Untitled Quiz

The foundation of the British Empire in India was laid by the Battle of Plassey, fought in 1757.

The main purpose of the British Rule in India was to use Indian economy as a feeder economy for the development of the British economy.

Before the arrival of British Rule, the Indian economy was characterized by a prosperous economy, an agrarian economy, and well-known handicrafts industries.

<p>The economic condition of a nation can be judged with the data of national income and per capita income.</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>Some individual attempts to estimate India's national income and per capita income were made by experts like Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V Rao and R.C. Desai.</p> Signup and view all the answers

<p>The most important reason for stagnation in the agricultural sector was the introduction of the Zamindari System by the colonial government and commercialization of agriculture during British rule.</p> Signup and view all the answers

<p>A sizeable portion of the undivided country's highly irrigated and fertile land went to Pakistan. Almost, the whole of jute producing area became part of East Pakistan (now Bangladesh). India's jute goods industry, which had enjoyed a world monopoly so far, suffered heavily for lack of raw material.</p> Signup and view all the answers

<p>The British Government systematically destroyed Indian handicraft industries to get raw materials from India at cheap rates to be used by upcoming modern industries in Britain and to sell finished products of British industries in Indian market at higher prices.</p> Signup and view all the answers

<p>Both A and B</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>The public sector remained confined only to the railways, power generation, communications, ports and some other departmental undertakings.</p> Signup and view all the answers

<p>India became an exporter of primary products such as raw silk, cotton, sugar, jute etc. and an importer of finished consumer goods like woolen clothes and capital goods like light machinery, produced in the British Industries.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>The opening of the Suez Canal in 1869 served as a direct route for the ships operating between India and Britain.</p> Signup and view all the answers

<p>There were huge exports surplus due to excess exports. However, export surplus was used to make payments for expenses incurred by an office set by the colonial government in Britain, to meet expenses on war fought by the British Government, and to improve invisible items.</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>Occupational structure refers to the distribution of working persons across primary, secondary and tertiary sector of the economy.</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>On the eve of independence, the Indian economy was completely underdeveloped. Therefore, the Indian government had to decide on the type of 'Economic System' that would be best suited for India. This included deciding what to produce, how to produce it, and for whom to produce it.</p> Signup and view all the answers

<p>Economic planning refers to a system under which a central authority sets a set of targets and specifies a set of programs and policies to achieve those targets within the specified period of time.</p> Signup and view all the answers

<p>To make economic planning effective, the Government of India set up Planning Commission in 1950, with the Prime Minister as the Chairman.</p> Signup and view all the answers

<p>The basic goals of the Five-Year plans are growth, modernization, self-reliance, and equity.</p> Signup and view all the answers

<p>The Capitalist Economy means of production are owned, controlled and operated by Private Sector, whereas in the Socialist Economy means of production are owned, controlled and operated by Government.</p> Signup and view all the answers

<p>Growth refers to increase in the country's capacity to produce the output of goods and services within the country.</p> Signup and view all the answers

<p>Modernization includes adoption of new technology and change in social outlook.</p> Signup and view all the answers

<p>Self-reliance means development through domestic resources.</p> Signup and view all the answers

<p>According to Equity, every Indian should be able to meet his or her basic needs and inequality in the distribution of wealth should be reduced. It's important to ensure that benefits of economic prosperity are availed by all sections of the economy.</p> Signup and view all the answers