RL ECO 3 Flashcards
●In 1999, the ____ Railway Corporation introducedthe Roll On Roll Off (RORO) service, a uniqueroad-rail synergy system, on the section betweenKolad in Maharashtra and Verna in Goa, whichwas extended up to Surathkal in Karnataka in2004.
Konkan
●The gilt-edged market refers to the market forGovernment and semi-government securities,backed by the ____.
Reserve Bank of India
●The Ministry of Power, the apex body responsible forthe development of electrical energy in India,started functioning independently from 2 July,1992; earlier, it was known as the Ministry of____.
Energy
●Airports Authority of India (AAI) was constituted on1st April, ____ by merging erstwhile NationalAirports Authority (NAA) and InternationalAirports Authority of India (IAAI).
1995
●At the beginning of the 10th Plan, the capacity of themajor ports was 343.95 MTPA which hasincreased to ____ MTPA at the end of the 10thPlan thereby achieving the capacity addition160.80 MTPA.
504.75
●The 12 Major Ports (including the Port of Ennorewhich is a corporate port set up under the IndianCompanies Act, _____) are evenly spread out onthe Eastern and Western coast.
1956
●Indian economic policy after independence wasinfluenced by the colonial experience (which wasseen by Indian leaders as exploitative in nature)and by those leaders’ exposure to ____ socialism.
Fabian
●The Fourth Plan (____) aimed at accelerating thetempo of development of reducing fluctuations inagricultural production as well as the impact ofuncertainties of foreign aid.
1969-74
●GNP can be calculated using the following formula:GNP= ___+ Net factor income from abroad where,Net factor income from abroad = differencebetween income earned in foreign countries byresidents of a country and income earned by non-residents in that country.
GDP
●The net domestic product (NDP) is the equivalentapplication of NNP within macroeconomics, andNDP is equal to gross domestic product (GDP)minus depreciation: NDP =____.
GDP -depreciation
●The situation created by the Indo-Pakistan conflict in1965, two successive years of severe drought,devaluation of the currency, general rise in pricesand erosion of resources available for Planpurposes delayed the finalization of the ____ FiveYear Plan.
Fourth
●Software Technology Park schemes provide facilitiesfor the IT industry, helping them undertakesoftware development and IT enabled services for____ exports that include professional services.
100%
●____ retailing refers to the traditional formats of low-cost retailing, for example, the local kirana shops,owner manned general stores, paan/beedi shops,convenience stores, hand cart and pavementvendors, etc.
Unorganised
●Although India is still a net importer, since ____ itsoverall balance of payments (i.e., including thecapital account balance) has been positive, largelyon account of increased foreign direct investmentand deposits from non-resident Indians.
1996-97
●In India, External Commercial Borrowings are beingpermitted by the Government for providing anadditional source of funds to Indian corporates,with the _____ monitoring and regulating theseborrowings.
Ministry of Finance
●Foreign direct investment is a measure of foreignownership of productive assets, such as factories,mines and land; increasing foreign investment canbe used as one measure of growing _____.
economic globalization
●Foreign Investments in equity capital of an Indiancompany under the ____ Scheme are not withinthe ambit of FDI policy and are governed byseparate regulations of RBI/Securities andExchange Board of India.
Portfolio Investment
●Under The Coinage Act, ____, the Government ofIndia is charged with the responsibility of theproduction and supply of coins to the ReserveBank of India.
1906
●____ are financial institutions that provide bankingservices without meeting the legal definition of abank, i.e. one that does not hold a banking license.
NBFCs
●_____ intervention in currency markets is solely todeliver low volatility in the exchange rates, andnot to take a view on the rate or direction of theIndian rupee in relation to other currencies.
RBI
●The Indian money market is classified into: theorganised sector (comprising private, public andforeign owned commercial banks and cooperativebanks, together known as____); and theunorganised sector (comprising individual orfamily owned indigenous bankers or moneylenders and non-banking financial companies(NBFCs).
scheduled banks
●The Hydrocarbons Vision - ____ lays down theframework which would guide the policiesrelating to the hydrocarbons sector.
2025
●In economics, the inflation rate is a measure ofinflation, the rate of increase of a price index (forexample, a consumer price index); it is thepercentage ____ level over time.
rate of changein price
●Foreign exchange reserves (also called Forexreserves) in a strict sense are only the foreigncurrency deposits and bonds held by centralbanks and monetary authorities; however, theterm in popular usage commonly includes foreignexchange and gold, SDRs and ____ positions.
IMF reserve
What appear on the company’s balance sheet andinclude short term debt, accounts payable,accrued liabilities and other debts?
Currentliabilities
“●The Rabi crop is the spring harvest (also known asthe ““____””) in India and Pakistan; the main Rabicrops are: Wheat; Barley; Mustard; Sesame;Peas; Oats. Soyabean and groundnut are kharifcrops.”
winter crop
●A domestic production subsidy is a payment made bya government to firms in a particular industrybased on the output or production; the subsidycan be specified either as an ____ subsidy (% ofthe value of production) or as a specific subsidy(dollar payment per unit of output).
ad valorem
●A Direct tax is a kind of charge, which is imposeddirectly on the taxpayer; the examples of directtax include ____ and income tax; one of theexamples of direct taxes include capital gains tax,personal income tax, tax on corporate income, andtax incentives.
property tax
●Which Indian state has the largest area and highestproduction of large brown cardamom in India?
