India's Economic and Historical Insights

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Questions and Answers

What year did India become a Republic?

1950 (correct)

1947

1858

1526

Which empire is known for creating a composite Hindu culture in South India?

British Empire

Vijayanagara Empire (correct)

Delhi Sultanate

Mughal Empire

What is the projected ranking of India's economy within the next decade?

Fifth-largest economy

Third-largest economy (correct)

Fourth-largest economy

Second-largest economy

What significant event led to India gaining independence from British rule?

The nationalist movement led by Gandhi Signup and view all the answers

What was India's GDP growth status in the last decade?

Fastest growing emerging market Signup and view all the answers

In what year was India partitioned into two independent states?

1947 Signup and view all the answers

What is India's current status in terms of its economy compared to the UK?

It has overtaken the UK as the fifth-largest economy. Signup and view all the answers

What is the estimated market capitalization of India’s stock market by 2030?

10 trillion dollars Signup and view all the answers

Which sector had a share of 7.4% in India's GDP for FY 2022?

IT-BPM sector Signup and view all the answers

What was one major issue India faced post-independence?

Poverty and poor infrastructure. Signup and view all the answers

Which religious movement emerged in the Punjab region of India?

Sikhism Signup and view all the answers

What was the rank of India in the World Bank's Ease of Doing Business Ranking in 2019?

63rd Signup and view all the answers

Which of the following factors contributed to India being seen as a poor relation to China historically?

Sclerotic state sector and labyrinthine bureaucracy Signup and view all the answers

Which of the following factors is mentioned as contributing to India's compelling growth narrative?

Evolving innovation ecosystem Signup and view all the answers

What is the estimated revenue of the IT industry in India for FY 2023?

$245 billion Signup and view all the answers

What are the proposed reforms in India's labor laws primarily aimed at addressing?

Covering wages and social security Signup and view all the answers

What has been a significant contributor to India's economic activity?

Domestic demand Signup and view all the answers

What is India expected to achieve in exports by 2030 according to Piyush Goyal?

US$ 1 trillion Signup and view all the answers

Which region's countries are mentioned as having taken a hybrid path to establish strong economies?

Southeast Asia Signup and view all the answers

What has contributed to the effective functioning of the Indian economy?

Government policies and programs Signup and view all the answers

What aspect of the economy does India need to focus on to challenge China's position as the top exporter?

Enhancing the manufacturing sector Signup and view all the answers

What percentage of the Indian economy is accounted for by consumer demand?

55% Signup and view all the answers

What percentage of India's GDP was contributed by the IT industry by the end of 2011?

7.5% Signup and view all the answers

Which sector is noted as the world's second-fastest growing industry in India?

Automotive Signup and view all the answers

What economic challenge may affect India's merchandise exports in the near future?

Economic slowdown of trade partners Signup and view all the answers

As of 2021, what percentage of global vaccine demand is supplied by India?

50-60% Signup and view all the answers

Which of the following factors has helped India develop competitive sectors like IT and pharmaceuticals?

A well-educated, English-speaking middle class Signup and view all the answers

What is the estimated local pharmaceutical market value in India as of 2021?

USD 42 billion Signup and view all the answers

What was India's average decadal growth rate from 1952 to 1960?

3.9% Signup and view all the answers

By which year is India's economy expected to expand to about USD 5 trillion?

2025 Signup and view all the answers

What does the term 'qualitatively superior' refer to in the context of India's growth?

Higher growth rates than in previous eras Signup and view all the answers

What major economic strategy did India adopt in the 1950s for self-sufficiency?

Rapid industrialization Signup and view all the answers

What was the peak bad debt ratio in Indian banks in March 2018?

11.2% Signup and view all the answers

During which years did much of the bad debt in banks originate?

2006-2008 Signup and view all the answers

What major economic challenge did India face between 2009 and 2014?

Annual double-digit inflation Signup and view all the answers

Which factor contributed to the economic growth stalling in India during 2009-2014?

High twin deficits and loose monetary policy Signup and view all the answers

What was a primary focus of the economic strategy from 1950 to 1980 in India?

