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Indian Economy 1 Flashcards

1
Q

Who is the current economic chief advisor?

A

Krishnamurthy V. Subramanian

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2
Q

Whose works inspired the capitalist economy?

A

Adam Smith

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3
Q

What does laissez fair mean?

A

No interference from the government

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4
Q

What is socialism?

A

Collective ownership of means of production

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5
Q

What is communism?

A

State owned means of production - absolute power to the state for running the government

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6
Q

Which famous economics book did Adam Smith author?

A

Wealth of Nations

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7
Q

Who wrote ‘Planned Economy for India’?

A

M. Vishveshwaraiya

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8
Q

Where does India rank on basis of purchasing power party?

A

3rd

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9
Q

Where does India rank amongst the world largest economies?

A

5th largest in the world

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10
Q

What comprises of India’s primary sector?

A

Production of raw materials - agriculture, fishing & forestry

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11
Q

What comprises of India’s secondary sector?

A

Mining manufacture, construction, electricity, gas and water supply

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12
Q

What comprises of India’s tertiary sector?

A

Business, transport, telecommunication, banking, insurance, real estate

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13
Q

Characteristics of Indian economy

A
  • agrarian economy
  • developing
  • mixed
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14
Q

What was India’s national income 2019-2020

A

18.10 Lakh crore rupees

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15
Q

Which organisation was set up in 1950 to publish national income data?

A

Central Statistical Organization

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16
Q

What was the organization set up in 1950 to conduct large scale sample surveys to meet the data needs of the country for the estimation of national income?

A

National Sample Survey Organization

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17
Q

Which country ranks first in the Human Development Index?

A

Norway

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18
Q

Where does India rank on the Human Development Index?

A

131st

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19
Q

Who devised the HDI?

A

Mahbub ul-Haq (Pakistan) & Amartya Sen

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20
Q

Who coined the term ‘Gross National Happiness’?

A

King Jigme Singye Wangchuck

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21
Q

What does the GNH measure?

A

Quality of life and social progress in more holistic and psychological terms

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22
Q

Where are the headquarters of the Coffee Board in India?

A

Bangalore (Karnataka)

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23
Q

Where are the headquarters of the Rubber Board in India?

A

Kottayam (Kerala)

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24
Q

Where are the headquarters of the Tobacco Board in India?

A

Kolkata (West Bengal)

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25
Q

Where are the headquarters of the Spices Board in India?

A

Kochi (Kerala)

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26
Q

Where are the headquarters of the National Meat and Poultry Processing Board in India?

A

Delhi

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27
Q

Where are the headquarters of the Indian Grape Processing Board in India?

A

Pune (Maharashtra)

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28
Q

What was the measure of food grain production in the country for 2019-2020?

A

295.67 million tonnes

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29
Q

What is the MSP?

A

Minimum Support Price is the price at which the government must purchase crop from farmers directly if prices fall below the MSP

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30
Q

What is the speedy increase in milk production called?

A

White Revolution

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31
Q

Which operation was started to increase the pace of the White Revolution?

A

Operation Flood

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32
Q

Who was the Father of Operation Flood?

A

Dr. Verghese Kurien

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33
Q

Which revolution aims at increasing oil-seed production?

A

Yellow Revolution

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34
Q

Which revolution aims at increasing fish production?

A

Blue Revolution

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35
Q

Which is the only sector to have grown in FY2020?

A

Agriculture

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36
Q

How much did the GDP reduce in the June quarter due to COVID?

A

23.9%

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37
Q

What is the share of agriculture in GDP of India?

A

16%

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38
Q

What percent of the workforce in India were employed in agriculture?

39
Q

In which Five Year Plan did agriculture experience its highest outlay?

40
Q

Which two programs were introduced in the Third Five Year Plan?

A
  • Intensive Agricultural District Programme

- High Yielding Variety Programme

41
Q

Which were the only 2 Five Year Plans to reach their targets?

A

1st and 5th

42
Q

Which five-year plan did not set any target on crop production?

43
Q

Which committee did the NITI Aayog replace?

A

Planning Commission

44
Q

Planned growth rate in the twelfth five-year plan?

45
Q

During COVID, India became the second largest producer in which essential item?

A

Personal Protective Equipment (PPE)

46
Q

What did the RBI reduce its repo rate to during COVID?

A

4%

reduced 75 pts to 4.4% and then 4%

47
Q

Under which government scheme did the poor and vulnerable receive financial aid as protection from the impact of COVID-19 crisis?

A

Pradhan Mantri Garib Kalyan Yojana (2016)

48
Q

How much did the government spend as part of the Pradhan Mantri Garib Kalyan Yojana due to COVID?

A

68,820 crore

49
Q

What is the Atma Nirbhar Bharat Yojana?

A
  • translates to ‘self reliant India’
  • policy to make India “a bigger and more important part of the global economy”
  • pursuing policies that are efficient, competitive and resilient, and being self-sustaining and self-generating
50
Q

What is repo rate?