Sikkim
●____ Expenditure is a generic term, which is used tocover all expenditure of Government not includedin the Plan; it includes both developmental andnon-developmental expenditure.
Non-Plan
●M3 is measure of the stock of money in the nationwith reference to which monetary targets are setby the Reserve Bank of India; it is also called____.
‘Broad Money’
●Which country is the largest producer in the world ofmilk, cashew nuts, coconuts, tea, ginger, turmericand black pepper?
India
“●Which crop is the spring harvest (also known as the”“winter crop””) in India and Pakistan?”
Rabicrop
●Nikkei 225 is a stock market index for which StockExchange?
Tokyo
●Under the 11th Plan period, 59,693 MW is slated tocome from thermal projects, whereas hydro andnuclear projects are expected to generate 15,267MW and ____, respectively.
3,380 MW
●The Finance Commission is established under whicharticle of the Constitution of India by thePresident?
Article 280
●The Sagarmala project was announced by the formerPrime Minister, A.B. Vajpayee, on August 14,2003 involving rapid capacity expansion andmodernisation of ____.
ports
●____ is loaned, in the call market, which can bedemanded for repayment on call, i.e., immediately.
Call Money
●A ____ is an international bond that is denominatedin a currency not native to the country where it isissued.
Eurobond
●____ (near-prime, non-prime, or second-chancelending) in finance means making loans that are inthe riskiest category of consumer loans and aretypically sold in a separate market from primeloans.
Subprime lending
●A ____ is a foreign-exchange agreement between twoparties to exchange aspects (namely the principaland/or interest payments) of a loan in onecurrency for equivalent aspects of an equal in netpresent value loan in another currency.
currency swap
●What is the name for the rate at which Reserve Bankof India (RBI) borrows money from banks?
Reverse Repo
●In economics and finance, ____ is the practice oftaking advantage of a price difference betweentwo or more markets: striking a combination ofmatching deals that capitalize upon the imbalance,the profit being the difference between the marketprices.
arbitrage
●A ____ is an investment fund open to a limited rangeof investors that undertakes a wider range ofinvestment and trading activities in addition totraditional long-only investment funds.
hedgefund
●Indian depository receipts (IDR) are derivativeinstruments like Global Depository Receipts(GDRs) and American depository receipts (ADRs)that have shares as the ____.
underlying assets
●Bank rate is the rate of interest which a central bankcharges on the loans and advances that it extendsto commercial banks and other financialintermediaries. By what other name is it alsoknown?
Discount rate
Removal of poverty was the foremost objective of theSixth Plan (___). The strategy adopted was tomove simultaneously towards strengthening theinfrastructure for both agriculture and industry.
1980-85
●There’s a whole range of non-institutional lenders,such as mortgage companies, title companies,universities, _____ and individual investors suchas money lenders.
Pension funds
●In economics which curve depicts the relationshipbetween the price of a certain commodity, and theamount of it that consumers are willing and ableto purchase at that given price?
Demand curve
●The Organisation for Economic Co-operation andDevelopment (OECD) identifies three key factorsin considering whether a jurisdiction is a taxhaven: Nil or only nominal taxes; Protection ofpersonal financial information; and lack of ____.
Transparency
●Under Article ____ of the constitution, a statement ofestimated receipts and expenditure, called the’Annual Financial Statement’, has to be placedbefore Parliament for each financial year.
112
●When the government fails to check inflation, it raisesincome tax and the corporate tax. Such a tax iscalled by what name which concerns with therevenue from taxation in the period of inflation?
Buoyancy
●What is the term for a tax on company’s profit whichis a direct tax, calculated on profits after interestpayments and allowance (i.e., Capital allowance)have been deducted but before dividends areallowed for?
Corporation Tax
“●Maintaining a buffer stock is an importantconstituent of the government’s food policy, asagriculture in India still remains dependent on thevagaries of nature. The buying is done by the FCIfrom the farmers at MSP, this buying is known as”“____.”””
captive buying
●Bhakra-Nangal Project is a joint venture of Punjab,Haryana and ___ state governments. It is thelargest multipurpose project of the country andthe highest gravity dam in the world.
Rajasthan
●Agricultural productivity may be defined as the totalagricultural output per unit area of cultivatedarea, per agricultural worker or per unit of inputin _____.
monetary values
●As per the Income Tax Act 1961, the assesse whosetotal income level is more than the maximumexemption limit, are under the domain ofchargeable Income Tax and he has to pay theIncome Tax at the rates stated in the provisions ofthe ___.
Finance Act
●In India, The ____ governments are empowered bythe state government to levy property tax, Octroiand charge users for public utilities like watersupply, sewage etc.
local
●As per which section of Income Tax Act, 1961 longterm capital gains on shares or securities ormutual funds on which Securities Transaction Tax(STT) has been deducted and paid, no tax ispayable?
Section 10(38)
“●The Agricultural Produce (Grading and Marking)Act, _____, empowers the Government to fixquality standards, known as ““AGMARK”“standards and to prescribe terms and conditionsfor using the seal of ‘AGMARK’.”
1937
●The Scheme of Watershed Development Project inShifting Cultivation Areas was launched in sevenNorth-Eastern States during the ______Plan from1994-95 with 100 per cent Central assistance tothe State Plan.
Eighth
●___ of a country is a systematic record of all economictransactions completed between its residents andthe residents of remaining world during a year.
Balance of payment
●____ is a tax which is imposed on certain indigenousproduction (e.g., petroleum products, cigarettesetc.) of the country.
