Indian Economy & Financial system - Mod A - Unit I - An overview of indian economy

Question 1

According to the Angus Maddison database, India and _________ contributed 50.5 per cent of global GDP in 1000 AD

Answer 1

China

Question 2

World Bank classifies economies considering ________ income.

Answer 2

per capita

Question 3

Per capita income classified in to four types. They are,

Answer 3

Low Income;
Lower Middle-Income.
Upper Middle-Income and
Higher Income.

Question 4

Indian economy falls under the category of .

Answer 4

lower-middle income economy

Question 5

Countries that have Per Capita Income (PCI) between $996 and $3895 fall in which classification

Answer 5

lower-middle income economy

Question 6

India’s per capita income as on 2019

Answer 6

$1891

Question 7

The government addressed the developmental issues through _________ plans by setting targets and ensuring the allocation of funds for the development in various sectors

Answer 7

five-year

Question 8

Agriculture was a dominant sector in the Indian economy in 1950, accounting for ____ per cent of GDP.

Answer 8

53.1

Question 9

Industry had a ___ per cent GDP share

Answer 9

16.6

Question 10

Services had a _____ per cent GDP share.

Answer 10

30.3

Question 11

There was a clear and significant compositional shift in favour of the services sector after ____ ?

Answer 11

1980

Question 12

______________________ published the first estimates of national income in India in his book “Poverty and Un-British Rule in India” for the year 1867–1868.

Answer 12

Dadabhai Naoroji

Question 13

According to the work of Cambridge economist Angus Maddison, India’s share of global income was 23 per cent in 1600 A.D., but by the time the British left in 1947, it had shrunk to only ___ per cent.

Answer 13

3

Question 14

India accounted for ____ per cent of global trade in 1600 but fell to less than 3 per cent in 1947.

Answer 14

33

Question 15

According to _________________, at the turn of the twentieth century, India was the brightest jewel in the British Crown and the poorest country in the world, in terms of per capita income

Answer 15

former Prime Minister Manmohan Singh

Question 16

The British impact on the Indian economy can be discussed in _______ different phases

Answer 16

three

Question 17

The foundation of the East India Company in 1600 A.D. marks the beginning of the first phase. The company had two goals – _________________________________ and find a market for their completed goods.

Answer 17

procure raw materials for their factories

Question 18

The second phase began with the Battle of ________ , which marked a turning point in colonial control in India. This time was marked by blatant robbery by the East India Company, camouflaged as trade, exploitative land revenue policies, and dishonest and unscrupulous company officers accumulating vast fortunes.

Answer 18

Plassey

Question 19

The third phase began in 1857, when the British quashed the ____________. The British crown dissolved the company and assumed exclusive control of India. This period was marked by colonial exploitation through de-industrialization, agricultural commercialization, wealth drain, and Westernization of Indian education systems.

Answer 19

Sepoy Mutiny

Question 20

__________ introduced the Zamindari, Mahalwari, and Ryotwari systems to take excessive land tax from farmers.

Answer 20

The British

Question 21

Transportation, trade policy, port expansion, and the opening of the ______ accelerated the commercialisation process.

Answer 21

Suez Canal

Question 22

The fundamental goal of introducing Western education to India was to

Answer 22

generate a group of Indians who had a shaky grasp of English but were enough Westernized to be estranged from their own culture.

Question 23

In 1783, Edmund Burke explained the mechanism of ________ and ___________ in Indian situations.

Answer 23

economic drain and rising poverty

Question 24

In 1776, Philip Francis studied the drain economy and classified it into four broad streams: They are

Answer 24

The East India Company’s investment, remittances to other presidency,
transfer of private income, and
transfer of revenue from private commerce or investment.

Question 25

During the time of direct British control from 1858 to 1947, the colonial government’s official transfers of monies to the United Kingdom were referred to as

Answer 25

“Home Charges”.

Question 26

In 1978, _________________ coined the phrase “Hindu rate of growth” to describe the slow growth of the Indian economy. The term refers to India’s planned economy’s low annual growth rate, which hovered around 3.5 per cent from the 1950s to the 1980s, while per capita income growth averaged 1.3 per cent.

Answer 26

Professor Raj Krishna

Question 27

Only during the __________ five year plan (1980–1985) India could break the curse of the ‘Hindu Rate of Growth’.

Answer 27

sixth

Question 28

_____________________ which provided a much-needed fiscal stimulus to the economy, is one of the factors attributed to higher economic growth during

Answer 28

Higher government spending,

Question 29

the post-reform period.

Answer 29

1992 to 2008

Question 30

The economy grew at 6.7 per cent during the eighth five-year plan (1992–1997),
5.3 per cent during the ninth five-year plan (1997–2002), and ____ per cent during the tenth five-year plan (2002–2007).

Answer 30

7.6

Question 31

The main reason for the high growth rate in the eighth plan was an increase in the _________________________, which was a direct result of the new economic policy implemented in 1991.

Answer 31

inflow of foreign capital

Question 32

From 2002–03 to 2006–07, India’s GDP grew at an ____ per cent annual rate, making it the world’s second fastest growing economy after __________

Answer 32

8.6
China

Question 33

After the Global financial crisis 2007-09, Government of India has bolstered the economy with three stimulus packages totaling Rs._________________ (3.5 per cent of GDP).

Answer 33

Rs. 1.86 lakh crore

Question 34

After the Global financial crisis 2007-09, The RBI dramatically eased monetary conditions and injected a whopping Rs ________ (roughly 9 per cent of GDP), in domestic and external liquidity.

Answer 34

5.6 lakh crore

Question 35

What is FRBM ?

Answer 35

Fiscal Responsibility and Budget Management Act.

Question 36

______________ remained robust in terms of production during the pandemic since _________ activities were spared from the lockdown restrictions.

Answer 36

Agriculture

Question 37

During the first wave of COVID-19, India had one of the world’s worst recessions, with GDP contracting by as much as ___ per cent in the first quarter of 2020-21.

Answer 37

23.8

Question 38

A gradual recovery gained traction in the second half of the year (Q3: 0.7% & Q4: _____%), resulting in a substantially less severe contraction of ____ per cent for the entire fiscal year

Answer 38

2.5
6.6

Question 39

Coal and _____________ shortages, followed by the third wave in January 2022, led a reduction in economic recovery momentum beginning in November 2021.

Answer 39

semiconductor chip

Question 40

After the second wave, which demand increased and which demand decreased?

Answer 40

Urban demand increased
Rural demand dropped