Indian Economy Mixed Quiz: Set 68

The government declared that 16 January, the day on which the Startup India Action Plan was released in 2016, would be celebrated as National Startup Day, and the National Startup Awards are associated with the same programme.

PAHAL is the direct benefit transfer scheme for subsidy on cooking gas (LPG). PAHAL stands for Pratyaksh Hanstantrit Labh, meaning direct transferred benefit.

The marginal rate of substitution of X for Y is the number of units of Y a consumer is willing to give up to get one more unit of X while remaining on the same indifference curve, and it equals the ratio of the marginal utility of X to the…

Make in India was launched on 25 September 2014 as a national programme to make India a global hub of design and manufacturing, and it is implemented by the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce and Industry.

Under the definition notified for recognition by DPIIT, an entity qualifies as a startup for up to ten years from the date of its incorporation or registration, provided its turnover has not exceeded one hundred crore rupees in any financial year, it works towards innovation, development or improvement of products…

As a member of the World Trade Organization, India had to protect geographical indications under the TRIPS Agreement, and the 1999 Act was passed for that purpose.

As a consumer moves down an indifference curve he holds more and more of the first good and less of the second, so each extra unit of the first is worth fewer units of the second to him; the slope therefore becomes flatter from left to right and the curve…

Walking through the villages of the Telangana region in 1951 he asked landowners to treat the landless as their own kin and to gift a share of their land, and the first such gift at Pochampally began the Bhoodan or land gift movement, later extended as Gramdan, the gift of…

The Fund of Funds for Startups was created in 2016 with a corpus of ten thousand crore rupees and is operated by SIDBI, which does not invest directly in startups but puts money into alternative investment funds registered with the Securities and Exchange Board of India, and those funds in…

Because resources are scarce and wants are unlimited, every economy must answer three questions, and these are called its central problems: what goods and in what quantity to produce, how to produce them, that is by which technique and combination of labour and capital, and for whom to produce, that…

If two curves crossed, the combination at the crossing point would belong to both and would therefore give two different levels of satisfaction at the same time, a logical contradiction; for the same reason they cannot even be tangent.

It empowers the Union, the State and local governments to collect statistics on economic, demographic, social, scientific and environmental matters, obliges the informant to furnish the information asked for, and bars the disclosure of the information of an individual informant for any purpose other than statistics; it was amended in…

This output-linked design is what distinguishes the PLI scheme from older industrial subsidies: a selected manufacturer receives an incentive, usually a percentage of the additional sales of eligible goods made in India, for a fixed number of years, so the payment follows production and sales actually achieved.

Marshall, in his Principles of Economics, built the theory of demand on the assumption that utility is measurable in imaginary units, so that a consumer can compare the ten utils of a cup of tea with the six utils of a samosa; from this assumption he derived the law of…

The budget line is the equation Px·X + Py·Y = M, which on rearranging gives Y = M ÷ Py minus (Px ÷ Py)·X, so the intercept is income divided by the price of Y and the slope is the ratio of the price of the good on the horizontal…

Every banknote above one rupee is issued by the Reserve Bank under Section 22 of its Act and carries the promise to pay the bearer, signed by the Governor, which is why these notes are called promissory notes of the Bank.

The first PLI scheme was notified in 2020 for large-scale electronics manufacturing, with mobile phones and specified electronic components as its targets, and it was followed by schemes for pharmaceutical ingredients and medical devices in the same year.

Equilibrium is the point at which the budget line is tangent to the highest indifference curve the consumer can reach, and at a point of tangency the slopes of the two are equal, which means MRS of X for Y equals Px divided by Py; a second condition is that…

It allows an eligible startup, recognised for the purpose and incorporated within the prescribed window, a deduction of one hundred per cent of the profits and gains from its business for three consecutive assessment years out of its first ten years, subject to conditions, and it must be claimed with…

In their joint work of 1934, and later in Hicks's Value and Capital, they replaced the measurement of utility with the ranking of preferences and rebuilt the theory of demand on indifference curves, the marginal rate of substitution and the budget line.