Evolution of the Indian Economy

<p>Extracting raw materials from India and selling finished products back to the Indian market. (B)</p> Signup and view all the answers

<p>Adam Smith (B)</p> Signup and view all the answers

<p>The 'Green Revolution' (D)</p> Signup and view all the answers

<p>Dominant role of the state in managing various sectors. (D)</p> Signup and view all the answers

<p>Agriculture and industrial development. (A)</p> Signup and view all the answers

<p>Luxury Goods Import (B)</p> Signup and view all the answers

<p>To support MSMEs in their financial obligations and growth. (A)</p> Signup and view all the answers

<p>Loans to farmers for installing solar power plants. (A)</p> Signup and view all the answers

<p>Number of Employees (C)</p> Signup and view all the answers

<p>Scheduled Castes, Scheduled Tribes, and Minorities. (D)</p> Signup and view all the answers

<p>Protein Revolution (C)</p> Signup and view all the answers

<p>Secondary sector (D)</p> Signup and view all the answers

<p>More than 50% (D)</p> Signup and view all the answers

<p>Fifth Five-Year Plan (A)</p> Signup and view all the answers

<p>Manufacturing activities (A)</p> Signup and view all the answers

<p>White Revolution (A)</p> Signup and view all the answers

<p>Agricultural development (B)</p> Signup and view all the answers

<p>To formulate economic policies and plans (A)</p> Signup and view all the answers

<p>The Soviet model (Mahalanobis Model) (D)</p> Signup and view all the answers

<p>Construction sector (A)</p> Signup and view all the answers

<p>To increase agricultural production (A)</p> Signup and view all the answers

<p>Leather and non-conventional energy (bio gas) (A)</p> Signup and view all the answers

<p>Blue Revolution (C)</p> Signup and view all the answers

<p>Green Evergreen Revolution (C)</p> Signup and view all the answers

<p>The process of disseminating goods and services to consumers (D)</p> Signup and view all the answers

<p>The liberalization of trade policies. (D)</p> Signup and view all the answers

<p>It caused a decrease in India's foreign exchange reserves. (D)</p> Signup and view all the answers

<p>Services (A)</p> Signup and view all the answers

<p>To reduce government control and integrate India into the global economy. (B)</p> Signup and view all the answers

<p>A less pronounced effect compared to the US and Europe, but with impact on the financial sector. (C)</p> Signup and view all the answers

<p>Lower Middle Income (A)</p> Signup and view all the answers

<p>Agricultural sector. (B)</p> Signup and view all the answers

<p>The first wave had the most significant economic impact due to strict lockdown measures. (A)</p> Signup and view all the answers

<p>Services (A)</p> Signup and view all the answers

<p>UPI (C)</p> Signup and view all the answers

<p>A direct shift from agriculture to services, bypassing significant industrial growth. (C)</p> Signup and view all the answers

<p>Differences in price levels. (B)</p> Signup and view all the answers

<p>The Make in India initiative (D)</p> Signup and view all the answers

<p>8.6% (D)</p> Signup and view all the answers

<p>Decreased foreign exchange reserves. (A)</p> Signup and view all the answers

<p>Fiscal stimulus, monetary loosening, and increased private investment. (A)</p> Signup and view all the answers

<p>Primary sector (D)</p> Signup and view all the answers

<p>Formal employment, fixed wages, social security benefits, and job security. (C)</p> Signup and view all the answers

<p>An industry with high growth potential due to strong market demand. (D)</p> Signup and view all the answers

<p>To account for differences in purchasing power across countries. (B)</p> Signup and view all the answers

<p>By dividing the national income by the total population. (A)</p> Signup and view all the answers

<p>Reducing interest rates to encourage borrowing. (A)</p> Signup and view all the answers

<p>An investment by an individual in a business located in another country, which may involve ownership. (C)</p> Signup and view all the answers

<p>A software developer for a tech company. (C)</p> Signup and view all the answers

<p>A coal mining company. (B)</p> Signup and view all the answers

<p>Government spending policies to stimulate economic activity. (D)</p> Signup and view all the answers

<p>It represents the education, skills, health, and knowledge of the workforce. (B)</p> Signup and view all the answers

<p>Innovation and technological advancements contribute significantly to economic growth. (B)</p> Signup and view all the answers

<p>Informal employment, often unregistered, and irregular income. (A)</p> Signup and view all the answers

<p>The country has a strong legal system and sound regulations that facilitate economic activity. (C)</p> Signup and view all the answers

<p>Borrowing money to fund economic activities. (A)</p> Signup and view all the answers

<p>The extent of public engagement, from centralized to decentralized methods. (A)</p> Signup and view all the answers

<p>1985 to 1990 (C)</p> Signup and view all the answers

<p>Addressing social justice and offering essential services. (A)</p> Signup and view all the answers

<p>Planning that includes center, states and local governments. (C)</p> Signup and view all the answers

<p>Expanding international tourism. (B)</p> Signup and view all the answers

<p>Policy advising and acting as a think tank. (C)</p> Signup and view all the answers

<p>$800 billion (D)</p> Signup and view all the answers

<p>Encouraging credit for community benefiting sectors. (D)</p> Signup and view all the answers

<p>Agriculture and related activities. (D)</p> Signup and view all the answers

<p>32% (C)</p> Signup and view all the answers

<p>Good governance to curb corruption and promote inclusiveness. (C)</p> Signup and view all the answers

<p>National security matters. (C)</p> Signup and view all the answers

<p>To strengthen connectivity across India. (C)</p> Signup and view all the answers

<p>75% of their credit. (C)</p> Signup and view all the answers

India's economic contribution to the global GDP was significantly reduced during British rule, falling from approximately 24% in 1700 to a mere 3% in 1947, highlighting their impact on the Indian economy.

