Flashcards on Indian Economy: Economic Survey and Economic Indicators
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What is the Economic Survey?
The Economic Survey is a document presented by the Ministry of Finance that reviews the state of the economy and provides insights and recommendations for future policies.
What are economic indicators?
Economic indicators are statistical data used to measure and analyze various aspects of the economy, such as GDP, inflation rate, and employment rate.
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country in a specific time period.
What is inflation?
Inflation is the sustained increase in the general price level of goods and services in an economy over time.
What is fiscal deficit?
Fiscal deficit is the difference between the government's total expenditure and its total revenue, excluding borrowings.
What is current account deficit?
Current account deficit is the difference between a country's total imports of goods, services, and transfers and its total exports of the same.
What is the role of the Reserve Bank of India?
The Reserve Bank of India is the central banking institution responsible for managing monetary policy, issuing currency, and regulating the banking sector in India.
What is the Goods and Services Tax (GST)?
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India, aiming to replace multiple indirect taxes levied by the central and state governments.
What is the poverty line?
The poverty line is the minimum level of income deemed necessary to meet basic needs such as food, clothing, and shelter.
What is the Human Development Index (HDI)?
The Human Development Index (HDI) is a composite statistic of life expectancy, education, and per capita income indicators, used to measure a country's overall development.
What is the unemployment rate?
The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment.
What is fiscal policy?
Fiscal policy refers to the government's use of taxation and spending to influence the economy, particularly in relation to unemployment, inflation, and economic growth.
What is monetary policy?
Monetary policy refers to the measures taken by the central bank to control the money supply and influence interest rates in order to stabilize the economy.
What is the per capita income?
Per capita income is the average income earned per person in a given area within a specific time period.
What is the Index of Industrial Production (IIP)?
The Index of Industrial Production (IIP) is an economic indicator that measures the growth rate of different sectors in the Indian industry, such as manufacturing, mining, and electricity.