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Flashcards on Economic Issues in Vajpayee's Tenure
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Kargil War Impact (1999)
Increased defense spending strained the budget.
Pokhran Nuclear Tests (1998)
Led to international sanctions affecting the economy.
Oil Prices Shock
Rise in oil prices raised import bills, affecting inflation.
East Asian Crisis (1997)
Affected IT exports and foreign investments.
Fiscal Deficit Woes
Struggled to reduce fiscal deficit amidst political instability.
Agricultural Challenges
Droughts and infrastructure led to agrarian distress.
Infrastructure Development
Golden Quadrilateral project launched but faced financial hurdles.
Privatization Process
Initiated disinvestment but faced resistance and slow progress.
Rupee Devaluation Concerns
Currency fluctuations raised concerns over economic stability.
Public Sector Reforms
Efforts made to improve efficiency but met with opposition.
Telecommunication Expansion
Focused on growth but required large capital inputs.
IT Act 2000
Boosted IT sector but needed significant investments.
Fiscal Responsibility Act
Proposed to check deficit but faced implementation challenges.
Foreign Exchange Reserves
Focused on building reserves to prevent crisis.
Poverty Alleviation Programs
Continued previous schemes with added pressure on resources.
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Test Your Knowledge
What effect did the Kargil War have on the Indian economy?
Decreased defense spending.
Increased defense spending.
The economy improved significantly.
It had no impact on the economy.
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What was a consequence of the Pokhran nuclear tests?
International sanctions.
Increased foreign investment.
Immediate economic growth.
Lower inflation rates.
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How did rising oil prices impact India's economy?
Improved balance of payments.
Decreased import bills.
Raised import bills and affected inflation.
Strengthened the Indian rupee.
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What challenge did the agriculture sector face?
Droughts and inadequate infrastructure.
Overproduction and waste.
Excessive foreign investment.
Urbanization of farmland.
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What major infrastructure project was launched?
Golden Quadrilateral project.
National Internet Backbone.
Transnational gas pipeline.
None of the above.
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Why was the privatization process challenging?
Resistance and slow progress.
Immediate widespread acceptance.
Rapid completion of disinvestment.
Lack of existing public enterprises.
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What did the IT Act 2000 aim to do?
Reduce software exports.
Nationalize the IT industry.
Boost the IT sector.
Impose heavy taxes on IT companies.
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The Fiscal Responsibility Act was proposed to:
Increase the fiscal deficit.
Maintain the status quo of public expenditure.
Check fiscal deficit.
Privatize all public sector units immediately.
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Which of the following was a focus for foreign exchange reserves?
Minimizing reserves to encourage spending.
Building reserves to prevent crisis.
Eliminating reserves altogether.
Using reserves to increase imports.
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How did Vajpayee's government handle poverty alleviation?
Continued previous schemes with resource pressure.
Completely ignored poverty issues.
Outsourced welfare programs.
Implemented a one-time financial giveaway.
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