SSC CGL Economy GK Questions 2025 – 35 Most Repeated PYQs

Q: What are the most important Economy topics for SSC CGL?

The 6 most important Economy topics for SSC CGL are: (1) National income concepts — GDP, GNP, NNP, NDP and their differences, (2) Union Budget terms — fiscal deficit, revenue deficit, primary deficit, (3) Taxation — direct vs indirect taxes, GST slabs, income tax basics, (4) Five Year Plans and NITI Aayog, (5) Major government schemes with launch years and ministries, and (6) RBI and monetary policy basics — repo rate, CRR, SLR.

Q: How to prepare Economy GK for SSC CGL in 30 days?

Week 1: Master national income concepts (GDP, GNP, NNP) and economic terms (inflation, deflation, stagflation). Week 2: Cover Union Budget terms, types of deficits, and taxation basics (GST slabs, direct vs indirect taxes). Week 3: Government schemes with launch years and ministries, Five Year Plans key facts, NITI Aayog. Week 4: RBI and monetary policy basics, international bodies (IMF, World Bank, WTO). Practice 10 economy PYQs daily on GK Capsule throughout all 4 weeks.

Economy GK is a guaranteed scoring section in SSC CGL, SSC CHSL, SSC CPO, and SSC MTS exams. Unlike current affairs which changes daily, Economy GK is based on stable, well-defined concepts — national income, taxation, budget, monetary policy, and government schemes — that can be mastered once and used across all SSC exams for years. This page covers the 35 most frequently repeated Economy PYQs across all SSC exams, organized by topic with detailed explanations.

📊 Economy GK Weightage in SSC Exams: SSC CGL Tier 1: 4–6 questions out of 25 GA questions · SSC CGL Tier 2 GK Paper: 8–10 questions · SSC CHSL: 3–5 questions · SSC CPO: 4–6 questions · Topics with highest repeat rate: GDP & national income (every exam), Union Budget terms, GST, Five Year Plans, government schemes

🔑 Most Important Economy Topics for SSC CGL

Economy GK for SSC CGL covers 7 core areas. Prioritize national income and budget topics — they appear in every SSC exam without exception.

📊

National Income & GDP

GDP, GNP, NNP, NDP, per capita income, base year, real vs nominal GDP

💰

Union Budget & Deficits

Types of deficit, revenue vs capital expenditure, disinvestment, FRBM Act

🧾

Taxation

Direct vs indirect taxes, GST slabs, income tax, customs duty, excise duty

🏗️

Five Year Plans & NITI Aayog

Planning Commission, Five Year Plans, NITI Aayog, Aspirational Districts

📋

Government Schemes

Major central schemes — launch year, ministry, target group, key objective

🏦

RBI & Monetary Policy

Repo rate, reverse repo, CRR, SLR, inflation targeting, monetary policy tools

🌐

Economic Terms & Indicators

Inflation, deflation, stagflation, recession, balance of payments, FDI, FII

📝 Section 1 — National Income & GDP (Most Repeated)

📊 GDPSSC CGL 2022Q1

GDP (Gross Domestic Product) measures the total monetary value of all goods and services produced within a country's borders in a specific period. What does GNP additionally include compared to GDP?

AOnly government spending

BNet Factor Income from Abroad

COnly export earnings

DUnderground economy output

✅ Answer: B) Net Factor Income from AbroadGNP (Gross National Product) = GDP + Net Factor Income from Abroad (NFIA). NFIA = Income earned by Indian residents abroad − Income earned by foreign residents in India. If India's GDP is ₹250 lakh crore and net factor income from abroad is ₹2 lakh crore, then GNP = ₹252 lakh crore. India primarily uses GDP to measure economic output.

📊 GDPSSC CHSL 2022Q2

NNP (Net National Product) is calculated by subtracting which component from GNP?

