Flashcards on Indian Economy: Economic Survey and Economic Indicators
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What is the Economic Survey?
The Economic Survey is an annual document that reviews the performance of the Indian economy over the past year and provides insights into the current economic status and future prospects.
Name one major economic indicator used to measure the performance of the Indian economy.
Gross Domestic Product (GDP)
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced in a country during a specific period, usually a year.
What is the role of the Economic Survey in policy-making?
The Economic Survey provides valuable inputs to policymakers by analyzing economic trends, identifying challenges, and suggesting policy measures to achieve sustainable and inclusive growth.
What are some key sectors of the Indian economy?
Some key sectors of the Indian economy include agriculture, manufacturing, services, and infrastructure.
What is fiscal deficit?
Fiscal deficit is the difference between the government's total expenditure and its total revenue, excluding borrowing.
What is inflation?
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, purchasing power is falling.
What are some challenges faced by the Indian economy?
Some challenges faced by the Indian economy include poverty, unemployment, income inequality, and infrastructure constraints.
What is the current unemployment rate in India?
The current unemployment rate in India is 6.9%.
What is the role of the Reserve Bank of India (RBI) in the Indian economy?
The Reserve Bank of India (RBI) is the central bank of the country and is responsible for formulating and implementing monetary policies, regulating banks, and managing the country's foreign exchange reserves.
What is the current poverty rate in India?
The current poverty rate in India is 21.9%.
What are some measures taken by the Indian government to promote economic growth?
Some measures taken by the Indian government to promote economic growth include liberalization of the economy, infrastructure development, financial inclusion, and tax reforms.
What is the Goods and Services Tax (GST)?
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services throughout India to replace various indirect taxes levied by the central and state governments.
What is the current literacy rate in India?
The current literacy rate in India is 77.7%.
What is the role of foreign direct investment (FDI) in the Indian economy?
Foreign direct investment (FDI) plays a crucial role in the Indian economy by bringing in capital, technology, and managerial expertise, contributing to economic growth and job creation.