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Questions and Answers
What was the growth rate of Gross Domestic Product (GDP) during the period of 2007-12?
What was the growth rate of Gross Domestic Product (GDP) during the period of 2007-12?
- 5.6%
- 8.2% (correct)
- 9.8%
- 7.4%
Which sector of the Indian economy has consistently shown significant growth post-1991?
Which sector of the Indian economy has consistently shown significant growth post-1991?
- Agricultural sector
- Mining sector
- Industrial sector
- Service sector (correct)
What was the foreign direct investment (FDI) in India during 2017-18?
What was the foreign direct investment (FDI) in India during 2017-18?
- US $40 billion
- US $10 billion
- US $30 billion (correct)
- US $20 billion
How did the agricultural growth rate perform during the period from 2013-14 to 2014-15?
How did the agricultural growth rate perform during the period from 2013-14 to 2014-15?
By how much did foreign exchange reserves grow from 1990-91 to 2018-19?
By how much did foreign exchange reserves grow from 1990-91 to 2018-19?
What was a noted consequence of the reform period starting in 1991 on the industrial sector?
What was a noted consequence of the reform period starting in 1991 on the industrial sector?
What percentage growth did the service sector achieve in 2014-15?
What percentage growth did the service sector achieve in 2014-15?
In which category does India rank concerning foreign exchange reserves?
In which category does India rank concerning foreign exchange reserves?
What primarily drove the GDP growth during the post-1991 reform period in India?
What primarily drove the GDP growth during the post-1991 reform period in India?
Which period marked a high growth rate for agriculture before subsequent decline?
Which period marked a high growth rate for agriculture before subsequent decline?
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Study Notes
Indian Economy Post-1991 Reforms
- Economic Growth: India experienced rapid GDP growth following the 1991 reforms, increasing from 5.6% during 1980-91 to 8.2% during 2007-12.
- Sectoral Performance:
- Agriculture: Growth declined post-1991.
- Industry: Fluctuations occurred, with a steep decline during 2012-13 followed by continuous growth.
- Services: Growth increased significantly, becoming the main driver of overall GDP growth.
- Foreign Investment:
- Increased dramatically, including foreign direct investment (FDI) and foreign institutional investment (FII).
- Rising from US 100millionin1990−91toUS100 million in 1990-91 to US 100millionin1990−91toUS30 billion in 2017-18.
- Foreign Exchange Reserves:
- Rose significantly from US 6billionin1990−91toUS6 billion in 1990-91 to US 6billionin1990−91toUS413 billion in 2018-19.
- India is now one of the world's largest holders of foreign exchange reserves.
- Exports: India became a major exporter of auto parts, pharmaceutical goods, engineering goods, IT software and textiles.
- Inflation: Inflation was kept under control.
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