ASubsidies

BDepreciation (Capital Consumption)

CIndirect taxes

DGovernment transfer payments

✅ Answer: B) Depreciation (Capital Consumption)NNP = GNP − Depreciation. Depreciation (also called Capital Consumption Allowance) accounts for the wear and tear of capital goods used in production. NNP at market price − Net Indirect Taxes = NNP at Factor Cost (also called National Income). The SSC exam often tests all four: GDP → GNP → NNP → National Income relationships.

📊 GDPSSC CGL 2023Q3

The base year currently used for calculating India's GDP at constant prices is:

A2004–05

B2010–11

C2011–12

D2014–15

✅ Answer: C) 2011–12India revised its GDP base year to 2011–12 in January 2015, replacing the earlier base year of 2004–05. This revision was done to better capture structural changes in the Indian economy. The Central Statistics Office (CSO), now under MoSPI (Ministry of Statistics and Programme Implementation), calculates India's GDP. The base year change also shifted India's GDP calculation methodology from factor cost to market prices.

📊 GDPSSC CPO 2023Q4

Which of the following is the correct formula for calculating GDP using the Expenditure Method?

AGDP = C + I + G + (X − M)

BGDP = C + I + G + (M − X)

CGDP = C + G + S + T

DGDP = Y + I + G + NX

✅ Answer: A) GDP = C + I + G + (X − M)By the Expenditure Method: GDP = C (Private Consumption) + I (Investment/Gross Capital Formation) + G (Government Expenditure) + NX (Net Exports = Exports X − Imports M). When NX is negative (imports exceed exports), it reduces GDP. This formula is called the "Keynesian" or aggregate demand approach to GDP measurement.

📝 Section 2 — Union Budget & Fiscal Policy

💰 BudgetSSC CGL 2022Q5

Fiscal Deficit in the Union Budget is defined as:

ATotal revenue receipts minus total revenue expenditure

BTotal expenditure minus total receipts excluding borrowings

CTax revenue minus non-tax revenue

DCapital expenditure minus revenue expenditure

✅ Answer: B) Total expenditure minus total receipts excluding borrowingsFiscal Deficit = Total Expenditure − Total Receipts (excluding borrowings and other liabilities). It indicates the total amount the government needs to borrow to meet its expenditure. India's fiscal deficit target for FY2025–26 is 4.4% of GDP. The FRBM Act 2003 mandates progressively reducing the fiscal deficit — the long-term target is 3% of GDP.

💰 BudgetSSC CHSL 2023Q6

Revenue Deficit in the Union Budget occurs when:

ACapital receipts exceed capital expenditure

BRevenue expenditure exceeds revenue receipts

CTotal imports exceed total exports

DGovernment borrowings exceed GDP

✅ Answer: B) Revenue expenditure exceeds revenue receiptsRevenue Deficit = Revenue Expenditure − Revenue Receipts. It indicates that the government is using borrowed money for day-to-day expenses (salaries, subsidies, interest payments) rather than for asset creation. A revenue deficit is considered more harmful than a fiscal deficit because it doesn't create productive assets. The Effective Revenue Deficit (ERD) subtracts grants for capital asset creation from the revenue deficit.

💰 BudgetSSC CGL 2023Q7

The FRBM (Fiscal Responsibility and Budget Management) Act was enacted in India in which year?

A1999

B2003

C2005

D2008

✅ Answer: B) 2003The FRBM Act was enacted in 2003. It imposes fiscal discipline by mandating the government to reduce fiscal deficit to 3% of GDP and eliminate the revenue deficit over a specified time period. The NK Singh Committee (2016) recommended revising the FRBM to target a Debt-to-GDP ratio of 60% by 2022–23 with a fiscal deficit target of 2.5% of GDP. The government must present a Medium Term Fiscal Policy Statement with every Budget.

