Banking GK Questions 2026

It is called a command economy because a central planning authority, and not the market, commands how resources are used: it fixes the targets of output, allots raw materials to factories and often fixes prices and wages as well.

A severe balance of payments crisis, with foreign exchange reserves down to a few weeks of imports, forced the government to announce the New Economic Policy in July 1991.

It inserted the words socialist, secular and integrity into the Preamble, so the description of India became a sovereign socialist secular democratic republic.

The Industrial Policy Resolution of 1956 followed the Congress session at Avadi that called for a socialistic pattern of society, and it gave the public sector the commanding role.

Because resources are scarce and wants are unlimited, every economy must answer three questions, and these are called its central problems: what goods and in what quantity to produce, how to produce them, that is by which technique and combination of labour and capital, and for whom to produce, that…

Marx published the first volume of Das Kapital in 1867; it analysed capital, surplus value and the exploitation of labour and became the basic text of what is called scientific socialism.

In such an economy the state owns and runs the industries that need very large capital or serve strategic and social purposes, regulates the rest by law, and leaves ordinary production to private enterprise, while keeping responsibility for welfare and employment.

The Scottish economist published the Wealth of Nations in 1776 and is called the father of economics; he argued that if each person pursues his own interest in a free market, an invisible hand guides the outcome to the good of society, which became the classic defence of capitalism and…

In a capitalist or market economy the means of production are privately owned and nobody issues orders about production.

NITI Aayog is a policy think tank that designs strategies and long-term policy and programme frameworks; it neither imposes policies on states nor allocates funds.

It is the Finance Ministry's nodal department for economic policy, at home and abroad, including the management of foreign exchange.

The laws passed between 1948 and the middle of the nineteen fifties ended zamindari, jagirdari and similar tenures across the country and brought about twenty million cultivators into direct relation with the state, and the First Amendment of 1951 secured those laws, so the class of rent collecting intermediaries disappeared.

Passed in 1978, it deleted the right to property from Part III and re-enacted it as Article 300A, under which no person may be deprived of property except by authority of law, so the protection is now a legal right enforceable through the ordinary courts rather than a fundamental right.

A benami transfer records land in the name of a relative, a servant or a fictitious person while the real owner keeps control, and it was the commonest device used to stay within the family ceiling on paper while holding far more land in fact, which is one reason so…

These states made consolidation compulsory and completed it over most of their cultivated area, exchanging a farmer's scattered strips for one compact block, which made tube wells, tractors and field channels worth installing and so fed into the green revolution.

Land, rights in and over land, land tenures, the relation of landlord and tenant, and the collection of rent are entries of List II of the Seventh Schedule, which is why zamindari abolition, tenancy law and ceilings were enacted state by state and why their record varies so much.

Walking through the villages of the Telangana region in 1951 he asked landowners to treat the landless as their own kin and to gift a share of their land, and the first such gift at Pochampally began the Bhoodan or land gift movement, later extended as Gramdan, the gift of…

From 1978 the state government ran a campaign to enter the names of sharecroppers, known there as bargadars, in official records, which gave them a permanent and heritable right to cultivate and a legally fixed share of the crop, and it is quoted as the most effective tenancy reform in…

Courts had begun to strike down zamindari abolition laws as a breach of the right to property, so Parliament inserted Articles 31A and 31B and created the Ninth Schedule, in which a law can be placed to put it beyond challenge on the ground that it takes away a fundamental…

Working with Alexander Read in the ceded districts and later as Governor of Madras, Munro settled the revenue directly with each cultivator, the ryot, who was recognised as the owner of his field so long as he paid, with the demand revised every twenty or thirty years.