Miscellaneous - Indian Economy

  • The GDP deflator is also called implicit price deflator.
  • Finance Minister Nirmala Sitharaman announced setting up of seven mega textile parks across the country over three years, in her Budget 2021- 2022 speech.
  • The National Rail Plan announced in the Union Budget of 2021-22 aims to create a future ready railway system by 2030.
  • At a Regional Rural Bank, the share of the Government of India is 50%.
  • Union Budget 2021-22 is India's first Paperless Budget.
  • The SWAJAL scheme is an initiative of the Ministry of Drinking Water and Sanitation, seeks to provide water to 115 Indian districts to help them in meeting their basic needs such as drinking, cooking and other domestic essentials.
  • According to Output Method, GDP is calculated as GDP at constant prices - Taxes + Subsidies
  • In 1955 the Citizenship Act was passed for the first time in India.
  • Nepali is one of the languages in which the denomination is printed on the reverse of contemporary Indian currency note.
  • India banned unregulated deposit schemes through an act passed in the year 2019.
  • Non - Fungible Token (NFT's) enable the digital representation of physical assets. These are unique cryptographic tokens that exist on a blockchain.
  • "Rapid Financing Instrument" and "Rapid Credit Facility" are related to the prevision of lending by International Monetary Fund.
  • The Union Finance Minister is the Chairperson of the Goods and Services Tax Council.
  • The term 'Industrial Revolution' was first used by Arnold Toynbee.
  • The idea of Planning in Independent India was drawn from - the Bombay Plan.
  • The economic survey has come up with the Bare Necessities Index at rural and urban levels which is based on 26 indicators.
  • Jal Jeevan Mission Scheme was declared in the Union Budget of 2019-20.
  • Pradhan Mantri Swanidhi Scheme is targeted to Street Vendors.
  • The idea of 'Rurbanization' was elaborated by G.S. Ghurye.
  • T. Malthus propounded one of the most famous theories, called 'The Malthusian Theory' which is related to population.
  • According to 'Global Business Cities Index' of January 2022, Hong Kong is the top business city in the world.
  • The audit report of the Comptroller and Auditor General of India is examined by Public Accounts Committee.
  • Poverty is regarded as a social problem' which was the outcome of a survey research on poverty in London. The scholar of this research was Henary George.
  • LBS is one of the economic measures taken by the Government of India for financial inclusion. In this context LBS is - Lead Banking Scheme.
  • Lloyd Rudolph and Susanne Rudolph have coined the term 'Bullock Capitalists'.
  • The first Industrial Policy resolution was taken in 1948.
  • Tarapore Committee recommended that before capital account was made convertible the rate of inflation should be brought down for three years within 3-4%.
  • Tarapore Committee recommended that foreign exchange reserves should not be below the requirements of import for 6 months.
  • The Securities and Exchange Board of India (SEBI), on May 29, 2008 has allowed overseas sovereign wealth fund to register as foreign institutional investors (FIIs) and invest in shares and government securities.

FAQs

  • The existence of a large parallel economy, fluctuations in agricultural and industrial output and indirect taxation are the reasons for: cost-push inflation.
  • Among the supply side measures to contain iflation is: to increase the supply of products or commodities.
  • 'Level playing field' argument industries requires : Domestic industry to be treated at par with MNCs
  • One of the disadvantages of the Wholesale Price Index in India is that: It does not cover the services sector
  • Check off system refers to the verification of membership through : deduction of subscription from pay
  • Direct taxation is a better form of taxation because : it allows for taxation according to means
  • Multi Fibre Agreement deals with : Textiles
  • Open market operation of RBI Refers to trading in securities.
  • The new definition of fiscal deficit was suggested by: Chakravarthy Committee.
  • According to the Chakravarthy Committee, one of the principal causes affecting price stability in India is : Violent fluctuation in agricultural production
  • The first bank managed by Indians was :             Oudh Bank
  • The permit for duty free trade issued by the East India Company at a price to private traders was called : Diwani
  • The demand for establishment of a department of agriculture in India was made by: Manchester Cotton Supply Associatxm
  • The birth rate measures the number of births during year per :1000 of population
  • Structural unemployment arises due to : inadequate productive capacity
  • Disguised unemployment' refers to : more persons employed for a job which a few can accomplish
  • The Securities and Exchange Board of India (SEBI) has imposed a restriction on money flow in equity through 'P-Notes'. The full form of 'P-Notes' is: Participatory Notes
  • The money which government of India spends on the development of infrastructure in country comes fron the following sources — Loan from World Bank / ADB etc., Taxes collected from the people, Loan from the RBI etc.
  • 'Investor Protection Fund' has been established by: Stock Exchange
  • The full form of FII is: Foreign Institutional Investor

The National Association of Software and Service Companies (NASSCOM), the premier trade bodr represents:

 IT and BPO industry

The country which leads in oil-consumption in the world is:

The USA

World's leading gold producer country is:

South Africa

Entry for Normal Loss is recorded in:

Trading Account

In Product Life Cycle the cost per unit is generally highest in the stage of:

Introduction

Accounting acronym GAAP stands for:

Generally Accepted Accounting Practicess

Limited Liability is available in the kind of business organisation called:

Company

Bank account is called:

