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INDIAN ECONOMY > 4.Growth and Development > Flashcards

4.Growth and Development Flashcards

1
Q

What is the largest contributor to savings in India?

A

The household sector is the largest contributor to savings in India.

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2
Q

What is the second-largest contributor to savings in India?

A

The private sector is the second-largest contributor to savings in India.

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3
Q

How does the public sector’s contribution to savings in India compare to the private sector’s?

A

The public sector contributes lesser in savings compared to the private sector in India.

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4
Q

How does savings in the economy lead to growth and development of the country?

A

Savings in the economy leads to investment which ultimately leads to the growth and development of the country.

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5
Q

What is Economic Development?

A

Economic Development refers to the multi-dimensional, qualitative change in the composition and distribution of national income. It involves a gradual and steady planned change, which is continuous. It is a prerequisite for development and takes into consideration both economic and non-economic factors.

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6
Q

What is Economic Growth?

A

Economic Growth refers to the single dimensional quantitative changes in national and per capita income. It is a spontaneous change that happens continuously. Economic Growth is possible without development, and it addresses only economic factors.

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7
Q

What is the main difference between Economic Development and Economic Growth?

A

The main difference between Economic Development and Economic Growth is that Economic Development is a multi-dimensional, qualitative change in the composition and distribution of national income, whereas Economic Growth is a single-dimensional quantitative change in national and per capita income. Economic Development is a planned and gradual change, while Economic Growth is a spontaneous change. Economic Development takes into consideration both economic and non-economic factors, while Economic Growth addresses only economic factors.

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8
Q

What is the importance of Economic Development?

A

Economic Development is essential for a country’s growth and development. It leads to qualitative changes in the composition and distribution of national income, which ultimately contributes to the country’s overall development. Economic Development creates a stable economy, generates employment opportunities, and improves the standard of living of people.

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9
Q

What is the importance of Economic Growth?

A

Economic Growth is crucial for the progress and development of a country. It results in an increase in national and per capita income, which leads to a better standard of living for people. Economic Growth generates employment opportunities and provides stability to the economy.

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10
Q

What is the World Happiness Report?

A

The World Happiness Report is an annual publication of the United Nations Sustainable Development Solutions Network.

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11
Q

In which position India is ranked in the World Happiness Index 2021 and 2022?

A

Answer: In 2021, India was ranked 139th out of 149 countries in the World Happiness Index, and in 2022, it is ranked 136th.

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12
Q

Which country is the happiest country in the world as per the World Happiness Report 2022?

A

Finland is the happiest country in the world as per the World Happiness Report 2022.

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13
Q

Which countries are in the top 5 positions of the World Happiness Report 2022?

A

The top 5 positions in the World Happiness Report 2022 are held by Finland, Norway, Denmark, Iceland, and the Netherlands.

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14
Q

What are the rankings of Pakistan, Bangladesh, and Nepal in the World Happiness Report 2022?

A

Pakistan is ranked 121st, Bangladesh is ranked 94th, and Nepal is ranked 84th in the World Happiness Report 2022.

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15
Q

What is the Social Progress Index (SPI)?

A

The Social Progress Index (SPI) is an index that measures the extent to which countries provide for the social and environmental needs of their citizens.

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16
Q

What are the areas in which the Social Progress Index measures a nation’s performance?

A

The Social Progress Index measures a nation’s performance in the areas of basic human needs, foundations of well-being, and opportunity to progress using 51 indicators.

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17
Q

Who publishes the Social Progress Index?

A

The Social Progress Index is published by the nonprofit organization Social Progress Imperative.

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18
Q

Who are the writers on whose work the Social Progress Index is based?

A

The Social Progress Index is based on the writings of Amartya Sen, Douglass North, and Joseph Stiglitz.

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19
Q

What was India’s rank in the Social Progress Index in 2020?

A

India’s rank in the Social Progress Index was 117th in 2020, with a score of 56.8/100, indicating low social progress.

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20
Q

What is India’s rank in the Social Progress Index in 2022?

A

India’s rank in the Social Progress Index is 110th in 2022, with a score of 60.19.

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21
Q

What is the Legatum Prosperity Index?

A

The Legatum Prosperity Index is an annual ranking developed by the Legatum Institute, a division of the private investment firm Legatum.

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22
Q

What factors are considered for ranking in the Legatum Prosperity Index?

A

The ranking is based on a variety of factors including wealth, economic growth, education, health, personal well-being, and quality of life.

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23
Q

What is India’s rank in the Legatum Prosperity Index 2021?

A

India ranked 101st out of 167 countries.

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24
Q

What was India’s rank in the Legatum Prosperity Index last year?

A

India’s rank was 101st in the previous year as well.

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25
Q

In which areas does India perform poorly in the Legatum Prosperity Index?

A

India ranks low in safety and security (139th place) and natural environment (160th place), but ranks better in enterprise conditions (51st place). Personal freedom is ranked at 106th place.

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26
Q

What is the Legatum Institute?