💰 BudgetSSC CPO 2022Q8

Disinvestment by the Government of India refers to:

ABanning foreign investment in India

BSelling government equity stake in public sector enterprises

CWithdrawing all subsidies from PSUs

DClosing down loss-making government companies

✅ Answer: B) Selling government equity stake in public sector enterprisesDisinvestment refers to the process by which the Government of India sells its equity (ownership stake) in Public Sector Undertakings (PSUs). DIPAM (Department of Investment and Public Asset Management) under the Ministry of Finance handles disinvestment. Strategic disinvestment = transfer of management control; minority disinvestment = partial stake sale while retaining majority. LIC's IPO in 2022 was India's largest ever disinvestment.

📝 Section 3 — Taxation (GST & Direct/Indirect Taxes)

🧾 TaxationSSC CGL 2022Q9

GST (Goods and Services Tax) was implemented in India on which date?

AApril 1, 2017

BJuly 1, 2017

CJanuary 1, 2018

DOctober 1, 2017

✅ Answer: B) July 1, 2017GST was implemented on July 1, 2017 at the stroke of midnight in a historic special Parliament session. It replaced over 17 central and state indirect taxes including central excise duty, service tax, VAT, entertainment tax, and octroi. GST follows the "One Nation One Tax" principle. The 101st Constitutional Amendment Act 2016 enabled GST implementation. The GST Council is chaired by the Union Finance Minister.

🧾 TaxationSSC CHSL 2022Q10

Which of the following is a DIRECT tax in India?

AGST

BCustoms Duty

CIncome Tax

DExcise Duty

✅ Answer: C) Income TaxDirect taxes are paid directly by the person/entity on whom they are imposed — they cannot be shifted to another person. Income Tax, Corporate Tax, Wealth Tax, and Capital Gains Tax are direct taxes. Indirect taxes (GST, customs duty, excise duty) are collected by an intermediary and passed to the government — the tax burden can be shifted to consumers through higher prices. The Central Board of Direct Taxes (CBDT) administers direct taxes; CBIC administers indirect taxes.

🧾 TaxationSSC CGL 2023Q11

GST in India follows a dual structure. Which two bodies collect GST simultaneously?

ARBI and SEBI

BCentral Government and State Governments

CState Governments and Municipal Corporations

DCentral Government and Export Promotion Councils

✅ Answer: B) Central Government and State GovernmentsIndia's GST follows a dual structure: CGST (Central GST) is collected by the Central Government, and SGST (State GST) is collected by the State Government on intrastate transactions. For interstate transactions, IGST (Integrated GST) is collected by the Centre and then distributed to the relevant state. UTGST applies to Union Territories without legislatures (like Chandigarh, Dadra & Nagar Haveli).

🧾 TaxationSSC MTS 2023Q12

Under GST, which rate slab is applied to essential food items like unbranded rice, wheat, and vegetables?

A5%

B12%

CNil (0%)

D18%

✅ Answer: C) Nil (0%)Essential food items like unpackaged/unbranded grains (rice, wheat, pulses), fresh vegetables, fruits, milk, curd, and eggs are exempt from GST (0% slab). This was done to protect the poor from tax burden on necessities. GST has four active rate slabs: 5% (packed food, medicines), 12% (processed food, business class tickets), 18% (most services, electronics), and 28% (luxury items, automobiles, tobacco). Petroleum products are currently outside GST.

📝 Section 4 — Five Year Plans & NITI Aayog

🏗️ PlanningSSC CGL 2021Q13

The Planning Commission of India was replaced by which institution on January 1, 2015?

AFinance Commission

BNational Development Council

CNITI Aayog

DEconomic Advisory Council

✅ Answer: C) NITI AayogNITI Aayog (National Institution for Transforming India) replaced the Planning Commission on January 1, 2015. Unlike the Planning Commission which had constitutional power to allocate funds to states, NITI Aayog is a policy think tank with no fund allocation power. The Prime Minister is the Chairperson of NITI Aayog. Its CEO handles day-to-day administration. It introduced the concept of Aspirational Districts for underdeveloped regions.

