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Economics > Indian Economy > Flashcards

Indian Economy Flashcards

1
Q

What is the primary objective of the Indian economy?

A

To achieve sustainable economic growth and development.

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2
Q

True or False: The Indian economy is classified as a developing economy.

A

True

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3
Q

Fill in the blank: The GDP of India is measured in terms of ______.

A

Indian Rupees

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4
Q

What does GDP stand for?

A

Gross Domestic Product

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5
Q

Which sector contributes the most to India’s GDP?

A

Services sector

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6
Q

True or False: Agriculture is the largest employer in India.

A

True

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7
Q

What is the significance of the Planning Commission in India?

A

To formulate and oversee the implementation of five-year plans.

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8
Q

Which organization is responsible for monetary policy in India?

A

Reserve Bank of India (RBI)

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9
Q

What is the current monetary policy framework in India?

A

Inflation targeting

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10
Q

Fill in the blank: The Indian fiscal year runs from ______ to ______.

A

April 1 to March 31

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11
Q

What does FDI stand for?

A

Foreign Direct Investment

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12
Q

Which Indian initiative aims to boost manufacturing in the country?

A

Make in India

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13
Q

True or False: The Indian economy is primarily based on agriculture.

A

False

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14
Q

What is the term for the difference between exports and imports?

A

Balance of Trade

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15
Q

Which tax is levied on goods and services in India?

A

Goods and Services Tax (GST)

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16
Q

What is the main purpose of the National Bank for Agriculture and Rural Development (NABARD)?

A

To finance and support rural development activities.

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17
Q

What is the primary source of revenue for the Indian government?

A

Taxation

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18
Q

What does the term ‘black money’ refer to?

A

Income that is not reported to the government for tax purposes.

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19
Q

Fill in the blank: The Indian economy is characterized by a ______ growth rate.

A

high

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20
Q

What is the role of the Securities and Exchange Board of India (SEBI)?

A

To regulate the securities market in India.

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21
Q

True or False: India has a mixed economy.

A

True

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22
Q

What is the main goal of the Pradhan Mantri Jan Dhan Yojana?

A

To promote financial inclusion.

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23
Q

What is the term for the economic measure that assesses the average income of a country’s citizens?

A

Per Capita Income

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24
Q

Which organization provides loans to developing countries including India?

A

World Bank

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25
Q

What is the primary objective of the Goods and Services Tax (GST)?

A

To simplify the tax structure and eliminate the cascading effect of taxes.

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26
Q

Fill in the blank: The Indian stock market is primarily represented by ______ and ______.

A

BSE and NSE

27
Q

What is the main focus of the ‘Digital India’ initiative?

A

To transform India into a digitally empowered society and knowledge economy.

28
Q

True or False: The Indian economy has a high level of income inequality.

A

True

29
Q

What is the main objective of the Make in India initiative?

A

To encourage companies to manufacture their products in India.

30
Q

What does MSME stand for?

A

Micro, Small and Medium Enterprises

31
Q

What is the purpose of the Reserve Bank of India’s repo rate?

A

To control inflation and manage liquidity in the economy.

32
Q

Fill in the blank: The Indian economy is considered one of the world’s largest ______ economies.

A

emerging

33
Q

What is the term for government spending that is intended to stimulate economic activity?

A

Fiscal stimulus

34
Q

True or False: The informal sector plays a significant role in the Indian economy.

A

True

35
Q

What is the role of the Ministry of Finance in India?

A

To manage the government’s finances and economic policy.

36
Q

What is the main purpose of the ‘Skill India’ initiative?

A

To enhance the employability of youth by providing skill training.

37
Q

What is inflation?

A

The rate at which the general level of prices for goods and services rises.

38
Q

Fill in the blank: The Indian economy has a large ______ population.

A

youth

39
Q

What is the significance of ‘Atmanirbhar Bharat’?

A

To promote self-reliance and boost local manufacturing.

40
Q

What is the primary purpose of the Pradhan Mantri Awas Yojana?

A

To provide affordable housing to the urban poor.

41
Q

True or False: India has a large trade deficit.

A

True

42
Q

What is the term for the economic activity that involves the production and distribution of goods and services?

A

Economic system

43
Q

What is the significance of the ‘Start-Up India’ initiative?

A

To promote entrepreneurship and innovation in the country.

44
Q

Fill in the blank: The primary sector of the economy is based on ______.

A

natural resources

45
Q

What is the role of the Indian Statistical Institute?

A

To conduct research and provide statistical data for economic planning.

46
Q

True or False: The Indian economy is largely driven by consumer spending.

A

True

47
Q

What is the term for the economic strategy that emphasizes exports over imports?

A

Export-led growth

48
Q

What is the primary goal of the National Rural Livelihoods Mission?

A

To reduce poverty by promoting self-employment and wage employment.

49
Q

Fill in the blank: The Indian economy is influenced by both ______ and ______ factors.

A

domestic; international

50
Q

What is the main feature of the economic liberalization in India?

A

Reduction of government control over the economy.

51
Q

True or False: The service sector has shown rapid growth in India over the last two decades.

A

True

52
Q

What does the term ‘current account deficit’ refer to?

A

A situation where a country’s imports exceed its exports.

53
Q

What is the primary focus of the Pradhan Mantri Ujjwala Yojana?

A

To provide LPG connections to women from below poverty line households.

54
Q

Fill in the blank: The Indian economy has a significant ______ sector.

A

informal

55
Q

What is the significance of the Foreign Exchange Management Act (FEMA)?

A

To facilitate external trade and payments and promote the orderly development of the foreign exchange market.

56
Q

True or False: The Indian government has a target to achieve a $5 trillion economy by 2025.

A

True

57
Q

What is the term for the amount by which a country’s exports exceed its imports?

A

Trade surplus

58
Q

What is the primary purpose of the National Health Mission?

A

To provide accessible and affordable healthcare to all.

59
Q

Fill in the blank: The Indian economy is characterized by ______ diversity.

A

regional

60
Q

What is the role of the Ministry of Commerce and Industry?

A

To formulate and implement policies for trade, commerce, and industrial development.

61
Q

True or False: India is one of the largest producers of textiles in the world.

A

True

62
Q

What is the term for the economic measure that reflects the total value of all goods and services produced in a country in a given period?

A

Gross National Product (GNP)

63
Q

What is the significance of the ‘Digital Payments’ initiative?

A

To promote cashless transactions and enhance financial inclusion.

64
Q

Fill in the blank: The Indian economy is heavily influenced by ______ policies.

A

monetary

Economics (6 decks)

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