India's Economic Growth and Challenges Quiz
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Questions and Answers

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

  • 5.0%
  • 12.0%
  • 7.5% (correct)
  • 10.2%

    • Which industry made India the world's third-largest vehicle market in 2022?

  • Biotech industry
  • Automotive industry (correct)
  • IT industry
  • Pharmaceutical industry

    • How many pharmaceutical companies were there in India as of 2021?

  • 10,500
  • 3,000 (correct)
  • 1,500
  • 5,000

    • India's GDP is expected to expand to approximately what amount in the next three years?

    <p>$5 trillion</p> Signup and view all the answers

    During which growth phase did India experience structural constraints and high inflation?

    <p>1950-2014</p> Signup and view all the answers

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

    <p>3.9%</p> Signup and view all the answers

    India's local pharmaceutical market is estimated to be worth how much?

    <p>$42 billion</p> Signup and view all the answers

    Which of the following best describes India's economic growth post-2014?

    <p>Restoration of healthy growth conditions</p> Signup and view all the answers

    What must India invest in to be perceived as a serious global actor?

    <p>Investing in modern military</p> Signup and view all the answers

    By 2047, what is the projected economy size India aims to achieve?

    <p>$35-45 trillion</p> Signup and view all the answers

    What demographic advantage does India possess that could drive growth?

    <p>An aspirational young population</p> Signup and view all the answers

    What was a significant economic challenge faced by India in the early 1990s?

    <p>Balance-of-Payments crisis</p> Signup and view all the answers

    Among its challenges, what has happened to the number of high-income households in India since 1990?

    <p>Risen twenty-fold</p> Signup and view all the answers

    Which reform initiative was NOT implemented in the 1980s?

    <p>Promotion of rural employment schemes</p> Signup and view all the answers

    What is a key feature of India's telecommunication industry?

    <p>It has over 1 billion subscribers</p> Signup and view all the answers

    How many households in India were reported to have a disposable income exceeding $10,000 by 2015?

    <p>Nearly 50 million</p> Signup and view all the answers

    What was the decadal average growth rate in India during the 2000s?

    <p>6.3%</p> Signup and view all the answers

    What is India's ambition regarding green energy by 2030?

    <p>Achieving 500 GW of green energy capacity</p> Signup and view all the answers

    Which event significantly impacted India's trade balances during 1990-1991?

    <p>Iraq-Kuwait war</p> Signup and view all the answers

    What was one of the barriers to growth in India during the 1970s?

    <p>Devaluation of the Indian rupee</p> Signup and view all the answers

    What significant market status has India achieved in relation to smartphones?

    <p>Second-largest smartphone market after China</p> Signup and view all the answers

    The Sarva Shiksha Abhiyan (SSA) focused on what area?

    <p>Universal education</p> Signup and view all the answers

    What was a key policy shift initiated in the 1991 reforms?

    <p>Ending the substantial inclination towards state ownership</p> Signup and view all the answers

    During the early 2000s, India experienced a global growth boom that led to which outcome?

    <p>Improvements in economic growth</p> Signup and view all the answers

    What was one of the issues faced by the Indian economy pre-2014?

    <p>High Wholesale Price Index inflation in food articles</p> Signup and view all the answers

    Which of the following factors contributed to low agricultural productivity in India before 2014?

    <p>Insufficient labor absorption in the formal sector</p> Signup and view all the answers

    What was India's estimated GDP growth rate in 2023-2024?

    <p>7.3%</p> Signup and view all the answers

    Which structural reform was implemented post-2020 to address the financial sector crisis?

    <p>Recapitalization of Public Sector Banks</p> Signup and view all the answers

    How much interest-free loan did the government provide to states in FY23?

    <p>₹1 lakh crore</p> Signup and view all the answers

    Which of the following was a driver of growth for India after 2014?

    <p>Strengthening of macroeconomic fundamentals</p> Signup and view all the answers

    Which infrastructure development occurred in India between 2014 and 2023?

    <p>Construction of 74 new airports</p> Signup and view all the answers

    What was the urban unemployment rate reported during the post-pandemic recovery?

    <p>6.6%</p> Signup and view all the answers

    What is the primary focus of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?

    <p>Providing skill training to youth</p> Signup and view all the answers

    As of December 2023, how many candidates had been trained under the Pradhan Mantri Kaushal Vikas Yojana?

