MCQ Test: India's Economy Poised for Boost with Sweeping GST Reforms; Strong Growth and Festive Spending Highlight Economic Resilience

1. Who highlighted that the recent GST reforms and income tax relief could add ₹20 lakh crore to India's GDP?

A) Dev Garg B) Ashwini Vaishnaw C) Union Finance Minister D) Prime Minister Narendra Modi

2. What is the primary aim of the recent GST reforms and income tax relief measures, as highlighted by Ashwini Vaishnaw?

A) To increase foreign direct investment B) To ease financial burden on households, particularly the middle class C) To boost exports to the USA D) To reduce government spending

3. The 'GST 2.0' framework primarily involves the merging of which two GST slabs?

A) 5% and 12% B) 12% and 18% C) 12% and 28% D) 18% and 28%

4. Which of the following sectors is NOT explicitly mentioned as benefiting from the 'GST 2.0' framework?

A) Micro, Small, and Medium Enterprises (MSMEs) B) Food sector C) Agricultural sector D) Software development sector

5. What was the GST rate on cement reduced to from its previous rate as part of the reforms?

A) 5% B) 12% C) 18% D) 28%

6. What is the new GST registration time for exporters, reduced from the previous 30-40 days?

A) 1 day B) 3 days C) 7 days D) 15 days

7. How quickly can exporters now receive provisional 90% GST refunds, significantly reduced from the previous 60-day period?

A) Within 24 hours B) Within 3 days C) Within one week D) Within two weeks

8. What was India's GDP growth rate in the first quarter of FY25-26 (April-June 2025)?

A) 6.5% B) 7.0% C) 7.8% D) 8.2%

9. Which of the following factors contributed to India's strong GDP growth in Q1 FY25-26, according to the text?

A) Increased Foreign Direct Investment (FDI) B) Decline in government spending C) Resilient domestic demand D) Reduced US trade tariffs

10. What is the projected economic activity generated by the Ganesh Chaturthi festival in 2025?

A) ₹20,000 crore B) ₹25,000 crore C) ₹35,000 crore D) ₹45,000 crore

11. The reduction in GST on consumer goods like mixer-grinders, LED televisions, washing machines, and refrigerators is expected to directly benefit which initiative?

A) Digital India B) Skill India C) Make in India D) Clean India

12. According to Dev Garg of the Indian Rice Exporters Federation, the reform is described as 'not just a tax reform, it is an ______ reform.'

A) Social B) Cultural C) Political D) Economic

13. From what date are the benefits of the GST reforms and income tax relief measures effective?

A) August 15 B) September 22 C) October 1 D) January 1

14. What is one of the global challenges mentioned that could potentially impact Indian exports?

A) Global pandemic B) US trade tariffs C) European economic slowdown D) Shortage of raw materials

15. Which of the following metropolitan hubs is NOT explicitly mentioned as a major contributor to the Ganesh Chaturthi festive economy?

A) Mumbai B) Bengaluru C) Pune D) Hyderabad

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India's Economy Poised for Boost with Sweeping GST Reforms; Strong Growth and Festive Spending Highlight Economic Resilience

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1. Who highlighted that the recent GST reforms and income tax relief could add ₹20 lakh crore to India's GDP?

2. What is the primary aim of the recent GST reforms and income tax relief measures, as highlighted by Ashwini Vaishnaw?

3. The 'GST 2.0' framework primarily involves the merging of which two GST slabs?

4. Which of the following sectors is NOT explicitly mentioned as benefiting from the 'GST 2.0' framework?

5. What was the GST rate on cement reduced to from its previous rate as part of the reforms?

6. What is the new GST registration time for exporters, reduced from the previous 30-40 days?

7. How quickly can exporters now receive provisional 90% GST refunds, significantly reduced from the previous 60-day period?

8. What was India's GDP growth rate in the first quarter of FY25-26 (April-June 2025)?

9. Which of the following factors contributed to India's strong GDP growth in Q1 FY25-26, according to the text?

10. What is the projected economic activity generated by the Ganesh Chaturthi festival in 2025?

11. The reduction in GST on consumer goods like mixer-grinders, LED televisions, washing machines, and refrigerators is expected to directly benefit which initiative?

12. According to Dev Garg of the Indian Rice Exporters Federation, the reform is described as 'not just a tax reform, it is an ______ reform.'

13. From what date are the benefits of the GST reforms and income tax relief measures effective?

14. What is one of the global challenges mentioned that could potentially impact Indian exports?

15. Which of the following metropolitan hubs is NOT explicitly mentioned as a major contributor to the Ganesh Chaturthi festive economy?

India's Economy Poised for Boost with Sweeping GST Reforms; Strong Growth and Festive Spending Highlight Economic Resilience

Your Score: 0 / 0

1. Who highlighted that the recent GST reforms and income tax relief could add ₹20 lakh crore to India's GDP?

2. What is the primary aim of the recent GST reforms and income tax relief measures, as highlighted by Ashwini Vaishnaw?

3. The 'GST 2.0' framework primarily involves the merging of which two GST slabs?

4. Which of the following sectors is NOT explicitly mentioned as benefiting from the 'GST 2.0' framework?

5. What was the GST rate on cement reduced to from its previous rate as part of the reforms?

6. What is the new GST registration time for exporters, reduced from the previous 30-40 days?

7. How quickly can exporters now receive provisional 90% GST refunds, significantly reduced from the previous 60-day period?

8. What was India's GDP growth rate in the first quarter of FY25-26 (April-June 2025)?

9. Which of the following factors contributed to India's strong GDP growth in Q1 FY25-26, according to the text?

10. What is the projected economic activity generated by the Ganesh Chaturthi festival in 2025?

11. The reduction in GST on consumer goods like mixer-grinders, LED televisions, washing machines, and refrigerators is expected to directly benefit which initiative?

12. According to Dev Garg of the Indian Rice Exporters Federation, the reform is described as 'not just a tax reform, it is an ______ reform.'

13. From what date are the benefits of the GST reforms and income tax relief measures effective?

14. What is one of the global challenges mentioned that could potentially impact Indian exports?

15. Which of the following metropolitan hubs is NOT explicitly mentioned as a major contributor to the Ganesh Chaturthi festive economy?

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