Fundamentals of Economics

Question 1

According to SBI Research, Gini Coefficient of India is?

Answer 1

G = 0.402 for the assessment year 2022 - 23

Question 2

With reference to socialist economic system, emphasize on PMGKAY (When it started, What it does, Who is beneficial)

Answer 2

PMGKAY: Pradhan Mantri Garib Kalyan Anna Yojana
1. Start: March 2020
2. What: Free food grains under NFSA (National Food Security Act)
3. Who gets: Priority House Holds and Antyodaya Anna Yojana House Holds

Question 3

With reference to mixed economic system, India invested ___ USD in Public - Private Infrastructure

Answer 3

India invested 120 Billion USD in Public - Private Infra

Question 4

With reference to mixed economic system, substantiate with an example of failure of PSEs

Answer 4

According to World Bank 2023, Telecommunication of India accounted for 9.8 Lakh Crores loss

Question 5

1° Sector definition and fields under?

Answer 5

Def: Exploitation of natural resources

Such as: Agriculture, Fisheries, Mining, and so on…. related to extracting resources directly from the nature

Question 6

2° Sector definition and fields under?

Answer 6

Def: Processing of raw materials into finished goods

Such as: Automobile production, Textile production, Construction, and so on… which is related to manufacturing and production

Question 7

3° Sector definition and fields under?

Answer 7

Def: Service provider

Such as: Transportation, Storage Provider, Hair Cutter, and so on… Also referred as White Collar Jobs

Question 8

4° Sector definition and fields under?

Answer 8

Def: Companies engaged in intellectual activities

Such as: R&D, IT, Education, and so on…

Question 9

Quinary sector definition and fields under?

Answer 9

Def: High level decision making, research, and leadership

Such as: MPs, MLAs, Government Servants, Police, and so on… Also referred as Gold Collar Jobs

Question 10

According to UNDP: India’s rank in HDI (2022)

Answer 10

India’s HDI Rank in 2022 = 0.644 - 134th out of 193 nations

Note: HDI = Geometric Mean (Health, Education, Livelihood)

Question 11

According to UNDP: India’s rank in GII (2022)

Answer 11

India’s GII Rank in 2022 = 0.437 - 108th out of 166 nations

Note: GII is measure of Reproductive Health, Empowerment, and Labor

Note(1): Higher the GII higher the inequality

Question 12

According to WEF: India’s rank in GGI (2024)

Answer 12

India’s GGI Rank in 2024 = 0.641 - 129th out of 146 nations

Note: GGI based on health, education, economic participation & opportunity, political empowerment

Note(1): Higher the GGI lesser the gender gap

Question 13

According to UN Sustainable Development Solutions Network (UN SDSN): India’s rank in GNH Index

Answer 13

India’s GNH Index Rank in 2023 = 126th out of 150 nations