, necessity vs luxury, share of income, time period, habit. |
If price rises 10% and quantity demanded falls 20%, Ed = 2 > 1 → elastic demand. Favourite CGL 2025 item.
Law of diminishing marginal utility
As consumption of a commodity increases, the utility (satisfaction) derived from each additional unit goes on decreasing, other things remaining constant. Proposed by Hermann Heinrich Gossen (Gossen’s First Law); popularised by Alfred Marshall.
| Term | Meaning |
|---|---|
| Total Utility (TU) | Total satisfaction from all units consumed. |
| Marginal Utility (MU) | Extra satisfaction from consuming one additional unit. |
| MU positive | TU increases. |
| MU zero | TU is at peak (maximum satisfaction). |
| MU negative | TU decreases (disutility). |
Types of goods, markets, economies, sectors
| Good | Feature |
|---|---|
| Private goods | Excludable and rivalrous (clothes, a burger). |
| Public goods | Non-excludable and non-rivalrous (street lights, national defence). |
| Free rider problem | People benefit from public goods without paying for them. PYQ: not paying for public goods = free rider. |
| Giffen goods | Inferior goods where demand rises as price rises (violates the law of demand). |
| Veblen goods | Luxury / status goods where a high price makes them more desirable. |
| Market type | Number of sellers / price behaviour |
|---|---|
| Perfect competition | Very large number of sellers. Price taker. |
| Monopoly | Single seller. Price maker. |
| Monopolistic competition | Many sellers; product differentiation. Some control over price. |
| Oligopoly | Few large firms. Interdependence in pricing (correct PYQ match). |
| Type of economy | Ownership / principle / example |
|---|---|
| Capitalist (market) economy | Private individuals and companies. Profit motive. USA, UK. |
| Socialist (planned) economy | State (government). Social welfare. Former USSR, North Korea. |
| Mixed economy | Co-existence of private and public sectors. Balance between profit and social welfare. India. |
| Sector | What it does / examples |
|---|---|
| Primary | Direct use of natural resources: agriculture, fishing, forestry, mining, oil extraction. |
| Secondary | Converts raw materials into finished goods: cotton → clothes, iron → cars, wheat → bread. |
| Tertiary | Services: banking, transport, education, healthcare, tourism. |
| Quaternary | Knowledge-based / intellectual: IT, R&D, financial planning. PYQ: R&D is quaternary. |
Flip deck — Basics
Scarcity definition of economics?
Lionel Robbins — unlimited wants, scarce resources with alternative uses
Who shifted economics from wealth to welfare?
Alfred Marshall — father of microeconomics
Father of modern macroeconomics?
J. M. Keynes — General Theory (1936)
Invisible hand?
Smith: unseen supply–demand forces guide efficiency without government control
Animal spirits?
Keynes: psychological drivers of investment/spending
India’s type of economy?
Mixed — private + public; profit and social welfare
Oligopoly’s price feature?
Interdependence among few large firms
Free rider?
Benefiting from public goods without paying
R&D belongs to which sector?
Quaternary
Price +10%, Q −20% — classify demand?
Elastic (Ed = 2 > 1)
Perfectly inelastic demand example?
Life-saving drugs (vertical curve, Ed = 0)
Chapter 2 · राष्ट्रीय आय
National Income (राष्ट्रीय आय)
GDP GNP NDP NNP GVA Deflator
Total monetary value of all final goods and services produced by a country’s residents (domestic + abroad) in a specific period — usually one financial year (1 April to 31 March).
Core aggregates
| Aggregate | Definition / formula |
|---|---|
| GDP (Gross Domestic Product) | Total value of final goods and services produced within the domestic territory in a year. Key focus: territory. Includes foreign firms inside India; excludes Indian citizens abroad. |
| GNP (Gross National Product) | Value produced by residents (nationals) wherever they are. Formula: GNP = GDP + NFIA (Net Factor Income from Abroad). |
| NDP (Net Domestic Product) | Actual domestic output after capital wear and tear. NDP = GDP − Depreciation. |
| NNP (Net National Product) | Net income of residents. NNP = GNP − Depreciation. NNP at factor cost = National Income. |
| Net investment | Real increase in capital stock. Net Investment = Gross Investment − Depreciation. |
| GVA (Gross Value Added) | Value added by producers: Output − Intermediate Consumption. CSO adopted GVA at basic prices in January 2015 (UN SNA 2008). In 2019 CSO renamed NSO. |
Real vs nominal and related concepts
| Concept | Meaning |
|---|---|
| Nominal GDP | Value at current-year prices. Inflation is included. Same as GDP at current prices. |
| Real GDP | Value at constant (base-year) prices. Shows actual production growth. Same as GDP at constant prices. Base period = reference period. |
| GDP deflator | (Nominal GDP / Real GDP) × 100. Measures inflation by comparing current and base-year prices. Changes in real GDP ≠ GDP deflator (PYQ trap). |
| Disposable income | Gross income − taxes. Money left after income tax. |
| Personal income | Annual income received by individuals for production in a given period. |
| Per capita income | Average income per person in a year. Primary cause of decline in PYQs: population growth outpacing GDP. |
| Factor cost vs market price | Market price includes indirect taxes minus subsidies. Factor cost is what producers receive. National Income = NNP at factor cost. |
| Three methods | Product (value added) = Income (factor payments) = Expenditure (C+I+G+NX). Circular equality: Total Production = Total Income = Total Expenditure. |
Circular flow and quantity theory
| Idea | SSC fact |
|---|---|
| Real flow | Households supply factors (labour, land, capital) to firms; firms provide goods and services to households. |
| Money flow | Firms pay wages, rent and interest; households spend this to buy goods from firms. Real and money flows move in opposite directions. |
| Leakages vs injections | Leakages: savings, taxes, imports. Injections: investment, government expenditure, exports. In equilibrium leakages = injections. PYQ trap: savings are not injections. |
| Fisher’s equation | MV = PT. M = money supply, V = velocity of circulation, P = price level, T = volume of transactions. |
National Income = NNP at factor cost. NDP = GDP − depreciation. GVA at basic prices from January 2015. Fisher: MV = PT.
Flip deck — National Income
GDP vs GNP?
GDP = territory; GNP = residents. GNP = GDP + NFIA
NDP formula?
GDP − Depreciation
National Income is which aggregate?
NNP at factor cost
GVA at basic prices adopted?
CSO, January 2015 (UN SNA 2008); CSO → NSO 2019
GDP deflator?
(Nominal GDP / Real GDP) × 100
Nominal GDP also called?
GDP at current prices
Real GDP also called?
GDP at constant prices
Fisher’s equation?
MV = PT
Are savings injections?
No — savings are leakages; G is an injection
Per capita income falls mainly when?
Population growth outpaces GDP
Chapter 3 · आर्थिक नियोजन
Economic Planning in India (आर्थिक नियोजन)
Visvesvaraya Bombay Plan NITI 2015 Harrod-Domar Mahalanobis
India moved from colonial-era planning ideas to a formal Planning Commission (1950), twelve Five-Year Plans, and then NITI Aayog in 2015.
History of planning
| Year / body | Fact |
|---|---|
| 1934 | Planned Economy for India by M. Visvesvaraya — first planning proposal. (Also known for hydroelectric projects; Bharat Ratna 1955, not the first 1954 trio.) |
| 1938 | National Planning Committee set up by Subhas Chandra Bose, chaired by Jawaharlal Nehru. |
| 1944 | Bombay Plan by 8 industrialists (notably G.D. Birla and J.R.D. Tata) — idea of a planning commission in independent India. |
| 1945 | People’s Plan by M.N. Roy. |
| 15 March 1950 | Planning Commission set up by a resolution of the Government of India (not a constitutional body). |
| 1952 | National Development Council (NDC) — apex body that approved five-year plans. |
| P.C. Mahalanobis | Architect of Indian planning / Father of Statistics in India; founded Indian Statistical Institute. Nehru–Mahalanobis strategy in the Second Plan. |
| 1 January 2015 | Planning Commission replaced by NITI Aayog (National Institution for Transforming India). Chairperson: Prime Minister. Think-tank, cooperative federalism; no five-year plans after the 12th. |
Planning Commission year = 1950. Replacement = NITI Aayog, 2015. Bombay Plan 1944 (Birla + Tata). Visvesvaraya 1934 book.
Five-Year Plans
| Plan & period | PM | Features / model |
|---|---|---|
| First (1951–56) | Jawaharlal Nehru | Harrod–Domar model. Agriculture, irrigation, community development. |
| Second (1956–61) | Jawaharlal Nehru | Mahalanobis model. Heavy industries; steel plants Rourkela, Bhilai, Durgapur. Industrial Policy 1956 — ‘commanding heights’. |
| Third (1961–66) | Jawaharlal Nehru | Gadgil Yojana. Food and agriculture. Failed → first Plan Holiday. |
| Plan Holiday (1966–69) | Indira Gandhi | Stabilise economy after failure of the Third Plan. Annual plans. |
| Fourth (1969–74) | Indira Gandhi | Agriculture & irrigation, self-sufficiency. Growth with stability. |
| Fifth (1974–79) | Indira Gandhi / Morarji Desai | D.P. Dhar model. Garibi Hatao; Minimum Needs Programme started 1974–75. |
| Rolling Plan (1979–80) | Morarji Desai / Charan Singh | Targets reviewed and rolled forward every year (Janata). Discontinued 1980. |
| Sixth (1980–85) | Indira Gandhi / Rajiv Gandhi | Poverty alleviation, agriculture, industry, power. |
| Seventh (1985–90) | Rajiv Gandhi | Food, work, productivity. |
| Plan Holiday (1990–92) | V.P. Singh / Chandra Shekhar | Economic crisis; devaluation of the rupee. |
| Eighth (1992–97) | P.V. Narasimha Rao | Human resource development; LPG reforms. |
| Ninth (1997–2002) | H.D. Deve Gowda / A.B. Vajpayee | Growth with social justice; agriculture. |
| Tenth (2002–07) | Vajpayee / Manmohan Singh | Equitable growth; infrastructure. |
| Eleventh (2007–12) | Manmohan Singh | Inclusive growth, employment, services. |
| Twelfth (2012–17) | Manmohan Singh / Narendra Modi | Faster, more inclusive and sustainable growth. Last FYP. |
1991 LPG and rural–urban linkages
| Idea | SSC fact |
|---|---|
| Pre-1991 strategy | Import substitution — protect infant domestic industries by replacing imports with domestic production. |
| Trigger | Balance of Payments crisis → LPG (Liberalisation, Privatisation, Globalisation). |
| Liberalisation | Removal of excessive government controls and regulations (deregulation). |
| Privatisation | Reduce the public sector’s role; increase private participation. |
| Globalisation | Integrate the Indian economy with the world. Enabled MNCs to enter; FDI is part of this pillar. |
| Trade linkage | Rural areas supply food and raw materials; urban areas provide manufactured goods and services. |
| Labour linkage | Rural regions are a major source of labour for urban industries and services. Complementary, not mainly competitive. |
Flip deck — Planning
Planning Commission set up?