🏗️ PlanningSSC CHSL 2022Q14

The First Five Year Plan of India was launched in which year and primarily focused on which sector?

A1950 — Industry

B1951 — Agriculture

C1952 — Infrastructure

D1956 — Heavy Industry

✅ Answer: B) 1951 — AgricultureThe First Five Year Plan (1951–56) was launched in 1951 under PM Jawaharlal Nehru, primarily focusing on agriculture and rehabilitation of refugees after partition. It was based on the Harrod-Domar growth model. The Second Five Year Plan (1956–61) focused on heavy industrialization and was based on the PC Mahalanobis model. The 12th Five Year Plan (2012–17) was the last; NITI Aayog replaced the planning system after that.

🏗️ PlanningSSC CPO 2022Q15

Which Five Year Plan adopted the "Mahalanobis Model" emphasizing heavy industrialization?

AFirst Five Year Plan

BSecond Five Year Plan

CThird Five Year Plan

DFourth Five Year Plan

✅ Answer: B) Second Five Year PlanThe Second Five Year Plan (1956–61) was based on the PC Mahalanobis model, emphasizing rapid industrialization through heavy and basic industries. PC Mahalanobis was the architect of Indian economic planning and founder of the Indian Statistical Institute (ISI), Kolkata. This plan led to the establishment of major public sector steel plants at Bhilai, Rourkela, and Durgapur.

📝 Section 5 — Government Schemes

📋 SchemesSSC CGL 2022Q16

The Pradhan Mantri Awas Yojana (PMAY) aims to provide housing for whom by 2024 (extended to 2029)?

AOnly government employees

BUrban and rural poor — Housing for All

COnly Below Poverty Line (BPL) families

DOnly SC/ST communities

✅ Answer: B) Urban and rural poor — Housing for AllPMAY was launched in June 2015 with the objective of "Housing for All" — providing pucca (permanent) houses to every eligible urban and rural poor family. PMAY-Urban covers urban areas and is implemented by Ministry of Housing and Urban Affairs. PMAY-Gramin (rural) is implemented by Ministry of Rural Development. The scheme provides central assistance of ₹1.20–1.50 lakh per rural beneficiary for house construction.

📋 SchemesSSC CHSL 2023Q17

Under PM-KISAN (Pradhan Mantri Kisan Samman Nidhi), how much financial assistance is given to eligible farmer families per year?

A₹3,000

B₹4,000

C₹6,000

D₹10,000

✅ Answer: C) ₹6,000PM-KISAN was launched in February 2019. It provides ₹6,000 per year (in three equal instalments of ₹2,000 each, transferred directly to farmer bank accounts) to small and marginal farmer families having combined landholding up to 2 hectares. The scheme covers approximately 11 crore farmer families across India. It is one of the largest Direct Benefit Transfer (DBT) programs in the world.

📋 SchemesSSC CGL 2023Q18

The Make in India initiative was launched to promote which objective?

APromote exports of agricultural products

BTransform India into a global design and manufacturing hub

CProvide free manufacturing units to MSMEs

DNationalise all private manufacturing companies

✅ Answer: B) Transform India into a global design and manufacturing hubMake in India was launched on September 25, 2014 by PM Narendra Modi. Its primary objectives are to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build best-in-class manufacturing infrastructure. It focuses on 27 key sectors including automobiles, electronics, defence, pharmaceuticals, and textiles. The initiative aims to increase manufacturing's share of GDP to 25% and create 100 million additional jobs by 2022.

📋 SchemesSSC MTS 2022Q19

The National Rural Employment Guarantee Act (MGNREGA) guarantees how many days of wage employment per year to rural households?

A50 days

B100 days

C150 days

D200 days

✅ Answer: B) 100 daysMGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) was enacted in 2005 and provides a legal guarantee of 100 days of wage employment per year to adult members of rural households willing to do unskilled manual work. In drought-affected and notified districts, this is extended to 150 days. It is administered by the Ministry of Rural Development and is the world's largest workfare programme, covering approximately 5 crore households annually.

