Development Experience and Economic Reforms Flashcards
When was the postal system in Indian introduced?
1837
During the colonial period, Indian had ____ trade balance.
Favourable
Characteristics of Indian Economy during the British Rule
Semi- feudal, Colonial, Dis-integrated, Backward and Stagnant
What is Livelihood Agriculture?
When farmers mainly produce food crops only
Share of the workforce engaged in agriculture during the colonial rule
85%
When was Planning Commission constituted?
1950
When was National Development Council formed?
1952
State the Plan Holiday Period.
1966-69
In which 5 year-plan was Malanobis Model adopted?
2nd Five-year plan
Who formulates plans in India?
Planning Commission
Who finally approves the draft of Indian plans?
National Development Council
What is the central objective of Indian Planning?
Growth with Stability
Who is the founder of the Green Revolution?
Norman. E. Borlaug
What type of Reform is Maximum Price Ceiling?
Institutional Reform
What type of problem of agriculture is defective tenure system?
Institutional
T/F. Green Revolution improved the production of crops but not the income of farmers.
False
What are wonder seeds?
HYV seeds which increase production when combined with fertilisers and pesticides.
What is the number of Industrial policy declared after independence?
6
Liberalised Industrial Policy was announced on ____
July 24, 1991
Industrial Policy in force presently in India is
1991
When was Industries (Development &Regulation) Act implemented?
1951
Regional Equality is the main purpose of ____
Industrial Policy Resolution 1956
Maximum Investment limit in fixed capital for small scale industry
5 crores
T/F. In cottage industries, machines are not used whereas they are used in small scale industries.
True
Presently, the number of industries reserved for the public sector is ___
2
What are cottage industries?
Those which function part/ full time with the help of the family members and traditional methodology
After independence, India had a favourable balance of trade situations for ____ times
2
What % of India’s share in World trade policy has been targeted in Foreign trade policy 2004-2009?
1.5%
Import- Export Policy 2009-14 was declared on ____
27th August 2009
Features of New EXIM policy are
- Abolition of quantitative restriction on export
- Special incentives on the export of agricultural products
- Improvement in facilities in SEZs
India’s EXIM policy 2004-09 was declared on _____
31st March 2003
T/F. Import Substitution leads to unfavourable foreign trade.
True
What is the export promotion?
Process of giving incentives to old exporters and new entrepreneurs to increase exportable surplus
The new economic policy of 1991 is also called____
U-turn policy
__________ means removing all unnecessary controls and restrictions imposedby government like quotas..
Liberalisation
What are non-tariff barriers?
Restrictions on imports by the government by means other than tax.
What is demonetisation?
Process of detaching a currency from its status as legal tender in the country.
T/F. All before demonetisation has occurred in the context of hyperinflation, wars, political upheavals or other extreme condition.
True
T/F. Laissez-faire and liberalisation have the same meaning with reference to the economy
False
Since when is WTO working?
January 1st, 1995
Name any 2 taxes which were subsumed in GST
sales tax, service tax, value-added tax, excise duty
Does Electricity distribution belong to the secondary sector?
No
Occupational structure in British India was _____
stagnant and underdeveloped
Small Scale Industries were differentiated from large scale industries by _____
Amount of Investment
The Industrial Policy which worked till 1990 was adopted in _______
1956
Fiscal Deficit is that part of government expenditure which is met by ______
Borrowing
Financial sector reforms are undertaken by _
RBI
The main source of foreign capital to India________
a)Loans from abroad b)Foreign Direct Investment
Foreign Direct Investment
What signifies the industrial sector in India?
a) source of employment
b) development of agriculture
c) growth of civilisation
d) All of the above
d- all of the above
The fiscal policy includes
a) taxation
b) subsidies
c) wages
d) both a and b
d- both a and b
Privatisation means
a) allowing private individuals to set up industries that were earlier reserved for public sector
b) selling part/ whole of government’s equity to the private sector
c) both a and b
c) both a and b
When was planning commission abolished?
2015
