UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today’s subject quiz on the Economy to check your progress. Gear up for UPSC Prelims 2026—Practice smarter, revise faster, and succeed with our Special Quiz Magazine. (Click Here) With reference to the India and the Association of Southeast Asian Nations (ASEAN) countries, consider the following statements: 1. The trade agreement between India and ASEAN countries was signed in 2009. 2. Bilateral trade between India and Vietnam has doubled over the past decade. 3. India’s trade deficit with the fast-growing ASEAN region has declined over the last decade. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None Relevance: This topic is important for UPSC Prelims because ASEAN is central to India’s Act East Policy, regional connectivity, and Indo-Pacific strategy. It helps in understanding free trade agreements, regional economic integration, and India’s trade relations with major Southeast Asian economies. …

UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today’s subject quiz on the Economy to check your progress. Gear up for UPSC Prelims 2026—Practice smarter, revise faster, and succeed with our Special Quiz Magazine. (Click Here) With reference to the India-New Zealand trade, consider the following statements: 1. India’s free trade agreement (FTA) with New Zealand provides duty-free access for 100% of India’s exports to New Zealand. 2. In FY26, India’s exports to New Zealand were mainly scrap metals, coal and farm-linked inputs. 3. New Zealand is the “first country to secure preferential access for apples” in any Indian FTA. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None Relevance: The question tests understanding of India’s evolving Free Trade Agreement (FTA) strategy and its shift towards comprehensive economic partnerships. It reflects the growing importance of Indo-Pacific economic relations, especially with developed partners like New Zealand, …

UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today’s subject quiz on the Economy to check your progress. Gear up for UPSC Prelims 2026—Practice smarter, revise faster, and succeed with our Special Quiz Magazine. (Click Here) 🚨 Click Here to read the UPSC Essentials magazine for March 2026. Share your views and suggestions in the comment box or at [email protected]🚨 1. India depends on imports to meet over 88% of its crude oil needs, 40% of which depend on the Strait of Hormuz. 2. As for natural gas, India’s import dependency is about 50%, and almost half of India’s liquefied natural gas (LNG) imports come via the Strait of Hormuz. 3. In the case of liquefied petroleum gas (LPG), India’s reliance on imports is 60%, and 90% of those come through the Strait of Hormuz. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None Relevance: The question is important …