Recent

  • Show all results for ""

🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

India's Economic Initiatives
38 Questions
0 Views

India's Economic Initiatives

Created by
@ObservantNiobium

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary objective of the 'Methanol Economy' programme?

  • To convert coal reserves into methanol
  • To increase India's greenhouse gas emissions
  • To reduce India's oil import bill (correct)
  • To increase India's municipal solid waste

    • What is the purpose of the 'Transforming India’s Gold Market' programme?

  • To stimulate economic growth (correct)
  • To reduce gold imports
  • To reduce oil imports
  • To increase gold exports

    • What is a major shortcoming of NITI Aayog?

  • It lacks autonomy and balance of power (correct)
  • It produces national plans
  • It controls expenditures
  • It reviews state plans

    • What is the consequence of the termination of the Planning Commission?

    <p>The Ministry of Finance gained power</p> Signup and view all the answers

    What is the primary sector of the Indian economy?

    <p>Agriculture and its allied sectors</p> Signup and view all the answers

    Why was India dependent on imports till the end of the 1960s?

    <p>Due to lack of food production</p> Signup and view all the answers

    What is the current state of the Indian economy?

    <p>Not fully documented due to dynamic nature of economic variables</p> Signup and view all the answers

    What is the role of NITI Aayog in the policy making apparatus of the central government?

    <p>It lacks the independence and power to perform as a counterweight</p> Signup and view all the answers

    What percentage of the world's wealth did India control in the ancient and medieval world?

    <p>One third to one fourth</p> Signup and view all the answers

    What was the basis of the structure of the villages in India during the pre-British period?

    <p>Simple division of labour intertwined with attributes such as race, class, and gender</p> Signup and view all the answers

    What was the dominant occupation and main source of livelihood for majority of people in pre-British India?

    <p>Agriculture</p> Signup and view all the answers

    What characterized Indian cities during the pre-British period?

    <p>Centres of commerce, pilgrimage and administration</p> Signup and view all the answers

    What was unique about Indian artisans and craftsmen during the pre-British period?

    <p>They produced manufactures, handicrafts and textiles of superior quality and fineness for the worldwide market</p> Signup and view all the answers

    What was the nature of Indian economy during the pre-British period?

    <p>Prosperous and self-reliant</p> Signup and view all the answers

    What characterized the villages in pre-British India?

    <p>They were self-sufficient</p> Signup and view all the answers

    What was the nature of occupations in pre-British India?

    <p>Diverse with various occupations and trades</p> Signup and view all the answers

    What percentage of total production does the manufacturing sector account for?

    <p>78 percent</p> Signup and view all the answers

    What was the combined index of eight core industries in 2022-23 (until September 2022)?

    <p>142.8</p> Signup and view all the answers

    What was the Manufacturing Purchasing Managers' Index (PMI) in India as of January 31, 2023?

    <p>55.4</p> Signup and view all the answers

    What is the current rank of India in the Global Innovation Index (GII) as of 2022?

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

    What is the role of the Department for Promotion of Industry and Internal Trade (DPIIT)?

    <p>Formulation and implementation of industrial policy and strategies for industrial development</p> Signup and view all the answers

    Which of the following policies is NOT a part of industrial development initiatives?

    <p>Transforming India's Gold Market</p> Signup and view all the answers

    What was the primary focus of the policy paradigm in the context of the Indian economy?

    <p>Shifting from central direction to market orientation</p> Signup and view all the answers

    What was the primary reason for bringing in fiscal discipline in the Indian economy?

    <p>To address the crisis caused by excess domestic demand</p> Signup and view all the answers

    What was the objective of the drastic monetary and financial sector reforms introduced in the Indian economy?

    <p>To make the financial system more efficient and transparent</p> Signup and view all the answers

    What was the result of the historic agreement between the government and the Reserve Bank in September 1994?

    <p>The fiscal deficit was to be brought down to nil by 1997–98</p> Signup and view all the answers

    What was the purpose of introducing a stable and transparent tax structure?

    <p>To bring in fiscal discipline</p> Signup and view all the answers

    What was the outcome of the reduction in subsidies and abolition of unnecessary subsidies?

    <p>The government's expenditure decreased</p> Signup and view all the answers

    What was the purpose of disinvestment of part of government's equity holdings in select public sector undertakings?

    <p>To encourage private sector participation</p> Signup and view all the answers

    What was the primary challenge faced by the stabilisation efforts in the Indian economy?

    <p>Escalating deficit levels</p> Signup and view all the answers

    What is the primary objective of the FDI reforms implemented across various sectors in India?

    <p>To make India a more attractive investment destination</p> Signup and view all the answers

    Which of the following sectors has been permitted to have 100% FDI under the automatic route?

