Indian Economy Mixed Quiz: Set 7

On a small family holding every member of the household may work on the land even though the work needs far fewer hands; if some of them were withdrawn, total output would not fall.

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.

The statistician who founded the Indian Statistical Institute gave the Second Plan its framework, in which investment was directed towards heavy and basic industries such as steel, machinery and power on the argument that they would build the capacity to produce everything else.

Sensex, short for ‘Sensitive Index’, tracks 30 large, well-established and actively traded companies listed on the BSE, chosen from different sectors of the economy.

M3 is called broad money or aggregate monetary resources. It equals M1 plus the time deposits of the public with banks, so it measures almost all the money available in the economy.

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

The Mahatma Gandhi National Rural Employment Guarantee Act, passed in 2005, guarantees one hundred days of wage employment in a financial year to every rural household whose adult members volunteer to do unskilled manual work.

The MSP is announced before sowing so that farmers know the lowest price at which the government will buy their crop.

The plan of 1961 to 1966 was overwhelmed by the war with China in 1962, the war with Pakistan in 1965 and a severe drought, so instead of a new five year plan the government ran three annual plans from 1966 to 1969, a stretch called the plan holiday.

The Fiscal Responsibility and Budget Management Act, 2003 is a fiscal reform: it binds the Union government to cut its fiscal and revenue deficits and to report on its borrowing.

Agriculture and its allied activities still give work to the largest number of Indians, even though the sector's contribution to national income is far smaller than that share of employment would suggest.

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

Running from 1974 to 1979, it took the removal of poverty and the attainment of self-reliance as its twin objectives, and it is remembered by the slogan Garibi Hatao.

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

Banking and insurance create no physical product; they support production and trade by providing credit, moving money and covering risk, and such support activities are the core of the tertiary or service sector.

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.

The office of Prime Minister carries the chairmanship of NITI Aayog, exactly as it carried the chairmanship of the Planning Commission before 2015 and as it carries the chairmanship of the Governing Council and of the National Development Council.

An enterprise belongs to the organised sector when it is registered with the government and follows labour laws, so that employment is regular and secure and workers get fixed hours, paid leave, provident fund and medical benefits.

The Governing Council brings together the Prime Minister, the chief ministers of all the states, the chief ministers of union territories that have legislatures and the lieutenant governors of the remaining union territories, so that the Union and the states can settle priorities in one room.

In the public sector the government owns the assets and provides the services, and the aim is public welfare rather than profit; in the private sector ownership rests with individuals or companies and profit is the motive.