A
  • rate at which the RBI (central bank) lends money to commercial banks in the event of any shortfall of funds
  • used to control inflation
51
Q

When was the Atma Nirbhar Bharat Yojana launched?

A

7 May, 2020

52
Q

Which grain was largely purchased from farmers in 2020?

53
Q

Which initiative was launched in June 2020 to tackle the impact of COVID-19 on shramik (migrant) workers in India?

A

Garib Kalyan Rojgar Abhiyaan

- initial funding Rs. 50,000 crore to build durable rural infrastructure

54
Q

What was the FDI limit in defense sector increased to?

A

74% (from 49%)

55
Q

When did the country witness the sharpest fall in Index of Industrial Production (IIP) in 2020?

A

April

- fell by 55.5%

56
Q

Who is the chairman of the National Commission on farmers?

A

M.S. Swaminathan

57
Q

Which plan was introduced by the National Commission on Farmers that mutually reinforced packages of technology, services and public policies to bridge the gap between actual yields and potential yields?

A

Agricultural Renewal Action Plan (ARAP)

58
Q

Who called for the second Green Revolution in India?

A

Manmohan Singh in 2006

59
Q

What is the Evergreen Revolution?

A
  • Conceptualised by M.S. Swaminathan

- focus on sustainability through organic and green agriculture

60
Q

Which were the two measures taken to reorganize agricultural land holdings?

A
  • Chakbandi

- Land ceiling

61
Q

When was chakbandi first implemented in India

A

Gujarat, 1920

62
Q

In which five-year plan was the Green Revolution introduced?

63
Q

When were land developmental banks established in India?

64
Q

Which institution is incharge of matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India?

A

National Bank for Agriculture and Rural Development (NABARD)

65
Q

What was the Tricolour Revolution in India?

A

Saffron Energy Revolution - better utilization of solar energy
White Revolution
Blue Revolution

66
Q

What are the parameters of food security?

A
  • food self-sufficiency
  • nutrition requirement
  • purchasing power by employment generation
67
Q

What commodity is involved in the Black Revolution?

68
Q

What commodity is involved in the Brown Revolution?

A

Leather / Cocoa Production

69
Q

What commodity is involved in the Golden Fibre Revolution?

70
Q

What commodity is involved in the Grey Revolution?

A

Fertilizer

71
Q

What commodity is involved in the Pink Revolution?

A

Onion / Pharmaceutical / Prawn

72
Q

What commodity is involved in the Rainbow Revolution in agriculture?

A

Holistic development of agricultural sector

73
Q

What commodity is involved in the Red Revolution?

A

Meat & Tomato

74
Q

What commodity is involved in the Round Revolution?

75
Q

What commodity is involved in the Silver Fibre Revolution?

76
Q

What commodity is involved in the Silver Revolution?

A

Egg / poultry

77
Q

Which fund was set up under NABARD in 1995-96?

A

Rural Infrastructure Developmental Fund

78
Q

Which is the largest distribution network (of its kind) in the world?

A

Public Distribution System

79
Q

When was the PDS envisaged?

80
Q

What replaced the PDS in 1997

A

Targeted Public Distribution System for BPL families

81
Q

What percent of the population does the National Food Security Act 2013 cover?

A

75% of rural population

50% of urban population

82
Q

In which states were Rural Regional Banks launched?

A

UP, Haryana, Rajasthan, W. Bengal

83
Q

When was the Agricultural Insurance Company of India Ltd. incorporated?

84
Q

Name the apex cooperative organization of marketing cooperatives for agricultural produce at the national level?

A

National Agricultural Co-operative Marketing Federation of India (NAFED)

85
Q

Which corporation works on planning and promoting programmes for the production and marketing of agricultural produce?

A

National Co-operative Developmental Corporation

86
Q

The Rehabilitation Package for Distressed Farmers (2006) was set up in which states?

A

Andhra, Karnataka, Kerala, Maharashtra (31 districts)

87
Q

Which agricultural scheme was set up in 2008 to link farmers to markets to maximize value and minimise wastage?

A

Mega Food Park Scheme

88
Q

Which agricultural scheme is not covered under the Price Support Scheme?

A

Market Intervention Scheme

89
Q

Which agricultural portal is designed for certifying farmers engaged in organic farming?

A

Participatory Guarantee System portal

90
Q

Which portal creates a national data base for soil health?

A

Soil Health Card portal

91
Q

What is the AgriMarket Mobile App?

A

Keep farmers aware of crop prices around them

92
Q

What is eNAM?

A

National Agricultural Market

- online trading platform for farmers to get better prices for their produce

93
Q

When was the Soil Health Card Scheme launched?

94
Q

Which public sector insurance company offers yield-based and weather-based crop insurance programs to almost 20 million farmers?

A

Agriculture Insurance Company of India

  • biggest crop insurer in the world in number of farmers served

TISSNET (47 decks)

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