Economy MCQs for UPSC Prelims — July 2026

Q1. Under the UPI-PayNow linkage between India and Singapore, how many Indian banks are enabled to send outward remittances?

  • A. Two
  • B. Four
  • C. Six
  • D. Eight

Q2. Favara, the instant payment system of the Maldives now linked to UPI, is operated by which one of the following?

  • A. The Ministry of Finance of the Maldives, which administers the country's public financial management systems
  • B. The Maldives Monetary Authority, which is the central banking institution of the country
  • C. Bank of Maldives Plc, which is the largest commercial bank operating in the country
  • D. The Capital Market Development Authority, which regulates securities markets in the country

Q3. Which one of the following statements about the operation of the Unified Payments Interface within India is correct?

  • A. It is operated by the Reserve Bank of India through its Department of Payment and Settlement Systems, which also issues cards under the RuPay network.
  • B. It is operated by the Ministry of Electronics and Information Technology through the Digital India Corporation, which also runs the DigiLocker platform.
  • C. It is operated by NPCI International Payments Limited, which is also the settlement agency for domestic retail payments in India.
  • D. It is operated by the National Payments Corporation of India, an umbrella organisation for retail payments in the country.

Q4. Consider the following statements about the components of India's Digital Public Infrastructure: 1. As of March 2026, the number of DigiLocker users exceeded the number of Aadhaar numbers generated. 2. Nearly 55.49 crore users had been onboarded on UPI as of June 2026. 3. In January 2026, more than 650 banks were live on the UPI platform. Which of the statements given above is/are correct?

  1. As of March 2026, the number of DigiLocker users exceeded the number of Aadhaar numbers generated.
  2. Nearly 55.49 crore users had been onboarded on UPI as of June 2026.
  3. In January 2026, more than 650 banks were live on the UPI platform.
  • A. 1 and 2 only
  • B. 1 and 3 only
  • C. 2 and 3 only
  • D. 1, 2 and 3

Q5. The bilateral agreement enabling the integration of Favara with the Unified Payments Interface was signed in which year?

  • A. 2023
  • B. 2024
  • C. 2025
  • D. 2026

Q6. In the context of the Favara-UPI corridor that became operational in July 2026, 'Phase 1' of the corridor denotes which one of the following?

  • A. Scan-and-pay transactions by Indian travellers at merchant establishments in the Maldives using quick response codes displayed by merchants
  • B. Acceptance of cards issued under the RuPay network at automated teller machines and point-of-sale terminals located in the Maldives
  • C. Transfers initiated by individuals in Maldivian rufiyaa and credited in Indian rupees to UPI-enabled bank accounts held in India
  • D. Settlement of bilateral merchandise trade between the two countries in their respective local currencies through designated vostro accounts

Q7. At the go-live of the Favara-UPI corridor, how many partner banks in the Maldives were enabled to route transfers over it?

  • A. Two
  • B. Three
  • C. Four
  • D. Five

Q8. Consider the following statements about the institutions involved in the Favara-UPI corridor and in earlier UPI linkages: 1. NPCI International Payments Limited, a wholly-owned subsidiary of the National Payments Corporation of India, was among the entities that built the corridor. 2. The Maldives Monetary Authority is both the central bank of the Maldives and the operator of Favara, just as the Reserve Bank of India is the direct operator of UPI in India. 3. The counterpart of the Reserve Bank of India in the earlier UPI linkage with Singapore was the Monetary Authority of Singapore. Which of the statements given above is/are correct?

  1. NPCI International Payments Limited, a wholly-owned subsidiary of the National Payments Corporation of India, was among the entities that built the corridor.
  2. The Maldives Monetary Authority is both the central bank of the Maldives and the operator of Favara, just as the Reserve Bank of India is the direct operator of UPI in India.
  3. The counterpart of the Reserve Bank of India in the earlier UPI linkage with Singapore was the Monetary Authority of Singapore.
  • A. 1 and 2 only
  • B. 2 and 3 only
  • C. 1 and 3 only
  • D. 1, 2 and 3

Q9. Which one of the following statements regarding the international expansion of the Unified Payments Interface is correct?

