Podcast
Questions and Answers
What was the rank of India by GDP (nominal) according to the International Monetary Fund (IMF)?
What was the rank of India by GDP (nominal) according to the International Monetary Fund (IMF)?
- 139th (correct)
- 127th
- 5th
- 3rd
What type of economy does India currently have?
What type of economy does India currently have?
- Mixed middle-income developing social market economy (correct)
- Free market economy with minimal government intervention
- State-controlled socialist economy
- Planned economy with notable public sector
What economic policies did successive governments follow from 1947 until 1991?
What economic policies did successive governments follow from 1947 until 1991?
- Laissez-faire capitalism and deregulation
- Free market policies and minimal government intervention
- Soviet model and protectionist economic policies (correct)
- Keynesian economics and extensive privatization
What event led to the adoption of broad economic liberalization in India in 1991?
What event led to the adoption of broad economic liberalization in India in 1991?
What characterized the economic policies in India from independence until 1991?
What characterized the economic policies in India from independence until 1991?
Which hydrocarbon gas is most commonly found in mixes of LPG in the United States?
Which hydrocarbon gas is most commonly found in mixes of LPG in the United States?
What is the primary reason for using LPG as an aerosol propellant and refrigerant?
What is the primary reason for using LPG as an aerosol propellant and refrigerant?
During which season do LPG mixes in the northern hemisphere contain more butane?
During which season do LPG mixes in the northern hemisphere contain more butane?
What are the two main grades of LPG sold in the United States?
What are the two main grades of LPG sold in the United States?
What is LPG often referred to when specifically used as a vehicle fuel?
What is LPG often referred to when specifically used as a vehicle fuel?
Flashcards
India's GDP (nominal) Rank
India's GDP (nominal) Rank
India's economic ranking based on its total market value of goods and services produced in a year, as per the IMF.
India's Economic System
India's Economic System
A type of economy where the government plays a significant role in making economic decisions, but also allows for private ownership and market forces. India has strong social welfare programs and a focus on sustainable development.
India's Economic Policies (1947-1991)
India's Economic Policies (1947-1991)
Economic policies followed by India from 1947 to 1991, heavily based on Soviet economic principles and emphasizing state control, protectionism, and limited private sector participation.
India's 1991 Economic Crisis
India's 1991 Economic Crisis
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Dirigism and Licence Raj
Dirigism and Licence Raj
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Propane (C3H8)
Propane (C3H8)
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LPG as an Aerosol Propellant and Refrigerant
LPG as an Aerosol Propellant and Refrigerant
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LPG Mixes in Summer
LPG Mixes in Summer
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Commercial Propane and HD-5
Commercial Propane and HD-5
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LPG as Vehicle Fuel (Autogas)
LPG as Vehicle Fuel (Autogas)
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Study Notes
India's Economic Overview
- India ranked 5th by GDP (nominal) according to the International Monetary Fund (IMF).
- Currently, India has a mixed economy, incorporating elements of both capitalism and socialism.
Economic Policies from 1947 to 1991
- Successive governments followed a socialist-oriented policy framework emphasizing state intervention in the economy.
- Import substitution industrialization was a prominent strategy, aiming to reduce dependency on foreign goods.
- Focus was placed on social welfare and poverty alleviation through public sector undertakings and central planning.
Liberalization Event in 1991
- A severe balance of payments crisis triggered the adoption of broad economic liberalization in India in 1991.
- Economic reforms included deregulation, reduction of import tariffs, and encouragement of foreign investment.
Characteristics of Pre-Liberalization Economic Policy
- The period from independence until 1991 was characterized by high levels of protectionism and limited foreign trade.
- License Raj system required permits for most business activities, stifling competition and innovation.
LPG Usage and Composition
- Propane is the hydrocarbon gas most commonly found in mixes of Liquefied Petroleum Gas (LPG) in the United States.
- LPG is primarily used as an aerosol propellant and refrigerant due to its efficient vaporization and energy content.
Seasonal Variations in LPG Mixes
- In the northern hemisphere, LPG mixes contain more butane during the winter season to optimize performance in colder temperatures.
LPG Grades in the United States
- The two main grades of LPG sold in the United States are commercial propane and commercial butane.
LPG as Vehicle Fuel
- LPG is often referred to as Autogas when specifically used as a vehicle fuel, highlighting its application in the automotive sector.
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Description
Test your knowledge of the Indian economy with this quiz! Explore key facts about India's economic transition, its position in the global economy, and its per capita income ranking. Whether you're an economics enthusiast or simply curious about India's economic landscape, this quiz offers an engaging way to learn more.
