Indian Economy MCQs

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Solar mini-grids use solar photovoltaic panels to generate electricity. They are classified as non-conventional energy sources in India. Distributed renewable energy initiatives have installed solar mini-grids in rural areas under government schemes. Solar energy is renewable and does not emit greenhouse gases. By June 2024, multiple villages in India have been electrified using solar mini-grids. Solar power is not traditional in Indian rural energy use.

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The supply curve reflects the relationship between the price and quantity supplied graphically. It is a positively sloped curve. It becomes flatter in the long run as price becomes constant after a certain time.

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Market price(MP)refers to the actual transacted price and includes indirect taxes. The market price is the current price at which an asset or service can be bought or sold. The economic theory contends that the market price converges at a point where the forces of Supply and demand meet.

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Irving Fisher, a leading American neoclassical economist, published “The Theory of Interest as Determined by Impatience to Spend Income and Opportunity to Invest It” in 1930. His pioneering work analyzed interest rates, relating them to savings impatience and investment opportunities, influencing modern interest theory and macroeconomics.

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Amartya  Sen has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, and indices of the measure of well-being of citizens of developing countries. His work on welfare economics got him Noble prize in economic in 1998.

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Trade unions are a key feature of the organised sector, providing collective bargaining, better wages, and improved benefits. Their absence would be a disadvantage, not an advantage. Organised sector workers also enjoy fixed working hours, job security, and safer working conditions.

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Sunrise industry is a term used for a sector that is just in its infancy but shows promise of a rapid boom. The industry is typically characterized by high growth rates, a high degree of innovation, and generally has plenty of public awareness about the sector, and investors get attracted to its long-term growth prospects.
Except for the cotton industry, all the others are part of the sunrise industry as the cotton industry is not a new industry in India.

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Mariculture refers to cultivation of marine organisms like fish, shellfish, and seaweed in marine environments such as open ocean, enclosed coastal waters, or seawater-filled tanks and ponds. Mariculture differs from freshwater aquaculture by being practiced in saline environments. Common methods include ocean cages, pens, nets, or land-based marine tanks. The Food and Agriculture Organization recognizes mariculture as part of global aquaculture production.

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According to India State of Forest Report 2023, Madhya Pradesh has the largest bamboo bearing area in India, covering approximately 20,421 square kilometers. The state leads ahead of Arunachal Pradesh, Maharashtra, and Odisha in bamboo bearing area. Total bamboo bearing area in India is reported as 1,54,670 square kilometers. Data is based on forest survey as of 2023.

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The Agro Based Industries are Cotton, wool, jute, silk textile, rubber, sugar, tea, coffee, etc. Iron and Steel Industry belongs to a Mineral based industry.