    <p>1.3 crore</p> Signup and view all the answers

    Which initiative has significantly contributed to India's financial inclusion by reaching over 51.5 crore beneficiaries?

    <p>Prime Minister's Jan Dhan Yojana</p> Signup and view all the answers

    What percentage of India's employment is estimated to be exposed to AI, according to an IMF paper?

    <p>40%</p> Signup and view all the answers

    Which of the following is a notable achievement of India's Covid-19 response program?

    <p>Implementation of the CoWin app</p> Signup and view all the answers

    What does the 'Mission Mode' approach in India aim to address?

    <p>Emerging economic challenges</p> Signup and view all the answers

    As of January 10, 2024, how many Aadhaar-based authentications occur monthly?

    <p>200 crore</p> Signup and view all the answers

    What was the reported current account deficit as a percentage of GDP in FY24?

    <p>1%</p> Signup and view all the answers

    What was the share of the manufacturing sector in Gross Valued Added (GVA) for FY24?

    <p>17.7%</p> Signup and view all the answers

    Which initiative contributed to the increase in the manufacturing sector's share from 17.2% in FY14 to 18.4% in FY18?

    <p>Make in India mission</p> Signup and view all the answers

    What was one of the key measures the government took to boost infrastructure?

    <p>Digitized bureaucratic procedures</p> Signup and view all the answers

    Which of the following trends occurred within the service sector's GVA from FY14 to FY24?

    <p>Increased from 51.1% to 54.6%</p> Signup and view all the answers

    Which major global event did India successfully host, marking its emergence as a key consensus builder?

    <p>G20 Presidency</p> Signup and view all the answers

    What was one of the major reasons for the decrease in the investment share of GDP in the second decade?

    <p>Banks' reluctance to lend to corporates</p> Signup and view all the answers

    What was the impact of India's inclusion in the 'fragile-five' emerging economies?

    <p>Macroeconomic fragility</p> Signup and view all the answers

    What notable achievement was accomplished by Chandrayaan-3?

    <p>Successful reach to the Moon's South Pole</p> Signup and view all the answers

    Study Notes

    India's History

    • India has been a republic since 1950, governed by a democratic parliamentary system.
    • It is a major nuclear power with high military spending.
    • India has been the world's most populous democracy since 1947.
    • It has a strong legacy of British rule of law and administrative institutions.
    • Indian society is multilingual and multi-ethnic, with various religions including Hinduism, Islamism, Buddhism, Christianity and Judaism.
    • Muslim armies from Central Asia intermittently ruled northern India, establishing the Delhi Sultanate.
    • The Vijayanagara Empire in southern India created a composite Hindu culture.
    • Sikhism emerged in the Punjab, rejecting institutionalized religion.
    • The Mughal Empire (1526-1707) brought 2 centuries of relative peace under Islamic rule.
    • The British East India Company took control in 1858, followed by the British Crown, establishing India as a colonial economy exploiting natural resources and labor.
    • WWI saw more than one million Indians fight for the British Empire.
    • A nationalist movement led by Mahatma Gandhi led to independence in 1947, after non-violent resistance
    • The British Indian Empire was partitioned into India and Pakistan, causing significant human suffering.

    India's Economic Significance

    • India was previously seen as lagging behind China economically.
    • Recent growth rates are rivaling, sometimes surpassing those of China.
    • India has overtaken the UK to become the world's 5th-largest economy.
    • The IMF predicts a continued upward trend, potentially surpassing Germany and Japan as the world's third-largest economy within a decade.
    • India now enjoys one of the largest GDP growth rates in the last decade.

    India's Economic Factors

    • Indian stock market is the 5th largest globally.
    • The share of the IT-BPM sector in India's GDP is 7.4%.
    • The IT and BPM industries' revenue is estimated at US$ 245 billion in FY2023.
    • The consumer market size was US$ 3,15 trillion in 2022.

    Additional Economic Data

    • India enjoys fast growth rates and rising disposable income.
    • Access to credit and online sales are enabling further growth.
    • India's GDP based on PPP is now comparable to that of Japan and Germany.

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    Test your knowledge about India's economic growth, key industries, and challenges faced over the years. This quiz covers various milestones and projections related to India's GDP, pharmaceuticals, and demographic advantages. Dive into India's economic landscape and see how well you understand its evolution.

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