Import substitution and export subsidies Signup and view all the answers

What triggered the comprehensive economic policy overhauls in India during the early 1990s?

Balance of Payments crisis Signup and view all the answers

What was one consequence of the pro-business reforms post-1980?

Enhanced productivity and demand Signup and view all the answers

What economic approach primarily characterized India's economic strategy before the 1980s?

Closed economy with import restrictions Signup and view all the answers

What was the primary objective of the Real Estate (Regulation and Development) Act, 2016?

To promote transparent transactions in real estate. Signup and view all the answers

Which of the following reforms directly aimed to support the MSME sector?

Decriminalization of minor economic offenses under the Companies Act. Signup and view all the answers

What was a significant outcome of the disinvestment policy as part of the Aatmanhirbhar Bharat initiative?

Introduction of New Public Sector Enterprise Policy. Signup and view all the answers

Which of the following is NOT a challenge confronting the Indian economy?

Increased public spending on infrastructure. Signup and view all the answers

How did the introduction of the Goods and Services Tax (GST) affect the tax structure?

It resulted in a reduction of corporate and income tax rates. Signup and view all the answers

What initiative aimed to address delayed payments to MSMEs?

Emergency Credit Line Guarantee Scheme (ECLGS). Signup and view all the answers

What is a significant infrastructure initiative mentioned since 2014?

Bharatmala Project. Signup and view all the answers

Which of the following statements is true regarding the impact of AI on employment?

AI raises concerns about job displacement in various sectors. Signup and view all the answers

Study Notes

India's History

India became a republic in 1950, operating under a democratic parliamentary system.
India is a major nuclear power, with high military spending.
India has been the world's most populous democracy since 1947.
Indian society is multilingual and multi-ethnic, with diverse religions including Hinduism, Islamism, Buddhism, Judaism, and Christianity.
Muslim armies from Central Asia intermittently conquered northern India, establishing the Delhi Sultanate and influencing medieval Islam's presence in the region.
The Vijayanagara Empire in south India fostered a lasting composite Hindu culture.
Sikhism emerged in the Punjab, rejecting institutionalized religion.
The Mughal Empire, starting in 1526, fostered two centuries of relative peace under Islamic governance.
The British East India Company took control of India in 1858 as a colonial economy and British Crown rule began, exploiting India's resources and cheap labor.
More than a million Indians fought for the British Empire in World War One, but a subsequent social movement pushed for reforms, led by Mahatma Gandhi and the National Indian Congress.
A movement for non-violent resistance led to India's independence from the UK.
In 1947, British India was partitioned into India (Hindu majority) and Pakistan (Muslim majority), resulting in significant human suffering.

India's Economic Significance

India was once considered a lesser economic power compared to China.
India has overcome challenges of bureaucracy and poverty to become a major economic partner; its growth rate is competing with China, and overtaking several other large economies.
Recent economic figures from the IMF indicate India has surpassed the UK to attain the world’s fifth largest economy.
India is on track to surpass other large economies and achieve positions as the third largest economy in the coming decade.
India is becoming a major player in the global economy.
India's stock market is among the five largest, with a projected 10-trillion market cap by 2030.
The IT-BPM sector is a significant contributor, generating revenue.
India has a substantial consumer market with rapidly growing disposable incomes.
The increase in online sales is fueling the demand growth.

India's Economic Growth and Future

India's GDP has seen remarkable growth in the last decade, becoming one of the fastest-growing emerging markets.
The IMF has forecast sustained, strong growth for India's economy in the coming years.
The global economic landscape is changing, with a shift in power towards E7 economies, and projections show India will become one of the largest economies.
India will continue to grow in global stature and surpass other leading economic powers.
India's economy is expected to grow to $35–$45 trillion by 2047 and become one of the world's largest economies.

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Description

Test your knowledge about India's journey to becoming a republic and its economic status. This quiz delves into significant historical events, economic rankings, and cultural influences throughout India's history. Challenge yourself with questions about independence, GDP, and sector contributions.