Economics – Fill in the Blank – GK Questions

The press release explicitly states that PM SVANidhi has facilitated more than 1.05 crore (10.5 million) loan sanctions worth over ₹17,800 crore for street vendors nationwide.

India's foreign exchange reserves crossed $650 billion in early 2026, one of the highest levels ever, providing adequate import cover and a buffer against external shocks.

India-UAE CEPA was signed in February 2022 and came into force in May 2022 — India's first CEPA with a Gulf country, targeting bilateral trade of $100 billion.

NIFTY 50 is the benchmark index of the National Stock Exchange (NSE) of India comprising 50 major stocks. SENSEX is BSE's benchmark index with 30 stocks.

The GST Council is chaired by the Union Finance Minister, with Finance Ministers of all states as members. It decides GST rates, exemptions, and procedural matters.

'Make in India' was launched on September 25, 2014, with the goal of transforming India into a global design and manufacturing hub across 25 sectors.

The financing scheme offers monthly EMI starting at ₹39,990 with a down payment requirement of ₹6 lakh. This affordability structure is designed to lower barriers for premium EV adoption, making electric mobility more accessible to middle and upper-middle-class consumers.

Despite a decline in the number of fraud cases, the amount involved in these frauds has paradoxically increased for both public and private sector banks. This trend suggests fraudsters are executing larger-value scams, making detection and prevention more critical.

The rupee appreciated by 53 paise to settle at 95.05 per dollar. During intraday trading, it reached a high of 94.97 and a low of 95.78. Such movements reflect market sentiment driven by forex inflows, RBI intervention, and global cues.

Vedanta, a diversified natural resources company, received its highest credit rating in over ten years from ICRA. This upgrade signifies improved creditworthiness and is relevant for understanding corporate finance dynamics in competitive exams.

The deficit increased six-fold compared to the previous fiscal year, highlighting a sharp deterioration in India's external account position. This magnitude of increase raised government concerns about sustained dollar outflows from the economy.

As per official statements in May 2026, India produces approximately 72,000 metric tonnes of LPG daily from domestic sources. This figure is crucial for understanding India's energy self-reliance and import dependency for cooking fuel.

Geopolitical uncertainty concerning the U.S.-Iran ceasefire arrangement contributed to market instability in May 2026. U.S.-Iran relations historically influence global crude oil prices and energy security, both critical factors for India's import-dependent economy. Such developments are regularly featured in prelims questions on international relations.

Following the $7.5 billion drop, total forex reserves reached $681.38 billion. This figure represents India's external financial cushion for imports, debt servicing, and currency stabilization — a key indicator tracked in competitive exams.

MA&UD Minister Narayana announced that 1,269 acres of land have been allotted to various institutions in Amaravati. This includes allocations to both government and private organizations, reflecting the ongoing development of the capital city infrastructure.

The proposal submitted by E. Sreedharan concerned a high-speed rail project for Kerala. High-speed rail initiatives are crucial for enhancing regional connectivity and economic development, making this a relevant topic for infrastructure-focused questions in competitive exams.

Named after Russian economist Nikolai Kondratiev, these super-cycles suggest that capitalist economies experience prolonged, multi-decade periods of rapid expansion followed by equally long periods of stagnation and correction. Each wave is fundamentally anchored to a revolutionary technological breakthrough that completely restructures global production, infrastructure, and labor markets before eventually reaching saturation.

Arthur Laffer's curve starts at zero revenue (0% tax), rises to a peak (the revenue-maximizing rate), and then slopes back down to zero (at 100% tax, no one would work). It is a foundational concept in supply-side economics, arguing that if an economy is already on the downward-sloping side of the curve, cutting tax rates can paradoxically stimulate so much new economic activity that total government revenue actually increases.

Launched to provide a clear, predictable roadmap for infrastructure development and to crowd-in private investment, the NIP recognizes that physical connectivity alone is insufficient for holistic development. By explicitly integrating social infrastructure like hospitals, schools, and urban water supply into its massive investment matrix, the NIP aims to simultaneously boost short-term job creation and long-term human capital formation.

The Washington Consensus became the dominant neoliberal paradigm of the 1990s, heavily influencing structural adjustment programs in Latin America and post-Soviet states. While it successfully curbed hyperinflation and stabilized macroeconomies, it faced severe backlash for ignoring institutional weaknesses, exacerbating income inequality, and triggering social unrest due to rapid austerity and the dismantling of social safety nets.