  • A. Every country in which UPI is live has linked its own domestic fast payment system to UPI on a system-to-system basis.
  • B. The linkage of UPI with Singapore's PayNow was launched in February 2023 by the central banking authorities of the two countries.
  • C. UPI services abroad are available exclusively to Indian citizens who hold accounts with banks located in India.
  • D. All cross-border linkages of UPI permit the transfer of funds in both directions from the date on which they go live.

Q10. Consider the following statements comparing the international presence of the Unified Payments Interface (UPI) before and after the Favara-UPI corridor: 1. Before the Maldives linkage, France was the only country outside Asia among those where UPI was live. 2. After the Maldives linkage, the countries where UPI is live/linked include Qatar and the United Arab Emirates in West Asia. 3. Unlike the launches in Sri Lanka and Mauritius, which were jointly inaugurated at the level of Heads of Government, the go-live of the Maldives corridor was announced by the Maldivian central banking authority. Which of the statements given above is/are correct?

  1. Before the Maldives linkage, France was the only country outside Asia among those where UPI was live.
  2. After the Maldives linkage, the countries where UPI is live/linked include Qatar and the United Arab Emirates in West Asia.
  3. Unlike the launches in Sri Lanka and Mauritius, which were jointly inaugurated at the level of Heads of Government, the go-live of the Maldives corridor was announced by the Maldivian central banking authority.
  • A. 1 and 2 only
  • B. 2 and 3 only
  • C. 1 and 3 only
  • D. 1, 2 and 3

Q11. The KALIA scheme of Odisha was designed to provide financial support to approximately how many farmer families?

  • A. About 25 lakh
  • B. About 50 lakh
  • C. About 75 lakh
  • D. About 1.25 crore

Q12. Consider the following statements about farmer income-support schemes in India: 1. Rythu Bandhu of Telangana gives assistance on a per-acre basis, its rate having been raised to Rs. 10,000 per acre per annum. 2. KALIA of Odisha extends support to landless agricultural labourers and share croppers besides small and marginal farmers. 3. Unlike these State schemes, PM-KISAN pays a flat amount per farmer family regardless of the extent of land held. 4. Being a national scheme, PM-KISAN necessarily replaces all State-level farmer income-support schemes wherever it operates. Which of the above is/are correctly identified?

  1. Rythu Bandhu of Telangana gives assistance on a per-acre basis, its rate having been raised to Rs. 10,000 per acre per annum.
  2. KALIA of Odisha extends support to landless agricultural labourers and share croppers besides small and marginal farmers.
  3. Unlike these State schemes, PM-KISAN pays a flat amount per farmer family regardless of the extent of land held.
  4. Being a national scheme, PM-KISAN necessarily replaces all State-level farmer income-support schemes wherever it operates.
  • A. 1 and 4 only
  • B. 1, 2 and 3 only
  • C. 2 and 3 only
  • D. 1, 2, 3 and 4

Q13. Consider the following pairs relating to PM-KISAN instalment events: 1. 22nd instalment — released from Guwahati, Assam 2. 23rd instalment — released from Tarakeswar in Hooghly district, West Bengal 3. Launch of the scheme and its first instalment — Bhagalpur, Bihar 4. 18th instalment — Uttar Pradesh accounted for the largest number of beneficiaries among the States Which of the above is/are correctly identified?

  1. 22nd instalment — released from Guwahati, Assam
  2. 23rd instalment — released from Tarakeswar in Hooghly district, West Bengal
  3. Launch of the scheme and its first instalment — Bhagalpur, Bihar
  4. 18th instalment — Uttar Pradesh accounted for the largest number of beneficiaries among the States
  • A. 1 and 3 only
  • B. 1, 2 and 4 only
  • C. 2, 3 and 4 only
  • D. 1, 2, 3 and 4

Q14. Consider the following statements regarding disbursement milestones under PM-KISAN: 1. Cumulative disbursement since launch had crossed Rs. 4.09 lakh crore by the 21st instalment. 2. Cumulative disbursement stood at about Rs. 4.27 lakh crore after 22 instalments. 3. About 9.44 crore farmers received the 23rd instalment. 4. The 23rd instalment was the first under which the number of beneficiaries crossed 10 crore. Which of the statements given above is/are NOT correct?

