Indian Economy 3 Flashcards
What is the share of manufacturing industry in GDP of India?
17.4% in fiscal year 2020
Which sector contributes most to the GDP of India?
Service sector
What is India’s share in world GDP?
7.09%
What is the economic constitution of India?
Industrial Policy Resolution [1948]
What was the aim of the IPR?
Establishment of socialist pattern in society
Which industries require compulsory lincensing?
- Brewing alcohol
- Cigars, cigarettes and tobacco substitutes
- Electronic, aerospace and defense machinery
- Hazardous chemicals
How many Public Sector Enterprises in India?
348 CPSEs
What are Memorandums of Understanding?
- Contract between the Government and the Management of the CPSE
- To evaluate the performance of the CPSE at the end of the year compared to targets fixed in the beginning
What does the New Company Bill 2013 state?
For companies having an annual turnover of more than 10 lakhs, it is mandatory for them to appoint 1/3 independent directors and at least 1 female director
What is the Maharatna Status?
- Raised the PSE investment ceiling from 1000 crore to 5000 crore (INR)
- Industries can decided investments upto 15% of their net worth
Which industries have the Maharatna status?
ONGC, BHEL, SAIL, IOC, GAIL, BPCL, CIL, NTPC, Hindustan Petroleum
Which act was enforced in 2006 in favour of small scale industries?
Micro, Small and Medium Enterprises Developmental Act (MSMED Act)
Which independent financial institution finances the growth of MSME’s?
SIDBI
- Small Industries Developmental Bank of India
Which committee was set up to look into the problems of small-scale industries?
Abid Hussain Committee
Which was the first steel industry? When and where was it established?
- Iron Works Company
- Kulti, West Bengal
- 1870
Which was the first large scale steel plant?
TISCO [1907] in Jamshedpur
Which is the largest sponge iron producer in the world?
India
When was SAIL established?
1974
Which is the biggest industry in India?
Cotton and Synthetic Textile Industry
What percent of GDP is contributed by textile industry in our country?
2%
The textile industry accounts for how much of the total employment generated in the economy?
21%
India is the largest producer of which fibre in the world?
Jute
Which Act was enforced by the government to broaden the usage of jute?
Jute Packaging Materials Act [1997]
- compulsory use in packaging commodities
India is the largest consumer of which precious metal?
Gold
Which are the ‘big four’ diamond cutting centres of the world?
- USA
- India
- Belgium
- Israel
Which place is known as the silk city in India?
Bhoodan Pochampally, Telangana
Who is largest producer of silk in the world?
China
- India is second
Which is the second largest agro-based industry in India?
Sugar
Which committee was set up to study the sugar industry in India?
BB Mahajan Committee
Who is the largest producer of cement in the world?
China
- India is second
Where does India rank in manufacturing cars in the world?
9th largest
India is the highest producer of which automotive vehicle in the world?
Tractor
What is India’s current world ranking for passenger car sales?
4th
According to the Economic Survey (2018-19), how much of the total workforce in India is from the unorganised sector?
93% 😱
Who is the Chairman of National Commission for Enterprises in Unorganised Sector?
Dr. Arjun Sengupta
Which act replaced the earlier one in 2020 that provides for the social security and welfare of the unorganised workers?
Code On Social Security [2020]
What are the aims of the Make In India campaign?
- Take the manufacturing sector on a sustainable high path
- Growth to 10%
What is the flagship programme that aimed at transforming India into a digitally empowered social economy? When was it launched?
Digital India, 2014
What is the name of the scheme launched by the Karnataka govt. to ensure home delivery of the government services?
Janasevaka
Which state government entered into an agreement with the Survey of India, to employ drones for mapping of villages
Madhya Pradesh
In which state did the Ministry of Civil Aviation operationalise the first ever helicopter services?
Uttarakhand
Which state govt has approved of the first ever glass floor suspension bridge?
Uttarakhand
- across Ganga in Rishikesh
Which govt started a mobile app for people to report drug abuse to the police?
Kerala
- Yodhav app
Which is the first state to introduce the unified registration card?
Madhya Pradesh
Who was elected as president of Paralympic Committee of India?
Deepa Malik
What is the rank of India in export in 2019?
