Indian Economy Mixed Quiz: Set 3

He made the earliest estimate of India's national income in the nineteenth century and used it to argue that British rule was draining wealth out of the country, putting the average income at about twenty rupees a person a year.

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.

The Second Five-Year Plan, 1956 to 1961, moved the focus from farming to rapid industrialisation, especially heavy and basic industries.

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

Regional Rural Banks were set up under the Regional Rural Banks Act, 1976, after the Narasimham Working Group of 1975 recommended small banks close to the villages.

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

The Statutory Liquidity Ratio, or SLR, is the share of a bank's net demand and time liabilities, that is, all its demand deposits and term deposits taken together, that it must hold in liquid assets such as cash, gold or approved government securities.

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.

When demand pushes the economy to produce more than it can at full employment, the extra demand only drives prices up.

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

In India the fiscal or financial year runs from 1 April to 31 March, so the year that starts on 1 April 2025 is written as 2025-26.

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.

France was the first country to introduce GST, in 1954. The idea came from Maurice Lauré, a French tax official, who designed a tax charged at every stage of production and sale but only on the value added at that stage.

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

Article 280 of the Constitution requires the President to set up a Finance Commission every five years, or earlier if needed, to recommend how the taxes collected by the Union should be shared with the states and how grants-in-aid should be given.

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 Total Fertility Rate is the average number of children a woman would have in her lifetime if she followed the current birth rates at each age from 15 to 49.

The committee was appointed in 1949 to prepare official estimates of national income after independence, and it submitted its final report in 1954.

The First Five Year Plan (1951–56) gave top priority to agriculture, irrigation and power, because India faced food shortages after Partition and needed to feed its people first.

On 15 April 1980 the government nationalised six more private banks, each with deposits of over ₹200 crore, which raised the number of nationalised banks to 20.