  1. Cumulative disbursement since launch had crossed Rs. 4.09 lakh crore by the 21st instalment.
  2. Cumulative disbursement stood at about Rs. 4.27 lakh crore after 22 instalments.
  3. About 9.44 crore farmers received the 23rd instalment.
  4. The 23rd instalment was the first under which the number of beneficiaries crossed 10 crore.
  • A. 1 and 2
  • B. 2 and 3
  • C. 4 only
  • D. 3 and 4

Q15. With reference to the Union Cabinet's approval for continuing PM-KISAN, consider the following statements: 1. The approved continuation covers the five financial years 2026-27 to 2030-31. 2. The financial outlay approved for the continuation period is Rs. 3.15 lakh crore. 3. Women farmers constitute about one-half of the beneficiaries currently covered under the scheme. 4. The Union Budget for 2026-27 provided Rs. 60,000 crore for the scheme. Which of the statements given above is/are NOT correct?

  1. The approved continuation covers the five financial years 2026-27 to 2030-31.
  2. The financial outlay approved for the continuation period is Rs. 3.15 lakh crore.
  3. Women farmers constitute about one-half of the beneficiaries currently covered under the scheme.
  4. The Union Budget for 2026-27 provided Rs. 60,000 crore for the scheme.
  • A. 1 and 3
  • B. 3 only
  • C. 3 and 4
  • D. 2 and 4

Q16. Consider the following statements comparing PM-KISAN as originally launched with the scheme as revised by the Union Cabinet in May 2019: 1. The scheme as launched covered only small and marginal farmer families, whereas the revision extended it to all landholding farmer families irrespective of the size of the holding. 2. The revision raised the estimated coverage from about 12.5 crore to about 14.5 crore farmer families. 3. The revision raised the annual assistance per farmer family from Rs. 4,000 to Rs. 6,000. Which of the statements given above is/are correct?

  1. The scheme as launched covered only small and marginal farmer families, whereas the revision extended it to all landholding farmer families irrespective of the size of the holding.
  2. The revision raised the estimated coverage from about 12.5 crore to about 14.5 crore farmer families.
  3. The revision raised the annual assistance per farmer family from Rs. 4,000 to Rs. 6,000.
  • A. 1 and 3 only
  • B. 2 and 3 only
  • C. 1 and 2 only
  • D. 1, 2 and 3

Q17. With reference to the design of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), consider the following statements: 1. The annual benefit is released in three four-monthly instalments of Rs. 2,000 each. 2. The cost of the scheme is shared between the Union Government and the State Governments in the ratio of 60:40. 3. Payments are credited to Aadhaar-seeded bank accounts through the Direct Benefit Transfer mode. 4. As originally notified in February 2019, the benefit was confined to farmer families holding cultivable land up to two hectares. Which of the statements given above is/are NOT correct?

  1. The annual benefit is released in three four-monthly instalments of Rs. 2,000 each.
  2. The cost of the scheme is shared between the Union Government and the State Governments in the ratio of 60:40.
  3. Payments are credited to Aadhaar-seeded bank accounts through the Direct Benefit Transfer mode.
  4. As originally notified in February 2019, the benefit was confined to farmer families holding cultivable land up to two hectares.
  • A. 2 only
  • B. 1 and 2
  • C. 2 and 4
  • D. 4 only

Q18. The KALIA scheme of Odisha was designed to provide financial support to approximately how many farmer families?

  • A. About 25 lakh
  • B. About 50 lakh
  • C. About 75 lakh
  • D. About 1.25 crore

Q19. Consider the following statements about farmer income-support schemes in India: 1. Rythu Bandhu of Telangana gives assistance on a per-acre basis, its rate having been raised to Rs. 10,000 per acre per annum. 2. KALIA of Odisha extends support to landless agricultural labourers and share croppers besides small and marginal farmers. 3. Unlike these State schemes, PM-KISAN pays a flat amount per farmer family regardless of the extent of land held. 4. Being a national scheme, PM-KISAN necessarily replaces all State-level farmer income-support schemes wherever it operates. Which of the above is/are correctly identified?

