Indian Economy Mixed Quiz: Set 6

GDP counts everything produced within the country's borders, whoever produces it. GNP counts what is produced by the country's own normal residents, wherever they work.

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.

Mining takes a product straight out of nature without changing its form, exactly as farming, fishing and forestry do, and every activity of that kind is placed in the primary sector.

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.

The Planning Commission was constituted on 15 March 1950 by a resolution of the Union Cabinet, with the Prime Minister as its chairman, and it drafted every Five Year Plan until it was replaced in 2015.

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 Cash Reserve Ratio (CRR) is the share of a bank's deposits that it must keep with the Reserve Bank of India in cash, and the bank earns no interest on this money.

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

The all-India Index of Industrial Production is compiled with 2011-12 as its base year, a revision announced in 2017 that replaced the older 2004-05 base.

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.

In the Union Budget, money coming to the government is split into revenue receipts and capital receipts, and the test is exactly this one.

Inflation is a sustained rise in the general price level, measured in India by the CPI and the WPI.

India's first Industrial Policy Resolution was announced on 6 April 1948 by Shyama Prasad Mukherjee, the first Industry Minister.

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.

Net National Product is simply Gross National Product minus depreciation, that is NNP = GNP − Depreciation.

Money from National Savings Certificates belongs to the savers, not the government, so under Article 266(2) it is credited to the Public Account.

It produces no goods at all; it provides services such as transport, storage, communication, trade, banking, insurance, education, health care and administration, which is why it is commonly called the service sector.

On that date a cabinet resolution created the National Institution for Transforming India in place of the Planning Commission, keeping the Prime Minister as the head of the new body but changing its work from allocating funds to advising governments.

Monetary policy is run by the central bank, the Reserve Bank of India, which controls the supply and the cost of money in the economy.

National income is estimated by three standard methods — the product or value-added method, the income method and the expenditure method — and there is no banking method.