ied Flashcards
The foundation of British empire in India was laid by which battle
Battle of Plassey
Battle of Plassey was fought in which year
1757 
How is Indian economy described before the advent of British rule
Prosperous, agrarian, well-known handicraft industry 
Name the experts who estimated national income and per capita income during colonial period
Dadabhai Naoroji, William Digby, Findlay Shirras, VKRV Rao, RC Desai
Who is estimates were considered significant in the calculation of per capita and national income
VKRV Rao
In the first half of 20th century what were the estimates for national income and per capita income
What was the main reason for stagnation in agricultural sector during colonial times
Land settlement system, commercialisation of agriculture, low level of productivity, scarcity of investment 
Profits accruing out of agricultural sector went to the mean about in the form of?
lagaan
Name to cash crops which were produced as the commercialisation of agriculture increased
Cotton and jute
Under commercialisation of agriculture, British rule promoter shifting of _____ crops to ____ crops
food, cash
What resulted in low level of productivity in agriculture
Lack of irrigation facilities, negligible use of fertilisers, low levels of technology
In which fields was agriculture facing scarcity of investment?
Terracing, flood control and drainage
Due to partition, a sizeable portion of the undivided country’s highly irrigated and fertile land went to Pakistan. This caused a setback to which industry? 
Jute producing industry
What were the reasons for poor state of industrial sector during colonial period
Deindustrialisation, adverse effects of decline of handicraft industry, lack of capital goods industry, low contribution to GDP, limited role of public sector
How did the British government systematically de-industrialise the handicraft industry
To get raw materials from India at cheap rates and sell finished products of British industries in India at higher prices
What were the adverse effects of decline of handicraft industry
High level of unemployment, import of finished goods
The displaced artisans took up which livelihood what was the adverse effect of this
Agriculture, overcrowding in agriculture
______ Refer to those industries which can produce machine tools, which are, in turn, used for producing articles for current consumption
capital goods industry
Where were the cotton textile mills located
Maharashtra and Gujarat
Where were the jute mills located
Bengal
Tata iron and steel company was set up in which state in which year
Jamshedpur Bihar-1907
What was the state of India’s foreign trade during British rule
Exporter of primary products and importer of finished goods, monopoly control of British rule, drain of Indian wealth during British rule
More than half of India’s trade was restricted to Britain while the rest was allowed to few countries like?
China, Ceylon, Persia 
When was the Suez Canal opened
1869
When was the first official census conducted
1881
Which year is known as the year of great divide
1921
India transitioned from which stage to which stage after 1921
1st to 2nd
Demographic condition during colonial time is characterised by?
High birthrate and death rate, extremely low literacy rate, poor health facilities, high infant mortality rate, low life expectancy, widespread poverty
What was the birth rate and death rate during colonial times
48 and 40 per thousand respectively
What was the literacy level and female literacy level
16 and 7
What was the infant mortality rate
218
What was the life expectancy
44 years
What was the occupational structure like
75% of workforce was occupied in agriculture.

Which states witnessed a decline in dependence of workforce on the agriculture sector
Tamil Nadu Andhra Pradesh, Kerala, Karnataka, Maharashtra, West Bengal
Which states witnessed an increase in share of workforce in agriculture
Odisha, Rajasthan, Punjab
What was the state of roads during colonial period
Roads were built to mobilise the army and shift raw materials.
There always remained an acute shortage of all-weather roads.

Most important contribution of the British rule in infrastructure was?
Railways established in 1850
How were the railways helpful
Enabling people to undertake long-distance travel, promoted national integration, enhanced commercialisation of Indian agriculture
Which canal was abandoned due to huge cost
Coast Canal on Odisha coast
Introduction of the expensive system of electric telegraph in India was done for?
Maintaining law and order
List some of the positive contributions of British rule
Self-sufficiency in food grain production, better means of transport, check on famines, shift to monetary economy, effective administrative set up 
In which economy the means of production are owned and controlled and operated by the private sector
Capital list economy
Under the capitalist economy how are the central problem solved
What to produce: under this system, only goods that are profitable in the market are produced
How to produce: Cheaper techniques of production are used, either capital intensive or labour-intensive
For whom to produce: goods are distributed among people on the basis of their income/purchasing power
Under which economy means of production are owned and controlled and operated only by the government
Socialist economy
Under a socialistic economy how are the central problem solved?