  1. Rythu Bandhu of Telangana gives assistance on a per-acre basis, its rate having been raised to Rs. 10,000 per acre per annum.
  2. KALIA of Odisha extends support to landless agricultural labourers and share croppers besides small and marginal farmers.
  3. Unlike these State schemes, PM-KISAN pays a flat amount per farmer family regardless of the extent of land held.
  4. Being a national scheme, PM-KISAN necessarily replaces all State-level farmer income-support schemes wherever it operates.
  • A. 1 and 4 only
  • B. 1, 2 and 3 only
  • C. 2 and 3 only
  • D. 1, 2, 3 and 4

Q20. Consider the following pairs relating to PM-KISAN instalment events: 1. 22nd instalment — released from Guwahati, Assam 2. 23rd instalment — released from Tarakeswar in Hooghly district, West Bengal 3. Launch of the scheme and its first instalment — Bhagalpur, Bihar 4. 18th instalment — Uttar Pradesh accounted for the largest number of beneficiaries among the States Which of the above is/are correctly identified?

  1. 22nd instalment — released from Guwahati, Assam
  2. 23rd instalment — released from Tarakeswar in Hooghly district, West Bengal
  3. Launch of the scheme and its first instalment — Bhagalpur, Bihar
  4. 18th instalment — Uttar Pradesh accounted for the largest number of beneficiaries among the States
  • A. 1 and 3 only
  • B. 1, 2 and 4 only
  • C. 2, 3 and 4 only
  • D. 1, 2, 3 and 4

Q21. Consider the following statements regarding disbursement milestones under PM-KISAN: 1. Cumulative disbursement since launch had crossed Rs. 4.09 lakh crore by the 21st instalment. 2. Cumulative disbursement stood at about Rs. 4.27 lakh crore after 22 instalments. 3. About 9.44 crore farmers received the 23rd instalment. 4. The 23rd instalment was the first under which the number of beneficiaries crossed 10 crore. Which of the statements given above is/are NOT correct?

  1. Cumulative disbursement since launch had crossed Rs. 4.09 lakh crore by the 21st instalment.
  2. Cumulative disbursement stood at about Rs. 4.27 lakh crore after 22 instalments.
  3. About 9.44 crore farmers received the 23rd instalment.
  4. The 23rd instalment was the first under which the number of beneficiaries crossed 10 crore.
  • A. 1 and 2
  • B. 2 and 3
  • C. 4 only
  • D. 3 and 4

Q22. With reference to the Union Cabinet's approval for continuing PM-KISAN, consider the following statements: 1. The approved continuation covers the five financial years 2026-27 to 2030-31. 2. The financial outlay approved for the continuation period is Rs. 3.15 lakh crore. 3. Women farmers constitute about one-half of the beneficiaries currently covered under the scheme. 4. The Union Budget for 2026-27 provided Rs. 60,000 crore for the scheme. Which of the statements given above is/are NOT correct?

  1. The approved continuation covers the five financial years 2026-27 to 2030-31.
  2. The financial outlay approved for the continuation period is Rs. 3.15 lakh crore.
  3. Women farmers constitute about one-half of the beneficiaries currently covered under the scheme.
  4. The Union Budget for 2026-27 provided Rs. 60,000 crore for the scheme.
  • A. 1 and 3
  • B. 3 only
  • C. 3 and 4
  • D. 2 and 4

Q23. Consider the following statements comparing PM-KISAN as originally launched with the scheme as revised by the Union Cabinet in May 2019: 1. The scheme as launched covered only small and marginal farmer families, whereas the revision extended it to all landholding farmer families irrespective of the size of the holding. 2. The revision raised the estimated coverage from about 12.5 crore to about 14.5 crore farmer families. 3. The revision raised the annual assistance per farmer family from Rs. 4,000 to Rs. 6,000. Which of the statements given above is/are correct?