Excise Duty
●_____ is a market where the speculators buy sharesor commodities in anticipation of rising prices.
Bull Market
●The Central Government has established AppellateTribunal for Electricity under ____ of theElectricity Act, 2003 on 7 April 2004.
Section110
●_____ was the first person that originally conceivedthe idea of networking of the rivers about twocenturies ago, but idea of interlinking of Indianrivers was revived independently by M.Viveswarayya, K.L.Rao, and D.T.Dastur.
Arthur
●______ is a fund used for meeting emergencies wherethe Government cannot wait for an authorisationof the Parliament.
Contingency
●______ is a term used by stock exchange whichspecifies the particular stock or share which dealsin frequent and regular transactions. It helps thebuyers to obtain reasonably large amounts at anytime.
Active Market
●GDP was first developed by whom for a US Congressreport in 1934, who immediately said not to use itas a measure for welfare?
Simon Kuznets
●What is not a measurement of the standard of livingin an economy; however, it is often used as such anindicator, on the rationale that all citizens wouldbenefit from their country’s increased economicproduction?
GDP per capita
●The Index of Sustainable Economic Welfare (ISEW)is an economic indicator intended to replace theGross Domestic Product, which is the mainmacroeconomic indicator of System of NationalAccounts (SNA). It is similar to which otherindicator?
Genuine Progress Indicator
●What is the term for a central bank regulation thatsets the minimum reserves each commercial bankmust hold (rather than lend out) of customerdeposits and notes?
Cash reserve ratio
●Ensuring environmental sustainability of thedevelopment process through social mobilizationand participation of people at all level was one ofthe specific objectives of which five year Plan ofIndia?
Ninth Five Year Plan
●What is the process by which monetary authority of acountry, generally a central bank controls thesupply of money in the economy by exercising itscontrol over interest rates in order to maintainprice stability and achieve high economic growth?
Monetary policy
●The budget has to be passed by the Lok Sabha beforeit can come into effect on _____, the start ofIndia’s fiscal year.
April 1
●What is the term for bank regulation that financialinstitutions and other regulated companies mustperform to identify their clients and ascertainrelevant information pertinent to doing financialbusiness with them?
Know your customer(KYC)
●What is the term for that system which consists ofnon-depository banks and other financial entitiesthat grew in size dramatically after the year 2000and play an increasingly critical role in lendingbusinesses the money necessary to operate?
Shadow Financial System
●A Working Group under ____ on NBFCs has, interalia, examined the issues related to the regulatorygaps and arbitrage opportunities that exist in theShadow Financial system.
Usha Thorat
●What is the term for computer language that enablesdocuments to be read electronically and promisesto web-enable the financial reporting process forboth preparers and consumers?
XtensibleBusiness Reporting Language (XBRL)
●Rupay, launched in 2011, is being tagged as India’sanswer to MasterCard and Visa. Which bankbecame the first to give out a batch of automatedteller machines (ATM)-cum-debit cards to UniqueIdentification (UID) number holders?
Bank ofIndia
●In the context of Indian economy, what is consideredto be the main determinant of the level of activityis in national income terms?
RealizedInvestment
●The first step towards electronic bond trading inIndia was the introduction of the RBIs NegotiatedDealing System. In which year NDS waslaunched?
2002
●The story of banking in India starts from Bank ofHindusthan established in ____ and it was firstbank at Calcutta under European management.
1770
●In economics, what term is used for a hypotheticalrepresentation of the relationship betweengovernment revenue raised by taxation and allpossible rates of taxation which is used toillustrate the concept of taxable income elasticity?
Laffer curve
●What deals with the technique where parentcompanies sell goods and services to subsidiaryentities at an inflated price to deliberately reduceprofits and tax liability?
Transfer Pricing
●What is the term for a mixed bag of commoditieswhich are essential and are price sensitive andaffect the rate of Inflation?
Sensitive Items
Which Industrial Policy Resolution was based uponthe Mahalanobis Model of growth whichsuggested that there should be an emphasis on theheavy industries?
Industrial Policy Resolution,1956
●Which was the fifth Public Sector Undertaking (PSU)of India to have been accorded the ‘Maharatna’status?
Coal India Limited
●Which was the first act post independence whichempowered the government of India to takenecessary steps to regulate the pattern ofIndustrial development through licensing?
Industrial (Department and Regulation) Act, 1951
●Which formula was evolved in 1969 for determiningthe allocation of central assistance for state plansin India and was adopted for distribution of planassistance during Fourth and Fifth Five YearPlans?
Gadgil formula
●The logo of the Reserve Bank of India comprises a tigerwalking underneath a palm tree which has been fromthe gold Mohur issued by the ___ in the 19th century.
East India Company
●The immediate effect of devoting a larger share ofnational output to investment is that the economydevotes a smaller share to ____.
Consumption
●As per which article of the Constitution of India, Servicetax is levied by Union and collected and appropriatedby the Union and States. Service tax is a part ofCentral Excise in India?
Article 268-A
●The usual aim of open market operations in an economyis to control the short term interest rate and thesupply of base money in an economy, and thusindirectly control the total ___.
Money supply
●What is the term/expression for a financial institutionwhich provides capital to companies in the form ofshare ownership instead of loans?
Merchant Bank
●In terms of Section 22 of the Reserve Bank of India Act,the RBI has been given the statutory function of noteissue on a monopoly basis. The note issue in Indiawas originally based upon ____.