What to produce: government decides what to produce
How to produce: government decides how goods will be produced
For whom to produce: based on people’s needs and not what they can purchase
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
Mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
Mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
Mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which system the public sector and private sector are allotted their respective roles for solving the central problems of the economy?
mixed economy
In which year was the industrial policy resolution formed
1948
In which year was planning commission set up
1950
Who was the chairman of the planning commission
Prime Minister Jawaharlal Nehru
What is to be achieved over a period of 20 years is called which plan
Perspective plan
When was the first five year plan launched
1 April 1951
What are the goals of five-year plans
Growth, equity, modernisation, self-reliance
Increase in the country’s capacity to produce the output of goods and services within the country is known as
Growth
What is the indicator of economic growth called
Gross domestic product
What two aspects does modernisation include?
Adoption of new technology and change in social outlook
Overcoming the need of external assistance is called
Self-reliance
Self-reliance aims at?
To reduce foreign dependence for food and avoid foreign interference in policies
Which concept states that every person should be able to meet their basic needs and inequality in the distribution of wealth should be reduced
Equity
What does equity aim at?
To raise the standard of living for all people and promote social justice
What were the problems of agriculture from 1950 to 1990
Low productivity, disguised unemployment, high dependency on rainfall, subsistence farming, outdated technology, conflict between tenant and landlord
What two policies were adopted for growth of agriculture
Land reforms and green revolution
Change in the ownership of land holdings is called
land reforms
What were some of the steps taken in land reforms
Abolition of intermediaries, land ceiling
Why was the goal of equity not fully served by abolition of intermediaries
Former zamindars continue to own large areas of land by finding loopholes in the legislation
Tenants Were evicted and Zamindars claimed to be self cultivators

Fixing a specified limit of land which would be owned by an individual is called
Land ceiling
What was the purpose of land ceiling
To reduce the concentration of land ownership in few hands
In which two states were land reforms successful
Kerala and West Bengal
When was Green Revolution strategy adopted
Third plan
Large increase in production of food grains due to use of high yielding variety seeds is called
Green Revolution
From mid-sixties to mid-70s which states benefited from high yielding variety seeds the most
Andhra Pradesh, Punjab, Tamil Nadu
What were the benefits of green Revolution
Attaining marketable surplus, buffer stock of food grains, benefit to lower income groups
What are the risks involved under Green Revolution
Risk of pest attack and rise of rise in income inequalities
How did the government ensure that the risks did not come true
By providing loans at a lower interest to small farmers
Arguments in favour of subsidies are
Arguments against subsidy are
What was the need to develop public sector in industrial development
Shortage of capital with private sector, lack of incentive for private sector, objective of social welfare
When did the industrial policy resolution come into existence
1956
How many categories were the industries classified into according to the industry policy resolution
Three
How many industries were included in schedule A what were these industries
Schedule a included industries which would be exclusively owned by the state, 17 industries were included in this
Schedule be included what industries how many industries were there
12 industries were placed. These are progressively state-owned. The state would take initiative of setting up industries and private sector would supplement efforts of the states
Schedule C included how many industries. What were these industries?
all the remaining industries. The state would facilitate and courage the development of these industries but they were to be set up by private sector
How are the private sector industries regulated
Through a system of licences in enforced under industries (development and regulation) act 1951
What was the license required for?
Diversification of products, setting up of new industries, expansion of existing ones
The village and small-scale industries committee was also called?
The village and small-scale industries committee was also called?
in which year did the karve committee recognise the possibility of using small scale industries to promote rural development?
what is the present limit for maximum investment in small-scale industry
small-scale industries help in?
how does the government ensure that the small-scale industries are protected from big firms?