  1. The scheme as launched covered only small and marginal farmer families, whereas the revision extended it to all landholding farmer families irrespective of the size of the holding.
  2. The revision raised the estimated coverage from about 12.5 crore to about 14.5 crore farmer families.
  3. The revision raised the annual assistance per farmer family from Rs. 4,000 to Rs. 6,000.
  • A. 1 and 3 only
  • B. 2 and 3 only
  • C. 1 and 2 only
  • D. 1, 2 and 3

Q24. With reference to the design of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), consider the following statements: 1. The annual benefit is released in three four-monthly instalments of Rs. 2,000 each. 2. The cost of the scheme is shared between the Union Government and the State Governments in the ratio of 60:40. 3. Payments are credited to Aadhaar-seeded bank accounts through the Direct Benefit Transfer mode. 4. As originally notified in February 2019, the benefit was confined to farmer families holding cultivable land up to two hectares. Which of the statements given above is/are NOT correct?

  1. The annual benefit is released in three four-monthly instalments of Rs. 2,000 each.
  2. The cost of the scheme is shared between the Union Government and the State Governments in the ratio of 60:40.
  3. Payments are credited to Aadhaar-seeded bank accounts through the Direct Benefit Transfer mode.
  4. As originally notified in February 2019, the benefit was confined to farmer families holding cultivable land up to two hectares.
  • A. 2 only
  • B. 1 and 2
  • C. 2 and 4
  • D. 4 only

Q25. India's crude oil 'import dependence', officially placed at about 88 per cent, is a measure of which one of the following?

  • A. The proportion of India's total crude oil requirement that is met from overseas purchases
  • B. The proportion of India's foreign exchange outgo that is accounted for by purchases of crude oil
  • C. The proportion of India's installed refining capacity that is held by foreign-owned oil companies
  • D. The proportion of India's petroleum product consumption that is met by bringing in finished products

Q26. Of the following six companies engaged with India's offshore exploration ecosystem — Reliance Industries, Cairn India, Invenire Energy, Adani Welspun Exploration, Shell and TGS — how many are classed as private operators rather than as global E&P majors or as seismic service and technology providers?

  • A. Three
  • B. Four
  • C. Five
  • D. Six

Q27. The cloud-based National Data Repository for India's upstream sector was built by the Directorate General of Hydrocarbons in collaboration with which one of the following organisations?

  • A. The National Informatics Centre
  • B. The National Remote Sensing Centre
  • C. The Centre for Development of Advanced Computing
  • D. The National Centre for Polar and Ocean Research

Q28. Consider the following statements regarding the announcement and the subsequent approval of India's offshore exploration initiative: 1. The mission announced from the Red Fort in 2025 was styled the National Deepwater Exploration Mission, while the scheme approved by the Cabinet in 2026 is titled the National Offshore Exploration Scheme. 2. The Independence Day announcement itself specified the entire financial outlay and the terminal financial year of the scheme. 3. A domestically manufactured semiconductor chip and Mission Sudarshan Chakra were among the other initiatives announced in the same Independence Day address. Which of the statements given above is/are correct?

  1. The mission announced from the Red Fort in 2025 was styled the National Deepwater Exploration Mission, while the scheme approved by the Cabinet in 2026 is titled the National Offshore Exploration Scheme.
  2. The Independence Day announcement itself specified the entire financial outlay and the terminal financial year of the scheme.
  3. A domestically manufactured semiconductor chip and Mission Sudarshan Chakra were among the other initiatives announced in the same Independence Day address.
  • A. 1 only
  • B. 1 and 2 only
  • C. 1 and 3 only
  • D. 1, 2 and 3

Q29. Under the Open Acreage Licensing Policy administered by the Directorate General of Hydrocarbons, how many exploration blocks in all had been awarded across the first nine bid rounds?

  • A. 92
  • B. 172
  • C. 254
  • D. 331

Q30. Which one of the following is the apex technical body under the Ministry of Petroleum & Natural Gas that administers exploration blocks and monitors upstream exploration and production activity in India?

  • A. The Petroleum and Natural Gas Regulatory Board
  • B. The Petroleum Planning and Analysis Cell
  • C. The Directorate General of Hydrocarbons
  • D. The Oil Industry Development Board