Who is the author of the book ‘Planned Economy for India’?
- A.M. Visvesvaraya
- B.J. R. D. Tata
- C.G. D. Birla
- D.Pattabhi Sitaramayya
Correct answer
Explanation
The correct answer is A, M. Visvesvaraya. 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. He proposed doubling the national income in ten years by shifting people from farming to industry, which is why he is seen as a pioneer of economic planning in India. His birthday, 15 September, is observed as Engineers’ Day, and he received the Bharat Ratna in 1955. Other plans followed: the Congress set up the National Planning Committee under Jawaharlal Nehru in 1938, and a group of industrialists released the Bombay Plan in 1944. Option B is wrong because J. R. D. Tata was one of the industrialists who signed the Bombay Plan, not the author of this book. Option C is wrong because G. D. Birla was also a signatory of the Bombay Plan. Option D is wrong because Pattabhi Sitaramayya is known for writing a history of the Indian National Congress. Exam tip: Visvesvaraya’s book 1934, National Planning Committee 1938, Bombay Plan and Gandhian Plan 1944, People’s Plan 1945.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
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GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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