what policy was being used in foreign trade in the 1950s
The policy of import substitution was used for how many plans
The policy of replacement or substitution of imports by domestic production is called
which two ways were used to protect the goods produced in India
Who is known as the architect of Indian planning
PC Mahalanobis
which plan was based on the ideas laid down by PC Mahalanobis
Second plan
what were the reasons for economic reforms
poor performance of public sector deficit in balance of payments Fall in foreign exchange reserves inflationary pressures huge burden of debt inefficient management
which two institutions did the Indian government approach during the crisis of 1991
another name for World Bank is
what was the loan amount granted to India during the crisis of 1991
what was the three conditions laid down by the institutions to India
When was the new economic policy announced
The economy policy can be broadly classified into two kinds of measures
removal of entry and growth restrictions on private sector is called
transfer of ownership, management and control of public sector to private sector is called
integrating the national economy with world economy is called
what five aspects did liberalisation include
industrial sector reforms, financial sector reforms, tax reforms, foreign exchange reforms, trade and investment policy reforms
when was the new industrial policy released
July 24, 1991
what were the parts of industrial sector reforms
reduction in industrial licensing
decrease in role of public sector (17 to 3)
de-reservation under small scale industries (investment celing increased, goods dereserved)
monopolies and restrictive trade practices act
Financial sector reforms
change in role of RBI from regulator to facilitator
Origin of private banks
increase in limit of foreign investment in banks- 51%
ease in expansion process- freedom to set up new branches
tax reforms
reduction in taxes- to encourage savings and voluntary disclosure of income
reforms in indirect taxes
simplification of the process
GST was passed in the Parliament on? GST came into affect on? The aim of the tax was? It is also called?
29 March 2017, 1 July 2017
To avoid tax evasion, One nation one tax one market
foreign exchange reforms
devaluation of the rupee- which resulted in inflow of foreign exchange
Market determination of exchange rate
trade and investment policy reforms
removal of quantitative restrictions on imports and exports
removal of export duties
reduction in import duties
relaxation import import licensing system
transfer of ownership management and control of public sector enterprises to the entrepreneurs is known as
This is done through two ways, what are the two ways?
transfer of ownership and disinvestment of public sector undertakings
integrating the national economy with world economy through removal of barriers on international trade and capital movements
- automatic permission to high technology and high investment priority industries to 51% of the equity
- Currency devaluations in July 1991 by 20%
- Indian rupee was made partially convertible in the budget of 1992-93
- Indian budget made the rupee fully convertible in the budget of 1993-94
- customs duty reduced from 250% to 10%
in favour of globalisation-arguments
greater access to global markets, advanced technology, better future prospects
against globalisation-arguments
Benefits are shared more by developed countries than by developing countries
it compromises the welfare of people belonging to poor countries
contacting out of some of its activities to a third party which were earlier performed by the organisation is called
why are multiple multinational corporations outsourcing from India
due to low wage rates and availability of skilled manpower
which organisation was set up prior to World trade organisation
General agreement on trade and tariff
when was general agreement on trade and tariff set up
1948
How many countries were initially a part of GATT
23
which organisation was founded as successor to GATT
World Trade Organisation
when was world trade organisation established
1995
how many members does WTO have at present
164
What are the functions of WTO
to facilitate international trade, to establish rules-based trading, to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect environment
what are some of the negatives of WTO
people feel that major volume of international trade occurs among developed nations and developing countries are being cheated as they are forced to open their markets to developed countries
What proportion of the world’s poor live in india
1/5 Or 270 million people
what are the common characteristics of poor people
- Hunger, starvation and malnutrition
- poor health
- Limited economic opportunities
- debt trap
- lack of facilities of electricity and water
- gender inequality
- bigger families
which poverty refers to poverty of people in comparison to other people
relative poverty
how does relative poverty help
it helps in understanding the relative position of different segments of the population
The total number of people living below poverty line is called
absolute poor
Who propounded jail cost of living
Dadabhai Naoroji
in which year did planning commission set up a study group
1962
The task force on projections of minimum needs and effective consumption demand was formed in which year
1979
The expert group was formed in which year
1989
A cut-off point on the line of distribution, which usually divides the population of the country as poor and nonpoor is called?
poverty line
which measure is used to determine the poverty line
monthly per capita expenditure
which organisation had defined poverty line on the basis of recommended nutritional requirements
planning commission
what are the recommended nutritional requirements for rural and urban areas
2400 calories per person per day for rural area and 2100 cal per person per day in urban area
according to planning commission’s which methodology the minimum monthly per capita expenditure in monetary terms is calculated
Tendulkar methodology
what is the minimum monthly per capita consumption expenditure in rural and urban areas
816 per person in rural areas and Rs.1000 in urban areas
people who are always poor and those who are usually poor are called
chronic poor
people who are churning poor and occasionally poor are included in
transient poor
people are nonpoor are included in
non poor
people who regularly move in and out of poverty are called
churning poor
people who are rich most of the times and poor sometimes are called
occasionally poor
Who pioneered the Sen index for poverty
amartya sen
proportion of people below poverty line is known as
headcount ratio
Who makes the official data on poverty available to the public
planning commission
Who collects data for poverty estimation
National sample survey Organisation
how many poor people were there in India in 1973-74
320 million
how many poor people were there in India in 2011-12
270 million
which five states account for about 70% of India’s poor
Uttar Pradesh, Bihar, Madhya Pradesh, West Bengal and Odisha
what are the three reasons why agriculture still continues to the highest number of poor
low success rate of land ceilings, majority of small and marginal farmers, fragmentation of land holdings
The causes of poverty are?