Real Account

The form of accounting states that transactions are to be recorded in the period that they occur is:

Accrual basis of accounting

The most important ratio for the Sales Tax Department from the control point of view is:

Gross profit Ratio

The most important ratio for the Income Tax Department from the control point of view is:

Net Profit Ratio

The abbreviations for debit and credit (Dr. and Cr.) come from the language:

Latin, ‘debere and credere’

A Public Limited Company tries to maximise:

Wealth of Shareholders

Anticipated losses are recorded in the books of accounts as per:

Matching of Cost and Revenue

Goodwill is recorded in the books of accounts only when:

it is valued

Depreciation Account is called:

Nominal Account

Monopoly is when there is single:

Seller

We can get the current Ratio by:

dividing current asset by current liabilities

The major rubber producing state in India is:

Kerala

  • International Monetary Fund was established on 27thDecember, 1945 at Hampshire, USA under 'Bretton Woods Agreement'.
  • Principle of population was given by Thomas Robert Malthus in 1798. According to this theory population increases in geometrical progression. Malthus said— "Population growth will always tend to outrun the food supply and the betterment of humankind is impossible stem limits on reproduction." This thinking is also known as Malthusianism.
  • Phillips Curve — This is the relationship between rates of unemployment and corresponding rates of inflation that results in an economy (In simple words-'Decreased unemployment in an economy will correlate with higher rates of inflation).
  • Ministry of Finance is the controlling Authority of government expenditure.
  • Effective Revenue Deficit was introduced in the Union Budget 2011-12.
  • By the export of services India earns maximum foreign exchange.
  • Hot currency is foreign currency which has a tendency of quick migration.
  • Continuous growth of per capita real income over a period of time in an economy is called Economic Growth.
  • Asian Development Bank was established in 1966. (Head Office—Manila)
  • Hilton Commission was the first commission to recommend Reserve Bank of India (RBI) as the central bank.
  • Sir Osborn Smith was the first Governor of R.B.I. (01.04.1935 - 30.06.1937).
  • C.D. Deshmukh was the first Indian Governor of R.B.I. and the first Governor of R.B.I. after independence (11.08.1943 - 30.06.1949). During his tenure R.B.I. was nationalised.
  • World's first organised Share Market was established in 1602 in Amsterdam, Netherlands.
  • The social accounting method of estimating national income was developed by Richard Stone.
  • TRIFED: Tribal Co-operative Marketing Development Federation of India Ltd. established by government in 1987 to benefit small tribal farmers.
  • NAFED: NationalAgriculturalCo-operativeMarketing Federation of India Ltd. was established for marketing the agricultural products.
  • Since 2002, price of all petroleum products are market determined. Kerosene and domestic LPG is supplied at subsidised rates to target groups.

Foreign exchange rates

Foreign exchange rates are not fixed. It changes with market conditions. But for example the exchange rate

As on 20 September 2022:

1 US Dollar = 79.72 INR

Rs.1 = $ 0.013 (USD)

1 Gr. Britain Pound  =  90.93 INR

Rs.1 = £ 0.011 (GBP)

1 Euro = 79.67 INR

Rs. 1 = € 0.013 (EUR)

As on 16 January 2024

1 US Dollar = 83.01 INR

Rs.1 = $ 0.01245 (USD)

1 Gr. Britain Pound  =  105.26 INR

Rs.1 = £ 0.00950 (GBP)

1 Euro = 90.60 INR

Rs. 1 = € 0.0110 (EUR)

  • Average size of holding in India is continuously decreasing due to rigid population growth.
  • Kisan Credit Card Yojana was started in 1998 by the then Finance Minister Yashwant Sinha.
  • Types of loans provided to Indian Farmers :
    a. Short Term Loans: Less than 15 months
    b. Medium Term Loans: 15 months to 5 years
    c. Long Term Loans: More than 5 years
  • Loans are acquired from Institutional Sources (Banks) and Non-institutional sources (money-lenders).
  • Collateral against loans is also known as 'security'.
  • Gram Uday se Bharat Uday Abhiyan' was initiated on the 125th birth anniversary of Dr. Bhimrao Ambedkar.
  • The chairman of NITI Aayog is Narendra Modi.
  • Maharashtra has introduced employment guarantee scheme first in 1972 as 'Maharashtra Employment Guarantee Scheme (MEGS)'.
  • IDA is known as soft loan window of the World Bank.
  • Swajaldhara Yojana was launched in the year 2002.
  • Highest organisation for industrial finance in India is 'I.D.B.I.'.
  • The maximum age for joining National Pension Scheme is 60 years.
  • In India, Inflation is measured by the Consumer Price Index & Wholesale Price Index.
  • The ‘Atal Pension Yojana', a scheme focussed on workers in the 'Unorganised Sector', was launched in '2015'.
  • Removing barriers or restrictions set by the government is called 'Liberalisation'.
  • Disguised unemployment is prominently found in rural areas.
  • Organised sector covers those enterprises or places of work where the terms of employment are regular.
  • The interest rate on loans 'is generally higher' when compared to the interest rate offered on deposits.
  • People, generally engaged in agricultural activities face seasonal and disguised unemployment.
  • Increase in unemployment indicates the type of 'Depressed' economy.
  • The most labour absorbing sector of the economy in India is Agriculture sector.

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