ProportionalReserve System
●Unlike Gross Domestic Product (GDP), which definesproduction based on the geographical location ofproduction, Gross National Product (GNP) allocatesproduction based on ____.
Ownership
●A currency is deemed convertible on the current accountif it can be freely converted into other convertiblecurrencies for purchase and sale of commodities andservices. Since which year has the Indian Rupee beenmade fully convertible currency on capital account?
1949
●What is the word for engaging in banking activities suchas accepting deposits or making loans at facilitiesaway from a bank’s home office?
BranchBanking
●By using credit control methods the Reserve Bank ofIndia tries to maintain monetary stability. There aretwo types of methods of credit control: Quantitativecontrol to regulate the volume of total credit; andQualitative Control to regulate the ____.
Flow ofcredit
●The distribution of one rupee notes and coins and smallcoins all over the country is undertaken by theReserve Bank as agent of the Government. Thesystem as it exists today is known as the ____.
Minimum Reserve System
●The Eleventh Finance Commission of India wasappointed by the President on July 3, 1998 for theperiod 2000-05. It was chaired by whom?
Prof.A.M. Khusro
●The First Five-Year Plan (1951-1956) addressed, mainly,the agrarian sector, including investments in damsand irrigation. On which model was it based?
Harrod-Domar model
●Under which mechanism does the Reserve Bank of Indiaprovides to the States banking with it to help them totide over temporary mismatches in the cash flow oftheir receipts and payments?
Ways and MeansAdvances
●India’s foreign exchange reserves is made up ofForeign currency assets (FCA) (US dollar, euro,pound sterling, Canadian dollar, Australian dollarand Japanese yen etc.) and ___.
Gold
●A rise in general level of prices may be caused by anincrease in the money supply, a decrease in theaggregate level of output and ____.
An increasein the effective demand
●The two main instruments of ____ are governmenttaxation and changes in the level and compositionof taxation and government spending can affectthe following variables in the economy.
Fiscalpolicy
●If the cash reserve ratio is lowered by the RBI, itsimpact on credit creation will be to:
increase it
●In the state of India, the State Financial Corporationhave given assistance mainly to develop:
medium and small-scale industries
●Which eminent economist of India authored’Changes in India’s National Income-A StaticEconomy in Progress’ (1954) and ‘The NationalIncome of British India’ (1941)?
V.K.R.V. Rao
●Import quotas, special licenses, unreasonablestandards for the quality of goods, bureaucraticdelays at customs, export restrictions, limiting theactivities of state trading, export subsidies,countervailing duties, etc are examples of:
Non-tariff barriers to trade
●Which term is applied in many countries to areference interest rate used by banks?
PrimeLending Rate
●In economics, what is a factor of proportionality thatmeasures how much an endogenous variablechanges in response to a change in someexogenous variable?
Multiplier
●What is the term for a market form in which amarket or industry is dominated by a small number of sellers and the decisions of onefirm influence, and are influenced by, thedecisions of other firms?
Oligopoly
“●Who stated that ““products are paid for withproducts”” and ““a glut can take place only whenthere are too many means of production applied toone kind of product and not enough to another?”
Jean-Baptiste Say
“●What is frequently thought of as a measure of total”“investment””, in the sense of that portion ofcapital actually used for investment purposes andnot held as savings or consumed?”
Capitalformation
●Which marketing concept was first proposed as atheory to understand a pattern among successfuladvertising campaigns of the early 1940s?
Unique Selling Proposition (USP)
●By which process a firm can obtain the use of acertain fixed assets for which it must pay a seriesof contractual, periodic, tax deductible payments?
Leasing
●Which type of inflation rises as real gross domesticproduct rises and unemployment falls, as theeconomy moves along the Phillips curve?
Demand-pull inflation
●In economics, which graph depicts the relationshipbetween the price of a certain commodity and theamount of it that consumers are willing and ableto purchase at that given price?
Demand curve
●What is the term for a market form in which only onebuyer faces many sellers and is an example ofimperfect competition?
Monopsony
●Which organization holds securities either incertificated or un-certificated (dematerialized)form, to enable book entry transfer of securities?
Central Securities Depository
●An initial public offering (IPO) is the process throughwhich a privately held company issues shares ofstock to the public for the first time. Suchofferings are used by companies to:
Raiseexpansion capital
●Who explained rent as differential surplus whichindicates that rent is the surplus of revenue overcosts which arises due differences in the level offertility or usability of land?
David Ricardo
●Which plan followed the Mahalanobis model, aneconomic development model developed by theIndian statistician Prasanta ChandraMahalanobis?
Second Five Year Plan
●The Capital Gains Tax is another important form ofDirect Tax in India which is payable on capitalgains received upon the ___.
sale of assets
●Which economic law states that differing prices of atraded good will tend to equalize in the absence oftariffs, other barriers to trade and prohibitivelyhigh shipping rates?
Law of One Price
●Personal Income tax is another type of Direct Tax,which is under the Central Governmentcontrolled by the ___.
Central Board of DirectTaxes
●What is often used as a measure of the wealth of thepopulation of a nation, particularly in comparisonto other nations?
Per capita income
●Inter-State share in the federal tax pool in India isdecided by the recommendations of the FinanceCommission to the:
President of India
●In India, which government is empowered to levyproperty tax, Octroi and charge users for publicutilities like water supply, sewage etc?