    <p>Coal mining and associated processing infrastructure</p> Signup and view all the answers

    What was abolished in May 2017 and replaced with the Foreign Investment Facilitation Portal (FIF)?

    <p>Foreign Investment Promotion Board (FIPB)</p> Signup and view all the answers

    What has been the percentage increase in FDI since the introduction of FIF?

    <p>39%</p> Signup and view all the answers

    What is the purpose of the Remission of Duties and Taxes on Export Products (RoDTEP) scheme?

    <p>To provide rebate on all hidden central, state, and local duties/taxes/levies on exported goods</p> Signup and view all the answers

    What is the primary focus of the National Logistics Policy (NLP)?

    <p>To create a comprehensive policy framework for the logistics sector</p> Signup and view all the answers

    What is the rank of India in the Global Innovation Index (GII) in 2022?

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

    What is the primary objective of the Public Procurement (Preference to Make in India) Order, 2017?

    <p>To give preference to locally manufactured goods, works and services in public procurement</p> Signup and view all the answers

    Study Notes

    India's Economic Initiatives

    • 'Methanol Economy' programme aims to reduce India's oil import bill, greenhouse gas emissions, and convert coal reserves and municipal solid waste into methanol.
    • 'Transforming India’s Gold Market' was constituted by NITI Aayog to tap into the potential of the sector and provide a stimulus to exports and economic growth.

    NITI Aayog

    • NITI Aayog has a limited role and does not produce national plans, control expenditures, or review state plans.
    • NITI Aayog lacks autonomy and balance of power within the policy-making apparatus of the central government.
    • NITI Aayog does not have independence and power to perform as a 'counterweight' to act as a 'voice of development' concerned with inequities.

    Indian Economy Overview

    • Agriculture, with its allied sectors, is the largest source of livelihood in India.
    • The Indian economy consists of primary, secondary, and tertiary sectors.

    Primary Sector

    • Agriculture was the dominant occupation and main source of livelihood for the majority of people in pre-British India.

    Pre-Independence Period (1850-1947)

    • India was prosperous and self-reliant, controlling between one-third and one-fourth of the world's wealth.
    • The economy consisted of self-sufficient villages and cities that were centres of commerce, pilgrimage, and administration.

    Fiscal Reforms

    • Fiscal discipline was essential to address the problems of inflation and adverse balance of payment.
    • Measures to bring in fiscal discipline included introducing a stable and transparent tax structure, better tax compliance, and reducing government expenditure.

    Monetary and Financial Sector Reforms

    • Drastic reforms were introduced to make the financial system more efficient and transparent.
    • Reforms included opening up for global investments, simplifying the process for granting FDI approvals, and introducing the Foreign Investment Facilitation Portal (FIF).

    FDI Reforms

    • 100% FDI under automatic route is permitted for the sale of coal, coal mining activities, including associated processing infrastructure, and for insurance intermediaries.
    • The Foreign Investment Promotion Board (FIPB) was abolished in May 2017, and the Foreign Investment Facilitation Portal (FIF) was put in place.

    Promoting Innovation and Industrial Growth

    • Initiatives include incubation, handholding, funding, industry-academia partnership, and mentorship, and strengthening of IPR regime.
    • The National Logistics Policy (NLP) provides a comprehensive policy framework for the Logistics Sector.
    • Start-up India Programme acts as a facilitator for ideas and innovation in the country.

    Industrial Development

    • The Department for Promotion of Industry and Internal Trade (DPIIT) has a role in the formulation and implementation of industrial policy and strategies for industrial development.
    • Policies for industrial development include introduction of goods and services tax (GST), reduction in corporate tax of domestic companies, and the 'Make In India' initiative.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    74682bos60481-fnd-p4-cp10.pdf

    Description

    This quiz covers India's initiatives to reduce oil import bills, greenhouse gas emissions, and transforming the gold market. It includes programmes such as 'Methanol Economy' and recommendations by NITI Aayog.

    More Quizzes Like This

    Indian Economy on the Eve of Independence
    3 questions

    Indian Economy on the Eve of Independence

    IllustriousValley avatar
    IllustriousValley
    Exploring the Sectors of the Indian Economy
    3 questions

    Exploring the Sectors of the Indian Economy

    ExpansiveEnlightenment avatar
    ExpansiveEnlightenment
    Electrical Energy Conversion Quiz
    10 questions

    Electrical Energy Conversion Quiz

    DetachableAmethyst avatar
    DetachableAmethyst
    Indian Economy Quiz
    3 questions

    Indian Economy Quiz

    FuturisticSanctuary avatar
    FuturisticSanctuary
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser