Indian Economy MCQs

Notes:
The Indian Institute of Heritage is located in Sector 62, Noida, Uttar Pradesh. The institute shifted from the National Museum premises in New Delhi to Noida in 2020. It functions as a Deemed University approved by UGC. The institute offers postgraduate and doctoral courses related to heritage, conservation, museology, and allied fields.

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:
On the basis of ownership, the economy is divided into public and private sectors. The public sector is owned by the government whereas the private sector is owned by Private individuals.

Notes:
Ratoon cropping is growing a fresh crop from the stubbles or suckers of the plant crop without replanting. It is also referred to as stubble cropping, re-harvesting. Sugarcane is cultivated by this method.

Notes:
Food Corporation of India (FCI) was established in 1965 under the Food Corporations Act, 1964. It procures and maintains buffer stocks of foodgrains for the Public Distribution System and food security in India. FCI operates under the Ministry of Consumer Affairs, Food and Public Distribution. Headquarters are located in New Delhi. FCI stores wheat, rice, and other essential foodgrains as buffer stock.

Notes:
The Tobacco Board of India is a facilitator for tobacco growers, traders, and exporters. Its headquarters is at Guntur, Andhra Pradesh.

Notes:
Indian major carps like catla, rohu, and mrigal contributed 70-87% of inland freshwater aquaculture production in India as per government and industry data for the period 2019-20. Inland fisheries account for around 62-65% of total fish production in the country and Indian major carps are the predominant species cultured in these waters.

Notes:
Silviculture is defined as the art and science of controlling the establishment, growth, composition, health, and quality of forests and woodlands to meet the needs and values of landowners and society on a sustainable basis. It includes operations such as regeneration, tending, and harvesting, with objectives including timber production, wildlife habitat, and ecological health.

Notes:
As of 2022-23, wells and tubewells account for about 63% of India’s irrigated area. In 1950-51, wells and tubewells contributed about 29% and canals 40%. The total area irrigated by wells and tubewells reached around 39 million hectares, which is about 67% of total irrigated area in India. Groundwater-based irrigation through wells and tubewells exceeds other types.

Notes:
Monopolies and Restrictive Trade Practices Commission (MRTPC) was set up under the Monopolies and Restrictive Trade Practices Act, 1969. The MRTPC is an organ of the Department of Company Affairs, Ministry of Corporate Affairs, Government of India. MRTPC is a quasi-judicial body.