📝 Section 6 — RBI & Monetary Policy

🏦 RBISSC CGL 2022Q20

The Reserve Bank of India was established under which Act?

ARBI Act 1930

BRBI Act 1934

CBanking Regulation Act 1949

DRBI Act 1947

✅ Answer: B) RBI Act 1934The Reserve Bank of India was established on April 1, 1935 under the Reserve Bank of India Act 1934, based on the recommendations of the Hilton Young Commission (1926). It was originally a private shareholders' bank and was nationalised in January 1949. Its headquarters moved from Kolkata to Mumbai in 1937. RBI serves as India's central bank, banker to the government, and monetary authority.

🏦 RBISSC CHSL 2023Q21

Which monetary policy tool involves RBI buying or selling government securities in the open market to regulate money supply?

ARepo Rate adjustment

BOpen Market Operations (OMO)

CCRR adjustment

DSelective Credit Control

✅ Answer: B) Open Market Operations (OMO)Open Market Operations (OMO) involve RBI buying or selling government securities (G-Secs) in the open market to regulate money supply. When RBI buys securities (injects liquidity), money supply increases. When RBI sells securities (absorbs liquidity), money supply decreases. OMO is a quantitative tool of monetary policy. It differs from repo operations in that OMOs are outright transactions, not temporary repurchase agreements.

🏦 RBISSC CGL 2023Q22

The concept of "Inflation Targeting" was formally adopted by RBI in which year?

A2012

B2014

C2016

D2018

✅ Answer: C) 2016Flexible Inflation Targeting (FIT) was formally adopted by India in 2016 under an amended RBI Act. The inflation target is 4% CPI with a tolerance band of ±2% (i.e., 2% to 6%). The Monetary Policy Committee (MPC) — with 6 members — is responsible for setting the policy repo rate to achieve this target. If inflation remains outside the 2–6% band for three consecutive quarters, RBI must report to the government with reasons and remedial actions.

📝 Section 7 — Economic Terms & Indicators

📈 Economic TermsSSC CGL 2021Q23

Stagflation refers to a situation of:

AHigh growth + high inflation

BHigh inflation + high unemployment + stagnant growth

CDeflation + low unemployment

DZero inflation + maximum employment

✅ Answer: B) High inflation + high unemployment + stagnant growthStagflation is the simultaneous occurrence of high inflation, high unemployment, and stagnant economic growth. It is particularly difficult to handle because anti-inflation policies (raising interest rates) worsen unemployment, and stimulus policies worsen inflation. The term was coined by British politician Iain Macleod in 1965. It was most prominently observed globally during the 1970s oil crisis.

📈 Economic TermsSSC CHSL 2022Q24

The "Balance of Payments" (BoP) of a country records transactions between:

AState governments and the central government

BA country's residents and the rest of the world

CRBI and commercial banks only

DThe government and public sector undertakings

✅ Answer: B) A country's residents and the rest of the worldThe Balance of Payments (BoP) is a systematic record of all economic transactions between residents of a country and the rest of the world during a given period. It has two main accounts: Current Account (trade in goods/services, income, transfers) and Capital/Financial Account (FDI, FII, loans). India's BoP is compiled by the RBI. A BoP surplus means more foreign exchange is coming in than going out.

📈 Economic TermsSSC CGL 2023Q25

The "Human Development Index" (HDI) is published by which organization?

AWorld Bank

BInternational Monetary Fund

CUNDP (United Nations Development Programme)

DWorld Health Organization

✅ Answer: C) UNDPThe Human Development Index (HDI) is published annually by the UNDP (United Nations Development Programme) in its Human Development Report. HDI measures three dimensions: health (life expectancy at birth), education (mean years of schooling and expected years of schooling), and standard of living (GNI per capita at PPP). It was developed by Pakistani economist Mahbub ul Haq and Indian economist Amartya Sen in 1990. India's HDI rank in 2025 is 134 out of 193 countries.