A

The Legatum Institute is a division of the private investment firm Legatum that conducts research on promoting prosperity and well-being around the world.

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27
Q

What is the Global Hunger Index?

A

The Global Hunger Index is a measure of hunger and undernutrition worldwide, developed by the International Food Policy Research Institute (IFPRI).

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28
Q

What is India’s rank in the Global Hunger Index 2022?

A

India ranks 107th out of 121 countries in the GHI 2022 rankings.

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29
Q

How is hunger level reflected in the Global Hunger Index?

A

Values from 0 to 9.9 reflect low hunger, values from 10.0 to 19.9 reflect moderate hunger, values from 20.0 to 34.9 indicate serious hunger, values from 35.0 to 49.9 reflect alarming hunger, and values of 50.0 or more reflect extremely alarming hunger levels.

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30
Q

Which organization develops the Global Hunger Index?

A

The International Food Policy Research Institute (IFPRI) develops the Global Hunger Index.

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31
Q

How does India’s rank compare to its neighbouring countries in the Global Hunger Index 2022?

A

India is ranked behind most of its neighbouring countries. Pakistan is ranked 99th, Sri Lanka is ranked 64th, Nepal is ranked 81st, and Bangladesh is ranked 84th in the GHI 2022 rankings.

32
Q

What is the Human Development Index (HDI)?

A

The Human Development Index (HDI) is a statistical composite index that measures a country’s development based on life expectancy, education, and per capita income indicators.

33
Q

Who developed the HDI?

A

The HDI was developed by Pakistani economist Mahbub ul Haq, with help from Gustav Ranis of Yale University and Meghnad Desai of the London School of Economics.

34
Q

How is a country’s HDI score determined?

A

A country’s HDI score is determined by its life expectancy, education level, and gross national income (PPP) per capita. A higher score is obtained if a country has a higher lifespan, education level, and GNI per capita.

35
Q

What is India’s HDI score and rank?

A

As of 2019, India’s HDI score is 0.645, which indicates medium human development. Its rank is 131 out of 189 countries.

36
Q

What is the purpose of the HDI?

A

The purpose of the HDI is to measure a country’s development based on human factors, such as life expectancy, education, and income, rather than just economic growth. It is used by the United Nations Development Program (UNDP)’s Human Development Report Office to provide a comprehensive measure of human development.

37
Q

What is the Corruption Perceptions Index (CPI)?

A

The Corruption Perceptions Index (CPI) is an index published annually by Berlin-based Transparency International since 1995 which ranks countries “by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.

38
Q

What is the range of scores in the Corruption Perceptions Index (CPI)?

A

The range of scores in the Corruption Perceptions Index (CPI) is from 0 to 100. If the score is 99-50, then the country is perceived as less corrupt, and 49-0, the country is perceived as more corrupt.

39
Q

What is the range of scores in the Corruption Perceptions Index (CPI)?

A

The range of scores in the Corruption Perceptions Index (CPI) is from 0 to 100. If the score is 99-50, then the country is perceived as less corrupt, and 49-0, the country is perceived as more corrupt.

40
Q

What was India’s rank and score in the Corruption Perceptions Index 2020?

A

India ranked 86th out of 179 countries with a score of 40 in the Corruption Perceptions Index 2020.

41
Q

How has India’s score in the Corruption Perceptions Index changed over the years?

A

India’s score in the Corruption Perceptions Index has increased from 36 in 2012 to 40 in 2020.

42
Q

Which countries hold the first and second positions in the Corruption Perceptions Index 2020?

A

Denmark and Finland hold the first and second positions in the Corruption Perceptions Index 2020 with a score of 88.

43
Q

What is the Global Peace Index (GPI)?

A

The Global Peace Index is a report produced by the Institute for Economics & Peace (IEP) that measures the relative position of nations’ and regions’ peacefulness.

44
Q

How many independent states and territories are ranked in the GPI?

A

The GPI ranks 172 independent states and territories collectively accounting for 99.7 percent of the world’s population according to their levels of peacefulness.

45
Q

What is India’s rank in the 2021 GPI?

A

India’s rank is 135 out of 163 nations in 2021.

46
Q

What was India’s rank in the 2019 GPI?

A

India’s rank was 141 out of 171 countries in 2019.

47
Q

Which countries are ranked as the most peaceful in the 2021 GPI?

A

Iceland, New Zealand, Denmark, Portugal, Austria, Slovenia, and Denmark are ranked as the most peaceful countries in the 2021 GPI.

48
Q

Which countries are ranked as the least peaceful in the 2021 GPI?

A

Afghanistan, Syria, Iraq, South Sudan, and Yemen are ranked as the least peaceful countries in the 2021 GPI.

49
Q

What is Green GDP?

A

Green GDP is a modified version of traditional GDP, which takes into account the depletion of natural resources and environmental degradation caused by economic activities.

50
Q

What is subtracted from traditional GDP to calculate Green GDP?

A

To calculate Green GDP, net natural capital consumption, which includes environmental degradation, and money spent on protecting and healing the environment, is subtracted from traditional GDP.