15 March 1950 (GoI resolution)
Replaced by NITI Aayog?
1 January 2015; PM is Chairperson
Bombay Plan year / authors?
1944 — 8 industrialists (Birla, J.R.D. Tata)
First FYP model?
Harrod–Domar (1951–56) — agriculture
Mahalanobis model?
Second FYP (1956–61) — heavy industry, IPR 1956
Garibi Hatao / Minimum Needs?
Fifth Plan (D.P. Dhar); MNP 1974–75
Rolling plan PM?
Morarji Desai (1979–80, Janata)
Plan holiday meaning?
Discontinuity in five-year planning (1966–69 and 1990–92)
LPG plan?
Eighth (1992–97), Narasimha Rao
FDI is which LPG pillar?
Globalisation
Chapter 4 · बेरोजगारी और गरीबी
Unemployment and Poverty (बेरोजगारी और गरीबी)
PLFS Disguised Phillips Tendulkar MPI
Unemployment occurs when a person willing, able and actively searching cannot find a job at the prevailing wage. Poverty is lack of resources for a minimum standard of living.
Labour force and unemployment types
| Term | SSC fact |
|---|---|
| Counted as unemployed if | Willingness + ability (physically/mentally fit) + active search. |
| PLFS | Periodic Labour Force Survey — launched April 2017 by NSO. Key employment/unemployment indicators. |
| Labour force | Employed + unemployed (actively seeking). Students, homemakers, discouraged workers are outside the labour force — not unemployed. |
| Voluntary vs involuntary | Voluntary: chooses not to work at current wage (not ‘real’ unemployment). Involuntary: wants work at prevailing wage but cannot find it (official unemployment). |
| Unemployment rate | (Unemployed workers / Total labour force) × 100. |
| LFPR | Labour Force Participation Rate — % of population that is working or actively looking for work. |
| Dependency ratio | Non-working (children/elderly) ÷ working-age (15–64). |
| Causes (India) | Population explosion, dominance of agriculture, skill mismatch (structural), slow manufacturing, decline of cottage/small industry, lack of capital & infrastructure. PYQ most-appropriate cause: overpopulation. |
| Type | Key feature / example |
|---|---|
| Structural | Mismatch between workers’ skills and job requirements. Educated youth lacking employable skills. |
| Seasonal | Labour demand low in some seasons. Agriculture off-season; tourism in mountain regions. Primarily rural. |
| Disguised | More workers than needed; marginal productivity = 0. Very common in Indian agriculture. Primarily rural. |
| Frictional | Temporary, during job change or job search. |
| Cyclical | Caused by downturns/recessions; linked to the business cycle. |
| Educated unemployment | Primarily an urban phenomenon (not rural). |
| Technological | Machines replace labour; related to structural change. |
Phillips curve
The Phillips curve explains a short-run trade-off between inflation and unemployment (empirically, money-wage change vs unemployment). Low unemployment → high inflation (more income → spending → AD ↑ → prices ↑). High unemployment → low inflation (weaker demand).
Cropping intensity (more crops on the same land in a year) is a direct way to cut rural unemployment. Seasonal + disguised = rural; educated = urban.
Poverty: absolute vs relative, Lorenz, Gini
| Idea | Meaning |
|---|---|
| Vicious cycle | Low income → low savings → low investment → low productivity → low income. |
| Absolute poverty | Income below the minimum for food, shelter, clothing. Measured by a fixed poverty line. |
| Relative poverty | Income much lower than the society average — inequality, not just survival. |
| Lorenz curve | Graph of income/wealth distribution. 45° line = perfect equality. The more the curve bows away, the greater the inequality. |
| Gini coefficient | 0 to 1 (or 0–100%). 0 = perfect equality; 1 = one person has all income. |
| Poverty line | Cut-off of income/consumption for basic necessities. Splits population into APL and BPL. |
| MPCE | Monthly Per Capita Expenditure — can be referred to in poverty estimation (PYQ). |
Poverty estimation in India
| Effort | Year | Key feature |
|---|---|---|
| Dadabhai Naoroji | 1867 / book 1901 | First attempt. Poverty and Un-British Rule in India. Subsistence diet → ₹16–₹35 per year. |
| National Planning Committee | 1938 | Bose (Congress President); chaired by Nehru. Poverty line ₹15–₹20 per capita month. |
| Bombay Plan | 1944 | Industrialists. Poverty line ₹75 per capita year. |
| Y.K. Alagh | 1979 | First calorie norms: 2400 kcal rural, 2100 kcal urban. |
| D.T. Lakdawala | 1993 | State-specific lines. CPI-AL (rural), CPI-IW (urban). |
| Suresh Tendulkar | 2009 | Moved beyond calorie-only; included health & education. Mixed Reference Period (MRP). Urban ₹1,000 / rural ₹816 per capita per month (2011–12). |
| C. Rangarajan | 2014 | Higher line: ₹32/day rural, ₹47/day urban. Modified Mixed Reference Period (MMRP). |
National Multidimensional Poverty Index
| Item | SSC fact |
|---|---|
| Methodology | OPHI + UNDP global MPI. India added Antenatal Care and Bank Accounts. |
| Released by | NITI Aayog, November 2021 (12 indicators). |
| Health (1/3) | Nutrition; Child & Adolescent Mortality; Antenatal Care. |
| Education (1/3) | Years of schooling; School attendance. |
| Standard of living (1/3) | Cooking fuel, sanitation, drinking water, electricity, housing, assets, bank accounts. |
| Baseline 2021 shares | Rural 32.75%; Urban 8.81% (PYQ). Later update in notes: rural 19.28%, urban 5.27% (2023 print). |
| Headcount (H) | % of population that is multidimensionally poor. |
| Intensity (A) | Average share of deprivations among the poor. |
| MPI value | H × A. Lower MPI = less poverty. |
Poverty-alleviation schemes (also in Welfare Schemes)
| Scheme | Year | One-line feature |
|---|---|---|
| VB-GRAM-G | 2025 | Replaces MGNREGA; 125 days guaranteed rural wage employment. |
| PMGKAY | 2024 | Free ration every month; ~81 crore people. |
| PMKVY 4.0 | 2022–26 | Short-term skill training + RPL; Skill India Mission. |
| PM-SVANidhi | 2020 | Collateral-free micro-credit for street vendors. |
| PM-KISAN | 2019 | ₹6,000/year in 3 DBT instalments to landholding farmer families. |
| Ayushman Bharat (PM-JAY) | 2018 | ₹5 lakh per family health cover. |
| PMJDY | 2014 | Zero-balance accounts; foundation for DBT. |
| DDU-GKY | 2014 | Rural youth 15–35; placement-linked skill training. |
| DAY-NULM | 2013 | Urban skill training; shelters for urban homeless. |
| NFSA | 2013 | Subsidised foodgrains; 75% rural & 50% urban population. |
| DAY-NRLM (Aajeevika) | 2011 | Rural SHGs; livelihood for rural women. |
Flip deck — Poverty & Unemployment
PLFS launched?
April 2017, NSO
Disguised unemployment?
Extra workers; MP = 0; Indian agriculture
Phillips curve?
Inverse short-run trade-off: inflation vs unemployment
Tendulkar urban / rural lines (2011–12)?
₹1,000 urban; ₹816 rural per capita per month
Rangarajan daily lines?
₹32 rural / ₹47 urban (2014, MMRP)
Alagh calorie norms?
2400 rural / 2100 urban kcal (1979)
National MPI 2021 released by?
NITI Aayog
Urban MPI poor (2021 baseline)?
8.81%
Educated unemployment is mainly?
Urban
Poverty estimation can use?
Monthly Per Capita Expenditure
Chapter 5 · बजट और कराधान
Budget and Taxation (बजट और कराधान)
Art. 112 Revenue vs capital Fiscal deficit Primary deficit
The Budget is the Annual Financial Statement under Article 112 — estimated receipts and expenditure for the financial year (1 April–31 March). Two parts: Revenue Budget and Capital Budget.