LocalGovernment
●The leading state in the production of groundnut inthe country
Gujarat
●What is a foot loose industry?
Any industry whichcan locate virtually anywhere
●Which industry has no strong national orientation inits location requirements?
Foot loose industry
“●”“Mahila Samridhi Yojana”” was launched on:”
October 2, 1993
●Nowadays, the thrust areas of human developmentare:
health, gender equity and genderempowerment
●How is the interest-level of a country affected byFDI?
It decreases
●A firm sells new shares worth Rs. 1000 directly toindividuals. This transaction will cause:
Noimpact on Gross National Product
●When was World Trade Organisation set up by themember countries of the United Nations topromote trade among countries?
1995
●What is International Development Association?
An affiliate of World Bank
●The first Indian private company to sign an accordwith Government of Myanmar for oil explorationin two offshore blocks in that country
Essar Oil
●Devaluation of currency leads to:
increase indomestic prices
●Foreign Direct Investment ceilings in the telecomsector have been raised from 74 percent to:
100per cent
●In which of the following sequences the change inquantity of money leads to change in price level inthe Keynesian models?
Change in quantity ofmoney - change in rate of interest - change ininvestment - change in employment and output -change in price level
●Determination of rate of exchange between rupee andforeign currencies freely by the market forces ofdemand and supply also means:
fullconvertibility of rupee
●The highest foreign exchanged earners have been theexport of:
gems and
eight countries of:
West Africa
●Tarapore committee was associated with
Fullcapital account convertibility
●The World Trade Organisation (WTO) was earlierknown as:
GATT
●The difference between visible exports and visibleimports is defined as:
balance of trade
●For International payments, the Indian currency islinked to:
American Dollar
●The main function of IMF is to:
Help to solvebalance of payment problems of memberscountries
●Value added tax was first introduced in:
France
●Financing of export and import of goods and servicesand Inspection of exported goods for qualityassurance are the functions of:
Exim Bank ofIndia
●The first export processing zone of the private sectorwas established at:
Surat
●Free trade policy refers to a policy where there is:
Absence of tariff
●J. J. Irani Committee was set up to suggest change in:
Companies Act
●A larger part of the fiscal deficit in the union budgetsis filled by:
Domestic borrowing
●BSE Sensex’ is an index to measure ups and downs inthe share market. The number of companiescovered under the index are:
30
●The Small Industries Development Bank of India(SIDBI) provides refinance facilities under ARS.What is the full form of ARS?
AutomaticRefinance Scheme
●The chairman of the committee on pricing andtaxation of petroleum products was
C.Rangarajan
●National Housing Bank (NHB) has launched areverse mortgage scheme specially to help
Senior citizens
“●Index ““Residex”” is associated with:”
land prices
●The term ‘Green GNP’ emphasizes:
Sustainabledevelopment
●What is referred to as ‘Depository Services’?
Anagency for safe-keeping of securities
●From which fund can the unanticipated expenditurebe met without the prior approval of theparliament?
Contingency Fund of India
●The first Indian Economist who won the Nobel Prizewas:
Amartya Sen
●In economics, ___ is a rise in the general level ofprices of goods and services in an economy over aperiod of time.
inflation
●The Consumer Price Index (CPI), the PersonalConsumption Expenditures Price Index (PCEPI)and the ___ deflator are some examples of broadprice indices.
GDP
●___ occurs when the annual inflation rate falls belowzero percent (a negative inflation rate), resultingin an increase in the real value of money -allowing one to buy more goods with the sameamount of money.
Deflation
●The term ___ is used in Keynesian economics to referto a situation where the demand for moneybecomes infinitely elastic, so that furtherinjections of money into the economy will notserve to further lower interest rates.
liquiditytrap
●The apex organisation for marketing cooperativesocieties at national level is:
NAFED
●The ___ Foundation’s research in high-yieldingvarieties of seeds, their introduction after 1965and the increased use of fertilizers and irrigationare known collectively as the Green Revolution inIndia.
Rockefeller
“●India’s low average growth rate from ___ wasderisively referred to as the Hindu rate of growth,because of the unfavourable comparison withgrowth rates in other Asian countries, especiallythe ““East Asian Tigers.”””
1947-80
●Prime Minister Indira Gandhi nationalised ___ banksin 1969, followed by six others in 1980, and madeit mandatory for banks to provide 40% of theirnet credit to priority sectors like agriculture.
14
●The Indian rupee is accepted as legal tender in theneighbouring ___ and Bhutan, both of which peg their currency to that of the Indianrupee.
Nepal
●The RBI, the country’s central bank was establishedon April 1, ___. It serves as the nation’s monetaryauthority, regulator and supervisor of thefinancial system, manager of exchange control andas an issuer of currency.
1935
●____ is an economic benchmark and povertythreshold used by the government of India toindicate economic disadvantage and to identifyindividuals and households in need of governmentassistance and aid.
Below Poverty Line
●___ introduced Gateway Electronic Mail Service in1991, the 64 Kbit/s leased line service in 1992, andcommercial Internet access on a visible scale in1992.
Videsh Sanchar Nigam Limited
“●The economic development in India followedsocialist-inspired policies for most of itsindependent history, including state-ownership ofmany sectors; extensive regulation and red tapeknown as ““___.”””
Licence Raj
“●The Indian Agricultural Research Institute,established in ___, was responsible for theresearch leading to the ““Indian Green Revolution”“of the 1970s.”
