Indian Economy GK Questions with Answers – Page 42

The circular flow of income in a simple economy has only two sectors, households and firms, and it shows two streams running in opposite directions.

Stagflation is the awkward state in which prices keep rising while output stagnates and unemployment stays high, so the usual trade-off between inflation and unemployment breaks down.

Coal India, the largest coal producing company in the world, was granted Maharatna status in 2011 and remains on the list.

The National Housing Bank is one of the central nodal agencies through which the Centre passes the interest subsidy of the Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana (Urban) down to the lenders.

HYVP was launched in 1966-67 and it carried the Green Revolution into Indian fields by spreading dwarf, high-yielding seeds.

It is the micro-finance scheme under which women borrow small sums at a concessional rate of interest, so the rebate in interest is built into the scheme itself.

The Green Revolution rested on high yielding variety seeds, usually shortened to HYV seeds, which gave far more grain per hectare than the older local varieties when used with assured irrigation, chemical fertilizers and pesticides.

The White Revolution is the name given to the sharp rise in milk production in India, so the colour white here stands for milk.

The National Bank for Agriculture and Rural Development was set up on 12 July 1982 on the recommendation of the Shivaraman Committee, taking over the refinancing functions earlier performed by the Reserve Bank of India and the Agricultural Refinance and Development Corporation.

The Agriculture Census groups operational holdings by size into marginal below one hectare, small from one to two hectares, semi-medium from two to four, medium from four to ten and large above ten hectares.

e-NAM was launched on 14 April 2016, the birth anniversary of Dr B. R. Ambedkar, as an online trading platform that links the regulated mandis of the States into one national market.

The Fair and Remunerative Price is the minimum price a sugar mill is legally bound to pay a cane grower, fixed by the Central Government on the recommendation of the CACP under the Sugarcane Control Order.

Under it, central nodal agencies, chiefly NAFED, buy pulses, oilseeds and copra at the Minimum Support Price when prices in the mandis fall below that level, and the losses are borne by the Government.

The Food Corporation of India was set up in 1965 under the Food Corporations Act of 1964, at a time of severe food shortage, to procure food grains, maintain buffer stocks, distribute grain through the public distribution system and keep prices stable for both the farmer and the consumer.

The Union Budget of 2018 announced that the Minimum Support Price would be kept at a level at least one and a half times the cost of production, and the cost used for that calculation is A2 plus FL, that is all paid-out expenses together with the imputed value of…

The C2 cost is the most comprehensive of the measures the Commission uses.

Set up in January 1965 as the Agricultural Prices Commission and renamed in 1985, it works under the Ministry of Agriculture and Farmers Welfare.

When the Government announced the rabi Minimum Support Prices for the marketing season 2021-22, it also published the margin of each price over the A2 plus FL cost of production.

The public distribution system was made targeted in 1997, when households were divided into those above and those below the poverty line and the subsidy was concentrated on the poorer group.

The Government of India announces a Minimum Support Price for twenty-two mandated crops on the recommendation of the Commission for Agricultural Costs and Prices.