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Important Economics Questions for Competitive Exams

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1. The Planning Commission of India was set up on 15th March,1950.

2. The 1st Five Year Plan was launched on April,1951.

3. The Industrial Credit and Investment Corporation of India (ICICI) was set up in 1955.

4. Growth strategy adopted in 2nd five year Plan is associated with the name of Prof. P.C.Mahalanobis.

5. Industrial Development Bank of India (IDBI) was set up in 1964

6. Unit Trust of India (UTI) was set up in 1964 with an initial capital of Rs.5 Crore.

7. The Agricultural Price Commission was established in 1965

8. Asia’s 1st EPZ set up in Kandla in 1965.

9. There was no Five Year Plan in operation during 1966-69 (plan holiday) because of Indo-Pak War in 1965.

10. There are 19 nationalized banks in India, 14 of them were nationalized on July19, 1969 and 6 other on April 15, 1980.

11. The Differential Rate of Interest (DRI) scheme was introduced in 1972.

12. The General Insurance Corporation of India (GIC) was formed by the Central Government in November in 1972.

13. The 1st 20-Point Programme was laun ched on July 1, 1975

14. The National Thermal Power Corpora tion (NTPC) was set up in 1975.

15. The National Hydroelectric power corporation was set up in 1975.

16. The Industrial Development Bank of India (IDBI) delinked itself from RBI and became an autonomous corporation in 1976.

17. The 1st Economic Census to bridge the data gaps in the unorganized sectors of non- agricultural economy was conducted by the Central Statistical Organ isation (CSO) in 1977.

18. Integrated Rural Development Plan (IRDP) was launched in 1978-79.

19. The National Scheme of Training of Rural Youth for self-Employment (TRY SEM) was initiated on 15th August, 1979.

20. Estimates of the national income in India are prepared by the (CSO).

21. All receipts and disbursements of the Union are kept under two separate hea dings, namely, Consolidated Fund of India and Public Account of India.

22. Estimates of expenditure from the consolidated Fund of India are placed before the Lok Sabha in the form of Demands for Grants.

23. The paper for making currency notes and other security papers are manufactured at Security Mills, Hoshangabad.

24. Among the non food grain crops, the largest area in India is devoted to the cultivation of oil seeds.

25. The International Bank for Reconstruction and Development is popularly known as the World Bank.

26. The minimum number of persons required to form a Primary Cooperative Society is 10.

27. The major portion of the total cropped area in India is taken by food crops.

28. The market that performs the function of carrying goods to consumers, final buyers, or to places of processing is known as the terminal market.

29. The task of analyzing the Union Budget and suggesting improvements in economic policies of the Government has been mainly assigned to the Estimates Committee.

30. The permanent Settlement System (1793) which gave rise to a new class, Zamindars, was introduced by Lord Cornwallis.

31. The land system under which the peasant himself owns the land and is responsible for payment of land revenue to the government is known as Mahalwari System.

32. The first paper mill in India was set up at Serampur, West Bengal in 1812.

33. The 1st All India Population Census was conducted in 1872.

34. Bombay Stock Exchange (BSE) is the oldest stock exchange in Asia established in 1875.

35. The 1st bank of limited liability managed by Indians was OUDH Commercial Bank founded in 1881.

36. The 1st modern industry to develop in India was the cotton textile industry.

37. The major trade partner of India in the pre-Independence period was the United Kingdom.

38. The establishment of the Tata Iron and Steel Company (TISCO) at Jamshedpur in 1907 was the 1st effort at large scale production of iron and steel in India.

39. The Indian Iron and Steel Company (IISCO) was set up at Burnpur in 1919.

40. 1921 is regarded as the Year of Great Divide in the history of India’s Population.

41. The 1st unit of Iron and Steel (now known as Visvesvaraya Iron and Steel Limited) in public sector started functioning at Bhadravathi in 1923.

42. The payment and Wages Act was passed in 1936.

43. Reserve Bank of India (RBI) was established under the Reserve Bank of India Act, 1934 on April1, 1935 and nationalized on January 1, 1949.

44. The 1st ever institution set up to provide finance in India was Industrial Finance Corporation of India (IFCI) established in July, 1948.

45. The 1st Industrial Policy Resolution was presented in 1948.

46. The Minimum Wages Act was passed in 1948.

47. India resorted to devaluation of its currency for the 1st time in September, 1949.

48. The chairman of the 1st Finance Commission was K.C.Neogy.

49. John Maynard Keynes is known as the Father of Modern Economics.

50. Essay on “Principle of population as it affects the future improvement of society’ is written by T.R.Malthus.

51. Professor Gunnar Myrdal in his book “Asian Drama” has discussed Poverty in Asian Countries.

52. The celebrated work on the Indian economic history known as “The industrial Evolution of India in Recent Times” was written by D.R.Gadgil.

53. The book ‘General Theory of Employ ment, Interest and money, is written by John Maynard Keynes.

54. The author of “Problems of capital Formation in Underdeveloped Countries’ is Ragnar Nurkse.

55. The Communist Manifesto and Das Capital are the works of Karl Marx.

56. The ‘Stages of Economic Growth” by W.W.Rostow was published in 1960.

57. NABARD came into existence on July12, 1982.

58. The gilt-edged market is the market in government securities.

59. Sikkim has the largest area and highest production of Cardamom in India.

60. The chairman of the 12th Finance Commission is C.Rangarajan.

61. Indicative Planning was followed in USSR and was used in France.

62. Recommendations of the 13th Finance Commission covers the period 2010- 2015.

63. Integrated Rural Development was stress ed during the 6th Plan.

64. Disguised unemployment is present only in Agriculture.

65. Disguised unemployment is a major cause of the low standard of living in the rural areas.

66. The most important source of energy in India is Firewood and charcoal.

67. The most important source of commercial energy in India is Petroleum.

68. The most important use of electric power in India is Industry.

69. New bank of India and Punjab National Bank were merged on 4th September, 1993.

70. The Statutory Liquidity Ratio (SLR) for commercial banks in India can be raised to a maximum level of 40%.

71. The largest proportion of holdings in India is in marginal holdings (0-1 hectare).

72. Dandekar and Rath had estimated the percentage of rural population living below the poverty line in 1960-61 as 40%.

73. Technically, disguised unemployment is defined as a situation in which the marginal productivity of labour is Zero.

74. EXIM Bank was established on 1st January, 1982 for financing, facilitating and promoting foreign trade in India.

75. SEBI initially constituted as a nonstatutory body on April 12, 1988, was given statutory status and powers through an ordinance promulgated on 30th January, 1992.

76. The small Industries Development Bank of India (SIDBI) was established in 1989

77. Under the New Industrial Policy announced on July 24, 1991, the number of industries for which industrial licensing is compulsory is 15.

78. The National Stock Exchange (NSE) of India was set up in November 1992.

79. India achieved full convertibility on current account on August19, 1994.

80. Panchayat Sanchar Sewa Yojana (PS SY) scheme was launched in 1995.

81. Accelerated Irrigation Benefit Progra mme (AIBP) was launched in 1996-97.

82. The Swarna Jayanthi Shahari Rozgar Yojana (SJSRY) was launched on December1, 1997. 

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Important Economics Questions for Competitive Exams


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