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PSC Class 66: Economic System of India

Posted by Arun Mohan ~ on ~ 0 comments

1. The economic year of India was between, April 1 to March 31.

2. The main exporting products from India were Textile, Ornaments, Engineering Products, Chemicals etc.

3. The main importing items were crude oil, machines, gems, fertilizers and chemical products.

4. About 54 percent of total domestic production of india was from service sector. The trade sector donates 29 percent and agricultural sector donates 17 percent.

5. In 1700, about 22 percent of the total income of world was from India. But it is reduced to 3.8 percent in 1950.

6. The Hindu Growth Rate is the term used for mention the small growth rate in the Indian economic system during the period 1947 – 1980. Raj Krishna, who was the economic scientist was the author of this term.

7. Uttar Pradesh is the state which is producing the most sugar cane. West Bengal is top in the production of chana.

8. Karnataka is number one in the production of cinnamon and coffee powder.

9. Kerala is top in the production of dry ginger, tapioca and coconuts.

10. Wheat and Barley was top in Uttar Pradesh. The production of cotton, bajra and plant oil was top in Gujarat.

11. It was in Andhra Pradesh, Egg and Tobacco were most in production.

12. West Bengal is top in Paddy production. Andhra is in Second position.

13. It was in 1991, economic  reforms was started in India. Narasimha Rao was the prime minister and Manmohan Singh was the economic minister at that time.

14. According to current growth rate, it is believed that from 2020 onwards, India will beat Italy and France. From 2025 onwards, Germany, Britain and Rusia & from 2035 onwards, India would beat the Japan and thereby would become the third biggest economic system of world.

15. Uttar Pradesh is the most debt state of India. Maharashtra is second.

16. It was from Mauritius, most foreign investment reached India.

17. It was in 2004 December, Investment Commision was formed. The main aim is to create an atmosphere which is to favor investors in country. Rattan is its chairman.

18. Andhra Pradesh is the state, where special economic sector is most in India.

19. The Kandala of Gujarat, which came into existence in 1965 is the first independent trade state of India.

20. The Oriental Life Insurance company is the first life insurance company of India and it was started in Kolkata in 1818.

21. The life insurance was nationalized in 1956 January 19 in India. The life insurance corporation of India came into existence in 1956 September 1.

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