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Indian Economy Transition Quiz

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Questions and Answers

What led to the adoption of a broad economic liberalisation in India in 1991?

Excessive government spending

Sustained high GDP growth

Failure of the free market system

Acute balance of payments crisis (correct)

What was the economic policy of India like after independence until 1991?

Focused on socialist economic policies with minimal state intervention

Encouraged free market capitalism and minimal government intervention

Promoted protectionist economic policies and extensive Sovietization (correct)

Implemented strict laissez-faire economic principles

Which sector fuelled India's GDP apart from private consumption?

Exports

Foreign aid

Investments

Government spending (correct)

What drives nearly 70% of India's GDP?

Domestic consumption (A) Signup and view all the answers

In 2022, what was India's global rank as an exporter?

9th-largest exporter (B) Signup and view all the answers

What type of economy does India have?

mixed middle-income developing social market economy Signup and view all the answers

What is India's global rank by nominal GDP?

fifth Signup and view all the answers

What crisis led to the adoption of broad economic liberalisation in India in 1991?

balance of payments crisis Signup and view all the answers

What percentage of India's GDP is driven by domestic consumption?

70% Signup and view all the answers

What has been the annual average GDP growth in India since the start of the 21st century?

6% to 7% Signup and view all the answers