Questions and Answers
What is the GDP contribution percentage of the primary sector in India for the year 2022?
Which sector had the highest contribution to India's GDP in 2022?
What was the Real GDP growth rate for India in the third quarter of FY 2023-24?
What is the projected GDP growth rate for India against the global average of 2.9%?
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In which year is India projected to become a $5 trillion economy?
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What was the contribution of the manufacturing sector to the economic growth rate in the third quarter of 2023?
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Which sectors were reported to show double-digit growth in manufacturing during the year?
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What is the GDP per capita for India as reported in 2023?
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What is the largest sector in the Indian economy based on contributions?
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Which of the following issues is particularly associated with the primary sector in India?
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What type of employment does the term 'disguised employment' refer to?
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Which of the following is a solution proposed for the problems in the primary sector?
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In terms of operations, how is the Indian economy primarily divided?
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What is a characteristic of the secondary sector in the Indian economy?
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Which of the following sectors primarily offers services rather than goods?
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By which year is India predicted to become the second-largest economy in the world?
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What was one of the key outcomes of the economic reforms initiated by the government?
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Which sector experienced significant growth in India from 2000 to 2010?
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What was one of the initiatives launched between 2010-2020 for infrastructure development?
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What has characterized the shift towards innovation and startups from 2010 to 2023?
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Which initiative focused on poverty alleviation and improving citizens' well-being?
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What is one of the challenges India faces despite economic growth?
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What future focus is crucial for India's growth according to the provided content?
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Which of the following best describes India's potential future role in the global economy?
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What was a significant reason SOEs could not generate mass employment?
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What was a notable feature of the Haldia fertilizer plant?
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How did the government's attempt to finance expenditures impact the economy?
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What consequence resulted from the government's price controls on essential commodities?
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What problem did the government face due to prioritizing industry over agriculture?
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What was one of the government’s responses to rising prices?
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What did the government attempt in response to rising food prices during the crisis?
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What was a major drawback of SOEs as indicated in the content?
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What was one criticism of prioritizing agriculture over industry in the development strategy?
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What was the main purpose of the small privately run cottage industry firms?
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What did planners hope industrialization would lead to?
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What challenge did public enterprises face during industrialization?
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How were those advocating for agricultural priorities perceived by the planners?
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What impact did the delays in public enterprise projects have?
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What was a notable achievement of industrialization by 1960?
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Which of the following types of investments was NOT mentioned as part of the agricultural strategy?
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Study Notes
Overview of the Indian Economy
- India is predicted to become the second-largest economy in the world by 2050.
- The economy is divided into three sectors: primary, secondary, and tertiary.
- Organized and unorganized sectors are identified based on operations, while public and private sectors denote ownership.
Primary Sector
- Relies heavily on natural resources for goods and services, prominently featuring agriculture, fishing, and forestry.
- Agriculture represents the largest component of the primary sector.
- Major issues include underemployment (workers not fully utilized) and disguised employment (workers not utilized to their potential).
- Proposed solutions involve increasing funding for irrigation and providing loans for high-quality agricultural inputs.
Secondary Sector
- This sector transforms natural resources into consumable products and services, exemplified by manufacturing.
- Distinction exists between organized sectors (registered and governed) and unorganized sectors (small, dispersed units operating outside regulation).
Contribution to GDP (2022)
- Primary sector: 21.82% of GDP
- Secondary sector: 24.29% of GDP
- Tertiary sector: 53.89% of GDP, the largest contributor.
- Manufacturing grew by 11.6%, with the construction sector expanding by 9.5%.
- Real GDP growth recorded at 8.4% for Q3 of FY 2023-24, with GDP at US$ 3.73 trillion and GDP per capita at US$ 2,610.
Economic Growth Projections
- India is projected to become a US$ 5 trillion economy by 2027.
- Growth indicators to monitor include inflation, unemployment, investment, and sustainability performance.
Sectoral Highlights (2023)
- Manufacturing sector achieved 13.9% growth, propelled by industries like steel, cement, and automobiles.
- Economic reforms initiated by the government included dismantling bureaucratic regulations and inviting foreign investment.
IT and Services Boom (2000-2010)
- Emergence of India as a global outsourcing hub in IT and services, leading to substantial job creation and foreign exchange earnings.
Infrastructure Development (2010-2020)
- Focus on infrastructure through initiatives like the National Highways Development Project and Digital India, enhancing connectivity and economic activity.
Innovation and Startups (2010-2023)
- Surge in startup culture due to government initiatives like Startup India, particularly in e-commerce and healthcare technology.
Social and Human Development
- Programs such as MGNREGA and Swachh Bharat Abhiyan aim at poverty alleviation, financial inclusion, and sanitation improvements.
Challenges and Opportunities
- Key challenges include income inequality, agricultural reforms, job creation, and sustainable development.
- Future growth reliant on technology, education investment, and sustainable practices.
Historical Context on Industrial Strategy
- Initial focus on industrialization over agriculture led to reliance on imports for industrial goods.
- Delayed investment in agriculture resulted in food crises and reliance on imported grain in the 1960s.
Economic Issues from Early Industrialization
- State-Owned Enterprises (SOEs) created economic inefficiencies, overstaffed conditions, and high political influence leading to losses.
- Price control measures taken to combat inflation led to black market emergence and increased government regulation challenges.
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Description
Explore the fundamentals of the Indian economy in this quiz designed for B.A. (Hons.) Economics. This module focuses on understanding the various sectors contributing to India's economic growth and outlines its potential trajectory as a global leader by 2050.
