Indian Economy Mixed Quiz: Set 5

The deflator compares what the year's output costs at this year's prices with what the same output would cost at base year prices, so nominal GDP goes on top and real GDP below, and the ratio is expressed as a percentage.

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.

Sir M. Visvesvaraya, the engineer and former Diwan of Mysore, wrote ‘Planned Economy for India’ in 1934, the first book to set out a plan for India’s development.

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

Under Section 22 of the RBI Act, 1934, the Reserve Bank has the sole right to issue banknotes in India.

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

Fiscal policy is the government's use of taxation and public spending, so taxes are its main tool. In India, fiscal policy is run by the Union Government through the Ministry of Finance, and the Union Budget is its yearly statement.

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.

Exports are goods produced at home and sold abroad, so they belong in domestic production. Imports are produced abroad but are already included in the spending of households, firms and government, so they must be taken out to leave only what the country itself produced.

Assam became the first state to ratify the GST Constitution Amendment Bill, on 12 August 2016, soon after Parliament passed it.

Selling dollars supports a falling rupee and buying dollars absorbs heavy inflows, but to fight inflation the RBI sells, not buys, securities.

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.

A progressive income tax takes a bigger share when incomes rise and a smaller one when they fall, without any new decision by the government.

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

The National Statistical Office, formed by merging the Central Statistical Office with the National Sample Survey Office, prepares the national accounts under the Ministry of Statistics and Programme Implementation.

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.

Sterilization means cancelling out the effect of foreign exchange operations on the domestic money supply, and the RBI does it mainly through open market operations.

Per capita income is the average income of a person in a year, found by dividing national income by the entire population, including children and those who do not work.

The Reserve Bank of India was nationalised on 1 January 1949 under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

Real GDP measures the value of all final goods and services produced in a year at the prices of one fixed earlier year, called the base year, so that the effect of rising prices is removed and true growth can be seen.