- population explosion
- Low level of economic development
- poor state of agriculture
- high illiteracy
- High level of unemployment
- High level of indebtedness
- inequalities of income
- inflation
what are three approaches of government to remove poverty
growth oriented approach, poverty elevation programmes, minimum needs programme
The growth oriented approach was initiated in which five year plan
first
which approach expects that effects of economic growth would spread to all sections of society and benefit the poor sections also?
growth oriented approach
why did the growth oriented approach fail
- population growth resulted in low growth in per capita income
- Green Revolution increased disparities between large and small farmers
- benefits of economic growth did not trickle down to the poor
poverty elevation programmes were initiated in which five year plan
third
minimum needs programme was initiated in which five year plan
fifth
three programmes under minimum needs programme are?
public distribution system, midday meal scheme, integrated Child development scheme
poverty elevation programmes in India can be divided into parts, they are?
wage implement programmes and self-employment programmes
capital which includes all those inputs which are required for further production like machinery, plant, factory et cetera is called
physical capital
Stock of skill, ability, exporters, education and knowledge in body in the people is called
human capital
how is human resource turned into human capital formation
by using their skills, knowledge, productivity and educating them and making them more healthy
What are the sources of human capital formation
- expenditure on education
- Expenditure on health
- On-the-job training
- expenditure on migration
- Expenditure on information
what are the various forms of health expenditure
- preventive medicine
- curative medicine
- social medicine
- provision of clean drinking water
- good sanitation facilities
which german bank in its report on global growth centres identified that india would identity as one of the 4 major growth centres by 2020?
deutsche bank
what % of increase did deutsche bank target for india between 2005-2020?
40%
which organisation wrote the report, india and the knowledge economy?
world bank
what does the report india and the knowledge economy state?
that india should make a transition to the knowledgeable economy
what is the importance of human capital formation?
- effective use of physical capital
- higher productivity and production
- inventions, innovations and technological improvement
- modernisation of attitude
- increases life expectancy
- improves quality of life
- Control the population growth
problems of human capital formation
- insufficient resources
- serious inefficiencies
- Brain drain
- high growth of population
- several imbalances
- lack of proper manpower planning
Why is it necessary for government intervention in education and health sector
- expenditure on education and health make substantial long-term impact
- individual consumers of the services do not have knowledge
- providers of education and health may acquire monopoly and exploit
Full form of NCERT
Full form of UGC
Full form of AICTE
all India Council of technical education
Full form of ICMR
Indian Council of medical research
Which sector does the government spend the most on for education
Elementary
what percentage of the GDP does the government spend on for education
4%
Which committee appointed by Indian government estimated an expenditure of one lakh crore on education
When was the Tapas Majumdar committee established
1998
Right to education act came into existence in which year
2009
Education cess value is
2%
in which year did the karve committee recognise the possibility of using small scale industries to promote rural development?
what is the present limit for maximum investment in small-scale industry
small-scale industries help in?
how does the government ensure that the small-scale industries are protected from big firms?