51
Q

Why is there a need for Green GDP?

A

Traditional GDP does not account for the negative environmental impact of economic activities, and it does not consider the depletion of natural resources. Therefore, Green GDP was developed to provide a more accurate measure of economic growth that considers both economic and environmental factors.

52
Q

What does the calculation of Green GDP involve?

A

The calculation of Green GDP involves subtracting the costs of environmental degradation and natural resource depletion from the traditional GDP figures.

53
Q

What is the purpose of subtracting environmental costs from traditional GDP?

A

The purpose of subtracting environmental costs from traditional GDP is to create a more accurate measure of economic growth that takes into account the depletion of natural resources and environmental degradation. This helps to provide a more sustainable measure of economic progress.

54
Q

What is Potential GDP?

A

Potential GDP represents the maximum level of output a country’s economy can sustain over a given period of time, assuming full employment and maximum productivity.

55
Q

What does Potential GDP measure?

A

Potential GDP measures the market value of goods and services that could be produced by an economy if all of its resources were utilized at maximum efficiency.

56
Q

How is Potential GDP different from actual GDP?

A

Actual GDP measures the current level of output of an economy, whereas Potential GDP measures the maximum possible level of output over a period of time.

57
Q

What factors does Potential GDP assume?

A

Potential GDP assumes that an economy is at full employment, all resources are being utilized at maximum efficiency, and the economy is producing at its maximum capacity.

58
Q

Why is Potential GDP important?

A

Potential GDP provides an estimate of an economy’s growth potential and helps policymakers identify areas where economic growth can be improved.

59
Q

What is disposable income?

A

Disposable income is an economic indicator that represents the amount of net income that a household or individual has available after paying income taxes.

60
Q

How is disposable income calculated?

A

Disposable income is calculated by subtracting the income tax paid from the gross income.

61
Q

Why is disposable income an important economic indicator?

A

Disposable income is an important economic indicator because it shows the amount of money that consumers have available to spend or save after taxes. This can have an impact on consumer spending and investment, which can affect the overall state of the economy.

62
Q

Can disposable income be negative?

A

Yes, disposable income can be negative if the taxes paid exceed the gross income. In this case, the household or individual would have to use savings or take on debt to meet their expenses.

63
Q

What are some factors that can affect disposable income?

A

Some factors that can affect disposable income include changes in tax rates, changes in employment status or income level, and changes in the cost of living.

64
Q

What is discretionary income?

A

Discretionary income is the amount of money that an individual or household has left after paying for necessary expenses such as taxes, rent/mortgage, utilities, and groceries.

65
Q

How is discretionary income calculated?

A

Discretionary income is calculated by subtracting necessary expenses such as taxes, housing, and utilities from an individual or household’s income.

66
Q

Why is discretionary income important?

A

Discretionary income is important because it reflects the amount of money that an individual or household has available for spending on non-essential items such as entertainment, vacations, and luxury goods. It can also be used for saving or investing.

67
Q

What are some examples of discretionary expenses?

A

Examples of discretionary expenses include dining out, entertainment, travel, hobbies, and luxury items such as designer clothing or high-end electronics.

68
Q

How can discretionary income impact the economy?

A

Discretionary income can impact the economy by influencing consumer spending, which in turn can affect business profits and overall economic growth. Higher levels of discretionary income may lead to increased consumer spending, while lower levels may lead to decreased spending and slower economic growth.

69
Q

What is the problem with the concept of GDP?

A

The problem with the concept of GDP is that it does not measure the overall quality of living or well-being of a country.

70
Q

What does GDP count and how does it affect the measurement of GDP?

A

GDP counts both goods and bads. For example, when an earthquake hits and requires rebuilding, GDP increases. Similarly, when someone gets sick and money is spent on their care, it is counted as a part of the GDP. However, these events do not necessarily mean that the country is better off.

71
Q

How does GDP fail to capture the well-being of a country in terms of pollution cost?

A

GDP is not adjusted for pollution cost. Therefore, if two economies have the same GDP per capita but one has polluted air and water while the other does not, the well-being will be different, but the GDP per capita will not capture it.

72
Q

How does GDP fail to capture the well-being of a country in terms of pollution cost?

A

GDP is not adjusted for pollution cost. Therefore, if two economies have the same GDP per capita but one has polluted air and water while the other does not, the well-being will be different, but the GDP per capita will not capture it.

73
Q

What is the problem with GDP regarding environmental degradation and resource depletion?

A

GDP does not provide any information about environmental degradation and resource depletion, which are crucial factors for the well-being of a country.

74
Q

What information does GDP hardly provide about sustainability?

A

GDP tells hardly anything about sustainability, which is an essential aspect of well-being.

75
Q

Why may the distribution of GDP among the residents of a country be important for the quality of life?

A

The quality of life may also depend upon the distribution of GDP among the residents of a country, not just the overall level. Therefore, an unequal distribution of GDP can lead to an unsatisfactory quality of life for some individuals.

INDIAN ECONOMY (35 decks)

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