📈 Economic TermsSSC CPO 2022Q26

The "Gini Coefficient" is used to measure which economic parameter?

AEconomic growth rate

BIncome inequality within a country

CForeign exchange reserves

DTrade deficit between two countries

✅ Answer: B) Income inequality within a countryThe Gini Coefficient (or Gini Index) is a measure of income or wealth inequality within a nation, developed by Italian statistician Corrado Gini in 1912. It ranges from 0 (perfect equality — everyone has the same income) to 1 (perfect inequality — one person has all the income). A higher Gini coefficient indicates greater inequality. India's Gini coefficient is approximately 0.33–0.35, indicating moderate inequality.

🌐 InternationalSSC CGL 2022Q27

The World Trade Organization (WTO) was established in which year, replacing GATT?

A1991

B1993

C1995

D1998

✅ Answer: C) 1995The WTO was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT) which had governed international trade since 1948. WTO is headquartered in Geneva, Switzerland. It has 164 member countries. Its primary function is to ensure that trade flows as smoothly, predictably, and freely as possible. India has been a WTO member since January 1, 1995.

📈 Economic TermsSSC CHSL 2023Q28

When the government spends more than it earns in tax revenue during a recession to stimulate the economy, this policy is called:

AContractionary fiscal policy

BExpansionary fiscal policy

CMonetary tightening

DDeflationary policy

✅ Answer: B) Expansionary fiscal policyExpansionary fiscal policy involves increasing government spending and/or reducing taxes to stimulate economic activity during a recession. It increases aggregate demand, boosts employment, and supports growth. It typically results in a higher fiscal deficit. Contractionary fiscal policy (reducing spending/raising taxes) is used to control inflation. India used expansionary fiscal policy during the COVID-19 pandemic through PM Garib Kalyan Package and stimulus packages.

💰 BudgetSSC CGL 2024Q29

The Finance Commission of India is constituted every how many years under Article 280 of the Constitution?

A2 years

B3 years

C5 years

D7 years

✅ Answer: C) 5 yearsThe Finance Commission is constituted by the President of India every 5 years under Article 280 of the Constitution. It recommends the distribution of tax revenues between the Centre and States (vertical devolution) and among the states (horizontal devolution). The 15th Finance Commission (2021–26) recommended 41% devolution of central taxes to states. The 16th Finance Commission will cover 2026–31.

📈 Economic TermsSSC CPO 2024Q30

India's foreign exchange reserves are maintained by which institution?

AMinistry of Finance

BSEBI

CReserve Bank of India

DEXIM Bank

✅ Answer: C) Reserve Bank of IndiaIndia's foreign exchange (forex) reserves are managed and maintained by the Reserve Bank of India. Forex reserves comprise: Foreign Currency Assets (largest component), Gold reserves, Special Drawing Rights (SDRs) with IMF, and Reserve Tranche Position in the IMF. India's forex reserves crossed $700 billion in 2024, making India one of the world's top 5 holders of foreign exchange reserves.

🏗️ PlanningSSC CGL 2024Q31

The "Aspirational Districts Programme" launched by the government focuses on improving outcomes in how many districts across India?

A50 districts

B100 districts

C112 districts

D150 districts

✅ Answer: C) 112 districtsThe Aspirational Districts Programme was launched in January 2018 by PM Modi, with NITI Aayog as the nodal body. It focuses on 112 most underdeveloped districts across India — selected based on deprivation in health, nutrition, education, agriculture, water resources, and basic infrastructure. The programme follows the principle of "Convergence, Collaboration, and Competition" among districts. It aims to quickly and effectively transform these districts by focusing on measurable outcomes.

🧾 TaxationSSC CHSL 2024Q32

Which committee recommended the implementation of GST in India?