Revenue vs capital
| Item | Meaning / examples |
|---|---|
| Revenue receipts | Income without repayment obligation and without sale of assets. Non-redeemable. |
| Tax revenue — direct | Income tax, corporate tax (incidence and impact on the same person). |
| Tax revenue — indirect | GST, customs duty, excise duty. |
| Non-tax revenue | Interest on loans given; dividends from PSUs (LIC, Railways); fees, fines; grants from abroad. |
| Revenue expenditure | Recurring maintenance/administration. Does not create assets or reduce liabilities. Salaries, pensions, interest on past loans, subsidies (food, fertiliser), grants to states. |
| Capital receipts | Come with an obligation — increase debt or reduce assets. |
| Debt capital receipts | Market borrowing (public/RBI), external loans. |
| Non-debt capital receipts | Disinvestment (sale of PSU shares, e.g. Air India); recovery of loans given to states. |
| Capital expenditure | Creates assets or repays liabilities. Roads, hospitals, dams, defence equipment (e.g. Rafale), loan repayment. |
| Grants for asset creation | Still counted as Revenue Expenditure — they do not create direct central assets (PYQ favourite). |
| Revenue budget | Another name for the government’s revenue account. |
| Disinvestment | Selling/liquidating PSU stakes. Aims to reduce government’s role and introduce private competition. Criticised as ‘selling the family silver’. A is true, R (that it increased PSU monopoly) is false. |
Deficit measures
| Deficit | Formula / what it indicates |
|---|---|
| Revenue deficit | Revenue Expenditure − Revenue Receipts. Day-to-day expenses exceed current income. |
| Capital deficit | Capital Expenditure − Capital Receipts. Gap in the capital/investment account. |
| Fiscal deficit | Total Expenditure − (Revenue Receipts + Non-Debt Capital Receipts). Total borrowing requirement of government. |
| Primary deficit | Fiscal Deficit − Interest Payments. Borrowing for current expenses excluding past interest. |
| Effective revenue deficit | Revenue Deficit − Grants for Capital Asset Creation. Revenue deficit after removing asset-creating grants. |
Fiscal policy
Policy of taxation, public spending and public debt to achieve economic goals — formulated by the Ministry of Finance. Fiscal policy vs monetary policy: fiscal = government (taxes & spending); monetary = RBI (interest rates & money supply).
| Feature | Expansionary (recession) | Contractionary (overheating / high inflation) |
|---|---|---|
| Goal | Increase aggregate demand | Decrease aggregate demand |
| Taxation | Decrease (more money with people) | Increase (sucks money out) |
| Govt spending | Increase (jobs / infrastructure) | Decrease |
| Budget effect | Often a deficit | Often a surplus |
Article 112 = Annual Financial Statement. Framing laws and delivering justice is a key economic role of government in both developed and developing countries. Expansionary is not characterised by a cut in government spending.
Flip deck — Budget
Budget in the Constitution?
Article 112 — Annual Financial Statement
Revenue receipts are?
Non-redeemable; no repayment burden
Fiscal deficit?
TE − (RR + non-debt capital receipts) = borrowing need
Primary deficit?
Fiscal deficit − interest payments
Grants for asset creation counted as?
Revenue expenditure (no direct central asset)
Revenue account also called?
Revenue budget
Disinvestment?
Sale of PSU stakes; criticised as selling family silver
Expansionary fiscal policy uses?
Tax cuts + higher G; not a cut in spending
Chapter 6 · मुद्रास्फीति और GST
Inflation and GST (मुद्रास्फीति)
Creeping Stagflation Urjit Patel 4% ± 2% GST 2017
Inflation is a sustained increase in the general price level, reducing the purchasing power of money.
Types and related terms
| Type / term | SSC fact |
|---|---|
| Creeping (1–3%) | Mild, gradual; considered good for growth. |
| Walking (3–10%) | Warning stage for government. |
| Galloping / running (10–50%) | Serious instability. |
| Hyperinflation (> 50% a month) | Uncontrollable. Examples: Zimbabwe, Weimar Germany. |
| Demand-pull | Aggregate demand exceeds aggregate supply. |
| Cost-push | Rising wages, fuel, raw-material costs. |
| Deflation | Fall in the general price level. |
| Disinflation | Inflation rate decreases (prices still rise, but more slowly). |
| Stagflation | High inflation + high unemployment + low growth. |
| Skewflation | Price rise in selected commodities only. |
| Reflation | Government action to revive the economy by increasing money supply. |
| Core inflation 2024 | Main reason for decline across most countries: drop in international commodity prices. |
| Measurement | SSC fact |
|---|---|
| CPI / WPI / GDP deflator | CPI = consumer basket; WPI = wholesale; deflator = widest coverage (all GDP goods). |
| Urjit Patel Committee (2014) | Recommended CPI (Combined) as the main inflation measure. |
| RBI inflation targeting | 4% ± 2%. Acceptable range 2% to 6%. Set by MPC. |
Urjit Patel 2014 → CPI-C as nominal anchor. RBI target 4% with ±2% band. Hyperinflation examples: Zimbabwe, Weimar Germany.
Goods and Services Tax
| Item | SSC fact |
|---|---|
| Constitution | 101st Constitutional Amendment Act, 2016. |
| Implemented | 1 July 2017 — GST Day. |
| Article 246A | Simultaneous power of Parliament and State Legislatures to make GST laws. |
| Article 279A | GST Council constituted by the President. Chair: Union Finance Minister. |
| Nature | Destination-based, multi-stage, value-added tax. |
| CGST | Central GST — Centre — intra-state. |
| SGST | State GST — State — intra-state. |
| UTGST | UT administration — within UTs. |
| IGST | Integrated GST — Centre — inter-state. |
| Council voting | Centre 1/3; States collectively 2/3. Decision: 75% (3/4th) of weighted votes of members present and voting. Quorum 50%. |
| GST 2.0 (notes) | Came into effect 22 September 2025. Simplified slabs: 5% and 18% for most goods; 40% luxury/sin; 0% nil. |
| Article 270 | Sharing of taxes between Union and States; after 101st Amendment includes Union taxes and GST. GST Compensation Cess is not shared under Art. 270 (PYQ: 1 and 2 only). |
| GST 2.0 slab (as in 2026 notes) | Examples |
|---|---|
| 0% (nil) | Fresh food, selected life-saving drugs, health and life insurance. |
| 5% (merit) | Packaged food, basic toiletries, agricultural tools. |
| 18% (standard) | Most goods and services — electronics, telecom, professional services. |
| 40% (luxury / sin) | Luxury cars, tobacco, pan masala, aerated drinks. |
Flip deck — Inflation & GST
Inflation target of RBI?
4% ± 2% (band 2–6%), CPI-Combined
Urjit Patel Committee year?
2014 — CPI-C as main measure
Stagflation?
High inflation + high unemployment + low growth
GST started?
1 July 2017; 101st Amendment 2016
GST Council article?
279A; 3/4th weighted majority
IGST levied on?
Inter-state supplies (Centre)
Creeping inflation?
1–3%; considered healthy
Disinflation vs deflation?
Disinflation = falling inflation rate; deflation = falling prices
Chapter 7 · मुद्रा और बैंकिंग
Money and Banking (भारतीय रिज़र्व बैंक)
Hilton Young RBI 1935/1949 Repo CRR 1969
Money is anything that serves as a medium of exchange or payment for goods and services.
Types and functions of money
| Item | SSC fact |
|---|---|
| Commodity money | Gold, silver, etc. |
| Fiat money | Legal tender by government decree (modern system is fiat, not gold-backed). |
| Credit / bank money | Money based on a promise (deposits, cheques). |
| Metallic money | Coins. |
| Functions | Medium of exchange; measure of value; store of value; standard of deferred payment. |
| Money supply | A stock concept (not a flow). |
| Interest vs demand for money | Inverse relationship. |
| Assets > liabilities | Recorded as net worth. |
| Indian currency fact | Detail |
|---|---|
| First rupee coin | Sher Shah Suri, around 1542. |
| IMF membership | India joined IMF in 1945; rupee followed IMF standards. |
| Who issues what | All coins and the ₹1 note: Government of India. Other notes: RBI. |
| ₹1 note signature | Finance Secretary — not the RBI Governor. |
| ₹ symbol | Came into use 15 July 2010. |
| Cryptocurrency | Blockchain digital money. First decentralised: Bitcoin (2009). Examples: Ethereum, Tether, Solana, Cardano. RBI has not granted legitimacy to any cryptocurrency. |
| Press / mill | Location | Established |
|---|---|---|
| Currency Notes Press | Nashik (Maharashtra) | 1928 |
| Security Paper Mill | Hoshangabad (MP) | 1967–68 |
| Bank Note Press | Dewas (MP) | 1974 |
| BRBNMPL | Mysuru (Karnataka); Salboni (WB) | 1995 |
| Basis | Plastic money | Hot money |
|---|---|---|
| Definition | Hard plastic cards (debit/credit) | Capital that moves quickly across borders |
| Purpose | Cashless transactions; less cash-carry risk | Higher interest / short-term gains |
| Impact | Promotes digital economy | Can cause financial instability |
Banking in India
| Item | SSC fact |
|---|---|
| First bank in India | Bank of Hindustan (1770). |
| Nationalisation aim | Social welfare and planned development; pre-Independence banks were private and inadequate. |
| 14 banks | 19 July 1969. |
| 6 more banks | 1980. |
| Lead Bank Scheme | 1969. Gadgil Study Group + Nariman Committee. One designated bank responsible for intensive development of a district. |
| Commercial banks | Accept deposits, give loans. |
| Cooperative banks | Credit for farmers and small borrowers (rural/urban). |
| RRBs | Serve the rural population. |
| Digital / payments | UPI, mobile banking, payment banks. |
| Modern currency | Fiat-based — not readily convertible into gold (PYQ). |
Reserve Bank of India
| Item | SSC fact |
|---|---|
| Recommended by | Hilton Young Commission (Royal Commission on Indian Currency and Finance). |
| Established | 1 April 1935 at Kolkata; shifted to Mumbai 1937. HQ: Mumbai. |
| Nationalised | 1 January 1949 (RBI Transfer to Public Ownership Act, 1948). |
| First Governor | Sir Osborne Smith. |
| First Indian Governor | C.D. Deshmukh. |
| Functions | Issue of currency; banker to the government; banker’s bank; lender of last resort; monetary policy; regulates microfinance. |
Monetary policy tools
| Tool | Notes snapshot / meaning |
|---|---|
| CRR (Cash Reserve Ratio) | Portion of deposits kept with RBI. Notes: 3.00%. Higher CRR → lower lending capacity. |
| SLR (Statutory Liquidity Ratio) | Portion in approved government securities. Notes: 18.00%. Higher SLR → lower lending. |
| Repo rate | Rate at which banks borrow from RBI. Notes snapshot Feb 2016: 6.25%. Higher repo → costlier loans. |
| Reverse repo | Rate at which RBI borrows from banks. Notes snapshot Feb 2016: 3.35%. |
| OMO | RBI buys/sells G-secs to control liquidity. |
| Bank rate | Longer-term lending rate of RBI to banks (standard SSC tool). |
| MSF | Marginal Standing Facility — overnight borrowing against SLR securities at a penalty over repo. |
| LAF | Liquidity Adjustment Facility = repo + reverse repo corridor. |
| Rates in notes | Printed as a dated snapshot — always check the latest RBI circular before quoting a live rate. |
| Body / concept | SSC fact |
|---|---|
| MPC | 6 members: 3 RBI + 3 appointed by GoI. Meets at least four times a year. Primary role: set the repo rate for price stability. Policy rates affect credit and inflation (A and R both true). |
| Y.V. Reddy Working Group | 1998 — new intermediate monetary aggregate NM2. Four aggregates on progressive liquidity. |
| NM0 | Monetary base / high-powered money. |
| NM1 | Narrow money — day-to-day transactions. |
| NM2 | Intermediate measure (1998). |
| NM3 | Broad money — total liquidity. |
| Money multiplier | 1 / Legal Reserve Ratio (LRR). Reduced by public cash holdings (leakage) and higher bank reserves / CRR. Higher reserves with RBI do not increase MM. |
| CRR & SLR vs lending | They reduce lending capacity (A is false; R is true). |
| Liquidity scale | Cash (most) → gold → shares → real estate (least). |
| Grameen Bank | Muhammad Yunus, Bangladesh, 1970s — microcredit pioneer. |
| MFIN | Self-regulatory organisation for microfinance; ethical lending. |
| SHG–Bank Linkage | Pioneered by NABARD. Core financial-inclusion tool. (PYQ key in notes: MFIs lending directly to SHGs as a listed component.) |
| NABARD / SIDBI / NHB | NABARD (1982) agri/rural; SIDBI (1990) MSME, HQ Lucknow; NHB (1988) housing finance. |
Flip deck — Money & Banking
RBI recommended by?