16th
What were India’s top 5 exports in 2019?
- Mineral fuels including oil
- Gems, precious metals
- Machinery including computers
- Organic chemicals
- Vehicles
What is the rank of India in import in 2019?
9th
What were India’s top imports in 2019?
- Crude oil
- Gold
- Coal
- Diamonds
Which are the main foreign exchange reserves in India?
- Foreign Currency Assets
- Gold Stock of RBI
- Special Drawing Rights
- Reserve Tranche Position in the IMF
Which act imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex) and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency?
Foreign Exchange Regulation Act (FERA) [1973]
Which Act replaced FERA and when?
Foreign Exchange Management Act (FEMA) [1999]
Where was Asia’s first Export Processing Zone set up?
Kandla, India [1965]
Which 3 institutions handle FDI in India?
Foreign Investment Promotion Board
Foreign Investment Implementation Authority
Secretariat for Industrial Assistance
In which sector is FDI prohibited in India?
Gambling & betting, lottery, sectors not open to private sector investment
FDI was allowed in ____ in May 2011.
Limited Liability Partnership
Who designed the new symbol for the rupee?
Udaya Kumar
Who manages the present monetary system of India?
RBI
Who is the head of the RBI Working Group on Money Supply?
Y.V. Reddy
Who is the current head of RBI?
Shaktikanta Das
What does devaluation of currency mean?
- Reducing the value of currency by fiscal authorities, to make exports cheaper and imports costlier
- Balances payment deficit
How many times has India devalued its currency?
4 times
- 1949 [30.5% by John Mathai]
- 1966 [57% by Sachindra Chaudhry]
- 1991 [9% by Manmohan Singh]
- 1991 [11% by Manmohan Singh]
Where is India’s Security Press located?
Nashik
Where is the Banks Notes Press located?
Dewas
When did India’s demonetisation happen?
9 Dec, 2016
What did the RBI do in the demonetisation?
- Withdrew old 500 and 1000 rupee notes as invalid modes of payment
- To tackle black money & eliminate fake currency
What are the causes of inflation?
- Printing too much money
- Increase in production cost
- Tax rise
- Wars or other instabilities
Persistent high level of inflation leads to ____.
Economic stagnation
What are some measures to control inflation?
- Increase bank interest
- Control prices and wages
- Provide CoL allowance to citizens
What is the base year of WPI of India?
2011-12
From which year was India’s WPI shifted and when?
From 2004-05 in May 2017
What does WPI measure?
Change in wholesale prices on a weekly basis
What does CPI measure?
Change in retail prices on a monthly basis
When was SBI nationalised and what was its name before that?
1955
Imperial bank of India
Which was the first bank of limited liability managed by an Indian?
Oudh Commercial Bank [1881]
When was Punjab National Bank established?
1894
Who was the first governor of the RBI?
Sir Osborne Smith
Who was RBI’s first Indian governor?
CD Deshmukh
Imperial Bank of India was created by the amalgamation of which 3 presidency banks?
Bank of Bengal, Bombay and Madras
Which are the top 5 private sector banks
- ICICI
- HDFC
- Axis
- Kotak
- Yes Bank
Which scheme was created in 2015 for banking reforms in India?
Indradhanush Scheme
Which was India’s first all woman bank?
Bharatiya Mahila Bank (BMB) [Nov, 2013]
Which bank did BMB merge with and when?
SBI, 2017
Who was the first chairperson of Bharatiya Mahila Bank?
Usha Anantha Subramanian
Which public sector financial institution was started in 2015 to provide loans at low interests to small entrepreneurs?
MUDRA Bank
- Micro Units Developmental and Refinance Agency Bank
What is the name of India’s largest micro lender?
Bandhan
- based in Kolkata
Head of Bandhan Finance
Chandra Shekhar Ghosh
Who introduced life insurance to India?
British
A British firm established _____ Insurance Company in 1818.
Oriental Life Insurance Company
When was LIC established?
1956
Where was the most recent zonal office of LIC set up?
Patna
When was General Insurance Corporation of India established?
1973
According to the policy, at what level is the FDI for insurance company still capped at?
49%
When was the National Pension System opened to all citizens?
2009