1905
●The second five-year plan focused on industry,especially heavy industry. Domestic production ofindustrial products was encouraged, particularlyin the development of the ___.
public sector
●___ was a period of political instability in India andhence no five year plan was implemented.Between 1990 and 1992, there were only AnnualPlans.
1989-91
●Modernization of industries was a major highlight ofthe ___ Plan. Under this plan, the gradual openingof the Indian economy was undertaken to correctthe burgeoning deficit and foreign debt.
Eighth
●Ninth Five Year Plan India ran through the periodfrom ___ with the main aim of attaining objectiveslike speedy industrialization, human development,full-scale employment, poverty reduction, andself-reliance on domestic resources.
1997 to 2002
●India was under ___-based policies from 1947 to1991. The economy was characterised by extensiveregulation, protectionism, and public ownership,leading to pervasive corruption and slow growth.
social democratic
●Jawaharlal Nehru, the first prime minister, alongwith the statistician ___, carried on by IndiraGandhi formulated and oversaw economic policy.
Prasanta Chandra Mahalanobis
●India is the second largest producer and the largestconsumer of silk in the world, with the majority ofthe production taking place in Karnataka State,particularly in ___.
Mysore
●The Indian money market is classified into: theorganised sector (comprising private, public andforeign owned commercial banks and cooperativebanks, together known as ___); and theunorganised sector.
scheduled banks
●India was under social democratic-based policiesfrom ___. The economy was characterised byextensive regulation, protectionism, and publicownership, leading to pervasive corruption andslow growth.
1947 to 1991
●___ can be measured by Gross National Product(GNP), Gross Domestic Product (GDP), GrossNational Income (GNI), Net National Product(NNP) and Net National Income (NNI).
NationalIncome
●___ is defined as the market value of all goods andservices produced in one year by labour andproperty supplied by the residents of a country.
Gross National Product
●The Central Statistical Organisation (CSO) located inDelhi with a wing at ___, is responsible forformulation and maintenance of statisticalstandards, work pertaining to national accounts,industrial statistics, consumer price indices, etc.
Kolkata
●The National Sample Survey (NSS) was set up in ___for conducting large-scale sample surveys to meetthe data needs of the country for the estimation ofnational income and other aggregates.
1950
●The NSSO undertakes the fieldwork of the AnnualSurvey of Industries (ASI) under statutoryprovisions of the Collection of Statistics Act, ___(Central Rule, 1959) in the whole country exceptfor the State of Jammu & Kashmir.
1953
●___ is an economic benchmark and poverty thresholdused by the government of India to indicateeconomic disadvantage and to identify individualsand households in need of government assistance and aid.
Below Poverty Line
●The ___ Five-Year Plan sought to promote a patternof development, which would ultimately lead tothe establishment of a socialistic pattern of societyin India.
Second
●The highest inflation that India has ever seen in thepast two centuries is 53.8%, in the famine year of___.
1943
●Steel, mining, machine tools, water,telecommunications, insurance, and electricalplants, among other industries, were effectivelynationalized in the mid-___.
1950s
●Elaborate licences, regulations and the accompanyingred tape, commonly referred to as Licence Raj,were required to set up business in India between1947 and ___.
1990
●___ is the total market value of all final goods andservices produced by residents in a country duringa given period (gross national product or GNP)minus depreciation.
Net national product
●___ is defined as the sum of incomes accruing tofactors of production, supplied by normalresidents of the country before deduction of directtaxes.
National Income
●Keeping in view the large-scale import of foodgrainsin 1951 and inflationary pressures on theeconomy, the First Plan (___) accorded the highestpriority to agriculture including irrigation andpower projects.
1951-56
●___ is also called as demand-pull or excess demandinflation. This type of inflation occurs when totaldemand for goods and services in an economyexceeds the supply of the same.
Wage inflation
●The ___ method gives us national income or nationalproduct based on the final value of the produceand the origin of the produce in terms of theindustry.
Production
●___ is a basic measure of a country’s overall economicoutput. It is the market value of all final goodsand services made within the borders of a countryin a year.
GDP
●The ___ provides statistical information to objectivelyand realistically, assess and evaluate, the change inthe growth, composition and structure of theorganised manufacturing sector.
Annual Surveyof Industries
●The main aims of the ___ Five Year Plan were anincrease of 25 per cent in the national income; andrapid industrialisation with particular emphasison the development of basic and heavy industries.
2nd
●Removal of poverty was the foremost objective of theSixth Plan (___). The strategy adopted was tomove simultaneously towards strengthening theinfrastructure for both agriculture and industry.
1980-85
●The Government at the Centre in June 1991, decidedthat the ___ Five-Year Plan would commence on 1April 1992 and that 1990-91 and 1991-92 shouldbe treated as separate Annual Plans.
Eighth
●A ____ price index measures a price change for aconstant market basket of goods and services fromone period to the next within the same area (city,region, or nation).
consumer
●A Centrally Sponsored Scheme on National FoodSecurity Mission has been launched in the country toenhance the production of rice, wheat and pulses by10, 8 and 2 million tonnes respectively by the end ofthe ____ Plan.
11th
●The Technology Mission on Oilseeds was launched bythe Central Government in ____ to increase theproduction of oilseeds to reduce import and achieveself-sufficiency in edible oils.