Hilton Young Commission
RBI established / nationalised?
1 Apr 1935 Kolkata; nationalised 1 Jan 1949; HQ Mumbai
First Indian RBI Governor?
C.D. Deshmukh
14 banks nationalised?
19 July 1969 (6 more in 1980)
Lead Bank Scheme?
1969 — Gadgil + Nariman; one bank per district
₹1 note signed by?
Finance Secretary, not RBI Governor
Inflation-target body?
MPC — 6 members; sets repo
NM2 proposed by?
Y.V. Reddy Working Group, 1998
Money supply is a?
Stock concept
Higher CRR does what?
Lowers banks’ lending capacity
Chapter 8 · वित्तीय बाजार
Financial Market (वित्तीय बाजार)
Near money T-bills SEBI BSE 1875 NSE 1992
A financial market is a digital or physical marketplace where buyers and sellers trade equities, bonds, currencies and debentures.
Money market (near money)
| Instrument | SSC fact |
|---|---|
| Money market | Short-term funds, maturity up to 1 year. Also called the market for near money. Regulator: RBI. |
| Treasury Bills | GoI zero-coupon (issued at discount, redeemed at face value). Tenures: 91, 182, 364 days. |
| Cash Management Bills | Like T-bills but maturity < 91 days — temporary cash mismatches. |
| Certificate of Deposit (CD) | Issued by banks to individuals/corporates. Minimum ₹1 lakh. |
| Commercial Paper (CP) | Unsecured promissory notes of large corporates for short-term borrowing. |
| Call money | Inter-bank, 1 day. |
| Notice money | Inter-bank, 2–14 days (5-day borrow = notice money). |
| Term money | Inter-bank, more than 14 days. |
| Commercial bill | Bill of exchange for working capital — money-market instrument. |
| Zero-coupon bonds | Issued at discount, redeemed at par; no periodic interest. |
| Dematerialisation | Physical shares converted to electronic form (Demat). |
Capital market, exchanges, regulators
| Idea | SSC fact |
|---|---|
| Capital market | Long-term funds — stocks and bonds. Regulator: SEBI. |
| Primary market | New issues. IPO = first public issue; FPO = further public offer after IPO. |
| Secondary market | Trading of existing securities (stock exchanges). |
| BSE | Established 1875 — Asia’s oldest stock exchange. Index: SENSEX (30 companies). |
| NSE | Established 1992. Index: NIFTY 50 (50 companies). |
| Stag | Investor who applies for IPO shares to sell immediately for profit. |
| Stock exchange helps in | Liquidity, price discovery, economic growth — all of these (PYQ). |
| LIC | Regulated by IRDAI (1999). Fully government-owned until IPO 2022; GoI still majority. Acts as market stabiliser in downturns. |
| FERA vs FEMA | FERA 1973 (strict, criminal) replaced by FEMA 1999 (civil). PYQ 1973 Act = FERA. |
| Institution | Established | Role |
|---|---|---|
| SEBI | 1988; statutory 1992 | Regulates capital markets. |
| IRDAI | 1999 | Regulates insurance. |
| PFRDA | 2003 | Regulates pension funds. |
| SIDBI | 1990 (HQ Lucknow) | MSME refinancing. |
| EXIM Bank | 1982 | Foreign-trade finance. |
| NABARD | 1982 | Agriculture and rural development; SHG–Bank linkage. |
| NHB | 1988 | Housing finance. |
Near money = money market. T-bills 91/182/364. SEBI statutory powers 1992. BSE 1875 = Asia’s oldest. SIDBI = Lucknow + MSME. FERA 1973 → FEMA 1999.
Flip deck — Markets
Market for near money?
Money market (≤ 1 year; RBI)
T-bill tenures?
91, 182, 364 days
5-day inter-bank borrow?
Notice money (2–14 days)
SEBI statutory year?
1992 (set up 1988)
Asia’s oldest exchange?
BSE, 1875 — SENSEX 30
NSE year / index?
1992 — NIFTY 50
A ‘stag’ is?
IPO applicant who sells immediately for profit
SIDBI HQ and focus?
Lucknow — MSME refinancing
1973 forex act?
FERA (replaced by FEMA 1999)
Zero-coupon bond?
Discount issue, par redemption, no periodic coupon
Chapter 9 · विदेश व्यापार
Foreign Trade (विदेश व्यापार)
BoT BoP FDI vs FPI WTO 1991
Foreign trade is the exchange of goods and services between countries (international trade).
Balance of trade and balance of payments
| Concept | SSC fact |
|---|---|
| Balance of Trade | Exports − Imports of goods (visible trade). Surplus if X > M; deficit if M > X. Usually the largest part of the current account. |
| Balance of Payments | Also called Balance of International Payments. Records all economic transactions with the rest of the world (current + capital). |
| Current account | Goods, services, income and transfers. |
| Visible trade | Physical goods (cars, wheat, machinery). |
| Invisible trade | Services — banking, tourism, IT, transport. |
| Primary income | Interest, profits, dividends, wages from abroad. |
| Secondary income | One-way transfers: remittances, gifts, donations. |
| CA surplus / deficit | Surplus → net lender to the world; deficit → net borrower. |
| Capital account | Financial assets (patents, trademarks in a broad sense in the notes), FDI, portfolio investment, external loans, other capital flows. |
| FDI vs FPI | FDI = lasting interest / control in an enterprise. FPI = portfolio (shares/bonds), more hot-money like. FDI is part of the globalisation reform pillar. |
| Devaluation vs depreciation | Devaluation = official cut in a pegged rate. Depreciation = market fall of a floating currency. |
| Foreign investment challenge (PYQ) | Inconsistent regulatory environment. |
1991 BoP crisis and LPG
| Item | SSC fact |
|---|---|
| Turning point | Acute forex crisis. By June 1991 reserves ~ $1.2 billion — about two weeks of essential imports. |
| Bailout | India sought a ~$7 billion loan from the IMF and World Bank. |
| Condition | Structural reforms: Liberalisation, Privatisation, Globalisation (1991). |
| Pre-1991 | Import substitution — protect infant domestic industries. |
| A/R (IMF bailout) | Both true: India approached IMF/WB because reserves could barely finance two weeks of imports. |
Global institutions
| Organisation | Est. / HQ / role |
|---|---|
| WTO | 1 January 1995, Geneva. Rules for global trade and dispute settlement. Key principle: no discrimination among partners. Encourages free and fair trade — does not allow arbitrary restrictions (A true, R false). |
| IMF | 1945, Washington DC. Global monetary stability; loans in BoP crises. Issues SDRs (‘paper gold’). |
| World Bank | 1944 (Bretton Woods), Washington DC. Long-term development and poverty reduction. |
| UNCTAD | 1964, Geneva. Trade and development issues of developing countries. |
| Washington Consensus (1989) | 10 policy prescriptions: fiscal discipline, trade liberalisation, privatisation, tax reform. Export subsidies are not part of it (discouraged as market-distorting). |
| India–Australia ECTA (PYQ) | After three years: ~14% export growth (2022–24) and new items such as air-liquefaction machinery. |
BoT = goods only; BoP = all transactions. 1991: $1.2 bn / two weeks of imports → IMF+WB. WTO 1995 Geneva. SDR = paper gold. Washington Consensus excludes export subsidies.