The British government imposed the "Home Charges" on India, which functioned as a tax system that drained wealth from India and provided funds to British investors. This economic drain significantly weakened the Indian economy.

The term "wealth drain" refers to the transfer of resources from India to Great Britain during British rule. This included the extraction of raw materials and the unfair trade practices imposed on India.

The Green Revolution in India, spearheaded by Dr. M.S. Swaminathan, aimed to achieve self-sufficiency in food production. These agricultural advancements significantly improved India's food security and economic stability.

India's post-independence economic strategy prioritized industrialization. The government introduced Five-Year Plans to guide the country's economic development and promote self-sufficiency.

The Indian government played a significant role in managing key sectors like agriculture, industry, and social welfare. This active involvement characterized the initial stages of the economy after independence.

India's economy has witnessed major transformations over time, particularly during British rule and after independence. Its economic contribution to the global GDP has fluctuated, highlighting the impact of historical events and economic policies.

Dadabhai Naoroji, Philip Francis, William Diggs, Finlaystone Ross, V.R. Rao, and R.C. Desai documented and criticized the economic drain that India experienced during British rule. Their insights shed light on the negative impact of colonial practices.

The process of opening up an economy to foreign investment, reducing government control, and integrating with the global market.

The transfer of ownership of public sector companies to private entities.

The process of integrating an economy with the global market through trade, foreign investment, and technological advancements.

An economic situation where a country's foreign exchange reserves are low, and it struggles to meet its financial obligations.

The sector of the economy that provides services, such as education, healthcare, finance, and tourism.

The process of outsourcing services to another country, often for cost reduction.

A government policy aimed at promoting domestic manufacturing and innovation.

A major event in the US financial market that triggered a global economic crisis in 2008.

A measure of a country's economic output adjusted for differences in price levels.

A term used by the World Bank to categorize countries based on their per capita income.

The period after India gained independence in 1947, marked by efforts towards industrialization.

The sector of the economy that includes agriculture, fishing, and forestry.

A pandemic that caused widespread economic disruptions globally, including in India.

The restriction of movement and activities to prevent the spread of COVID-19.

The shift in India's economic structure from agriculture to services, bypassing a strong industrial sector.

Aimed to increase agricultural production using high-yielding seeds and fertilizers.

Focused on increasing milk production using cooperatives.

Targeted oilseed production, led by M.S. Swaminathan.

Centered on increasing fish production.

Focused on fruit and honey production.

Targeted textile fiber (cotton) production.

Enhanced egg production.

Targeted cotton production.

Promoted pharmaceutical and onion production.

Aimed to boost leather and non-conventional energy (biogas) production.

Focused on tomato production.

Focused on organic agricultural production.

Focused on petroleum production.

Targeted potato production.

Aimed to increase the production of pulses and protein-rich food.

The sector of the economy that focuses on extracting natural resources, such as agriculture, forestry, fishing, and mining.

The sector of the economy that processes natural resources into manufactured goods, including activities like manufacturing, construction, energy production, and processing.

The sector of the economy that provides services, such as education, healthcare, finance, tourism, retail, transportation, communication, government services, and professional services.

A sector of the economy that includes industries like information technology, research and development, education, consulting, and knowledge-based industries.

The sector of the economy that involves high-level decision-making, scientific research, top-tier management, government leadership, and expertise in areas like medicine and law.

Businesses are registered with the government, offer fixed wages, benefits, and job security.

Businesses are not registered with the government, often lack job security, benefits, and may offer irregular incomes.

Industries with high growth potential, often driven by strong market demand and new technologies.

Industries facing decline and potential extinction due to changes in technology or market trends.

A measure of the average income of people in a country; calculated by dividing the national income by the population.

A record of all economic transactions between a country and the rest of the world, including trade, investment, and financial flows.

The foreign currency assets held by a country's central bank, used to manage exchange rates and maintain economic stability.

Government spending policies intended to boost economic activity, such as increasing infrastructure spending or tax cuts.

Actions taken by a central bank to increase the money supply, often by lowering interest rates to encourage borrowing.

The government's internal revenue from taxes and other sources.

Foreign loans and grants provided to a country's budget.

Borrowing money through loans to finance economic activities.

A steady and sustained increase in a country's economic output.

Creating new jobs and reducing unemployment.

Reducing the number of people living in poverty and improving their living standards.

Ensuring fairness and equality in access to resources and opportunities for all.

Developing the ability to produce goods and services within a country, reducing reliance on imports.

Upgrading technology and infrastructure to improve productivity and competitiveness.

Balancing economic growth with environmental protection.

Planning that focuses on specific geographic regions, like national, regional, state, or local levels.

Planning that involves different levels of public participation, from centralized (top-down) to decentralized (bottom-up).

Planning based on a specific timeframe - short-term, medium-term, or long-term.

Planning that focuses on specific sectors or areas, like agriculture, industry, or infrastructure.

Government-directed planning where the government's decisions are binding.

Government-guided planning with indicative targets and frameworks for private sector activities.

Businesses categorized based on investment size and employee count, playing a crucial role in economic growth and job creation.

Credit extended to companies involved in exporting goods and services, helping them access essential funding for international trade.

Investments targeting renewable energy sources like solar and wind power, aiming to reduce reliance on fossil fuels and support sustainable development.

Loans directed towards marginalized communities and groups, enabling their economic participation and empowering them through financial inclusion.

Loans extended to start-up companies, fueling innovation and entrepreneurial ventures, contributing to economic growth and job creation.