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Questions and Answers
What is the primary objective of the 'Methanol Economy' programme?
What is the primary objective of the 'Methanol Economy' programme?
What is the purpose of the 'Transforming India’s Gold Market' programme?
What is the purpose of the 'Transforming India’s Gold Market' programme?
What is a major shortcoming of NITI Aayog?
What is a major shortcoming of NITI Aayog?
What is the consequence of the termination of the Planning Commission?
What is the consequence of the termination of the Planning Commission?
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What is the primary sector of the Indian economy?
What is the primary sector of the Indian economy?
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Why was India dependent on imports till the end of the 1960s?
Why was India dependent on imports till the end of the 1960s?
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What is the current state of the Indian economy?
What is the current state of the Indian economy?
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What is the role of NITI Aayog in the policy making apparatus of the central government?
What is the role of NITI Aayog in the policy making apparatus of the central government?
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What percentage of the world's wealth did India control in the ancient and medieval world?
What percentage of the world's wealth did India control in the ancient and medieval world?
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What was the basis of the structure of the villages in India during the pre-British period?
What was the basis of the structure of the villages in India during the pre-British period?
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What was the dominant occupation and main source of livelihood for majority of people in pre-British India?
What was the dominant occupation and main source of livelihood for majority of people in pre-British India?
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What characterized Indian cities during the pre-British period?
What characterized Indian cities during the pre-British period?
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What was unique about Indian artisans and craftsmen during the pre-British period?
What was unique about Indian artisans and craftsmen during the pre-British period?
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What was the nature of Indian economy during the pre-British period?
What was the nature of Indian economy during the pre-British period?
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What characterized the villages in pre-British India?
What characterized the villages in pre-British India?
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What was the nature of occupations in pre-British India?
What was the nature of occupations in pre-British India?
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What percentage of total production does the manufacturing sector account for?
What percentage of total production does the manufacturing sector account for?
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What was the combined index of eight core industries in 2022-23 (until September 2022)?
What was the combined index of eight core industries in 2022-23 (until September 2022)?
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What was the Manufacturing Purchasing Managers' Index (PMI) in India as of January 31, 2023?
What was the Manufacturing Purchasing Managers' Index (PMI) in India as of January 31, 2023?
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What is the current rank of India in the Global Innovation Index (GII) as of 2022?
What is the current rank of India in the Global Innovation Index (GII) as of 2022?
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What is the role of the Department for Promotion of Industry and Internal Trade (DPIIT)?
What is the role of the Department for Promotion of Industry and Internal Trade (DPIIT)?
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Which of the following policies is NOT a part of industrial development initiatives?
Which of the following policies is NOT a part of industrial development initiatives?
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What was the primary focus of the policy paradigm in the context of the Indian economy?
What was the primary focus of the policy paradigm in the context of the Indian economy?
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What was the primary reason for bringing in fiscal discipline in the Indian economy?
What was the primary reason for bringing in fiscal discipline in the Indian economy?
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What was the objective of the drastic monetary and financial sector reforms introduced in the Indian economy?
What was the objective of the drastic monetary and financial sector reforms introduced in the Indian economy?
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What was the result of the historic agreement between the government and the Reserve Bank in September 1994?
What was the result of the historic agreement between the government and the Reserve Bank in September 1994?
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What was the purpose of introducing a stable and transparent tax structure?
What was the purpose of introducing a stable and transparent tax structure?
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What was the outcome of the reduction in subsidies and abolition of unnecessary subsidies?
What was the outcome of the reduction in subsidies and abolition of unnecessary subsidies?
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What was the purpose of disinvestment of part of government's equity holdings in select public sector undertakings?
What was the purpose of disinvestment of part of government's equity holdings in select public sector undertakings?
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What was the primary challenge faced by the stabilisation efforts in the Indian economy?
What was the primary challenge faced by the stabilisation efforts in the Indian economy?
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What is the primary objective of the FDI reforms implemented across various sectors in India?
What is the primary objective of the FDI reforms implemented across various sectors in India?
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Which of the following sectors has been permitted to have 100% FDI under the automatic route?
Which of the following sectors has been permitted to have 100% FDI under the automatic route?
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What was abolished in May 2017 and replaced with the Foreign Investment Facilitation Portal (FIF)?
What was abolished in May 2017 and replaced with the Foreign Investment Facilitation Portal (FIF)?
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What has been the percentage increase in FDI since the introduction of FIF?
What has been the percentage increase in FDI since the introduction of FIF?
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What is the purpose of the Remission of Duties and Taxes on Export Products (RoDTEP) scheme?
What is the purpose of the Remission of Duties and Taxes on Export Products (RoDTEP) scheme?
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What is the primary focus of the National Logistics Policy (NLP)?
What is the primary focus of the National Logistics Policy (NLP)?
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What is the rank of India in the Global Innovation Index (GII) in 2022?
What is the rank of India in the Global Innovation Index (GII) in 2022?
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What is the primary objective of the Public Procurement (Preference to Make in India) Order, 2017?
What is the primary objective of the Public Procurement (Preference to Make in India) Order, 2017?
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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.
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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.
