INDIAN ECONOMY: CENTRAL PROBLEMS AND PLANNING Flashcards
Which panel set up by the Government of India suggested total decontrol of the sugar industry?
Rangarajan Panel
Minimum Support Price (MSP)
is recommended by _________.
The Commission for Agricultural Costs and Prices
The base financial year for the calculation of the All India Index of industrial production (IIP) is
2011-2012
As per Mankiw’s Principles of Economics , the standard of living of a country depends on the country’s _______.
Ability to produce goods and services
Explanation: Mankiw’s eighth principle of economics is: a country’s standard of living depends on its ability to produce goods and services.
Which theory in economics proposes that countries export what they can most efficiently and plentifully produce?
Heckscher-Ohlin Model Explanation:The Heckscher–Ohlin model (H–O model) states that countries export what they can most efficiently and plentifully produce.
Which one of the following is used for indexing dearness allowance to government employees for increase in prices in India?
Consumer Price Indices (CPI) Explanation: Industrial Dearness Allowance (IDA) applies to the Public sector employees of the Central Government. The Industrial Dearness Allowance for public sector employees undergoes quarterly revision depending on the Consumer Price Index to help offset the impact of rising levels of inflation.
A savings fund in which both, the employer and the employee contribute regularly in the interest of the employee is known as:
Provident Fund
Explanation: The EPF is one of the main platforms of savings for all employees working in Government, Public or Private sector Organizations. It is a type of scheme in which a certain part of one’s salary is deducted and the employer also adds a certain amount into it and then the complete amount is put into a savings account.
The Minimum Support Price is declared by ______.
The Cabinet committee of economic affairs
Explanation: The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi declares the MSP every year. The minimum support price (MSP) is an agricultural product price, set by the Government of India to purchase directly from the farmer.
In whose guidance the economic survey of India is prepared ?
Chief Economic Advisor
Who maintains a Buffer Stock of Food grains in India?
FCI
For how many mandated crops, Minimum Support Price (MSP) is announced by the government?
22
For which crop, fair and remunerative price is announced instead of minimum support price?
Sugarcane
The period of second five year plan in India was:
1956-61
The fund into which the proceeds from disinvestment of Central Public Sector Enterprises are channelised is known as ______
National Investment Fund
The minimum support price protects farmers against which of the following ?
Excess fall in prices during bumper production
