Indian Economy MCQs

Notes:
The instruments of monetary policy which directly affect the quantity of money supply are called as Quantitative instruments. Example: Open Market Operations Liquidity Adjustment Facility (Repo and Reverse Repo) etc.

Notes:
The fifth plan was terminated by the Janta Government in 1977-78 and they launched their own sixth plan for the period 1978-83 and called it ” rolling plan” later the Janta government came down and Indira Gandhi again became prime minister of India who immediately discarded the sixth plan by the Janta government and launched her own plan for year 1980-85. The year 1978-79 was restored back to fifth plan of 1974-79.

Notes:
Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. It is the “cost” incurred by not enjoying the benefit associated with the best alternative choice.

Notes:
The Social Framework. Posted on May 23, 2015. is the title of a short book by John Hicks published in 1942. It’s an introduction, for the general reader, to the then-new fangled concept of national income accounting – beautifully clearly written and very straightforward.

Notes:
A traditional economy is based on a traditional approach. These economies are based on ancient rules and are the most basic type of economy. The focus in a traditional economy is only on the goods and services that match their customs, beliefs, and history.

Notes:
An organized sector is a sector, employment terms are fixed and regular, and the employees get assured work and social security. This sector is registered with the government and a number of acts apply to the enterprises. Schools and hospitals are covered in the organized sector. Workers in the organized sector enjoy the security of employment. They are expected to work only a fixed number of hours. If they work more, they have to be paid overtime by the employer.

Notes:
The Unorganised sector is marked by low incomes, unstable and irregular employment, and lack of protection either from legislation or trade unions. They use mainly labor-intensive technology. The workers in the unorganized sector, are so scattered that the implementation of the Legislation is very inadequate and ineffective.

Notes:
NITI Aayog has developed a Handbook of State Statistics that consolidates key statistics across sectors for every Indian State/UT. Similarly, NITI Aayog has developed a Composite Water Management Index as a useful tool to assess and further improve the performance of efficient management of water resources. Further, NITI Aayog launched the SDG India Index is intended to provide a holistic view on the social, economic and environmental status of the country and its States and UTs. It has been designed to provide an aggregate assessment of the performance of all Indian States and UTs and to help leaders and change-makers evaluate their performance on social, economic and environmental parameters.

Notes:
In India, the cropping pattern is determined by factors like rainfall, climate, temperature, soil type, technology and socio-economic conditions of the farmers living in that area.

Notes:
There are 3 kinds of mustards grown in India:
1.India Mustard (Rai / Mohr locally) (Botanical name – Brassica juncea) has small and reddish-brown seeds and accounts for around 70% of total mustard production in India.
2. Mustard or Peeli (Yellow) Sarson (Brassica campestric) has thicker pods and yellowish-brown seeds with thin seed coats.
3. Rape Seed or Toria (Brassica napus) has reddish seeds and is mainly grown in Punjab.