Indian Economy 1 Flashcards
Who is the current economic chief advisor?
Krishnamurthy V. Subramanian
Whose works inspired the capitalist economy?
Adam Smith
What does laissez fair mean?
No interference from the government
What is socialism?
Collective ownership of means of production
What is communism?
State owned means of production - absolute power to the state for running the government
Which famous economics book did Adam Smith author?
Wealth of Nations
Who wrote ‘Planned Economy for India’?
M. Vishveshwaraiya
Where does India rank on basis of purchasing power party?
3rd
Where does India rank amongst the world largest economies?
5th largest in the world
What comprises of India’s primary sector?
Production of raw materials - agriculture, fishing & forestry
What comprises of India’s secondary sector?
Mining manufacture, construction, electricity, gas and water supply
What comprises of India’s tertiary sector?
Business, transport, telecommunication, banking, insurance, real estate
Characteristics of Indian economy
- agrarian economy
- developing
- mixed
What was India’s national income 2019-2020
18.10 Lakh crore rupees
Which organisation was set up in 1950 to publish national income data?
Central Statistical Organization
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?
National Sample Survey Organization
Which country ranks first in the Human Development Index?
Norway
Where does India rank on the Human Development Index?
131st
Who devised the HDI?
Mahbub ul-Haq (Pakistan) & Amartya Sen
Who coined the term ‘Gross National Happiness’?
King Jigme Singye Wangchuck
What does the GNH measure?
Quality of life and social progress in more holistic and psychological terms
Where are the headquarters of the Coffee Board in India?
Bangalore (Karnataka)
Where are the headquarters of the Rubber Board in India?
Kottayam (Kerala)
Where are the headquarters of the Tobacco Board in India?
Kolkata (West Bengal)
Where are the headquarters of the Spices Board in India?
Kochi (Kerala)
Where are the headquarters of the National Meat and Poultry Processing Board in India?
Delhi
Where are the headquarters of the Indian Grape Processing Board in India?
Pune (Maharashtra)
What was the measure of food grain production in the country for 2019-2020?
295.67 million tonnes
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
What is the speedy increase in milk production called?
White Revolution
Which operation was started to increase the pace of the White Revolution?
Operation Flood
Who was the Father of Operation Flood?
Dr. Verghese Kurien
Which revolution aims at increasing oil-seed production?
Yellow Revolution
Which revolution aims at increasing fish production?
Blue Revolution
Which is the only sector to have grown in FY2020?
Agriculture
How much did the GDP reduce in the June quarter due to COVID?
23.9%
What is the share of agriculture in GDP of India?
16%