Flip deck — Foreign Trade
BoT formula?
Exports − Imports of goods; surplus if X > M
Invisible trade?
Services — banking, tourism, IT, transport
1991 reserves?
~$1.2 billion — ~two weeks of imports
1991 bailout from?
IMF and World Bank (~$7 bn)
WTO born?
1 Jan 1995, Geneva; MFN / no discrimination
IMF special feature?
SDRs — ‘paper gold’
Not in Washington Consensus?
Export subsidies
FDI belongs to which LPG pillar?
Globalisation
FERA year?
1973 (FEMA 1999)
Devaluation vs depreciation?
Official peg cut vs market fall
Chapter 10 · कल्याणकारी योजनाएँ
Welfare Schemes (कल्याणकारी योजनाएँ)
PM-KISAN MGNREGA / VB-GRAM-G PMJDY Ayushman PLI
Year + one-line feature. Hide the right column. Mix of 2024–2026 launches and static schemes that SSC still asks.
Latest programmes (2024–2026)
| Programme | Year | Objective & key features |
|---|---|---|
| Bharat-VISTAAR | 2026 | Multilingual AI tool: AgriStack + ICAR practices → real-time personalised advisory to farmers. |
| Divyangjan Kaushal Yojana | 2026 | Skill development for PwDs; task-oriented training in IT, AVGC (animation, VFX, gaming, comics) and hospitality. |
| Reservoir Development Scheme | 2026 | 500 reservoirs and Amrit Sarovars — irrigation and fisheries. |
| PM Dhan-Dhaanya Krishi Yojana | 2025 | 100 aspirational districts; crop productivity and credit; RKVY + PMKSY convergence; 1.7 crore+ farmers. |
| Rural Prosperity & Resilience Programme | 2025 | World Bank–aided; rural non-farm employment and resilience. |
| Aspirational Districts Programme | 2024–25 | 112 backward districts; SDG-aligned indicators; delta ranking. |
| PMAY Urban 2.0 | 2024 | ₹10 lakh crore; 1 crore urban homes by 2029; EWS/LIG/MIG; revised interest subsidy. |
| PM Internship Scheme | 2024 | 1 crore internships in 5 years; top 500 companies; ₹5,000/month + ₹6,000 one-time; age 21–24 not in full-time education/employment. |
| Namo Drone Didi | 2024–26 | 15,000 women SHGs with drones (pesticide/fertiliser spraying); 80% subsidy up to ₹8 lakh. |
| PM Surya Ghar Muft Bijli | 2024 | Rooftop solar to 1 crore homes; 300 free units/month; subsidy up to ₹78,000; net metering. |
| Saksham Anganwadi and Poshan 2.0 | 2026 | Integrated nutrition support — children 6 months–6 years and pregnant women. |
| VB-GRAM-G / VB-GRAM G Act | 2025 | Viksit Bharat — Guarantee for Rojgar and Ajeevika Mission (Gramin). Replaces MGNREGA; 125-day guaranteed wage employment; labour-intensive assets; social audits; Jan Seva Kendras. |
Agriculture and rural
| Scheme | Year | One-line feature |
|---|---|---|
| PM-KISAN Samman Nidhi | 2019 | ₹6,000/year in 3 Aadhaar-linked DBT instalments; small & marginal / landholding farmer families; no land ceiling in notes. |
| SVAMITVA | 2020 | Drone-based rural property records; e-property cards; credit access. |
| RKVY-RAFTAAR | 2007 / revamp 2017 | 60:40 Centre:State; agri-startup fund; state-led holistic agri development. PYQ: cluster-based crop diversification. |
| eNAM | 2016 | Online agri-trade; 1,522 mandis; real-time price discovery. |
| Soil Health Card | 2015 | Balanced fertiliser use; cards every 2 years; 12 parameters (macronutrients). Aim: assess nutrient status. |
| PMKSY | 2015 | Har Khet Ko Pani; More Crop per Drop; expand irrigation. |
| PMFBY | 2016 | Crop insurance. Premium 2% Kharif, 1.5% Rabi, 5% commercial; Smart Crops portal. |
| PKVY | — | Paramparagat Krishi Vikas Yojana — organic farming (PYQ). |
| PM-KUSUM | 2019 | Solar pumps for farmers. A: plants on barren land; B: solar pumps; C: feeder solarisation. |
| National Beekeeping & Honey Mission | — | Ministry of Agriculture & Farmers Welfare. |
Social security, financial inclusion, insurance
| Scheme | Year | One-line feature |
|---|---|---|
| PM-SVANidhi | 2020 | Street vendors: ₹10k → ₹20k → ₹50k staged loans; 7% interest subsidy; digital-payment cashback. |
| PM-SYM (Shram Yogi Maan-dhan) | 2019 | Unorganised-sector pension ₹3,000/month after 60; join at 18–40. |
| Stand Up India | 2016 | SC/ST & women: ₹10 lakh–₹1 crore collateral-free; 1 SC/ST + 1 woman per branch. |
| PMMY (MUDRA) | 2015 | Non-farm MSME: Shishu ≤₹50k; Kishore ₹50k–5 lakh; Tarun ₹5–10 lakh; Tarun Plus ₹10–20 lakh (2024). |
| Atal Pension Yojana | 2015 | Unorganised workers; ₹1k–₹5k/month after 60; initial govt co-contribution. |
| PMSBY | 2015 | Accident insurance ₹20/year, ₹2 lakh cover, age 18–70, auto-debit. |
| PMJJBY | 2015 | Life insurance ₹436/year, ₹2 lakh, age 18–50, bank auto-debit. |
| PMJDY | 2014 | Zero-balance a/c, RuPay, ₹10k OD, ₹2 lakh accident cover; DBT backbone. |
| NPS | 2004 | Voluntary; Tier I & II; 80CCD; includes APS for armed forces. |
| IGNOAPS / NSAP | — | Old-age pension for destitute seniors (PYQ: IGNOAPS). |
| PMVVY | — | Senior-citizen annuity / means of sustenance (notes list with IGNOAPS). |
Health, nutrition, housing, water
| Scheme | Year | One-line feature |
|---|---|---|
| Ayushman Bharat PM-JAY | 2018 | ₹5 lakh/family/year; 10 crore+ families; cashless; 70+ covered from 2024. |
| AB-HIM (Health Infra Mission) | 2021 | HWCs, public health labs, NCDC, block-level labs. |
| PM POSHAN (Mid-Day Meal) | 1995 / renamed 2021 | Hot cooked meals Classes I–VIII; SHG involvement. |
| POSHAN Abhiyaan | 2018 | Cut stunting/wasting/underweight by 2025; ICDS-CAS monitoring. |
| PMMVY | 2017 | Maternity DBT: ₹5,000 first child; ₹6,000 if second is a girl (2022). |
| NHM | 2013 | NRHM + NUHM; ASHAs; Janani Suraksha; free diagnostics. |
| PMAY-G | 2016 | Pucca rural houses; ₹1.20 lakh plain / ₹1.30 lakh hilly; geo-tagging. |
| PMAY-U | 2015 | Housing for All (EWS/LIG/MIG); CLSS, in-situ rehab, AHP, CLAP portal. PYQ: financial assistance to construct/buy/enhance. |
| Jal Jeevan Mission | 2019 | FHTC to rural households; target extended to 2028; JJM Urban for cities. |
| AMRUT 2.0 | 2021 | Universal water + sewage in 500+ cities; recycled water. |
| Jal Shakti Abhiyan | 2019 | Time-bound groundwater recharge / watershed; JJM ecosystem. |
| PM eVIDYA | — | Learning outcomes and digital literacy in schools (PYQ). |
Industry, startup, digital, energy
| Scheme | Year | One-line feature |
|---|---|---|
| Make in India | 2014 | 25 sectors; FDI liberalisation; EoDB; manufacturing GDP target 25% by 2025. |
| Digital India | 2015 | 9 pillars: DigiLocker, UPI, e-Governance, BharatNet, CSCs, DBT, UMANG. |
| Startup India | 2016 | Fund of Funds ₹10,000 cr; 3-year tax holiday; faster IP; self-certification. |
| Startup India Seed Fund | 2021 | ₹945 cr corpus; grant up to ₹20 lakh or soft loan ₹50 lakh; 300+ incubators. |
| Atmanirbhar Bharat | 2020 | PLI for 14 sectors; ₹5 lakh cr+ relief; Local for Vocal. |
| PLI | — | Boost domestic manufacturing and attract investment (PYQ primary goal). |
| Atal Innovation Mission | — | Atal Tinkering Labs (ATLs) — key AIM component (PYQ). |
| PM Vishwakarma | 2023 | 18 traditional trades; ₹3 lakh credit, skill, toolkit. |
| National Green Hydrogen Mission | 2023 | 5 MMT by 2030; SIGHT; electrolyser PLI. |
| NCAP | 2019 | Cut PM pollution 40% by 2026; 131 non-attainment cities. |
| Saubhagya | 2017 | Free electricity connections to poor; 100% household electrification. |
| PM Ujjwala (PMUY) | 2016 | Free LPG to BPL women; Ujjwala 2.0 (2021) for migrants; no security deposit. |
| Green Credit Programme | — | MoEFCC rewards tree planting and ecosystem restoration (PYQ). |
Women, child, transport, infrastructure
| Scheme | Year | One-line feature |
|---|---|---|
| Mission Shakti | 2021 | Umbrella: Sambal (Sakhi, BBBP) + Samarthya. |
| Mahila Shakti Kendra | 2017 | Block kendras; college volunteers; 115 aspirational districts. PYQ: skill + entrepreneurship support for women. |
| One Stop Centre (Sakhi) | 2015 | Shelter, police, counselling, legal, medical 24×7; 1091 helpline. |
| Beti Bachao Beti Padhao | 2015 | Declining CSR; IEC; pre-conception & prenatal monitoring. |
| Ujjawala Scheme | 2007 | Rescue/rehab of trafficked women; ITPA 1956; NGO shelters. (Different from Ujjwala LPG.) |
| PM Gati Shakti NMP | 2021 | GIS platform; 27+ ministries; multi-modal logistics. |
| Bharatmala | 2017 | Phase I 34,800 km economic corridors + border/coastal roads. |
| Smart Cities Mission | 2015 | 100 cities; area-based + pan-city ICT. |
| Sagarmala | 2015 | Port-led development, connectivity, coastal community, waterways. |
| Amrit Bharat Station Scheme | 2023 | Redevelop 1,300+ railway stations: plazas, amenities, heritage, green features. |
Don’t mix Ujjwala (LPG, 2016) with Ujjawala (anti-trafficking, 2007). VB-GRAM-G (2025) replaces MGNREGA with 125 days. AIM → Atal Tinkering Labs. Soil Health Card → nutrient status, not organic farming (that is PKVY).
