Over the past several decades, the structure of the Indian economy has transformed dramatically from one that was dominated by the government to one that has evolved into a market-oriented economy. To fully understand the current state of the Indian economy, it is critical to understand mixed economic models, the concept of fiscal deficit, inflation, the effects of banking reforms, the introduction and implementation of GST, the effect of human capital development, the impact of the Government’s ‘Make in India’ campaign, and the important concept of Inclusive Growth. These MCQs have been created to promote conceptual clarity of the relationship between various economic concepts and their relationship to India’s real-world policy and development initiatives, and to demonstrate how the application of various economic concepts in practice will help shape the future direction of the economy.