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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
Where are the headquarters of the Spices Board in India?
Kochi (Kerala)
26
Where are the headquarters of the National Meat and Poultry Processing Board in India?
Delhi
27
Where are the headquarters of the Indian Grape Processing Board in India?
Pune (Maharashtra)
28
What was the measure of food grain production in the country for 2019-2020?
295.67 million tonnes
29
What is the MSP?
Minimum Support Price is the price at which the government must purchase crop from farmers directly if prices fall below the MSP
30
What is the speedy increase in milk production called?
White Revolution
31
Which operation was started to increase the pace of the White Revolution?
Operation Flood
32
Who was the Father of Operation Flood?
Dr. Verghese Kurien
33
Which revolution aims at increasing oil-seed production?
Yellow Revolution
34
Which revolution aims at increasing fish production?
Blue Revolution
35
Which is the only sector to have grown in FY2020?
Agriculture
36
How much did the GDP reduce in the June quarter due to COVID?
23.9%
37
What is the share of agriculture in GDP of India?
16%
38
What percent of the workforce in India were employed in agriculture?
41.5%
39
In which Five Year Plan did agriculture experience its highest outlay?
First
40
Which two programs were introduced in the Third Five Year Plan?
- Intensive Agricultural District Programme | - High Yielding Variety Programme
41
Which were the only 2 Five Year Plans to reach their targets?
1st and 5th
42
Which five-year plan did not set any target on crop production?
10th
43
Which committee did the NITI Aayog replace?
Planning Commission
44
Planned growth rate in the twelfth five-year plan?
9%
45
During COVID, India became the second largest producer in which essential item?
Personal Protective Equipment (PPE)
46
What did the RBI reduce its repo rate to during COVID?
4% | reduced 75 pts to 4.4% and then 4%
47
Under which government scheme did the poor and vulnerable receive financial aid as protection from the impact of COVID-19 crisis?
Pradhan Mantri Garib Kalyan Yojana (2016)
48
How much did the government spend as part of the Pradhan Mantri Garib Kalyan Yojana due to COVID?
68,820 crore
49
What is the Atma Nirbhar Bharat Yojana?
- 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
What is repo rate?
- 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
When was the Atma Nirbhar Bharat Yojana launched?
7 May, 2020
52
Which grain was largely purchased from farmers in 2020?
Wheat
53
Which initiative was launched in June 2020 to tackle the impact of COVID-19 on shramik (migrant) workers in India?
Garib Kalyan Rojgar Abhiyaan | - initial funding Rs. 50,000 crore to build durable rural infrastructure
54
What was the FDI limit in defense sector increased to?
74% (from 49%)
55
When did the country witness the sharpest fall in Index of Industrial Production (IIP) in 2020?
April | - fell by 55.5%
56
Who is the chairman of the National Commission on farmers?
M.S. Swaminathan
57
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?
Agricultural Renewal Action Plan (ARAP)
58
Who called for the second Green Revolution in India?
Manmohan Singh in 2006
59
What is the Evergreen Revolution?
- Conceptualised by M.S. Swaminathan | - focus on sustainability through organic and green agriculture
60
Which were the two measures taken to reorganize agricultural land holdings?
- Chakbandi | - Land ceiling
61
When was chakbandi first implemented in India
Gujarat, 1920
62
In which five-year plan was the Green Revolution introduced?
3rd
63
When were land developmental banks established in India?
1919
64
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?
National Bank for Agriculture and Rural Development (NABARD)
65
What was the Tricolour Revolution in India?
Saffron Energy Revolution - better utilization of solar energy White Revolution Blue Revolution
66
What are the parameters of food security?
- food self-sufficiency - nutrition requirement - purchasing power by employment generation
67
What commodity is involved in the Black Revolution?
Petroleum
68
What commodity is involved in the Brown Revolution?
Leather / Cocoa Production
69
What commodity is involved in the Golden Fibre Revolution?
Jute
70
What commodity is involved in the Grey Revolution?
Fertilizer
71
What commodity is involved in the Pink Revolution?
Onion / Pharmaceutical / Prawn
72
What commodity is involved in the Rainbow Revolution in agriculture?
Holistic development of agricultural sector
73
What commodity is involved in the Red Revolution?
Meat & Tomato
74
What commodity is involved in the Round Revolution?
Potato
75
What commodity is involved in the Silver Fibre Revolution?
Cotton
76
What commodity is involved in the Silver Revolution?
Egg / poultry
77
Which fund was set up under NABARD in 1995-96?
Rural Infrastructure Developmental Fund
78
Which is the largest distribution network (of its kind) in the world?
Public Distribution System
79
When was the PDS envisaged?
1967
80
What replaced the PDS in 1997
Targeted Public Distribution System for BPL families
81
What percent of the population does the National Food Security Act 2013 cover?
75% of rural population | 50% of urban population
82
In which states were Rural Regional Banks launched?
UP, Haryana, Rajasthan, W. Bengal
83
When was the Agricultural Insurance Company of India Ltd. incorporated?
2002
84
Name the apex cooperative organization of marketing cooperatives for agricultural produce at the national level?
National Agricultural Co-operative Marketing Federation of India (NAFED)
85
Which corporation works on planning and promoting programmes for the production and marketing of agricultural produce?
National Co-operative Developmental Corporation
86
The Rehabilitation Package for Distressed Farmers (2006) was set up in which states?
Andhra, Karnataka, Kerala, Maharashtra (31 districts)
87
Which agricultural scheme was set up in 2008 to link farmers to markets to maximize value and minimise wastage?
Mega Food Park Scheme
88
Which agricultural scheme is not covered under the Price Support Scheme?
Market Intervention Scheme
89
Which agricultural portal is designed for certifying farmers engaged in organic farming?
Participatory Guarantee System portal
90
Which portal creates a national data base for soil health?
Soil Health Card portal
91
What is the AgriMarket Mobile App?
Keep farmers aware of crop prices around them
92
What is eNAM?
National Agricultural Market | - online trading platform for farmers to get better prices for their produce
93
When was the Soil Health Card Scheme launched?
2015
94
Which public sector insurance company offers yield-based and weather-based crop insurance programs to almost 20 million farmers?
Agriculture Insurance Company of India - biggest crop insurer in the world in number of farmers served

TISSNET (47 decks)

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