Flip deck — Schemes
PM-KISAN amount?
₹6,000/year in 3 DBT instalments (2019)
PMJDY year / hook?
2014 — zero-balance a/c; DBT foundation
Ayushman Bharat cover?
₹5 lakh/family/year (2018); 70+ from 2024
PMSBY vs PMJJBY?
PMSBY accident ₹20/yr; PMJJBY life ₹436/yr; both ₹2 lakh
MUDRA rungs?
Shishu / Kishore / Tarun / Tarun Plus
PMFBY premiums?
2% Kharif, 1.5% Rabi, 5% commercial
Make in India year?
2014 — 25 sectors, EoDB, mfg 25% GDP target
Digital India year?
2015 — DigiLocker, UPI, BharatNet, UMANG
VB-GRAM-G?
2025; replaces MGNREGA; 125 days
AIM key component?
Atal Tinkering Labs
Soil Health Card aim?
Assess nutrient status (12 parameters / 2 years)
BBBP year / aim?
2015 — child sex ratio; educate girl children
Chapter 11 · CGL Abhyaas
PYQ MCQs — SSC CGL Tier-I (2024/2025 notes)
Assertion–Reason Answer keys from PDF
Grouped by topic as in pages 19–26. Answer column is hideable. Keys follow the printed 1.(d) 2.(a) style keys in the PDF, corrected where OCR garbled a letter.
Basics of Economy & National Income
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Who gave the scarcity definition of economics? SSC CGL (Tier-I) 2025 | (a) Adam Smith (b) P.A. Samuelson (c) Alfred Marshall (d) Lionel Robbins | (d) Lionel Robbins |
| 2 | If the price of a product goes up by 10% and, as a result, the quantity demanded falls by 20%, how would you classify the demand? SSC CGL (Tier-I) 2025 | (a) Demand is elastic (elasticity greater than 1) (b) Demand is inelastic (elasticity less than 1) (c) Demand is unitary elastic (elasticity equals 1) (d) Demand is perfectly elastic (elasticity is infinite) | (a) Elastic (Ed = 2 > 1) |
| 3 | Assertion (A): In macroeconomics, treating a single commodity as representative of all goods allows simplification of aggregate analysis. Reason (R): This is because all individual goods always behave identically under inflationary trends. SSC CGL (Tier-I) 2025 | (a) Both A and R true, R explains A (b) Both A and R true, R does not explain A (c) A is true, but R is false (d) A is false, but R is true | (c) A true, R false — goods do not always behave identically |
| 4 | Agriculture sector is a part of the SSC CGL (Tier-I) 2023 | (a) tertiary sector (b) secondary sector (c) primary sector (d) quaternary sector | (c) primary sector |
| 5 | When a person is not paying anything for public goods, it is known as _____. SSC CGL (Tier-I) 2023 | (a) non-excludable (b) rivalrous (c) free rider (d) private good | (c) free rider |
| 6 | Who shifted the focus of economics from wealth to human welfare? SSC CGL (Tier-I) 2023 | (a) Adam Smith (b) Lionel Robbins (c) Alfred Marshall (d) Paul Samuelson | (c) Alfred Marshall |
| 7 | According to Lionel Robbins, economics is primarily concerned with: SSC CGL (Tier-I) 2023 | (a) Growth of national income (b) Welfare of society (c) Wealth creation (d) Allocation of scarce resources among unlimited wants | (d) Allocation of scarce resources among unlimited wants |
| 8 | Which of the following market structures is correctly matched with its price-control feature? SSC CGL (Tier-I) 2023 | (a) Perfect Competition — Price Maker (b) Monopoly — Price Taker (c) Oligopoly — Interdependence (d) Monopolistic Competition — No control | (c) Oligopoly — Interdependence |
| 9 | Which of the following activities belongs to the Quaternary sector of the economy? SSC CGL (Tier-I) 2020 | (a) Mining (b) Manufacturing cars (c) Banking services (d) Research and Development (R&D) | (d) R&D |
| 10 | In three cases the two terms mean the same. In which case do they not mean the same? SSC CGL (Tier-I) 2024 | (a) Nominal GDP and GDP at current prices (b) The base period and the reference period (c) Changes in real GDP and the GDP deflator (d) Real GDP and GDP at constant prices | (c) Real-GDP changes ≠ GDP deflator |
| 11 | Which option best describes the primary cause of the per capita income decline? SSC CGL (Tier-I) 2024 | (a) Equitable distribution of income (b) Increase in the population growth (c) Decline in the population growth (d) Decline in the gross domestic product | (b) Increase in population growth |
| 12 | Which of the following is not correct regarding circular flow of income? SSC CGL (Tier-I) 2024 | (a) Savings as well as government expenditure are injections to the circular flow (b) The income of one sector becomes the expenditure of the other (c) In a circular flow, leakages are equal to injections (d) The real flow and monetary flow move in opposite directions | (a) Savings are leakages, not injections |
| 13 | NDP = …… SSC CGL (Tier-I) 2024 | (a) GDP − Depreciation (b) GDP + Depreciation (c) GDP − Net factor income from abroad (d) GDP + Net factor income from abroad | (a) GDP − Depreciation |
| 14 | Which of the following is Fisher’s equation of exchange? SSC CGL (Tier-I) 2024 | (a) MV = PT (b) MT = VP (c) M = S + I (d) M = V/T/P | (a) MV = PT |
| 15 | Match Column A with Column B: A. GNP B. NNP C. Personal Income D. Disposable Personal Income 1. Annual income received by individuals 2. After-tax personal income 3. Money value of the national output 4. Net production of goods and services during the year SSC CGL (Tier-I) 2024 | (a) A-2, B-1, C-3, D-4 (b) A-3, B-1, C-2, D-4 (c) A-3, B-4, C-1, D-2 (d) A-4, B-3, C-2, D-1 | (c) A-3, B-4, C-1, D-2 |
Answer key (PDF): 1.(d) 2.(a) 3.(c) 4.(c) 5.(c) 6.(c) 7.(d) 8.(c) 9.(d) 10.(c) 11.(b) 12.(a) 13.(a) 14.(a) 15.(c)
Economic Planning
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | The Planning Commission was established in which year? SSC CGL (Tier-I) 2025 | (a) 1947 (b) 1949 (c) 1950 (d) 1952 | (c) 1950 |
| 2 | Which statement about Sir M. Visvesvaraya is correct? SSC CGL (Tier-I) 2025 | (a) He was the first recipient of the Bharat Ratna (b) He was known for his role in India’s hydroelectric projects (c) He designed the first Indian Rail budget model (d) He was a noted industrialist from pre-independence India | (b) Hydroelectric projects (KRS etc.). Bharat Ratna 1955, not the 1954 first trio. |
| 3 | Which reform enabled MNCs to enter India? SSC CGL (Tier-I) 2025 | (a) Land Reform (b) Globalisation (c) Labour Law (d) Swadeshi | (b) Globalisation |
| 4 | FDI is a part of which reform pillar? SSC CGL (Tier-I) 2025 | (a) Liberalisation (b) Privatisation (c) Globalisation (d) Nationalisation | (c) Globalisation |
| 5 | The Mahalanobis Model was used in which plan? SSC CGL (Tier-I) 2025 | (a) First (b) Second (c) Fourth (d) Fifth | (b) Second |
| 6 | Which plan introduced the Minimum Needs Programme? SSC CGL (Tier-I) 2025 | (a) Third (b) Fourth (c) Fifth (d) Sixth | (c) Fifth (1974–75) |
| 7 | Main rationale for import substitution during the first seven FYPs? SSC CGL (Tier-I) 2025 | (a) To expand international trade (b) To attract foreign investors (c) To protect infant domestic industries (d) To create export dependency | (c) Protect infant domestic industries |
| 8 | In Five-Year Plans, ‘plan holiday’ refers to? SSC CGL (Tier-I) 2025 | (a) Emergency loan disbursements (b) Suspension of annual budgets (c) Discontinuity in five-year planning (d) Switch from socialism to capitalism | (c) Discontinuity in five-year planning |
| 9 | Which plan gave prominence to the Industrial Policy Resolution of 1956 (‘commanding heights’)? SSC CGL (Tier-I) 2025 | (a) First (b) Second (c) Third (d) Fourth | (b) Second Five-Year Plan |
| 10 | The rolling plan concept was introduced during which PM’s tenure? SSC CGL (Tier-I) 2025 | (a) Jawaharlal Nehru (b) Indira Gandhi (c) Morarji Desai (d) Rajiv Gandhi | (c) Morarji Desai |
| 11 | Rural–urban linkages: 1. Often in competition. 2. Complementary. 3. Continuous exchange of commodities through trade. Which is/are correct? SSC CGL (Tier-I) 2025 | (a) 1 and 3 (b) 1 and 2 (c) 2 and 3 (d) 1, 2 and 3 | (c) 2 and 3 |
| 12 | Assertion (A): The Mahalanobis strategy prioritised heavy industries and capital goods. Reason (R): It was believed that investing in such industries would create long-term capacity for growth. SSC CGL (Tier-I) 2025 | (a) Both A and R true and R explains A (b) Both true but R does not explain A (c) A true, R false (d) A false, R true | (a) Both true and R explains A |
Answer key (PDF): 1.(c) 2.(b) 3.(b) 4.(c) 5.(b) 6.(c) 7.(c) 8.(c) 9.(b) 10.(c) 11.(c) 12.(a)
Unemployment and Poverty
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | What is the empirically fitted relationship between the rate of change of money wage and the rate of unemployment known as? SSC CGL (Tier-I) 2024 | (a) Friedman’s model (b) Keynesian model (c) Baumol hypothesis (d) Phillips curve | (d) Phillips curve |