what policy was being used in foreign trade in the 1950s
The policy of import substitution was used for how many plans
The policy of replacement or substitution of imports by domestic production is called
which two ways were used to protect the goods produced in India
Who is known as the architect of Indian planning
PC Mahalanobis
which plan was based on the ideas laid down by PC Mahalanobis
Second plan
what were the reasons for economic reforms
poor performance of public sector deficit in balance of payments Fall in foreign exchange reserves inflationary pressures huge burden of debt inefficient management
which two institutions did the Indian government approach during the crisis of 1991
another name for World Bank is
what was the loan amount granted to India during the crisis of 1991
what was the three conditions laid down by the institutions to India
When was the new economic policy announced
The economy policy can be broadly classified into two kinds of measures
removal of entry and growth restrictions on private sector is called
transfer of ownership, management and control of public sector to private sector is called
integrating the national economy with world economy is called
what five aspects did liberalisation include
industrial sector reforms, financial sector reforms, tax reforms, foreign exchange reforms, trade and investment policy reforms
when was the new industrial policy released
July 24, 1991
what were the parts of industrial sector reforms
reduction in industrial licensing
decrease in role of public sector (17 to 3)
de-reservation under small scale industries (investment celing increased, goods dereserved)
monopolies and restrictive trade practices act
Financial sector reforms
change in role of RBI from regulator to facilitator
Origin of private banks
increase in limit of foreign investment in banks- 51%
ease in expansion process- freedom to set up new branches
tax reforms
reduction in taxes- to encourage savings and voluntary disclosure of income
reforms in indirect taxes
simplification of the process
GST was passed in the Parliament on? GST came into affect on? The aim of the tax was? It is also called?
29 March 2017, 1 July 2017
To avoid tax evasion, One nation one tax one market
foreign exchange reforms
devaluation of the rupee- which resulted in inflow of foreign exchange
Market determination of exchange rate
trade and investment policy reforms
removal of quantitative restrictions on imports and exports
removal of export duties
reduction in import duties
relaxation import import licensing system
transfer of ownership management and control of public sector enterprises to the entrepreneurs is known as
This is done through two ways, what are the two ways?
transfer of ownership and disinvestment of public sector undertakings
integrating the national economy with world economy through removal of barriers on international trade and capital movements
- automatic permission to high technology and high investment priority industries to 51% of the equity
- Currency devaluations in July 1991 by 20%
- Indian rupee was made partially convertible in the budget of 1992-93
- Indian budget made the rupee fully convertible in the budget of 1993-94
- customs duty reduced from 250% to 10%
in favour of globalisation-arguments
greater access to global markets, advanced technology, better future prospects
against globalisation-arguments
Benefits are shared more by developed countries than by developing countries
it compromises the welfare of people belonging to poor countries
contacting out of some of its activities to a third party which were earlier performed by the organisation is called
why are multiple multinational corporations outsourcing from India
due to low wage rates and availability of skilled manpower
which organisation was set up prior to World trade organisation
General agreement on trade and tariff
when was general agreement on trade and tariff set up
1948
How many countries were initially a part of GATT
23
which organisation was founded as successor to GATT
World Trade Organisation
when was world trade organisation established
1995
how many members does WTO have at present
164
What are the functions of WTO
to facilitate international trade, to establish rules-based trading, to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect environment
what are some of the negatives of WTO
people feel that major volume of international trade occurs among developed nations and developing countries are being cheated as they are forced to open their markets to developed countries
What proportion of the world’s poor live in india
1/5 Or 270 million people
what are the common characteristics of poor people
- Hunger, starvation and malnutrition
- poor health
- Limited economic opportunities
- debt trap
- lack of facilities of electricity and water
- gender inequality
- bigger families
which poverty refers to poverty of people in comparison to other people
relative poverty
how does relative poverty help
it helps in understanding the relative position of different segments of the population
The total number of people living below poverty line is called
absolute poor
Who propounded jail cost of living
Dadabhai Naoroji
in which year did planning commission set up a study group
1962
The task force on projections of minimum needs and effective consumption demand was formed in which year
1979
The expert group was formed in which year
1989
A cut-off point on the line of distribution, which usually divides the population of the country as poor and nonpoor is called?
poverty line
which measure is used to determine the poverty line
monthly per capita expenditure
which organisation had defined poverty line on the basis of recommended nutritional requirements
planning commission
what are the recommended nutritional requirements for rural and urban areas
2400 calories per person per day for rural area and 2100 cal per person per day in urban area
according to planning commission’s which methodology the minimum monthly per capita expenditure in monetary terms is calculated
Tendulkar methodology
what is the minimum monthly per capita consumption expenditure in rural and urban areas
816 per person in rural areas and Rs.1000 in urban areas
people who are always poor and those who are usually poor are called
chronic poor
people who are churning poor and occasionally poor are included in
transient poor
people are nonpoor are included in
non poor
people who regularly move in and out of poverty are called
churning poor
people who are rich most of the times and poor sometimes are called
occasionally poor
Who pioneered the Sen index for poverty
amartya sen
proportion of people below poverty line is known as
headcount ratio
Who makes the official data on poverty available to the public
planning commission
