India's Economic Transition: Key Insights

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Questions and Answers

What is the projected per capita income for India by 2022-23?

USD 3,500

USD 4,000

USD 2,500

USD 3,000 (correct)

What will completing India's economic transition help eliminate?

Foreign investment

Inefficient technology use

All forms of government regulations

Poverty and malnutrition (correct)

What is the main goal of the 'Strategy for New India @ 75'?

To achieve sustainable growth and prosperity (correct)

To decrease the population density in urban areas

To enhance military spending

To promote only industrial growth

Who is the Vice Chairman of NITI Aayog mentioned in the content?

Dr. Rajiv Kumar Signup and view all the answers

What collaborative effort is emphasized for achieving New India?

Team India collaboration Signup and view all the answers

Which of the following is NOT listed as a focus area for India's economic transition?

Military Innovations Signup and view all the answers

What is a key feature of the recommendations in the Strategy Document?

Detailed and practical recommendations Signup and view all the answers

What does India's economic transition aim to provide by 2022?

A solid foundation for growth Signup and view all the answers

What is the projected size of the economy in real terms by 2022-23?

USD 4 trillion Signup and view all the answers

What is the expected growth rate for the economy by 2022-23?

9-10 percent Signup and view all the answers

What structural reform is needed for sustained growth?

Addressing binding constraints Signup and view all the answers

What is the current investment rate as a share of GDP?

29 percent Signup and view all the answers

What is the target for the share of manufacturing in GDP by 2022-23?

Increase but not specified Signup and view all the answers

What was the export value of goods and services in 2017-18?

USD 478 billion Signup and view all the answers

What is the aim for exports of goods and services by 2022-23?

USD 800 billion Signup and view all the answers

Which sector is mentioned as being relatively capital intensive within manufacturing?

Automobiles Signup and view all the answers

What was India’s tax-GDP ratio as mentioned?

17 percent Signup and view all the answers

To what percentage should India aim to increase its tax-GDP ratio by 2022-23?

22 percent Signup and view all the answers

Which countries have higher tax-GDP ratios compared to India?

Brazil and South Africa Signup and view all the answers

Which of the following sectors is NOT mentioned as an area for public investment?

Education Signup and view all the answers

What is a critical effort outlined to enhance public investment?

Rationalize direct taxes Signup and view all the answers

Which tax-related initiative is mentioned as a means to increase collections?

Property tax mobilization Signup and view all the answers

What economic measure is noted to contribute positively to tax-GDP ratio enhancement?

Demonetization and GST Signup and view all the answers

Compared to OECD countries, how does India's tax-GDP ratio measure up?

It is half the average of OECD countries Signup and view all the answers

What percentage of China's workforce is employed in agriculture?

29% Signup and view all the answers

Which sector accounts for the largest percentage of employment in China?

Services Signup and view all the answers

What is the share of GVA (Gross Value Added) from industry in China?

13.7% Signup and view all the answers

What trend is expected for workers currently employed in agriculture in China?

They will seek jobs in other sectors. Signup and view all the answers

What goal do the new measures introduced by the central government aim to achieve?

To simplify compliance with labor laws. Signup and view all the answers

What percentage of China's workforce is projected to be employed in agriculture in the future?

29% Signup and view all the answers

Which of the following countries has a higher percentage of its workforce employed in agriculture than China?

India Signup and view all the answers

What is the role of the new measures introduced by the government concerning labor laws?

To rationalize labor laws and eliminate redundancy. Signup and view all the answers

What is a significant issue regarding wages in the informal sector in India?

Wages can be one twentieth of those in the formal sector. Signup and view all the answers

What is one of the proposed changes to improve labor laws in India?

Codify and simplify labor laws for better compliance. Signup and view all the answers

What needs to be recognized to improve the situation of domestic workers in India?

Their rights and better working conditions. Signup and view all the answers

What is a challenge faced in the compliance of labor laws in India?

The complexity and multiplicity of laws make compliance difficult. Signup and view all the answers

What is one factor contributing to the dualistic nature of the labor market in India?

A large number of unregulated workers. Signup and view all the answers

What is one suggested method to enhance female labor force participation?

Introduce more flexible working conditions. Signup and view all the answers

Which of the following best describes the remuneration in the informal sector?

It can be extremely low compared to the formal sector. Signup and view all the answers

How many labor laws were under the central government as of 2016?

44 labor laws. Signup and view all the answers

What is the initiative aimed to expand the number of Atal Tinkering Labs (ATLs) to by 2020?

10,000 Signup and view all the answers

Who should be included on boards or committees related to government procurement?

Experts and scientific practitioners Signup and view all the answers

What is a key goal of the DIPP’s Public Procurement Order 2017?

To promote Make in India products/services Signup and view all the answers

What will be assessed to consider further expansion of Atal Tinkering Labs?

Outcomes of the first phase Signup and view all the answers

What type of centers does AIM aim to support for promoting entrepreneurship?

World-class incubation centers Signup and view all the answers

Which areas are specified for R&D involvement by foreign collaborators?

Emerging areas of basic sciences Signup and view all the answers

In the technical evaluation of goods/services, what preference is aimed for Indian start-ups?

Preference in evaluation Signup and view all the answers

What is the purpose of organizing quarterly workshops for procurement managers?

To create awareness about Public Procurement Order Signup and view all the answers

Study Notes

Strategy for New India @ 75

The collective effort of 1.25 billion Indians is transforming the country
The Union Government is an active partner in the people's quest for building a New India by 2022
This is an endeavor to create an ecosystem that enables every Indian to reach his or her full potential
Policy is a necessary catalyst for change
Economic transformation cannot happen without public participation
Development must become a Jan Andolan
The Strategy for New India @ 75 was put together by NITI Aayog
It is an attempt to bring innovation, technology, enterprise and efficient management together to policy formulation and implementation
Encourages discussion and debate, and invites feedback for further refining policy approach.
The document was circulated to all the states and union territories, receiving numerous comments and suggestions
This strategy reflects ground realities and a collective consensus on addressing the challenges and achieving the goals for a New India by 2022-23

Topic Subtitle

41 different areas were identified in the strategy; some require a sharper focus on implementing already existing projects while others need new designs and initiatives to achieve India's true potential.
Each chapter of the strategy document summarizes the current status of the sector
The objectives of each sector are detailed
Measures are suggested to tackle the identified constraints

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Description

This quiz covers critical aspects of India's economic transition and the 'Strategy for New India @ 75'. It explores projected income, growth rates, investment goals, and the collaborative efforts needed to achieve these objectives by 2022-23. Test your knowledge on India's economic plans and their implications!