| 2 | Most appropriate cause for unemployment in India? SSC CGL (Tier-I) 2024 | (a) Overpopulation (b) Environment conditions (c) High educational systems (d) Lack of labour force | (a) Overpopulation |
| 3 | People employed for part of the year in tourist resorts in mountain regions but unemployed in off-seasons — type? SSC CGL (Tier-I) 2024 | (a) Seasonal unemployment (b) Under employment (c) Disguised unemployment (d) Cyclical unemployment | (a) Seasonal unemployment |
| 4 | Statements: 1. Seasonal unemployment is mainly urban. 2. Educated unemployed are mainly rural. 3. Higher cropping intensity is desirable to reduce rural unemployment. Which is/are correct? SSC CGL (Tier-I) 2023 | (a) Only 3 (b) 2 and 3 (c) 1 and 2 (d) Only 1 | (a) Only 3 |
| 5 | The National Multidimensional Poverty Index 2021 was released by? SSC CGL (Tier-I) 2023 | (a) World Bank (b) Ministry of Finance (c) NITI Aayog (d) Ministry of Social Justice and Empowerment | (c) NITI Aayog |
| 6 | Which of the following can be referred to in the estimation of poverty? SSC CGL (Tier-I) 2023 | (a) Average Marginal Utility (b) Maximum Support Value (c) Minimum Support Price (d) Monthly Per Capita Expenditure | (d) Monthly Per Capita Expenditure |
| 7 | As per MPI Baseline Report (NITI Aayog, 2021), percentage of urban population that is poor? SSC CGL (Tier-I) 2023 | (a) 10.32% (b) 21.09% (c) 8.81% (d) 5% | (c) 8.81% |
| 8 | National poverty line for 2011–12, urban, per capita per month? SSC CGL (Tier-I) 2023 | (a) ₹3,000 (b) ₹1,000 (c) ₹2,000 (d) ₹1,500 | (b) ₹1,000 (Tendulkar) |
| 9 | National poverty line for 2011–12, rural, per capita per month? SSC CGL (Tier-I) 2023 | (a) ₹1,206 (b) ₹760 (c) ₹816 (d) ₹900 | (c) ₹816 |
| 10 | Unemployment created by lack of employable skills among educated youth? SSC CGL (Tier-I) 2023 | (a) Structural unemployment (b) Educated unemployment (c) Cyclical unemployment (d) Technological unemployment | (a) Structural unemployment |
Answer key (PDF): 1.(d) 2.(a) 3.(a) 4.(a) 5.(c) 6.(d) 7.(c) 8.(b) 9.(c) 10.(a)
Budget, Taxation and Inflation
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Key economic role of the government in both developed and developing countries? SSC CGL (Tier-I) 2025 | (a) Only regulating private firms (b) Only promoting exports (c) Framing laws and delivering justice (d) Engaging in currency exchange | (c) Framing laws and delivering justice |
| 2 | Which best defines Capital Receipts? SSC CGL (Tier-I) 2025 | (a) Receipts that increase govt. revenue permanently (b) Receipts that reduce financial liabilities of the govt (c) Receipts that create liability or reduce government assets (d) Receipts that do not impact govt. assets or liabilities | (c) Create liability or reduce assets |
| 3 | Why are grants for asset creation still considered Revenue Expenditure? SSC CGL (Tier-I) 2025 | (a) They are spent through government loans (b) They are used only by private sector units (c) They do not create direct central assets (d) They are not included in any budget head | (c) They do not create direct central assets |
| 4 | Another name for the revenue account of the government budget? SSC CGL (Tier-I) 2025 | (a) Finance budget (b) Expenditure budget (c) Revenue budget (d) Capital budget | (c) Revenue budget |
| 5 | Expansionary fiscal policy is not characterised by SSC CGL (Tier-I) 2025 | (a) Decrease in personal taxes (b) Increase in government spending (c) Decrease in government spending (d) Decrease in business taxes | (c) Decrease in government spending |
| 6 | Assertion (A): The government’s revenue receipts don’t bring any burden of repayment or financial liability. Reason (R): These earnings aren’t meant to be returned and generally come from tax or other regular inflows. SSC CGL (Tier-I) 2025 | (a) A and R true, R explains A (b) A and R true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A (non-redeemable) |
| 7 | Assertion (A): The disinvestment policy has been widely criticised in India. Reason (R): It resulted in increased market monopoly by public sector undertakings. SSC CGL (Tier-I) 2025 | (a) A and R true, R explains A (b) A and R true, R does not explain A (c) A true, R false (d) A false, R true | (c) A true, R false |
| 8 | Main reason for the decline in core inflation across most countries in 2024? SSC CGL (Tier-I) 2025 | (a) Fall in service sector productivity (b) Decrease in export demand (c) Drop in international commodity prices (d) Increase in fiscal deficit | (c) Drop in international commodity prices |
| 9 | As per Article 279A, GST Council decisions require what majority of weighted votes of members present and voting? SSC CGL (Tier-I) 2025 | (a) Simple majority (b) Three-fourths majority (c) Two-thirds majority (d) Half majority | (b) Three-fourths (75%) majority |
| 10 | Article 270: 1. Governs sharing of taxes including GST. 2. After 101st Amendment includes Union taxes and GST. 3. GST Compensation Cess is also shared under Article 270. Which are correct? SSC CGL (Tier-I) 2025 | (a) 1 and 3 (b) 1 only (c) 1 and 2 (d) 2 and 3 | (c) 1 and 2 |
Answer key (PDF): 1.(c) 2.(c) 3.(c) 4.(c) 5.(c) 6.(a) 7.(c) 8.(c) 9.(b) 10.(c)
Money and Banking
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Which statement correctly describes modern currency systems? SSC CGL (Tier-I) 2025 | (a) Currencies are fully backed by gold (b) Currencies are not readily convertible into gold (c) Currencies can always be exchanged for barrels of oil (d) Currencies are backed by silver | (b) Fiat — not readily convertible into gold |
| 2 | The Lead Bank Scheme was introduced in which year? SSC CGL (Tier-I) 2025 | (a) 1969 (b) 1975 (c) 1980 (d) 1990 | (a) 1969 |
| 3 | Money multiplier: 1. Cash held by individuals is a leakage and reduces MM. 2. Higher reserves with RBI increase MM. 3. Higher CRR reduces banks’ capacity to create money. Which is/are correct? SSC CGL (Tier-I) 2025 | (a) 1 and 3 (b) 2 and 3 (c) 1 and 2 (d) All 1, 2 and 3 | (a) 1 and 3 (higher reserves lower MM) |
| 4 | Assertion (A): MPC decisions affect credit availability and inflation management. Reason (R): MPC sets policy interest rates to achieve price stability. SSC CGL (Tier-I) 2025 | (a) Both A and R true, R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A |
| 5 | Assertion (A): CRR and SLR requirements increase the lending capacity of banks. Reason (R): These requirements reduce the amount of money banks can lend to the public. SSC CGL (Tier-I) 2025 | (a) Both A and R true, R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (d) A false, R true |
| 6 | Working Group that proposed intermediate monetary aggregate NM2? SSC CGL (Tier-I) 2024 | (a) Dr. C. Rangarajan; 1996 (b) Dr. Y.V. Reddy; 1998 (c) Dr. K.V. Kamath; 1995 (d) Dr. P.K. Mohanty; 1998 | (b) Y.V. Reddy; 1998 |
| 7 | A component of the SHG–Bank Linkage Programme in India? SSC CGL (Tier-I) 2024 | (a) Microfinance institutions providing loans directly to SHGs (b) Banks providing loans to individual members of SHGs (c) NGOs providing capacity-building training to SHGs (d) State government providing subsidies to SHGs for credit | (a) as keyed in the PDF |
| 8 | Money supply is a ______ concept. SSC CGL (Tier-I) 2024 | (a) stock (b) measurable (c) non-measurable (d) flow | (a) stock |
| 9 | Recommendation to create a central bank (RBI, 1934/35) was made by? SSC CGL (Tier-I) 2024 | (a) Dr. Raja Chelliah Committee (b) Kothari Commission (c) Narasimham Committee (d) Hilton Young Commission | (d) Hilton Young Commission |
| 10 | If assets of a bank are greater than liabilities, it will be recorded as SSC CGL (Tier-I) 2024 | (a) liabilities (b) net worth (c) reserves (d) assets | (b) net worth |
| 11 | Relationship between interest rate and demand for money? SSC CGL (Tier-I) 2024 | (a) No relationship exists (b) Inverse (c) Direct (d) Proportionate | (b) Inverse |
Answer key (PDF): 1.(b) 2.(a) 3.(a) 4.(a) 5.(d) 6.(b) 7.(a) 8.(a) 9.(d) 10.(b) 11.(b)
Financial Market
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Which of the following is known as the market for near money? | (a) Capital Market (b) Money Market (c) Commodity Market (d) Derivatives Market | (b) Money Market |
| 2 | Treasury Bills are issued by the Government of India for which tenures? | (a) 91 days, 182 days, 364 days (b) 30 days, 60 days, 90 days (c) 1 year, 2 years, 5 years (d) 14 days, 28 days, 91 days | (a) 91, 182, 364 days |