AKelkar Committee

BVijay Kelkar Task Force

CAsim Dasgupta Committee

DNarasimham Committee

✅ Answer: C) Asim Dasgupta CommitteeThe Asim Dasgupta Committee (2000–2004) was the primary committee that designed and recommended India's GST framework. Asim Dasgupta, then Finance Minister of West Bengal, chaired the Empowered Committee of State Finance Ministers that developed the technical blueprint for GST. The Kelkar Task Force on Indirect Taxes (2002) also recommended a comprehensive GST. GST was first proposed in the 2006–07 Union Budget by Finance Minister P. Chidambaram.

📋 SchemesSSC MTS 2024Q33

The "Digital India" initiative was launched with which overarching vision?

AFree internet for all citizens

BTransform India into a digitally empowered society and knowledge economy

CReplace all government jobs with AI systems

DProvide free smartphones to BPL families

✅ Answer: B) Transform India into a digitally empowered society and knowledge economyDigital India was launched on July 1, 2015 by PM Narendra Modi with the vision of transforming India into a digitally empowered society and knowledge economy. It has three core components: Digital Infrastructure as Utility for Every Citizen, Governance and Services on Demand, and Digital Empowerment of Citizens. Key achievements include Jan Dhan-Aadhaar-Mobile (JAM Trinity), UPI, Common Service Centres (CSCs), and DigiLocker.

📊 GDPSSC CGL 2024Q34

Which ministry in India publishes the "Economic Survey" every year before the Union Budget?

AMinistry of Commerce

BMinistry of Finance

CMinistry of Statistics

DNITI Aayog

✅ Answer: B) Ministry of FinanceThe Economic Survey is an annual document prepared by the Ministry of Finance's Economic Division and presented to Parliament one day before the Union Budget. It reviews the developments in the Indian economy over the past year, examines fiscal policy, monetary policy, trade, and macroeconomic indicators, and provides an outlook for the coming year. It is authored by the Chief Economic Adviser (CEA) to the Government of India. The Economic Survey 2024–25 was authored by V. Anantha Nageswaran.

🌐 InternationalSSC CPO 2024Q35

The "Ease of Doing Business" index was published by which international organization (discontinued after 2021)?

AIMF

BWorld Bank

CWTO

DUNDP

✅ Answer: B) World BankThe "Ease of Doing Business" (EoDB) index was published annually by the World Bank Group until 2021, when the World Bank discontinued it due to data irregularities. India improved significantly in EoDB rankings from 142nd (2014) to 63rd (2019). The index measured parameters like starting a business, construction permits, getting electricity, registering property, getting credit, paying taxes, and trading across borders. The World Bank is now working on a replacement called "Business Ready (B-READY)" framework.

📊 Quick Reference — National Income Concepts

Term	Formula	Key Point
GDP (MP)	C + I + G + (X−M)	Total output within borders at market prices
GNP (MP)	GDP + NFIA	Output by nationals anywhere in world
NNP (MP)	GNP − Depreciation	Net of capital wear and tear
NNP (FC) = National Income	NNP(MP) − Net Indirect Taxes	Income earned by factor of production
NDP (MP)	GDP − Depreciation	Net domestic product at market prices
Per Capita Income	National Income ÷ Population	Average income per person

📊 Union Budget — Types of Deficits

Type of Deficit	Formula	What it Indicates
Revenue Deficit	Revenue Expenditure − Revenue Receipts	Govt spending more than earning on current items
Fiscal Deficit	Total Expenditure − Total Receipts (excl. borrowings)	Total borrowing requirement of government
Primary Deficit	Fiscal Deficit − Interest Payments	Borrowing for non-interest current needs
Capital Deficit	Capital Expenditure − Capital Receipts	Shortfall in capital account

