Indian Economy GK Questions with Answers – Page 2

The Union Government created a separate Ministry of Cooperation on 6 July 2021 to strengthen the cooperative movement under the vision "Sahkar Se Samriddhi" (prosperity through cooperation).

The Indian Institute of Entrepreneurship in Guwahati was set up in 1993, not 1999, while its stated aim is indeed training, research and consultancy for small and micro enterprises.

PKVY was started to help farmers shift to chemical-free, organic cultivation. Paramparagat means traditional, and the scheme revives traditional, low-input farming.

The Nirbhaya Fund is a non-lapsable corpus administered by the Department of Economic Affairs in the Ministry of Finance. The fund was announced in the Union Budget of 2013-14 with an initial corpus of 1,000 crore rupees, after the December 2012 Delhi gang-rape case that shocked the country.

When a company quietly cuts the quantity in a pack but keeps the same price, the buyer pays more per unit; this hidden price rise is shrinkflation.

NISHTHA stands for National Initiative for School Heads' and Teachers' Holistic Advancement, a programme to train school teachers and heads.

The Second Plan put heavy and basic industries in the public sector, and its planners found it hard to balance industry with agriculture; but it was drafted under P. C. Mahalanobis, not K. N. Raj.

Interest on the public debt is the single largest item of the Union Government's revenue expenditure, taking roughly a third of it.

Under Article 279A of the Constitution, the Union Finance Minister is the Chairperson of the GST Council. Article 279A was added by the Constitution (One Hundred and First Amendment) Act, 2016, which brought in the Goods and Services Tax.

In 2015-16 China was India's largest trading partner by total trade, that is exports plus imports. India's trade with China that year was about US$ 70 billion, but most of it was imports of electronics, machinery and chemicals, so India ran its largest bilateral trade deficit with China.

The Rangarajan Committee built its poverty line basket from all three parts named in the question. The expert group headed by C. Rangarajan was set up in 2012 and reported in 2014, to review the Tendulkar method.

PM MITRA stands for PM Mega Integrated Textile Region and Apparel Parks, a scheme of the Ministry of Textiles to build large, world-class textile parks.

The Atal Innovation Mission (AIM) was set up by NITI Aayog in 2016 as the Government of India's flagship programme to promote innovation and entrepreneurship.

The Social Market Economy, Soziale Marktwirtschaft, was the model on which West Germany rebuilt its economy after the Second World War.

By the law of demand, a normal good is bought less when its own price rises, while the effect on the other good depends on two forces pulling in opposite directions.

The Human Development Index, published by the United Nations Development Programme (UNDP) since 1990 and designed with the economist Mahbub ul Haq, measures three dimensions.

. An Exchange-Traded Fund holds a basket of assets, such as the shares of an index, gold or bonds, and its units are listed and traded on a stock exchange like a share.

Milton Friedman put forward the natural rate of unemployment in his presidential address to the American Economic Association in 1967, published in 1968; Edmund Phelps reached a similar idea independently.

Under Article 270 of the Constitution, the taxes levied and collected by the Union, such as income tax, corporation tax, Union excise duties and the central GST, form a divisible pool that is shared with the States on the recommendation of the Finance Commission.

UDAN is the regional connectivity scheme meant to grow regional air travel and make it affordable while keeping the routes viable for airlines.