1986
●The major plantation crops include coconut, arecanut, oilpalm, cashew, tea, coffee and rubber; the minorplantation crops include ____.
cocoa
●Urea, the most consumed fertiliser, is subsidised underthe New Urea Pricing Scheme, whereas P&Kfertilisers, which are decontrolled, are covered underthe ____ Scheme.
Concession
●Farm Machinery Training and Testing Institutes (FMTand TIs) have been established at Budni (MadhyaPradesh), Hissar (Haryana), ____ (Andhra Pradesh)and at Biswanath Chariali (Assam).
Garladinne
●The Industrial Policy Resolution of ____ gave the publicsector a strategic role in the economy and categorisedindustries which would be the exclusiveresponsibility of the State or would progressivelycome under State control and others.
1956
●In August 2008, the government took a decision toremove the licensing requirement under theIndustries (Development & Regulation) Act, ____ forlocation of industries.
1951
●The International Monetary Fund was created in ____,originally with 45 members, with a goal to stabilizeexchange rates and assist the reconstruction of theworld’s international payment system.
July 1945
●India is a founder member of the International MonetaryFund. ____ is the ex-officio Governor on the Boardof Governors of the IMF and Governor, RBI isIndia’s Alternate Governor.
Finance Minister
●India has been borrowing from the World Bank throughInternational Bank for Reconstruction andDevelopment and ____ for various developmentprojects.
International Development Association
●The ____ Bank, an international Partnership of 63member countries, was established in 1966 with itsheadquarters at Manila, Philippines, with India as afounder member.
Asian Development
●India started borrowing from Asian Development Bank’sOrdinary Capital Resources in 1986 for developmentin the Energy, Transport and Communications,Finance, Industry and Social ____ sectors.
Infrastructure
●The coins commonly in circulation in India are 1, 2, 5and 10 rupees. The coins are minted at the fourlocations of the India Government Mints at Mumbai,Kolkata, Hyderabad, and ____.
Noida
●Under The Coinage Act, ____, the Government of Indiais charged with the responsibility of the productionand supply of coins to the Reserve Bank of India.
1906
●Under Section ____ of the Reserve Bank of India Act,the Bank has the sole right to issue bank notes ofall denominations.
22
“●An initial public stock offering (IPO) referred tosimply as an ““offering”” or ““floatation,”” is when acompany (called the issuer) issues common stockor shares to the public for the ____ time.”
first
●Currency notes in India are printed at the Currency NotePress, Nasik, Bank Note Press, Dewas, BharatiyaNote Mudra Nigam (P) Limited presses at Salboniand Mysore and at the Watermark PaperManufacturing Mill, ____.
Hoshangabad
●____Convertibility is a monetary policy that centersaround the ability to conduct transactions of localfinancial assets into foreign financial assets freelyand at market determined exchange rates.
CapitalAccount
●Operation ____ of India, the world’s largestintegrated dairy development program, attemptedto establish linkages between rural milk producersand urban consumers by organizing farmer-owned and -managed dairy cooperative societies.
Flood
●____ Manufacturing is the second largest source foremployment in India after agriculture andaccounts for about 26% of manufacturing output.
Textile
●The Industrial Policy Resolution of ____ marked thebeginning of the evolution of the Indian IndustrialPolicy which not only defined the broad contoursof the policy; it delineated the role of the State inindustrial development both as an entrepreneurand as authority.
1948
●Software Technology Parks of India (STPI) is agovernment agency in India, established in ____under the Ministry of Communications andInformation Technology that manages theSoftware Technology Park scheme.
1991
●Financial ____ are financial services company thatoffers customers a wide variety of financialproducts, generally including insurance, stocks,bonds, real estate services, and annuities.
Supermarkets
“●A ____ entity is a legal entity where income ““flowsthrough”” to investors or owners, that is theincome of the entity is treated as the income of theinvestors or owners.”
flow-through
●The Securitisation and Reconstruction of FinancialAssets and Enforcement of Security Interest Act,____ (SARFAESI) empowers Banks / FinancialInstitutions to recover their non-performing assetswithout the intervention of the Court.
2002
●____ refers to the process that a large financialservice provider (bank, insurer, investment house)uses to assess the eligibility of a customer toreceive their products (equity capital, insurance,mortgage, or credit).
Underwriting
●The purpose of ____ is to create an internationalstandard that banking regulators can use whencreating regulations about how much capitalbanks need to put aside to guard against the typesof financial and operational risks banks face.
Basel II
●____ banking refers to banking in which bankinginstitutions execute transactions directly withconsumers, rather than corporations or otherbanks.
Retail
●The ____ crop is the autumn harvest (also known asthe summer or monsoon crop) in India andPakistan, usually sown with the beginning of thefirst rains in July, during the south-west monsoonseason.
Kharif
●Under the ____ Operation, the Reserve Bank of Indiabuys or sells government bonds in the secondarymarket.
Open Market
●____ is a reduction in the value of a currency withrespect to those goods, services or other monetaryunits with which that currency can be exchanged.
Devaluation
●Bank rate, also referred to as the ____ rate, is the rateof interest which a central bank charges on theloans and advances that it extends to commercialbanks and other financial intermediaries.
discount
●The Cenvat scheme is principally based on system ofgranting credit of duty paid on inputs and inputservices. A manufacturer or service provider hasto pay excise duty and service tax as per normalprocedure on the basis of ‘____ Value’.