📊 GST Rate Slabs — Quick Reference

GST Slab	Items Covered	Examples
0% (Nil)	Essential food items, healthcare	Unbranded rice, wheat, milk, vegetables, medicines (life-saving)
5%	Basic necessities, packed food	Packaged food, medicines, economy class air tickets, fertilizers
12%	Processed food, business class	Butter, cheese, ghee, business class flights, mobile phones
18%	Most services and goods	Electronics, AC restaurant, telecom services, financial services
28%	Luxury and sin goods	Automobiles, tobacco, aerated drinks, premium hotels

📊 Five Year Plans — Key Facts

Plan	Period	Focus Area	Model
1st Plan	1951–56	Agriculture & rehabilitation	Harrod-Domar
2nd Plan	1956–61	Heavy industrialization	Mahalanobis
3rd Plan	1961–66	Self-reliance in agriculture	Gadgil
5th Plan	1974–79	Poverty removal, self-reliance	D.P. Dhar
8th Plan	1992–97	Liberalization, privatization	LPG reforms
12th Plan	2012–17	Faster, sustainable, inclusive growth	Last plan

❓ Frequently Asked Questions

How many Economy questions come in SSC CGL?

SSC CGL Tier 1 includes 4 to 6 Economy GK questions out of 25 General Awareness questions. SSC CGL Tier 2 (Paper II — GK) includes 8 to 10 economy questions. The topics with the highest repeat rate are GDP and national income concepts, Union Budget terms, taxation (GST, direct vs indirect tax), Five Year Plans, and government schemes with launch years.

What is the difference between GDP and GNP?

GDP (Gross Domestic Product) measures the total value of goods and services produced within a country's geographical borders, regardless of who produces them (residents or foreigners). GNP (Gross National Product) measures the total value produced by a country's residents anywhere in the world — it includes income earned by Indians abroad and excludes income earned by foreigners in India. GNP = GDP + Net Factor Income from Abroad.

What are the most important Economy topics for SSC CGL?

The 6 most important Economy topics are: (1) National income concepts — GDP, GNP, NNP, NDP and their differences, (2) Union Budget terms — fiscal deficit, revenue deficit, primary deficit, (3) Taxation — direct vs indirect taxes, GST slabs (0%, 5%, 12%, 18%, 28%), (4) Five Year Plans and NITI Aayog, (5) Major government schemes with launch years and ministries, and (6) RBI and monetary policy basics — repo rate, CRR, SLR, OMO.

What is GST and when was it implemented in India?

GST (Goods and Services Tax) is a unified indirect tax that replaced multiple central and state taxes (VAT, excise duty, service tax, CST) in India. It was implemented on July 1, 2017 under the principle of "One Nation One Tax." GST has four active rate slabs: 5%, 12%, 18%, and 28%. Essential food items are exempt (0%). The 101st Constitutional Amendment Act 2016 enabled GST implementation. The GST Council, chaired by the Union Finance Minister, decides rates and policies.

What replaced the Planning Commission in India?

The Planning Commission, established in 1950, was replaced by NITI Aayog (National Institution for Transforming India) on January 1, 2015. Unlike the Planning Commission which had constitutional power to allocate funds to states, NITI Aayog is purely a policy think tank with no fund allocation power. The Prime Minister is the Chairperson of NITI Aayog. It works on long-term policies like the National Development Agenda and Aspirational Districts Programme.

How to prepare Economy GK for SSC CGL in 30 days?

Week 1: Master national income concepts (GDP, GNP, NNP, NDP formulas) and economic terms (inflation, deflation, stagflation, Gini coefficient, HDI). Week 2: Cover Union Budget terms (fiscal deficit, revenue deficit, primary deficit), types of taxes (direct vs indirect, GST slabs), and FRBM Act. Week 3: Government schemes with launch years and ministries, Five Year Plans key facts, NITI Aayog, Finance Commission. Week 4: RBI and monetary policy basics (repo rate, CRR, SLR, OMO), international bodies (IMF, WTO, World Bank, ADB). Practice 10 economy PYQs daily on GK Capsule throughout all 4 weeks.

SSC CGL Economy GK Questions 2025 — 35 Most Repeated PYQs