| 3 | Regulator of capital markets in India, given statutory powers in 1992? | (a) RBI (b) IRDAI (c) PFRDA (d) SEBI | (d) SEBI |
| 4 | If a bank borrows from another bank for 5 days, it is categorised as | (a) Call Money (b) Notice Money (c) Term Money (d) Commercial Paper | (b) Notice Money (2–14 days) |
| 5 | Which among the following is Asia’s oldest stock exchange? | (a) NSE (b) Calcutta Stock Exchange (c) Bombay Stock Exchange (BSE) (d) Tokyo Stock Exchange | (c) BSE (1875) |
| 6 | What is a ‘stag’ in the stock market? | (a) An investor who expects prices to fall (b) An investor who expects prices to rise (c) An investor who applies for IPO shares to sell them immediately for profit (d) A company that is financially sound and stable | (c) IPO flipper |
| 7 | Institution headquartered in Lucknow that focuses on MSME refinancing? | (a) EXIM Bank (b) SIDBI (c) SEBI (d) IRDAI | (b) SIDBI |
| 8 | Stock exchange helps in …… SSC CGL (Tier-I) 2024 | (a) providing liquidity (b) contributing to economic growth (c) pricing of securities (d) All of these | (d) All of these |
| 9 | Act introduced to regulate foreign exchange in India in 1973? SSC CGL (Tier-I) 2023 | (a) FERA (b) FEMA (c) FRBM (d) SAPFEsF | (a) FERA |
| 10 | What challenge does foreign investment often face in India? SSC CGL (Tier-I) 2023 | (a) Excessive foreign competition (b) Inconsistent regulatory environment (c) Lack of skilled labour (d) Lack of consumer base | (b) Inconsistent regulatory environment |
Answer key (PDF): 1.(b) 2.(a) 3.(d) 4.(b) 5.(c) 6.(c) 7.(b) 8.(d) 9.(a) 10.(b)
Foreign Trade
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Which is not part of the Washington Consensus? SSC CGL (Tier-I) 2025 | (a) Trade liberalisation (b) Fiscal discipline (c) Export subsidies (d) Tax reform | (c) Export subsidies |
| 2 | The BoP crisis of 1991 involved a shortage of? SSC CGL (Tier-I) 2025 | (a) Water (b) Electricity (c) Foreign exchange (d) Labour | (c) Foreign exchange |
| 3 | Strategic impact of India–Australia ECTA after three years? SSC CGL (Tier-I) 2025 | (a) ECTA removed all tariffs on Australian farm goods unilaterally (b) ECTA mainly benefited old sectors like cotton, with little new growth (c) ECTA led to 14% export growth (2022–24) and added new items like Air Liquefaction Machinery (d) ECTA includes mutual defence procurement via an Indo-Pacific charter | (c) 14% export growth + new items |
| 4 | Assertion (A): India had to approach the IMF and World Bank in 1991 for a bailout loan. Reason (R): Forex reserves had declined to the point they could barely finance two weeks of imports. SSC CGL (Tier-I) 2025 | (a) A and R true and R explains A (b) A and R true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A |
| 5 | Assertion (A): India adopted import substitution during the planning era. Reason (R): This was to protect infant domestic industries from foreign competition. SSC CGL (Tier-I) 2025 | (a) A and R true and R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A |
| 6 | Assertion (A): The 1991 reforms boosted India’s foreign-exchange reserves significantly. Reason (R): Liberalised trade policies increased both exports and capital inflows. SSC CGL (Tier-I) 2025 | (a) A and R true and R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A |
| 7 | Assertion (A): Pakistan’s move from a Positive List to a Negative List of 1,209 tariff lines for Indian goods under SAFTA was challenged by India as a violation. Reason (R): Article 23 of SAFTA permits unilateral tariff reservations in case of political disagreement. SSC CGL (Tier-I) 2025 | (a) A and R true, R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (c) A true, R false |
| 8 | Assertion (A): Ease of Doing Business report by World Bank was discontinued in 2021. Reason (R): Allegations of data manipulation prompted the suspension. SSC CGL (Tier-I) 2025 | (a) A and R true and R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (a) Both true, R explains A |
| 9 | Assertion (A): WTO encourages free and fair trade across nations. Reason (R): It allows countries to impose arbitrary restrictions to protect domestic industries. SSC CGL (Tier-I) 2025 | (a) A and R true, R explains A (b) Both true, R does not explain A (c) A true, R false (d) A false, R true | (c) A true, R false |
| 10 | Statement 1: Unlimited convertibility and fixed-price conversion affect the credibility of a currency system. Statement 2: The international monetary system was established to regulate internal fiscal policies of countries. SSC CGL (Tier-I) 2025 | (a) Only Statement 1 is correct (b) Only Statement 2 is correct (c) Both correct (d) Neither | (a) Only Statement 1 |
Answer key (PDF): 1.(c) 2.(c) 3.(c) 4.(a) 5.(a) 6.(a) 7.(c) 8.(a) 9.(c) 10.(a)
Welfare Schemes
| # | Question | Options | Answer |
|---|---|---|---|
| 1 | Atal Innovation Mission (AIM) — key component or programme? SSC CGL (Tier-I) 2025 | (a) Skill India Centers (b) Startup India Seed Fund Scheme (c) Atal Tinkering Labs (ATLs) (d) PMKVY | (c) Atal Tinkering Labs |
| 2 | Primary aim of the Soil Health Card Scheme? SSC CGL (Tier-I) 2025 | (a) Improve seed quality (b) Promote organic farming (c) Assess nutrient status (d) Prevent land acquisition | (c) Assess nutrient status |
| 3 | Green Credit Programme (Environment Ministry) rewards which activity? SSC CGL (Tier-I) 2025 | (a) Water conservation only (b) Planting trees and ecosystem restoration (c) Air-pollution monitoring (d) Solar-panel installation | (b) Planting trees and ecosystem restoration |
| 4 | Initiative that primarily focuses on improving learning outcomes and digital literacy in schools? SSC CGL (Tier-I) 2025 | (a) Swachh Bharat Abhiyan (b) Digital India Mission (c) PM Gati Shakti National Master Plan (d) PM eVIDYA | (d) PM eVIDYA |
| 5 | A key component of PMAY-Urban to address housing shortage? SSC CGL (Tier-I) 2025 | (a) Primarily rental housing for migrant workers (b) Financial assistance to beneficiaries for construction, purchase or enhancement of affordable housing (c) Mandating only indigenous building materials (d) Concentrating development in Tier-1 and Tier-2 cities only | (b) Financial assistance to construct / buy / enhance |
| 6 | Scheme to provide financial support to senior citizens who may have lost their means of sustenance? SSC CGL (Tier-I) 2025 | (a) IGNOAPS (b) Atal Pension Yojana (APY) (c) PM Vaya Vandana Yojana (PMVVY) (d) National Social Assistance Programme (NSAP) | (a) IGNOAPS (as keyed) |
| 7 | National Beekeeping and Honey Mission is under which Union Ministry? SSC CGL (Tier-I) 2025 | (a) Ministry of Finance (b) Ministry of Rural Development (c) Ministry of Agriculture & Farmers Welfare (d) Ministry of Health and Family Welfare | (c) Agriculture & Farmers Welfare |
| 8 | Primary objective of PM-KUSUM? SSC CGL (Tier-I) 2025 | (a) Free electricity to all agricultural consumers (b) Promote chemical fertilisers and pesticides (c) Encourage installation of solar pumps and grid-connected solar plants in rural areas (d) Improve rural electricity infrastructure only | (c) Solar pumps and grid-connected solar plants |
| 9 | Initiative to empower women through skill development and support for entrepreneurship? SSC CGL (Tier-I) 2025 | (a) Beti Bachao Beti Padhao (b) Mahila Shakti Kendra Scheme (c) PMMY (MUDRA) (d) National Mission for Empowerment of Women | (b) Mahila Shakti Kendra |
| 10 | Primary goal of the Production Linked Incentive (PLI) scheme? SSC CGL (Tier-I) 2025 | (a) Reduce the fiscal deficit (b) Boost domestic manufacturing and attract investments (c) Promote agricultural exports (d) Improve skill development of the workforce | (b) Boost domestic manufacturing and attract investment |
| 11 | NAFCC initiative for micro-climate resilience through community-led water harvesting in semi-arid zones? SSC CGL (Tier-I) 2025 | (a) Jal Uaa Yojana (b) Climate Resilient Watershed Programme (c) Hariyali Mission (d) Jal Mitra Scheme | (b) Climate Resilient Watershed Programme |
| 12 | Scheme implemented to promote organic farming? SSC CGL (Tier-I) 2025 | (a) PM-KMY (b) PKVY (Paramparagat Krishi Vikas Yojana) (c) Soil Health Card (d) ATMA | (b) PKVY |
| 13 | Scheme that promotes crop diversification through cluster-based planning? SSC CGL (Tier-I) 2025 | (a) PM-AASHA (b) RKVY (c) SMAM (d) Agriculture Infrastructure Fund | (b) RKVY |
Answer key (PDF): 1.(c) 2.(c) 3.(b) 4.(d) 5.(b) 6.(a) 7.(c) 8.(c) 9.(b) 10.(b) 11.(b) 12.(b) 13.(b)