In the past few years, India has experienced an incredible transformation from an agriculture-dominated economy to one that is primarily focused on the provision of services. These changes were facilitated through the introduction of labour market policies, the implementation of market-driven economic strategies, the introduction of the Goods and Services Tax (GST), the modernisation of monetary and fiscal policies and the modernisation of taxation. It is essential to understand important economic indicators such as GDP components, the minimum support price (MSP), inflation, the fiscal deficit, the repo rate, LPG reforms, the regulation of SEBI, inclusiveness in growth, poverty measurement, and social welfare schemes before studying the economy of India. The use of these multiple-choice questions (MCQs) is intended to help facilitate learning by clearly defining each of the major areas, providing examples from real life, and using straightforward language to make sure that participants can remember and accurately identify the key economic concepts.