Indian Economy Mixed Quiz: Set 1

GDP measures production inside the borders of a country in one accounting year, whoever the producer may be. A foreign firm making cars in India adds to India's GDP, because the test is the place of production and not the nationality of the producer.

The Bombay Plan of 1944 was drawn up by a group of eight, mostly leading industrialists such as J. R. D. Tata, G. D. Birla, Purushottamdas Thakurdas, Lala Shri Ram and Kasturbhai Lalbhai, with John Mathai among them.

The Reserve Bank of India measures money supply in four grades, M1 to M4, in decreasing order of liquidity. M1 is currency with the public plus demand deposits of banks plus other deposits with the RBI, and M2 is M1 plus savings deposits with post offices.

The Reserve Bank of India started working on 1 April 1935 under the Reserve Bank of India Act, 1934, following the recommendation of the Hilton Young Commission of 1926.

Stagflation is a blend of the words stagnation and inflation: output stops growing, unemployment rises, and yet prices keep climbing.

A revenue receipt is money the government gets without creating a liability for itself or selling off an asset; tax collections such as GST, income tax and excise, and non-tax income such as interest, dividends and fees, all fall in this class.

In a progressive tax the rate rises as income rises, so each extra rupee is taxed at a higher rate than the rupees before it.

Kshitish Chandra Neogy chaired the First Finance Commission, set up by the President in November 1951, which gave its report in 1952 for the period 1952 to 1957.

The government bond market and the stock market deal in long-term funds, so they are capital markets; call money and treasury bills belong to the money market.

The expert group headed by Suresh Tendulkar, which reported in 2009, recommended measuring poverty through MPCE on the Mixed Reference Period.

The National Bank for Agriculture and Rural Development was set up on 12 July 1982 by an Act of Parliament, on the recommendation of the Sivaraman Committee (CRAFICARD), as the apex body for rural and farm credit.

Maharatna, Navratna and Miniratna are status tags that the Government of India gives to central public sector enterprises on the basis of their size, profits and performance.

Globalisation means the growing integration of countries through trade, investment, technology and the movement of people, and it works by lowering barriers to trade, not by raising them.

Prime Minister Narendra Modi launched the Swachh Bharat Mission on 2 October 2014, Mahatma Gandhi's 145th birth anniversary, at Rajpath in New Delhi.

The Index of Industrial Production (IIP) covers only three sectors: mining, manufacturing and electricity.

The American economic historian Morris David Morris built the Physical Quality of Life Index in the 1970s for the Overseas Development Council, and set it out in his 1979 book on measuring the condition of the world’s poor.

A unicorn is a startup that is not listed on the stock market and is valued at more than one billion US dollars.

Net factor income from abroad is the income residents earn outside the country minus the income foreigners earn inside it.

The Second Plan (1956 to 1961) was built on the model of the statistician P. C. Mahalanobis and aimed at rapid industrialisation with a stress on heavy and basic industries such as steel, machinery and chemicals, on the belief that machines to make machines would speed up growth.

Under the Coinage Act 2011 the Government of India alone has the right to mint coins, and the work is handled by the Department of Economic Affairs in the Ministry of Finance.