Assessable
●The term ___ is used in Keynesian economics to referto a situation where the demand for moneybecomes infinitely elastic, so that furtherinjections of money into the economy will notserve to further lower interest rates.
liquiditytrap
●_____ are Government loans raised from the public,Government borrowings from the Reserve Bankand treasury bills, divestment of equity holding inpublic sector enterprises, loans received fromforeign Governments and bodies, securitiesagainst small savings, State provident funds, andspecial deposits.
Capital receipts
●____ refer to capital expenditures on construction ofcapital projects and acquisition of assets like land,buildings machinery and equipment.
Capitalpayments
●Tax revenues constitute taxes like income tax,corporate tax, ____, customs, service and otherduties that the Government levies.
Excise
●All expenditure of the Government is incurred fromthe ____ and no amount can be withdrawn fromthe fund without authorisation of the Parliament.
Consolidated Fund
●______ is a fund used for meeting emergencies wherethe Government cannot wait for an authorisationof the Parliament.
Contingency Fund
●______ comprises actions taken by the central bankto regulate the level of money or liquidity in theeconomy, or change the interest rates.
MonetaryPolicy
●Incorporated in _____, the National Stock Exchangeis one of the largest and most advanced stockmarkets in India. The NSE is the world’s thirdlargest stock exchange in terms of transactions.
1992
●The Securities and Exchange Board of India (SEBI),established in _____, regulates the stock marketsand other securities markets of the country.
1992
“●____, or the overlapping concepts of ““practical”” and”“technical”” monopoly, is an extreme case of failureof competition as a restraint on producers.”
Natural monopoly
●____ used in the production process include suchprimary factors of production as labour services,capital (durable produced goods used inproduction, such as an existing factory), and land(including natural resources).
Inputs
●Prices and quantities have been described as the mostdirectly observable attributes of goods producedand exchanged in a ___.
market economy
●____ markets is a term used for a situation wherebuyers and sellers do not know enough about eachother’s positions to price goods and servicesproperly.
Incomplete
●The ____ sector of the economy involves thetransformation of raw or intermediate materialsinto goods e.g. manufacturing steel into cars, ortextiles into clothing.
Secondary
●The ____ sector of the economy is a way to describe aknowledge-based part of the economy whichtypically includes services such as informationgeneration and sharing and other knowledge-based services.
quaternary
●A government bond is a bond issued by a nationalgovernment, and often denominated in thecountry’s domestic currency, whereas bondsissued by national governments in foreigncurrencies are normally referred to as ____ bonds.
sovereign
●Government bonds are sometimes regarded as ____bonds, because national governments can, up to apoint, raise taxes, reduce spending, or simplyprint more money to redeem the bond at maturity.
risk-free
●____ is normally the largest GDP component in theeconomy, consisting of private (household finalconsumption expenditure) in the economy.
Consumption
●The international standard for measuring GDP iscontained in the book System of NationalAccounts, which was prepared by representativesof the IMF, European Union, Organization forEconomic Co-operation and Development, UnitedNations and ___.
World Bank
(usually the ____ dollar).
United States
●_____ has emerged as a leading sugar producer in thecountry and produces more than one-third of thetotal production of the sugar in the country.
Maharashtra
●Presently, the major centres of the ____ industry areAhmedabad, Bhiwandi, Sholapur, Kolhapur,Nagpur, Indore and Ujjain which are all locatedclose to the producing regions.
cotton textile
●In 1937, the Steel Corporation of Bengal wasconstituted in association with IISCO and set upanother iron and steel producing unit at ____(West Bengal).
Burnpur
●Atomic Energy Commission was established in 1948,progress could be made only after theestablishment of the Atomic Energy Institute atTrombay in 1954 which was renamed as theBhabha Atomic Research Centre in ____.
1967
●At present, India produces about three-fifth of ____production of the world. West Bengal accounts forabout three-fourth of the production in thecountry.
jute
●The oldest bank still in existence in the entire world isMonte dei Paschi di Siena, headquartered inSiena, ____, which has been operatingcontinuously since 1472.
Italy
●Since the advent of EFTPOS (____), direct credit,direct debit and internet banking, the cheque haslost its primacy in most banking systems as apayment instrument.
Electronic Funds Transferat Point of Sale
●Mobile banking (also known as M-Banking,mbanking, ____ Banking etc.) is a term used forperforming balance checks, account transactions,payments etc. via a mobile device such as a mobilephone.
SMS
●The maximum amount of money the banking systemcan legally generate with each dollar of reserves iscalled the (theoretical) ____ and is calculated asthe reciprocal of the minimum reserve.
moneymultiplier,
●The types of commercial bank money that tend to bevalued at lower amounts are classified in thenarrow category of M1 while the types ofcommercial bank money that tend to exist inlarger amounts are categorized in M2 and M3,with ____ having the largest.
M3
●____ has four subsidiary companies, viz. HotelCorporation of India Ltd. (HCI), Air IndiaCharters Ltd. (AICL), Air India Air TransportServices Ltd. (AIATSL), and Air IndiaEngineering Services Ltd (AIESL).
Air India
●The managements of Delhi and Mumbai Airportshave been taken over by the two separate JVCsnamely Delhi International Airport Limited andMumbai International Airport Limitedrespectively, with effect from 3rd May ____.
2006
●The major ports of Kolkata, Paradip,Visakhapatnam, Chennai, Ennore and Tuticorinare on the Eastern coast of India while the ports ofCochin, New Mangalore, Mormugao, Mumbai,Jawaharlal Nehru at Navasheva and ____ are onthe Western Coast.
Kandla
